With tens of thousands of possible businesses you can try, finding the right business can be quite tricky but once you finally find the one that is best for you, it would be easier for you to manage this and make it grow.
Yes, it is always possible for you to try all these businesses – especially if you have the funds to do it – yet you just might end up losing your money in one that was not suited for you or the place you have chosen to operate your business.
To help you make the right decision, we share here some useful tips for finding the right business.
Identify Your Strengths
A lot of entrepreneurs have failed in their businesses because they do not have the right skills in managing the business they chose – of course, that can be easily corrected by learning the ropes from the experts or learning from their own mistakes through trial and error yet the latter option can be quite costly!
By identifying your strengths, you are a step closer to finding the right business for you. For example, if you are the shy type who could not seem to summon the courage to talk with strangers (remember that your prospective clients are most likely strangers!), then you should consider a business that won’t require you to do a lot of sales talk.
But if you are good with words and convincing people to try something new, then by all means, find a business where you can use that to your advantage.
Identify Your Target Market and Business Location
This is very important! If you are planning to sell designer goods for the middle to upper class, a stall inside the public market is the last place you’d want to open up shop. Of course, that is an extreme example but you get the point.
You can also work in reverse – once you know where your business will be located, check out the place and try to imagine what the people in and near that spot need. Could it be a laundry shop, a carenderia, a prepaid load center, or a coffee shop where they could hang out?
Do Your Research
Once you have a location and possible business in mind, do not immediately jump into it without a plan. It is always a good idea to have a feasibility study done – and for you to do intensive research, especially regarding the type of business you are planning to start.
What are its pros and cons? Where can you find suppliers? Can you hire reliable people who can handle the jobs relevant to your business? Is your business viable in the location you chose? How do you plan to manage the business – will you be there full time or are you hiring someone to focus on the business while you are busy with something else?
Learn from the Experts
If all those tips above seem daunting to you, do not lose hope. You can learn from the experts by attending seminars – online or offline – as well as enrolling in business courses, even short-term ones available at TESDA.