![]() |
|
![]() |
|
![]() |
|
![]() |
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
Small Business Q&A is written by veteran entrepreneur and syndicated columnist, Tim Knox. Tim serves as the president and CEO of three successful technology companies and is the founder of DropshipWholesale.net, an online organization dedicated to the success of online and eBay entrepreneurs.
Related Links:
http://www.prosperityandprofits.com
http://www.smallbusinessqa.com
http://www.dropshipwholesale.net
Early in my career, I wrote an article for a... Read More
One of the critical success factors for service-related businesses is... Read More
In your small business debt collection laws will eventually become... Read More
So you want to start a business but you don't... Read More
Is it right for you?If you decide to advertise your... Read More
Many companies wish to expand and a few wish to... Read More
There are many factors to be considered when you are... Read More
Now that you have invested your time, energy and money... Read More
Have you ever wondered what the difference is between a... Read More
If you run a mobile car wash, mobile fleet washing... Read More
Most small businesses incorporated in 2005 will fail by the... Read More
North County San Diego has had some significant growth, and... Read More
All cities have a purchasing office and/or a procurement officer.... Read More
Q: I really want to start my own business, but... Read More
If you own a small business, then you know the... Read More
The home-based business market, sometimes called the SOHO (small-office/home-office) market,... Read More
If you run a pressure washing company in a rural... Read More
When a person knows and knows not that he knows.... Read More
What will your business look like a year from today?If... Read More
Auto Detailing: Maintaining A Commercial Carpet ExtractorYou should drain your... Read More
Why should you always maintain a good report with a... Read More
The Operations Plan is a critical component of any business... Read More
-- Beyond Cold Calling, "Warm" Calling and Sending E-mails --Many... Read More
If you run a pressure washer business you need complete... Read More
What are the 5 best ways to gain new contacts?There... Read More
Many job applicants want a job but often do not... Read More
A reader of one of my online sessions asked should... Read More
You bet it's worth it. Publicity via news releases, along... Read More
Pressure washing companies must look for customers in the retail... Read More
One of the primary concerns all small businesses have is... Read More
Should you buy a business opportunity or Franchise if you... Read More
Hogwash!That's what I say to people who tell me that... Read More
It appears the mini-blimp indoor theme and concept is making... Read More
Send handwritten notes. That applies whether you're a guy or... Read More
Service Cleaning Businesses must maintain their equipment in order to... Read More
As an entrepreneur you can learn a lot by following... Read More
Many physical therapists in private practice have the appearance of... Read More
As a business owner, you already know how important it... Read More
Discover How Specialized Cost Containment Creates A New Win-Win Position... Read More
How far can you go based on your relationship with... Read More
10 Best Practices to consider as your SBIR negotiations approach... Read More
In these days of insecurity and uncertain futures, the tendency... Read More
The day care industry is expanding. There are now more... Read More
Last summer the FTC put forth a report and then... Read More
Due to the over regulation in the Franchising Industry and... Read More
If you run a pressure washer business you need complete... Read More
Now that you have invested your time, energy and money... Read More
Setting priorities in your business? Your first job is to... Read More
What is the best time to expand a mobile car... Read More
Most small business owners seek advisors who can help them... Read More
Small Business Small Business |