The big question on many new entrepreneur’s minds— what type of business should I start?
In today’s gig economy, starting a business is one way many people are taking back control over their future. Many feel it’s their best option for making a living, gaining new skills, or even a stepping stone to returning to outside work for a company.
Many of the people I coach and consult with are primarily concerned with making money. They are looking for a way to bring income in fairly quickly. While the underlying purpose of starting a business IS to create income, there are other factors to consider when choosing the type of business you’d like to operate.
Ask yourself these few questions when deciding:
- What is my personality type? Am I outgoing or an introvert? Do I prefer doing things on the fly or do I like to plan every detail? Do I prefer working one on one or with groups?
- Do I want to be hands-on with my business or to hire and outsource most of the work?
- How much time do I have? Time investment, or “sweat equity” is good to have when you don’t have a lot of money to put in to get your business up and running.
- Do I like to be of service to others or would I rather handle products and inventory?
I found this useful article, the 300 Best Small Business Ideas READ HERE It’s a comprehensive list, with a bit of info about each business type.
Make a list of the business ideas that resonate with you. Then, narrow it down with these thoughts:
- Who would be my ideal customer or client?
- What problem or issue would my business solve that people would pay money for?
- What is my motivating reason for being in this business? Do you have a “mission statement” or other internal guide that would be a focal point for your business?
- Where would I find my customers/clients? Locally, online, or both?
Starting your business is exciting! Just remember:
- that you may not make money right away or for a long time and plan accordingly
- you will be investing a lot of time and energy, so self-care is important to prevent burnout
- Choose a business type based on something you won’t tire of
- Often, the simpler the idea the better. Be able to describe what you do in one short sentence.
Have fun with brainstorming your business idea. You can always change your mind before you commit.
To your abundance with love …