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How To Choose A Business That's Right For You

May 9, 2008
It's often said that when you start a business, you should choose something you love. Let's look at both sides of the love/business coin, shall we. Yes, starting a business doing something you enjoy will help to make the work involved more exciting. That enthusiasm will get you through a lot of the hard times that come with owning a business.

Unfortunately our passions don't always equal profits. Let's be honest, making money is one of, if not the main reason we choose to go into business for ourselves, is it not? Yes, do take into consideration the things you enjoy doing, but don't automatically assume those interests are going to be the perfect business for you.

With a bit of forethought it is possible to start a business that is both profitable and enjoyable. Before you jump the gun and start a business that works you more than you work it, be sure you take into consideration the following. After all, a business venture is not one to be taken lightly, no matter how fun or exciting it might initially seem.

Consider Your Personality

Personality is something every potential business owner should really think about when choosing a business that's right for themselves.

Do you enjoy working with others, talking on the phone, or selling or are you more of a keep to yourself, work in the background type of person?

Are you a big picture thinker and can see the end result of things or do you start with an idea and allow yourself to learn as you go?

Do you enjoy jumping right into the nitty-gritty details of things or would you rather hand the small mundane tasks off to someone else and then put the completed work together as a whole package?

Take the time to get to know your personality type and use that to help you determine whether or not a business is one you would enjoy and could succeed at.

Is There Really a Market for Your Ideas?

No matter how much you wish everyone in the world shared your interests or thought your idea was wonderful, there are still details that every business, no matter what type, should do before setting up shop. These include things such as market research and business planning.

Market research will tell you a lot about your business idea potential. The more detailed and thorough your research, the better your outcome will be. Just a few things that will help in determining interest in what you have to offer include:

Identify Your Target Market: Getting as specific as possible with who you will be targeting with your marketing message is extremely important. It will really help you to not only find out if there is interest in your business, but also help you get in touch with those in your market.

Researching buying trends of consumers: There are many ways to find out if there is an interest in your possible business model including statistical research that is readily available online, in books and magazines, etc. Find these places and see what's going on with buyers. Another way is to watch what your competitors and what they are doing.

Conducting surveys and requesting feedback: Survey your potential market with specific questions to help you determine interest, willingness to buy, and more or research survey data that has already been conducted. But realize that survey data tends to be biased as what consumers say they will do is often very different from what they actually do. If you use surveys, couple it with concrete data and statistics before beginning your new business venture.

Take the Time Now and Reap the Rewards Later

A business is only as good as the plans that started it. Without proper planning, a business will never reach it's full potential. Take the time to do your research and write a plan before getting started.
About the Author
Alice Seba is a full-time home business owner that loves helping others do the same. For ideas for your own business, visit http://www.businessidealibrary.com for great business ideas.
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