Choosing Your Business 1

You don't have to read many success stories before you start wishing you could work for yourself. The opportunity to be your own boss and the potential for high income are strong enticements. But what can you do? What kind of business would be suitable for you to start? This chapter may help you discover some answers.

I want to start a business , but I don't know what to start. How do I decide what would be a good business to pursue?

The most successful home and small businesses are generally those that:

• are based on the owner's skills, interests, and knowledge
• involve doing something the owner likes to do and does well
• sell products or services that many people need and are willing to buy or must buy
• sell services that other people need and can't do themselves or don't have time to do themselves

One way to determine the most promising businesses for you is to divide a sheet of paper into four vertical columns. In the first column, list everything you like to do, and in the second column, list the things you are expert at doing or about which you have some or a great deal of knowledge. In the third column, list businesses that might make use of the interests and skills you have listed in the first two columns. In the last column, make notations about how many customers there might be for each type of business you have listed (see Table 2. 1).

Use the notes you’ve made as a "think tank." They should let you immediately spot which of your interests (things you like to do) match up with businesses that have a potentially large base of customers. If you also have the skills required by the business(es), you now have one or more specific targets to investigate as a possible opportunity.

Here's an example: Suppose you work or have worked as a secretary in a large corporation. Your "Do Well" list might include word processing, scheduling, filing and organizing, taking messages, and answering phones. It is also likely that you’ve included non-job-related tasks like planning parties, cleaning, organizing school fund-raisers, and cooking.

If your "Like to Do" list includes organizational things like arranging meeting details, running the school fair, or rearranging closets or cabinets for efficiency, businesses that would fit in with what you like to do and know how to do might be a word processing or general secretarial service, a meeting planning service, or a personal organization service—just for starters. For a secretarial service, the "Potential Customer" column might include local businesses, students, and job hunters. You may not know offhand who would buy meeting or planning services, but you can research these if they are of interest and fill them in later.

Have a spouse or friend suggest businesses that match your skills and interests. They may see business possibilities you don't. If your spouse or friends tend not to be supportive, don't discuss your ideas with them. Try to find someone who is, or keep your ideas to yourself.

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