How to figure out what business to do
I want to start a business but the question is what business do I start? If this describes you then you’re not alone. I personally have been asked these question several times by people and I’ve come to realize that when you don’t give the right answer the person may never take the first step of starting the business.
Overtime I’ve come to know that what business to start is not the right question to ask rather you should ask what problem will me or my business be solving?
Business, according Steve Forbes, is the art and science of solving problems. The more problems you solve effectively and successfully, the more successful you’ll become.
According to SBA statistics, 600,000 new businesses are created every year in the United States. Therefore, finding an idea, creating a solution, knowing when to start and who to serve automatically puts you in business.
While considering what type of business you want to do, it’s important for you to note that you don’t need to reinvent the wheel.
You may not have to create a new and novel idea or product all together in order to get started. You may not be genius like Bill Gates, Steve Jobs, Henry Ford or Jeff Bezos who created something new.
You can improve on an existing product or service, just try to do it far better and differently from those already doing the same business.
In other words, your idea must not be a new one; you find an existing idea, improve on it and present it in your own way.
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To get started on figuring out what business to do, you’ll need to:
- Know your interests
What are your interests? What captures your attention? Take a sheet of paper and outline your interests. These could be subjects of your interest, things you like to do or things you are enthusiastic about. Your list could include:
- I love writing
- I love problem solving
- I love talking
- I love marketing
- I love connecting with people
- I love drawing
- I love negotiating
Hope you have the idea? Then from your list check and bring out the top three that when a product is created will have a great impact on your life. If you’re still not sure, research to see what product or service is related to your list. These should give you an idea.
- Discover your skills
When I talk about skills here am talking about your inborn abilities. Something you were born with otherwise known as your talents. Your talents equally give you a good clue as to what you can do or what area of service you can provide in a business. Discover those skills, improve them and create product/service from them. Before then, it’ll help to list out 3 to 7 of your skills, examples could be:
- Logical reasoning
These abilities are clear signs of business idea. Once harnessed and developed they can be turn into businesses. For instance, a person with a natural ability to sell can form a sales and marketing business that promotes products for companies and corporate organizations.
- Know your likes and dislikes
Outline your likes and dislikes on a separate sheet. For instance, what do you like most about working under someone and what you hate? How do you relate to people in your work place? You can Identify your areas of dislikes and try to create a solution. For instance, you dislike washing and doing your laundry, you can start a laundry business to meet that need and that of others too.
- Find out why you want to start the business
Based on your likes or dislikes, identify what business you will start and clearly define why you are doing the business. Every business must have a mission, that is, why is this business in existence? Secondly, every business owner must have clearly defined reasons for going into business. These reasons, if well documented, can help keep you focused and determined in challenging times.
- Identify the direction of growth of your business’ industry
You sure already have a business you want to do by now! Categorize the business you want to start based on the industry.
For instance if the business is about creating a pizza, it should be under the food industry, if it’s car, it should come under automobile industry.
Further make research to know more about the industry and where the industry is going. Where will the industry be in the next two, three or five years?
Does the future of the business industry seem good? What are the potentials of growth for your business in this industry? These are questions you should be able to answer.
Finally, note that the present and expected future growth of the industry is vital for the growth and success of your business.
- Investigate level of Customer demand
How many customers can patronize your business? Is it a high or low number of customers? This is part of your feasibility studies to ascertain the viability of the business.
You can also investigate the level of customer demand by understanding the industry growth and pattern.
- Set a start up time
Finally, having done all the above, you need to move in to action and actually start your business. Set a time to start your business.
Before opening your doors to customers you need to know that your timing of the when to open to customers matters. Check out peak and low seasons of the business and decide which of the seasons will be best.