Starting A Small Business
One of the most difficult decisions in starting a small business can be what line of work to pursue. You might not be sure what talents you have that will allow you to succeed without an established company’s name behind you. Or you might excel in so many areas that you’re not sure which one or two to hone in on. Whatever your situation, you should consider the following factors before you settle on a business concept.
Play to Your Strengths and Interests
If you thrive on interaction with others, working alone from your desk as a manuscript editor will make you restless. If you’d rather have the flu than pick up the phone and call a stranger, don’t start selling insurance. You’re going to be spending a lot of time on your business – probably more than the 40 hours a week you’re giving to your current employer. Ideally, you should wake up every morning feeling energetic and passionate about the work that lies ahead of you. At the very least, your small business idea should be something that you’re interested in and that plays to your strengths.
Is there market demand for the product or service you want to offer? Before you quit your day job, you need to do some research to see if your idea has the potential to succeed. If you want to work independently as a financial planner, see if you can attract clients based on your existing credentials and experience. If you want to offer a product, then you will want to start doing market research, product testing and surveys. It can be hard to find the time to pursue your own business while you’re still working for someone else, but it’s the most secure way to test your idea without taking a big financial risk. And if you’re not motivated enough to find the time for it, maybe you’re not really that interested in becoming a small business owner.
Do you like to interact with others? Some small business occupations lend themselves to solitude, while others require you to be out in the world, constantly schmoozing and selling yourself to people. If you just want to be left alone, don’t open up shop as a publicist. If you feel compelled to call your mom for a chat anytime you’re alone for more than 15 minutes, don’t start a tax preparation business.