Steps to Choosing a Small Business
If you haven't already, check out the article, Questions to Ask Before Starting a New Business. It is a great first step to determining whether or not you should even start down the small business path. It will help you take a closer look at your strengths and/or weaknesses. Questions that will aid you in determining what your passion is in life. Following this line of thought make a list of the top five businesses that fall in line with your passion.
The next step is to shorten this list. You certainly don't want to start five businesses. Evaluate each option and what it would cost financially to start. Do you have those funds on hand? Can you obtain those finances in a timely manner? If you can't make it work mark it off the list. Ask yourself if you have the knowledge, the talent or the time to obtain them for each business left on your list. If you don’t mark it off the list. You should have a much shorter list now.
Now the choices you have left should seem more manageable. If one is jumping out at you then go for it. If not, to pin down your best selection, think about what your perfect day looks like and determine which of those remain fit into that goal. Close your eyes and imagine your perfect working day. What time would you wake up, what will you wear to work, how long will it take to set up for the day and so forth. Once you determine which of the remaining businesses works with your perfect day, go for it.
The work is just beginning, once you determine which business venture to pursue. You need a business plan, action plans, social media platforms, and a website. Make sure you choose a business that you can eat, sleep, and enjoy all day, everyday for quite some time. Startups take the most commitment and stamina, so you will want to choose something you will enjoy.
If you would like to stay up to date on steps to starting a business, setting up a small office, and growing your small business, please subscribe to the SO/HO newsletter. If you have any questions or comments, please join us in the SO/HO forum.
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