How should you know what kind of business to start
Updated: Mar 11, 2020
Sometimes deciding what you want to do is very easy, some people just seem to know exactly what they want to do from the age of five but sometimes it can be a lot harder here I'll try to help you make that decision easier.
First of all, you have to decide whether you actually want to start a business because not everyone is an entrepreneur and that okay we can't all be business owners and you can be perfectly happy working for someone else but if you are certain that you want to start a business then here are some tips to help you decide what kind of business you want.
Before you start your business you have to know that running a successful business is very difficult and I know that you probably feel like you can take on the world but there is a very high chance that you might fail. it doesn't matter that you feel that you can do anything better than everyone else because everyone else also feels that way it's normal. But what it means is that you can fail just like everyone else so you should be ready because there is a good chance that you may fail.
And on that note, how do you choose the best business for you?
Firstly you have to decide what you are good at because, in the beginning, you will be alone, you won't be able to afford employees and counting on your family and friends to do most of the work doesn't seem fair unless they own a part of the business then, of course, they should help you work on it but unless you're ready to enter a partnership you will be alone so you have to chose something that you are good at it can be something as specific as Webdesign so you open a business which focuses on designing websites and making apps or it could be something very different for example you have worked in a cafe for the last 10 years and you know all the ins and outs of how the cafe works and you know that you can improve the model to make it more profitable and attract more customers then you should start a cafe. In short, you have to know what you are doing, in the beginning, the more you know about you business you industry and how to operate successfully the easier it will be for you to operate a business in that industry. Meaning start businesses in your area of expertise do things that you can do well. Because even if you find the best business opportunity but you lack the skills to run a business in that area then you will fail, no matter how good the opportunity is, it is always better to start a business you understand.
But understanding the market and having the skills to run the business is not enough you also have to consider the market itself and how you can use it to your advantage for example, if you understand medieval farming techniques, well there is no real usage for those anymore but what you could do is be a consultant for Hollywood movies. What you have to do is get creative and not try to push through with your present expectations you have to think up a business idea which adapts to the market or satisfies some other need not previously satisfied but what you cant do is just start the business and think that the market will adjust to you no that way you will most definitely fail what you have to do is adjust your-self and be flexible enough to do what the market needs you to do
One more thing that you have to do is pick one thing and stick to it start one business and grow it big don't start three or four business all of which will fail that doesn't work. The same goes for changing your business and never sticking it through the hard times that's what we call the shiny object syndrome basically jumping from business to business because its popular and many people are making a lot of money but never spending enough time to actually make money. Instead of sticking out through the hard times and then reaping the rewards they give up too soon they only put in half the work that the business needs to succeed and then they wonder how come everyone around them is succeeding if they have tried so many businesses not realising that the problem is that they give up too quickly on any particular business to go and try out the new popular fad. So if you want to succeed you have to choose a specific business and make it successful that's the only real way of actually succeeding, don't follow get rich quick manuals they suck!
And lastly, when choosing what kind of business to start, you have to find yourself something that you enjoy doing because that will make running the business a lot easier if you actually enjoy doing it. If you enjoy running your business that not only will it be a lot more fun but it will actually get a lot easier and you will be a better manager seriously. having fun when you are doing your work will leave you happier and more fulfilled but it will also make working long hours a lot easier it will make doing what hs to be done a lot easier and when you are enjoying your work then you are much more likely to do the work that is necessary for your business to be successful raising your chances of success dramatically. But apart from that, you want your business to be successful and if that happens then you will be running it for a long time to come so do you really want to be doing something you don't enjoy for the next 20 years I think not.
So when you're deciding what businesses so start you have to find something that you enjoy, something you have knowledge and experience in and something that you understand the market you want to be serving, then stick with it and work your but off for the next few years.
although there is one more thing that you could do and that is, test your idea ask your friends for their opinion or just try it out with minimal investment but the best test is to just do it.