How to decide what kind of business you should run

I have always wanted to be my own boss. Probably because I am very bossy and hate taking orders from anyone else! Lol. But, it’s taken me about 7 to finally feel like I am in a position to start my own business. Although I have had jobs I enjoy I want to be building something for myself and increasing my income for the future. The problem is I have never been really sure what kind of business I wanted to run.  Although I did run my own dance events for 4 years, it was more a hobby than a business (I never made any money I did it for the love of it). I didn’t want to start something I wouldn’t have the skills or passion to continue with and so it’s taken me until now to get to where I want to be.

Why are you doing it?

Firstly, you need to ask yourself what you hope to achieve from running your own business. Do you want to be totally home based so you can spend more time with your kids, do you want to increase your income, work less, be more flexible, travel less? Not every business will give you all of these things. You need to consider which of these is most important. Ask yourself how much time the business will take to run, whether you will need to take on staff and if you are willing to do that or if you want something which is just you.

Skills, Experience & Passions

In the end it comes down to your skills, experience and passions. A combination of these will give you your perfect business. I would suggest making a list of all of skill, experience, interests and hobbies. Take a look at the list and see if there is any kind of business in there.

For example, if you wanted increase your income and travel less had a passion for fashion and writing and good digital skills, you might set up an online clothes shop and blog about fashion. This would give you two income streams and the two business would benefit from each other. You could promote the blog on social media, link back to clothes on your page and do it all from home.

Marketing

How easy or difficult will your business be to market. Do you know how to successfully market a business or would you be better off getting someone else to do it for you.

If you are a skilled person such as a hairdresser, then starting out as a mobile hairdresser with a few fliers and business cards shared in the local area would be pretty straigh forward. However if you are offering something more neiche you would need to consider a more targetted marketing plan.

If you need any advice on marketing feel free to drop me an email and I will do my best to help you out.

Go Online?

Online business are some of the cheapest and easiest business to set up. If you consider starting an online business you will need some basic digital skills. Online marketing is also a really good way to shout about your new business without spending any money which is important when you are starting out.

If you love a bargain or have a passion for fashion then why not consider setting up an online shop, either on Facebook, Amazon or Ebay. These kinds of business are popular with mums again as they can be run completely from the comfort of your own home with the odd trip to the post office! Or it might be worth looking into affiliate marketing.

Consider a Franchise

There are lots of businesses out there which offer a franchise. From KFC to Thorntons chocolates. These are ready made businesses which take lot of upfront investment but are almost guaranteed to deliver you a return because everything is already planned out for you. Other much cheaper versions of this are Avon and Younique which I am sure you have all seen. You buy their products at a reduces rate, sell them to your family and friends and then get a cut of the sales. These businesses are hard work to build but if you are passionate about the products can be very successful.

Time & Stress Levels

When it came to thinking about what kind of business I wanted I was pretty sure I would have no hair or fingernails left if I started my own events business. I love events and it and it is one of my passions but full-time it’s just too stressful. It also takes a lot of time and planning and is very unsociable hours. So make sure the business you choose isn’t going to leave you feeling more stressed out and with less time to enjoy life than when you started.

If you have worked with kids in the past then childcare is a great way to ensure you can be there for your own children. Offering a babysitting service or becoming a registered childminder.

Free Lance

Another way of thinking of an idea is looking at your current job and considering if you could do it free-lance or from home. So many people these days are going at it on their own rather than working for a company full-time.

For professional services, such as marketing, accounting, design even call centers and sales you could set yourself up online with a basic website and likedin profile and just network to find business.

Financial Investment

Other ideas I had like an events rental business (bouncy castles etc) would of taken a lot of upfront financial investment, something I simply didn’t have. So, when thinking about your idea make sure you consider how much money you want to spend or are able to spend up front.

Test Your Idea

Make sure you do some kind of test on your ideas before you jump in at the deep end. I am planning on looking for business while I am still working full time to ensure that I don’t end up in any trouble. If you can, try your business out in your spare time before you put everything into it.

There are limitless business out there in so many different industries it’s impossible to say. It’s really all down to you thinking about what you would want to do. In my next blog I will talk more about my business idea and why it fits with me so well.

Please comment or send me a PM if you would like any advice on what business you could run. I will be happy to talk it over with you and help you come up with an awesome business idea that you have the skills to run.