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How to Discover Which Business to Start: 5 Steps

What business do you dream of starting? If money were no obstacle, what would you invent, create, start-up, and/or launch that would bring a service, process, or product to the market? Give yourself permission to entertain the idea that you could create a business that will fill a need in the market and fill a personal need for earning income while doing something you enjoy.

The reality is that finances are an important consideration when determining which business to start. Beyond finances, there are many other important factors to consider regarding your future business. For the purposes of this article, I’ll discuss 5 Steps to complete as you move forward on your quest for the best business.

Step 1: Ask and answer the question, “What do I want to accomplish by starting a business?”

Consider the following: do you want to make a little extra money on the side? Do you want to turn this business into your main source of income? Do you want to offer a life-changing product, service or idea to the world? What would the mission statement be if you could sit down and write one out at this moment?

Step 2: Ask and answer the question, “What kind of funding/investment would be needed to start this kind of business?”

If you plan to use your own savings, you will want to strategize so that the business you start will begin generating some income right away to pay you back for your expenses.

Step 3: Ask yourself, “5 years down the road, how do I want this business to operate? How much time and energy do I want to spend building and expanding this business?”

Things to consider: Do you want to eventually hire employees and expand the business? Do you want to avoid the hassle of hiring employees and depend upon virtual assistants or other independent contractors to help you run your business? Do you want to be the sole contributor/creator in your business – depending upon automating your services, and/or products online?

Step 4: Take all the answers to the above questions and get a big-picture idea of where you are, where you want to be in 6 months to a year, and where you want to head after that. In light of this information, is the business you have in mind going to fit with your time and energy constraints? Will it be realistic to start this business with your own savings or do you need to learn more about other funding options?

Brainstorm by jotting down some of your options now.

Step 5: Research – Talk to friends, mentors, parents, spouses, and anyone who might have information or resources that you can tap into as you decide what kind of business to start. Go online and research other businesses who have done something similar to what you want to do.

Consider an online business – you could learn how to utilize the internet as your “storefront”, as a major part of your marketing plan, and as an easier (and more cost-effective) way to get your services or products out world-wide. If you see the benefits of starting your own online business, you will want to begin the learning process about how to build an effective web-presence, how to drive traffic to your business, how to write articles, start video-blogs, and/or search engine optimize for the maximum exposure for your business.

The above-mentioned online business aspects can involve a steep and expensive learning curve. If you do not know what you are doing, you could spend a lot of money hiring “experts” to create your website, provide search engine optimization and teach you about online marketing and other things which may or may not work. On the other hand, self-teaching and creating all your own content is time-consuming and requires sustained motivation over the long-haul. In light of these challenges, consider joining a reputable training program that provides information, mentoring, and encouragement along the way.

The very act of participating in some online training could very well be one of the best ways to discover which business to start. You’ll be able to make a more informed decision about how to create a business that suits your income needs, your lifestyle, while utilizing your talents and gifts.

If you want to earn money from home while wearing your robe and slippers, you must learn how to incorporate online marketing into your business plan. Every business, no matter its size, needs to have a strong online presence. I can show you where to get proper training so you can avoid potentially costly mistakes and learn how to use the most effective online marketing tools for your niche.