What Business Should I Start?

As an entrepreneur and networker, I constantly meet aspiring business owners, or "wantrepreneurs". I'm always curious to know why they want to start a business. I ask them if it's because they're really good at something and they want to turn that into a business in order to monetize it, or do they not know what type of business they want to start, but they just love the idea of entrepreneurship in general. It's surprising to me how many people aspire to be a business owner, but are not sure about what type of business it should be.

My advice is to start a business based on two key factors: 

1. A problem exists where there is a huge need for your business's products or services.
2. You have complete competence and expertise in whatever the business entails.

I see a ton of business owners spin their wheels, or fail entirely, because only one or neither of those two factors were considered. Some start a business doing what they are really good at or care about, but there isn't a great enough demand for their product or service in order to sustain a full-time business. Others start a business doing something that they have no real training or experience in, but they feel that it's a "happening" industry or a quick and easy path to success or financial gain. While it's not impossible for either of these approaches to work, it's not the most feasible way to go about starting a business.

For example, I'm able to successfully train people on sales as well as leadership because 1) there is a great need for this service, and 2) I had years of experience in those roles prior to becoming a business owner.

So before you start that business, ask yourself:

A) Is there a real and sustainable need for what you're offering, or is it simply something that you're personally passionate about or interested in? Will that interest apply to a large target audience? 

Do your market and demographics research. There may not be a sufficient enough need for your product or service in your immediate area, but there may be a greater need in another area, city or state. It could be a realistic opportunity for you to relocate, as many entrepreneurs do. Also, if your product or service can be offered online or remotely, then it's probably feasible to move forward with your business idea from where you're already located.

B) Do you have adequate experience or skill in that field, or at least the capacity to get fully trained or educated on it?

If you don't have the experience but are able to get the proper training, make sure that you don't just learn it well enough to perform it. Instead, learn it well enough to teach it. There's a huge difference in the levels of mastery between the two. Even if you don't actually have to teach it, that's how thorough your understanding of it needs to be.

To take a deep dive into coming up with a great business idea or for help moving your current idea along more efficiently, let's talk! Contact me here.

Cory Collins
President/CEO
Ample Opportunity, Inc