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Sometimes the hardest thing for an entrepreneur is deciding “Which business should I start?” there are so many options, and narrowing things down can feel like missing out on exciting adventures.
However, if you want to be successful you do have to decide on one business to start. Running a business takes so much time and energy that you can’t run two at once unless one is already well established.
Curious how to decide what business is right for you? Here are five ways to know.
What do you truly love to do? Running a business is challenging and requires a lot of focus, so you want to choose something that you really enjoy.
Most people have a lot of passions, so how do you pick just one? Think about which passions you have that provide value other people are willing to pay for. For example, people might pay for artwork to hang in their homes, but they’re much more likely to pay for graphic design that makes their website stand out. Both are suitable if you love art, but one is much more lucrative!
Having a strong paying market is essential if you’re going to succeed, so start by thinking about what passions you have that your target audience is both willing and able to pay for.
Is there something in your life that drives you crazy? If so, that’s a problem that needs a solution. Why not make the solution your business idea?
The simple truth is that people will pay a lot of money for things that make their lives better, easier, and happier. If you can provide a product or service that does that for you, personally, you’ve probably hit on an idea that will serve many more people as well.
Not all problems have an easy solution, but taking the time to figure it out will be rewarding and also gives you a leg up on any competitors who might be trying to fill the same gap in the market.
If you’re still wondering “What business should I start?” it’s possible that you need a change of scenery to come up with a creative idea. Consider taking some time away from your day-to-day life to travel or experience unique things.
Is there an ethnic food you’ve never tried? Find a restaurant and give it a go. Try a new sport, check out a different city, or if you can afford to, travel overseas.
Not everyone can spend a year backpacking through Europe, but there are a lot of other ways to expose yourself to unique cultures and experiences. When you get outside your comfort zone and experience new things, you’ll find that you have new ideas regularly.
Different types of businesses require different investments. For example, starting a freelance design company costs far less than starting a brick-and-mortar restaurant. That doesn’t mean you shouldn’t start a restaurant, but it does mean you’ll need to plan for the funds required.
If you want to bootstrap your company, you’ll want to start smaller or focus on work-from-home options. If you have excellent credit or a large savings account, you can start a more capital-intensive business with a loan.
Have an idea for new technology? You might be able to find funding and support through a tech incubator program or pitch investment funds to win them over to your idea.
There are a lot of ways to manage startup costs, but it’s important to decide on a business that makes sense financially.
Quitting your job today may sound exciting, but it’s usually a better idea to start your business as a side-hustle to your current day job. That allows you to test the idea and find out if there are paying customers, along with testing out the workload and finding out what you can manage.
Often, you’ll need to do a lot of work to lay the foundation for your business before you can actually launch. For example, you might need business licenses, a tax ID number, a website, and other essentials. While you’re getting all of that set up, you can work your full-time job to ensure you have the income you need.
If you hate the business idea once it gets launched, you can pivot without worrying about where your income will be. On the other hand, if your business starts to gain traction and bring in revenue, you’ll be in a much better position to decide when to leave your job to be a full-time entrepreneur.
Now you’ve decided the answer to “Which business should I start”, and it’s time to get going. Research your market, establish your online presence, create your product or service, and find your first customers!
If you’re too busy to think about digital marketing with everything else you have to do, you’re not alone. That’s why we are here to help small businesses with SEO and digital marketing. Contact us today to learn more about what we can do for you!