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Small_Business_Q_&_A_Choosing_A_Business_Thats_Right_For_You
| Small Business Q & A: Choosing A Business Thats Right For You
Q: I really want to start my own business, but I have no idea
what business would be best suited for me. I'm also eager to get
started, but I don't want to pick the wrong business just
because I'm impatient. How should I go about deciding what
business would be best for me? -- Samuel J.
A: Before I answer your question, Samuel, I want you to reach
around and pat yourself on the back for not letting your
eagerness push you into making a wrong decision. All too often
we entrepreneurs tend to let our impatience drive us to make
decisions that we later regret. In business such haste can be
very costly, indeed.
I always compare starting a business to jumping into a pool of
freezing water. There are typically two types of entrepreneurs
who take the plunge.
The first are the "Toe Testers." These are those cautious folks
who just stick their big toe in the pool to gauge the
temperature of the water. It is for these careful entrepreneurs
that the phrase "testing the waters" was coined. Toe Testers
enter the business pool slowly, a little bit at a time. The
lesson to be learned from Toe Testers is to start slowly and
don't feel like you have to wade in too fast. Ease into the
business pool gradually to make sure it's right for you.
Remember, many entrepreneurs realize that the business world is
not right for them only after they are in it up to their necks.
And that's when the term "sink or swim" takes on a whole new
meaning.
The next type of entrepreneur is the "High Diver." These are
those fearless souls who climb the ladder and dive into the
business pool head first without worrying about the depth of the
water or the dangers that lurk beneath the surface. It is for
these entrepreneurs that the phrase "damn the torpedoes, full
speed ahead" was coined. Quite often these entrepreneurial
daredevils find themselves drowning in unknown waters or end up
with their heads buried in the bottom of the pool.
Both types of entrepreneurs may find success, depending on how
well equipped they are to handle the water they are diving into.
Here are a few ideas to help better prepare you for the plunge.
** Let your experience be your guide. Start with what you know.
If you have spent twenty years working as an accountant or you
love to build wooden toy trains as a hobby, consider how you can
take that experience and turn it into a successful business. You
might also find a great business idea right under your nose.
Look around your workplace. Do you see needs that are going
unmet or can you think of a better way of doing something? If
so, you might have the seed for a profitable business.
** Do what you love and enjoy what you do. I can't emphasize
this enough. Many people start a business for the wrong reason:
to get rich. While it is true that many millionaires in this
country made their fortunes from their own business ventures,
that should not be your sole motivation for starting a business.
If you don't enjoy what you do, you will not be successful, at
least not from a mental point of view. Sure, the monetary
rewards can be tremendous, but the mental anguish of working in
a business you don't enjoy is a high price to pay. I talk to
entrepreneurs all the time who are running successful
businesses, but are so unhappy as a result that they literally
make themselves sick. If you don't enjoy what you do the
business will become a chore, not a joy.
** Don't reinvent the wheel, just make it better. Many first
time entrepreneurs assume that they have to come up with a new
business idea to be successful. That simply is not true. Most
successful businesses are born not of innovation, but of
necessity. Instead of trying to come up with an idea that
changes the world, take a look at the world around you and see
where there might be a void that needs filling or a business
concept that needs improvement.
Many successful businesses have been built by taking a
traditional business and making it better. Domino's Pizza was
certainly not the first to offer home delivery of pizza, but
they were the first to guarantee it would be delivered piping
hot to your door in 30 minutes or less. Amazon.com was not the
first company to sell books, but they were one of the first that
would let you buy books from the comfort of your own home while
sitting in your underwear.
** Focus on a niche. Many businesses have gone broke trying to
be all things to all people. The ability to offer a gazillion
products under one roof is all well and good for Wal-Mart, but
not for most new small businesses. Try to identify a niche that
you would enjoy working in and think about starting a business
therein. If you love to work outdoors, consider starting a
landscaping business. If you enjoy working with numbers, think
about becoming an accountant or CPA. When's the last time you
had your gardener do your taxes? You get the idea. Focus on a
niche and become an expert in your field.
** A franchise might be an option. Many new entrepreneurs
consider buying a franchise operation instead of starting a
business from scratch. Franchises are a good way to jumpstart
the process because they have already done much of the hard work
for you. They have proven the business model, established
guidelines for running the business, spent millions of dollars
on establishing the brand, etc. Buying a franchise is typically
a very expensive and involved process that is beyond the scope
of this article. The best thumbnail of advice I can give you is
to thoroughly investigate the franchisor and the opportunity,
use your own attorney to do the deal, and read the fine print in
the franchise agreement.
** It's hard to swim in a crowded pool. If the business pool is
already filled with other companies doing the same thing you
want do, chances are you will fail in the face of established
competition. To succeed in such a crowded pool you will have to
do something to stand out from the crowd (and I don't mean
greeting customers while wearing a bright red Speedo). If you
can't quickly and easily differentiate yourself from a large
group of competitors, you're better off choosing another
business.
** Above all, take your time. Whatever business you choose to
start, I encourage you to take the time required to make an
informed, intelligent decision. Think about starting part time
while you still have your current job (and income) to fall back
on. Talk to friends and associates who use the product or
service you will provide to see if they would consider become
paying customers.
Remember, in business you can end up swimming in success or
sinking in failure. The key to your success might just lie in
the sensitivity of your big toe.
Here's to your success.
Tim Knox tim@dropshipwholesale.net For information on starting
your own online or eBay business, visit
http://www.dropshipwholesale.net
About the author:
Tim Knox as the president and CEO of two successful technology
companies: B2Secure Inc., a Web-based hiring management software
company; and Digital Graphiti Inc., a software development
company. Tim is also the founder of dropshipwholesale.net, an
ebusiness dedicated to the success of online entrepreneurs.
http://www.dropshipwholesale.net http://www.smallbusinessqa.com
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