Quick Guide on What Business to Start
A question that many people wanting to start a business ask is “What Business Do I Start?”. In my quest to find answers, I came across this quote that succinctly sums up what it means to start a business.
A ‘startup’ is a company that is confused about: What its product is. Who its customers are. How to make moneyDavid McLure: Entrepreneur -
Choosing a great business can be a daunting task if you have a lot of ideas and can’t separate wheat from chaff. Yet, sifting through these ideas is a fundamental part of starting a business. It is so easy to get stuck in the status quo because of the inability to choose which business to engage in. For many years, I always wanted to start a business, but could not decide on which one. When I finally made up my mind, I realised that these were the guiding factors in my choice of business:
1) The Unmet Needs
You can’t just build a business based on what you want and expect people to come. You need to know what people want and give it to them. Unmet needs represent market opportunities for which there are no suppliers pursuing them. Think of a product or service that is currently in demand but under-provided. Businesses that flourish are those that address these neglected opportunities. Indeed prowling after those opportunities is the key to success.
What problem does your business intend to solve. Are you simply going to satiate the same needs as everyone else? If you look around and notice stiff competition in a certain type of business, then there is a chance that most needs are met and there is little or no opportunities for you. If you join in, you will essentially be attacking the same problems and challenges the same way as everyone else with the exception of a different brand name.
Lack of competition most often characterises absence of suppliers and existence of business opportunities. You have got to dig deeper and uncover what your customers really need and cannot get. Make sure that there is a big enough need for this product or service. The secret to being successful is to solve problems no one is solving in a way that nobody else would ever think of.
2) What Bothers You?
Things that bother you could be a perfect business opportunity because; someone else is most likely bothered too. For example washing clothes bothers me a lot yet I am happy to network and develop business connections. How can I turn this to a business opportunity? I could start a household cleaning business and employ cleaners to do the work that bothers me. Since I am good at networking, my work would be to solicit clients and grow the business.
As an entrepreneur, you have to change your mindset from thinking about problems to coming up with solutions. There is an old saying “there are no problems, only opportunities”. When you think of problems you’ll only attract more problems. When you think of solutions – you’ll attract solutions and opportunities.
3) What is Your Passion?
Choose a business based on what you love doing and you are good at. I emphasize that it has to be something you love doing and you are good at. Picture this: you get up early in the morning, jump out of bed excited to go to work. You put in more hours than the average person but you don’t realise this because you are really enjoying yourself. The hours zoom right by you and you lose track of time and the world. To you, this is not work but something exciting that is fun and interesting. This is your passion and you could profit from it.
Related Post: 5 Amazing Reasons Why You Should Be Passionate
After so many years of wondering what business to start, I finally found it in my hobby. I came to this realisation after I looked deeper into what I was naturally talented in and enjoyed doing in my free time. You too can turn your hobby into a business be it interior design, blogging, website development, and so forth. You have got to be self aware and recognise your raw talents. Starting and running a business is not easy. You will face more hurdles than you ever imagined. But if the business was born out of your passion, you will have the energy to see it through difficult times. Follow your passion and you will truly be happy and incredibly fulfilled.
Related Post: What I Learnt From Life Without Passion
A word of advice
Research has shown that most businesses start making profits after 2-3yrs. If you are one of the lucky few, your profits will come sooner. Be ready to put in a lot of work sometimes with no rewards for long periods of time. In addition, you will require a lot of patience.
You have to develop yourself continually through lots of reading, research, taking courses e.t.c. I have taught my self so much through the internet, and I realized that I get to save a lot of money which could have been spent in hiring external expertise. Learn the basics of business management. Do not start any business without proper research.