Before You Choose a Business to Start, Know Your Priorities
The big question for most people hoping to work for themselves is “What’s the best business for me to start?” There are many right answers to this question, depending on your own circumstances and desires. Before you even begin to select the right business idea, it is critical to define exactly why you are going out on your own. These reasons will make some business types better than others, and will eliminate some completely.
The primary factors to consider first are time, money, and work, and what you are looking for in terms of self-employment. For some, the idea of having more time to do other things is more important than how much they make. For others, putting in ridiculous hours of work is worth it if the payoff is there. It is important to be realistic — there is NO startup that will make you rich this year while you spend your days golfing. There just isn’t.
What Are Your Priorities?
As a first step, write out what you want your life to look like once your business is off the ground. If you are having trouble, try describing a typical week — when you will work, what else you will do, and the like. Review this vision to identify what you will need to get there. Is a high income necessary or will less do for you? Can you commit 60+ hours per week, every week, to a business without burning out? Should your work schedule be flexible or set? Decide which areas are absolute musts and which you might be willing to compromise. This may seem pedantic, but it is absolutely critical to know what you want out of working for yourself.
Which Businesses Fit Your Priorities?
Once you have a good idea of your own priorities, selecting the right business for you is a much easier process. If you are looking for extra time to pursue hobbies, spend with the family, etc., a retail storefront is out of the question. Instead, consider online-based retail or informational products that you can manage and run from home, at any hour of the day. If your priority is to increase your personal wealth, select a business idea that has a relatively high rate of return and can be expanded, and get ready to put in the hours, cash, and work to grow your company. If you are simply looking for autonomy and a job you enjoy, well, choosing the right business shouldn’t be a problem at all. If happiness at work is your number one priority, take Oprah’s advice and follow your passion.
There is a Business for You!
There are all kinds of amazing business opportunities to fit all kinds of aspirations. The key to finding the best venture for you is to clarify your reasons for launching your own business and realistically assess the types of business that will meet those objectives. Be realistic about what can be achieved…even the best rags to riches stories don’t happen overnight. In fact, more often than not, there are episodes of destitution and bankruptcy in the histories of those who have pulled up the bootstraps to succeed!
About the Author
K. MacKillop, a serial entrepreneur with a J.D. from Duke University, is co-founder of LaunchX and authors a blog focused on starting a business. The LaunchX System is designed to help entrepreneurs start a business the right way. Visit LaunchX.com for a free workbook to help you choose a business idea.
Call Kehr Law for a free business consultation today! 619-400-4942 or visit us at www.kehrlaw.com
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