How to Choose a Business to Start

Choose a Business Idea

Thursday, September 30th 2021
How to Choose a Business to Start
Truth be told, a majority of people in the U.S. would probably prefer starting their own business. There are a lot of reasons this could be true, but the most prominent reason is likely people don't always enjoy working for others.

What's interesting is while many people would love to start their own business, experts estimate that only about 600,000 new businesses are started in the U.S. every year. Considering some of those new businesses are being started by people who have started businesses before, it's safe to assume that maybe half a million people are starting businesses for the first time each year.

Assuming this information is reasonably accurate, it begs the question, "why don't more people try to start businesses?" Truth be told, there are a lot of obstacles that keep people from going the entrepreneur route. Among those reasons are things like they can't think of a good idea, they have a fear of failure, or they don't have the financial resources to get started.

In an effort to perhaps motivate you to consider starting a business, we thought a little advice on how to get from an idea to taking action would be helpful. With that in mind, here are several things worthy of your consideration.

Turning the Light Bulb on

Far too many people think a new business has to be totally unique to succeed. They often feel that unless a business is unique, the likelihood of success is lower due to issues with competition. To be clear, this is really not true. The fact is a majority of successful businesses are those that are able to meet and beat the competition head-on.

As far as coming up with an idea for a new business, it's a process that should start from within. The process of turning the light bulb on should be centered on you identifying what it is you like, don't like, have an interest in, and believe you can do well.

This process could be accomplished with a simple pencil and piece of paper. You can start by jotting down a bunch of ideas on paper. After listing potential ideas, you should go through and eliminate anything you don't feel you would like doing. Next, you can eliminate anything on the list that you might not be fully interested in or don't believe you can do successfully.

After going through this process, it should leave you with a shortlist of business ideas, something in an area you might enjoy, something that interests you, and something you believe you can do well.

Ideas That Solve Problems

A lot of good business ideas come from a person's personal experiences. As they go about their daily business, they see issues and feel frustrated. It could be something as simple as needing a certain kind of product or service yet they can't find what they need. That need becomes a potential source of motivation.

Here's something to consider. You should always keep your mind open to potential business ideas if being a business owner is what you want to do. Look for issues that need solving. You can even ask family and friends about problems they see and experience. In the process of identifying problems and thinking about solutions, it's quite possible the switch will flip up and the light bulb will come on.

Looking for Inspiration

Identifying a potential idea is a good start. However, you might still need something to inspire and motivate you to start taking action. From inspiration, you should be able to identify a possible business idea that really tickles your fancy.

The truth is inspiration can come from anywhere. We have already talked about solving a problem as inspiration. However, inspiration can come from a desire to make others happy. It can also come from a desire to make money or become relevant.

When something sparks in your mind, don't hesitate to talk about it with family, friends, and even coworkers. Sometimes, other people might see you are onto something and confirm that your business idea has possibilities. You would be surprised how confirmation from others can light the fire of inspiration. The key to finding the right inspiration is keeping your eyes peeled for potential opportunities and your mind open to all kinds of possibilities.

From Idea to Action

One of the reasons more people don't actually start businesses is they don't know how to turn what's on the piece of paper into action. If you have a decent idea and it seems to interest you, it might be time to summon the risk-taker in you. You can't start a business if you don't take that big step forward towards actually starting your business.

The reality is it might not be as difficult as you think it might be. Yes, there will be challenges along the way. You should not be wary of challenges because facing them is part of the process. The bottom line is you will need some degree of perseverance to get past the challenges you will encounter. If you don't have the ability to persevere, starting and owning your own business might not be in the cards for you.

If you are going to go from an idea to action, you can't let anything stop you. That's especially true after you start making an investment of your time and money. Once you reach that point, you might as well go all-in on your venture. If you encounter naysayers, you don't have to listen to them. Just keep your head down and focus on the task at handing, starting your business.

There is one more thing you need to know. There are inherent risks to starting a business. The business might fail. However, a failed business does not mean you are a failure. In fact, you should consider yourself to be successful simply because you were willing to take the risk. What's the old saying, "Nothing ventured, nothing gained?"