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What is the Best Business to Start


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Are you interested in starting a business - but you're not sure which business is right for you? This brief tutorial provides tips and resources for new entrepreneurs on how to start a business - the right one.

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What is the Best Business to Start

  1. 1. RemodelingBookkeeping Party Planning Starting a Business: What is the Best Business for You?
  2. 2. “What is the Best Business to Start?”This is a common question - and the answer isdifferent for everyone. What it comes down to isthat if you want to start a business, it needs toinvolve an activity or field you enjoy.It will be to your benefit to have knowledge and/or skills in your area of interest. That said, youwill probably find that you already havedeveloped a certain level of skill and experiencein your area of interest, since (of course) you likedoing them.In addition to liking what you do, your businessmust provide value to consumers. The greater thevalue your business provides, the more themarket will want it and thus, pay you money.
  3. 3. Write 2 Lists Put together 2 lists: (1) what you do best and (2) how these things will benefit other people. Next, begin brainstorming. Your great idea will be a combination of items from both lists. Use a technique called "reverse thinking", where you start with a standard action, outcome or response in a certain situation and then imagine the opposite happening. For example, iced coffee drinks vs hot coffee. After you have done your brainstorming, think about the existing market in regards to your idea. Is there a business that already offers similar services? Whats the competition like? Does your idea truly offer value to consumers? Give your concept a reality check to make sure there’s a market for it.
  4. 4. 1. Hands-On WorkHands-On or Craft-Type Work:Do you enjoy building or repairing items? Areyou handy or artistic? Are you curious abouthow things work?This can include businesseslike candle making photography cake decorating website design makeup artistry
  5. 5. 2. Creative Work Creative Work: Are you creative or enjoy solving puzzles? Do you find it easy to think outside the box and find interest in new and different ideas? This can include businesses such as: blogging writing cookbooks creating gift baskets financial planning floral design opening a travel agency
  6. 6. 3. Customer Service Customer Service Businesses: Are you a social person who enjoys being around and meeting new people? Do you like helping others - even people you dont know? Would you rather work in a group or around others than independently? Examples of customer service type businesses are running a bed and breakfast inn life coaching operating a beauty salon property management massage therapy
  7. 7. 4. Teaching Teaching Careers: Do you find it rewarding to teach others? A teaching career goes beyond teaching traditional classes in a classroom. Businesses can include: daycare business tutoring or seminar programs computer training coaching writing “how-to” books personal training and more...
  8. 8. 5. Detail-Oriented Work Detail-Oriented Work: People interested in detail-type work typically like working with numbers, data or doing research. They tend to choose businesses like: bookkeeping medical billing proofreading tax preparation genealogy research, etc..
  9. 9. Differentiate Yourself Study your ideal customers or “target market” prior to starting a business so that you understand what they want. Success becomes easier when you have more definite answers and you’re not just guessing. Next, create a USP (Unique Selling Proposition) which sets your company apart from the rest of the marketplace. Focus on standing out: you will have a greater chance of succeeding (presuming people like what you sell). Individuality is critical. Make your business original through your style, location, method of implementation, etc..
  10. 10. Let Other People’s Mistakes...Work to Your Advantage Dont re-invent the wheel. Although you want to stand out, you also want to "copy" the successful strategies of others. Take a look at methods that have worked for other companies. Why not try the same thing? Don’t forget to take note of the failures - so you dont repeat the identical mistakes. Review recent issues of magazines like Entrepreneur or Inc to read articles about successful business launches and their mistakes. Additional important factors to consider as you start your business include ease of entry, growth potential and seasonality. Will these factors have a big impact on your goals?
  11. 11. Create Your Plan of Action!Once you have determined that you have amoney-making concept, you want to put togethera business plan.This helps you figure out start-up costs, the timeand expense needed to operate your company,how you will locate buyers- plus you can see aprojected financial time line for your company.(All essential information for a start-up)
  12. 12. Get Instructions on How to Start a Business As with any task, its easiest to learn from those who have already achieved success. However, finding experts willing to share information, knowing which questions to ask and actually getting professionals to give you the time of day can be a little more difficult. Business Start-up guides are the next best thing to locating a real live expert. They can be much easier and just as effective at getting you the information you need to successfully launch your company. Guides include an outline of the steps you need to take to start and manage your business. (Tip: check that the author is an expert in that industry or that the advice given is from field experts). You can sometimes find them at your local library, bookstore or here.
  13. 13. What Next?If you want to get a list of businesses that matchyour interests, skills and experience, use theSmall Business Finder. It’s a free too that you canuse to find the best business for you.One last tip: consider gaining experience prior tostarting a business by working for someone elsein your industry. You can develop valuable skillsand increase your knowledge that can help youovercome obstacles you encounter when runningyour own company. And - it’s essentially freetraining. Jackpot!