How to decide what business you should go into
I want to start a new business, but I don’t know which business to start?
This is a question I have gotten a number of times, and here is my answer to it.
These are what you should know:
1st, you have to realise that EVERY business is lucrative and they all come with their own unique challenges.
2nd, no matter how lucrative a business may be, it takes consistent and diligent efforts, ‘over time’ before any business can really grow to become something meaningful.
3rd, jumping into any business because someone says it has good potential is not always a good idea. You need to find a business that you personally fit into.
These are what you should look out for:
– do you currently have a business that you can expand and/or diversify, rather than starting a totally new business.
– is there any business u already know about. Is there a business that u have a good idea of how to manage it? This is a factor you could consider.
– is there any business around your locality that you could easily learn about.
– you can also look for a way of starting a business around any skill u already have, or starting a business around any personal passion or interest of yours.
Those are the points you should consider in determining what business to start.
Yeah, I know you still don’t have an idea of which business to start. So now, based on the points I have given above, go through them again and again, then begin to search for a business you can start in the light of those points, till u find the one you feel you can handle/manage effectively. The long-term success of any business is determined more by how it is being managed, than how lucrative it is.
For you to get a business that you would succeed in, you have to do a business that you love something about it. You don’t have to love everything about the business, but there should be certain aspects of the business that you are very cool about, and you would rather keep on doing it than anything else.
Also bear in mind that when planning on how to execute a business idea, one of the first things you should put into consideration is how you would go about getting clients/customers/patronage. This is something that is usually assumed to be easier than it is, as such very little preparation and planning is made for it. But in reality, this is usually the most challenging aspect of a business, and most times more challenging than raising capital for the business.
In summary, for you to find the most suitable business for you to start, a business that you love for one reason or the other, you really need to be a key-player in searching for the business. My job is just to make sure you are considering the right factors as you search, and that you are searching towards the right direction.
I hope this has been helpful.
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