As a business coach, one of the questions I'm asked most often is:
"What business should I start?"
It's a great question, but I'm afraid its one I can't answer.
Many of the people I have spoken with have had enough of working for someone else, feeling limited in what they can achieve, or never having time for what's important, and see their own business as being a way to change that situation for the better.
The only trouble is they don't know what business to start or how.
In this post, I'll help guide your thinking so you can determine for yourself what business is right for you.
Here are some of the questions that will help you 'do your homework' and find your ideal business.
What business should you start? Answer these questions to find your ideal #business
What do you love doing?
There are a great many ways to make money, but you need to start a business you love to ensure you will work at it consistently. Being passionate about what you do will also help you to stay motivated and focused, and help you engage others with your enthusiasm and joy for what you do.
As your own boss you get to choose what you do, so choose something you love - otherwise, there's not much point and your business won't make you feel happy and energised.
What are you good at?
While you can certainly learn skills during your entrepreneurial journey, in my opinion, it's far better to base your first business on something you are already good at - as long as that's something you also enjoy.
Knowing you already have some key skills will help you start your business with confidence - and confidence is extremely important, especially in the early days. If you don't believe you can do a good job, then your clients are never going to buy into your business.
Building a business around what you are good at will help you build your business with confidence. This will help you succeed faster and attract more clients.
What are your values?
Your values are what's most important to you.
Take some time to identify what your values are and find a business that is closely aligned with these. This is important as you need to champion your business in the marketplace, and it's hard to do this with authority if you can't stand 100% behind what you are offering.
Who would you like to serve?
What type of person do you want to help with your offer?
Your business must be centered around your customers' needs and preferences, so it's important to know exactly who they will be and that they are a group of people you enjoy hanging out with.
How much money do you need to make?
The Law of Compensation states reinforces all of the above. It states that you will earn money in direct relation to these three points:
1. The NEED for what you do.
2. Your ABILITY to do it.
3. The DIFFICULTY there is in REPLACING YOU.
So if you want to earn a lot of money, it's important that you start a business that solves a clear and valued client need, that works to your strengths and that you can deliver in some unique way. And then set about making sure that you keep getting better and better at what you do.
The amount of money you need to make will also help determine the exact business you start, not all businesses are capable of delivering the same return or within the same timeframe.
What is your appetite for risk?
Some businesses are riskier than others. How much risk are you willing to take right now? The answer to that question might already eliminate some of the options on the table.
How much time can you commit?
Are you looking for a part-time business, something you can do on the side of your current employment or full-time work? Do you what to start small, but gradually scale-up?
Knowing what you can consistently commit to will help you make the right decision.
What business will you start? If you're not sure, these questions will help you find your ideal business.
So, what business are you going to start?
I'd love to know what business you are interested in starting, let me know in the comments below!
If you need help turning your idea into a thriving business, my 90-Day private business coaching can help you put your anxieties behind you, devise a solid 'blueprint' to guide you every step of the way and help you can start attracting your dream clients.
You can read more about the program here: Your Business Blueprint to More Dream Clients or contact me to book your free 30-minute discovery call to learn more.