The American Dream of owning your own business is very much alive. According to a survey done by The Motley Fool, two thirds (66%) of Americans dream of owning their own business but don’t know how. Money and fear of failing are the top reasons holding them back.
It can be scary to say the lease to decide what kind of business you are going to start. We all know that choosing what company is not one size fits all. The thought of creating a business with your passion is a daunting one. If you’re thinking “Well I’m pretty good at something, but not good enough to start a business, you are very wrong. Passion is at the heart of starting your company. Do your research on whatever your product or service is going to be and seek out people that have expertise in that area that could advise you. You don’t have to be the expert in every aspect of your business, just surround yourself with a diverse group of people who are experts in different areas that can assist you.
Here are 7 ways to identify if you are starting the right business for you:
- You have a passion for it already – Without passion you may lack drive so it can be hard to stick it out through tough times.
- You are a true believer in your product or service – If you wouldn’t use it or sell it to your family and friends you have no business marketing it.
- Test your idea – Is there enough of a need for the product or service you are going to market.
- You have a product or service with a good market – Do your homework. Is there enough demand for what you offer?
- You have some knowledge in the industry you are going into – For example: if you are going into the makeup or jewelry industry you know a lot about the product or worked in that industry at one point.
- Evaluate the business lifestyle – If you are looking for time freedom and balancing work and family, avoid choosing a business that could take 60 hours a week to get started.
- Focus on your skills – Go with what you already know or don’t mind learning fast.
No matter what business idea you decide to pursue, make sure you really love it. I would highly suggest that you make an appointment with a business consultant that can help you get started the right way. In the long run it will save you a lot of time and money. Far too often someone comes to see me after 6 months or even a year of trying to get everything going on their own because they did’t want to pay anyone to help them. When all they really did waste waste time and spend money on the wrong things because they didn’t have the right guidance from the beginning.
“You don’t need to be the expert on everything, just get the right people together!” – LynetteWork
- `If you’re a freelancer, solopreneur, coach or 9 to 5er looking to build your dream life…let’s do it. LynetteWork can help you. Contact LynetteWork Consulting, LLC for a free consultation.