Small,Business,amp,#58,Choosin business, insurance Small Business Q & A: Choosing A Business That&

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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 getstarted, but I don't want to pick the wrong business just becauseI'm impatient. How should I go about deciding what businesswould be best for me? -- Samuel J.A: Before I answer your question, Samuel, I want you to reacharound and pat yourself on the back for not letting youreagerness push you into making a wrong decision. All too oftenwe entrepreneurs tend to let our impatience drive us to makedecisions that we later regret. In business such haste can bevery costly, indeed. I always compare starting a business to jumping into a pool offreezing water. There are typically two types of entrepreneurswho take the plunge.The first are the "Toe Testers." These are those cautious folkswho just stick their big toe in the pool to gauge the temperatureof the water. It is for these careful entrepreneurs that thephrase "testing the waters" was coined. Toe Testers enter thebusiness pool slowly, a little bit at a time. The lesson to belearned from Toe Testers is to start slowly and don't feel likeyou have to wade in too fast. Ease into the business poolgradually to make sure it's right for you. Remember, manyentrepreneurs realize that the business world is not right forthem only after they are in it up to their necks. And that'swhen the term "sink or swim" takes on a whole new meaning.The next type of entrepreneur is the "High Diver." These arethose fearless souls who climb the ladder and dive into thebusiness pool head first without worrying about the depth of thewater or the dangers that lurk beneath the surface. It is forthese entrepreneurs that the phrase "damn the torpedoes, fullspeed ahead" was coined. Quite often these entrepreneurialdaredevils find themselves drowning in unknown waters or end upwith their heads buried in the bottom of the pool. Both types of entrepreneurs may find success, depending on howwell 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 workingas an accountant or you love to build wooden toy trains as ahobby, consider how you can take that experience and turn itinto a successful business. You might also find a great businessidea right under your nose. Look around your workplace. Do yousee needs that are going unmet or can you think of a better wayof 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 forthe wrong reason: to get rich. While it is true that manymillionaires in this country made their fortunes from their ownbusiness ventures, that should not be your sole motivation forstarting a business. If you don't enjoy what you do, you willnot be successful, at least not from a mental point of view. Sure, the monetary rewards can be tremendous, but the mentalanguish of working in a business you don't enjoy is a high priceto pay. I talk to entrepreneurs all the time who are runningsuccessful businesses, but are so unhappy as a result that theyliterally make themselves sick. If you don't enjoy what you dothe 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 upwith a new business idea to be successful. That simply is nottrue. Most successful businesses are born not of innovation, but of necessity. Instead of trying to come up with an ideathat changes the world, take a look at the world around you andsee where there might be a void that needs filling or a businessconcept that needs improvement. Many successful businesses have been built by taking a traditionalbusiness and making it better. Domino's Pizza was certainly notthe first to offer home delivery of pizza, but they were the firstto guarantee it would be delivered piping hot to your door in 30minutes or less. Amazon.com was not the first company to sellbooks, but they were one of the first that would let you buy booksfrom 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 allpeople. The ability to offer a gazillion products under one roofis all well and good for Wal-Mart, but not for most new smallbusinesses. Try to identify a niche that you would enjoy workingin and think about starting a business therein. If you love towork outdoors, consider starting a landscaping business. If youenjoy working with numbers, think about becoming an accountant orCPA. When's the last time you had your gardener do your taxes?You get the idea. Focus on a niche and become an expert inyour field.** A franchise might be an option.Many new entrepreneurs consider buying a franchise operationinstead of starting a business from scratch. Franchises are agood way to jumpstart the process because they have already donemuch of the hard work for you. They have proven the businessmodel, established guidelines for running the business, spentmillions of dollars on establishing the brand, etc. Buying afranchise is typically a very expensive and involved process that is beyond the scope of this article. The best thumbnail ofadvice I can give you is to thoroughly investigate the franchisorand the opportunity, use your own attorney to do the deal, andread 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 doingthe same thing you want do, chances are you will fail in the faceof established competition. To succeed in such a crowded pool youwill have to do something to stand out from the crowd (and I don'tmean greeting customers while wearing a bright red Speedo). Ifyou can't quickly and easily differentiate yourself from a largegroup of competitors, you're better off choosing another business.** Above all, take your time.Whatever business you choose to start, I encourage you to takethe time required to make an informed, intelligent decision. Think about starting part time while you still have your currentjob (and income) to fall back on. Talk to friends and associateswho use the product or service you will provide to see if theywould consider become paying customers. Remember, in business you can end up swimming in success orsinking in failure. The key to your success might just liein the sensitivity of your big toe. Here's to your success.Tim [email protected] For information on starting your own online or eBay business,visit http://www.dropshipwholesale.net Article Tags: Don't Enjoy, Think About