Deciding on the type of business you should open can mean the difference between success and failure. Some people are just ill-suited to certain professions, no matter how profitable they may look on paper. While folk wisdom usually states, “Do what you love and the money will follow,” that is not always the best business advice. You need to look at a variety of factors before deciding which business is right for you.
Make a list of your strengths and weaknesses. If you’re detail-oriented and good at math, for example, you may do well with an accounting business. If you’re more artistic, something like interior design would make a better choice.
Look at your bank statement and credit report. Some businesses, such as a retail business or franchise, require a significant financial outlay as you get started. Others, like free-lance writing or computer programming, may require little or no money to start. If you don’t have a lot of money in savings and don’t think that you will qualify for a large loan, you should look at businesses with few start-up costs.
Browse business websites for ideas. If you really have no idea about what type of business you should open, you will get ideas when looking at lists of potential businesses through sites like Entrepreneur.
Study your local market. Once you have a business idea or two in mind, research whether they are viable for your area. For example, if the median age of your community’s residents is 55, you will want to scrap an idea to open a skateboard shop. If your idea does have possibilities, you will want to look at the competition and see what people are willing to pay for what you are selling.
Talk to your state department of commerce about restrictions. Local laws may restrict the type of business you can own. For example, you may need a license to open your business. Also, zoning laws may prevent you from running a certain type of business from your home.
In 1991, Dion Shaw was diagnosed with multiple sclerosis (MS). Over the years, his health has declined, including ongoing vision problems associated with optic neuritis, and doctors now say a stem cell transplant is essential to his well-being and perhaps, survival.