Do you think of yourself as someone who should run their own business? Not sure where to start? Well, have you ever asked yourself what business should I start? It may sound obvious, but it is always wise to think about things from the beginning.
It’s easy to get carried about when you have an initial business idea, but sometimes it might not be the right choice. We’ve written this blog post to help you get underway in choosing the right business to start.
So, what business should I start?
To choose the right business you should start by asking yourself a number of questions about your interests and current situation. These questions are designed to help you to pinpoint your best chances of success within a niche as well as give you some ideas on what it is that you actually want to do in the future.
What are your passions and interests?
It is a really good idea to start by thinking about what passions and interests that you currently have. The reason for this is because if you actually enjoy what you are doing as your new start-up business then there is a good chance that you will spend as much time as possible and put as much effort as possible into it.
You may find that something that you are interested in isn’t necessarily something that you are skilled at, or that you know much about. The important thing to remember is that this shouldn’t put you off, if you have the time to spare (more on this later) then you should take the time to learn the skills that can turn something that you want to do, or that you like to do, into a viable business idea.
An interesting article by the World of Work talks defines your interests as:
“Things which make you happy, that you can spend hours doing. These are your interests. But how do they relate to your career?”
What current skills do you have?
Another key consideration when it comes to setting up a business is thinking about what current skills that you have. This could be something that you do away from your career, or something that is currently a part of your everyday work. There is a good chance that if you are already working in a similar area, then there is a need for what you do.
It is important that if you are “borrowing your skills” from your current job role that you need to tread very carefully. The last thing that you are going to want is to find that those two words blur into one and you end up in trouble with your current work and putting your business at risk too.
Time to talk money, what kind of budget do you have?
Money is a big factor when it comes to starting a business. For many, you can build your start-up with very little collateral, this is very true if you are offering a service such as graphic design, copywriting or perhaps an online coffee subscription.
However, there are also plenty of business ideas that are going to mean that you need to make some kind of investment into them. This is often the case if you have a product that you want to bring out, or perhaps need a physical premises in order to run your business. Many people may find that they only set up a business when they come into some money, or perhaps if they are made redundant from their existing job. Others decide that they work on their fieldling business whilst they continue to work. Although, it is worth nothing that this approach can be incredibly hard to do.
If you don’t have a lot of money to invest, we wrote an article on low budget business ideas you can start in 2020.
How much time can you spend on your business idea?
Following on from the above, you really need to consider just how much time that you have to spare on your business idea. There is likely to be lots of commitments that you currently have and that take up your time.
You could have a job already, and you know that you need this to continue whilst you are working on your business idea. You may be lucky enough that your business is something that you can do in your free time, but what if it isn’t? How will you continue on your current career path whilst building your business up?
Do you have time?
Another thing to consider that might take up your time is your family commitments. The reason that many people set up their own business is because they want to free up time to spend with their family. However, in those early days, it can be hard to actually have the free time to actually be with the people that mean the most to you. If you feel that your family can manage whilst you focus yourself on your business, then maybe you are in the lucky position to be able to do both. The last thing that you are going to want is for you to burn out trying to better your future!
If you want to improve your time management skills, this interesting video highlights Elon Musk’s time management method. Give it a watch and tried to incorporate something similar into your day!
They may seem straightforward, but these are some of the things that you should be thinking about in those early days of setting up a business. You need to consider what it is that you want to do, what skills you have and whether or not you can afford to spend any money on your business idea before any money comes in. You also need to give careful thought to your time and whether or not starting up a business is something that you are going to be able to do.
Spent time thinking before you dive in
Answering these questions should help you to figure out where you want to go and how you are going to get there. It isn’t always easy to run your own business, particularly in those early days. Thankfully there are so many entrepreneur advice websites and entrepreneur blogs out there that you can usually find just what you are looking for and the tips that you need to get yourself where you need to be in the future.