Choosing a Business to Start
by Startacus Admin
It is perhaps the most pressing of questions to face the enterprising person; what business to start?
Here’s the situation
You know that you would like to become self-employed, but there are so many options to choose from that selecting just one can be a very daunting task. You are the kid in the proverbial candy store; so many potential businesses, so little time.
The only way that you will be able to tackle this issue effectively is by asking yourself a series of questions; questions which will help you gain a firmer grasp of your motivations for starting a business, as well as the skills that you have, the type of work that you most enjoy doing, and the amount of money that you hope to make.
Whilst we can't select a business for you (we are working on that), what we can do is point you in the direction of things you should be considering whilst choosing a business to start.
This will give you a little helping hand in those first steps towards self-employment.
Questions that you should be asking:
- Would you like to be independent or part of a franchise?
- Where would you like your business to be based?
- What industry are you interested in?
- How much to do you already know about this industry / how much research will you need to complete?
- What business models exist within this industry?
- Do you have any existing connections within particular markets?
- What are the skills that you already have and what kind of business can you apply these to?
- How do you plan to raise capital?
- How much seed capital will be required to get each of your options off the ground?
- How much seed capital will you be able to raise?
- How much money do you hope to be making and by when?
- What level of risk are you willing to assume?
- To what size are you hoping your business will grow?
- Does your business idea fulfil a need which is not currently being met?
Be honest
You need to be brutal with yourself in answering these questions; unfortunately doing something that you love doesn't necessarily mean that your business will be a success; anyone who has ever watched an episode of Dragons’ Den could certainly tell you that.
You need to make sure that you are bring practical and not swayed by an idealised vision of what you think self-employment will be like.
Of course, one of your main objectives in starting a business of your own should be creating a workable balance between these factors; you want to find something that you enjoy, that is also likely to be a success.
Hopefully having answered these questions you will begin to form a clearer idea of the kind of business that you would like to start. Now is a great time to start considering the broader picture; the journey of starting a business as a whole.
Once you have decided what type of business you would like to start, you have begin to think about how you can create an office in your home.
Some business examples and ‘how to’ guides for inspiration
We have a quite a few business startup guides which, whilst perhaps not directly relevant to your business idea, might still help you to contextualise the process a little.
How to start a; take away, pub, cupcake business, taxi firm, tattoo studio, street food stall, pharmacy, sweetshop, cleaning business, restaurant, pop-up shop, coffee shop, magazine, fitness bootcamp.
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Published on: 16th April 2015
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