This is the Right Business for you!
This is the Right Business for you!
Do you want to know the perfect business for you? Well for now, I’m sorry to disappoint you but there is no such thing as a perfect business, but hey, wait a minute, let me tell you how to make it ‘perfect’ for you.
Starting a business is not easy. We all know that. It will take you a lot of time, effort, commitment and will cost you some money. And that’s not all, wait ‘til you get to the managing part of the business. You’re going to need more than those that I have mention a while ago. If you want to learn more about on managing a business, here’s our recent blogpost, you can check it out. Going back, I’m here to show you how to find the right business, and it’s like looking for the perfect size in a shoe store; you need to have a perfect fit.
People are different in their own way. This is also something we need to consider if someone wants to start a business. You need to know the things you are interested in, the things you would love to do and the things that you are good at. You also have a lot of options to choose from: food industry, retails, selling products, ecommerce and the list goes on. Deciding on where to put your money and effort will be something you really need to think about. Now you could be wondering on how you can find the perfect fit for you so here are six questions you need to ask yourself before you pick the right business for you.
1. What are you passionate about?
This is your fuel to your business and you are going to need this to keep the business running. Passion. What do you love to do? What are you good at? Finding your passion and putting in into your business will make it easier for you to commit to that business. Why? Because you’re doing what you love to do and you’re doing it with love. You need to reflect and assess yourself on what you really want to do.
2. What are the current business models and industry trends?
Starting a business because it’s a trend is something you could try but take note of this and ask yourself first: “Will this be needed after 10 years? Will this still be a trend after some time?” Plan ahead of time and also take consideration on the current situation of your industry.
3. Assess your skills and abilities
Being aware about your strengths and weaknesses could do so much. If you know the skills that you are good at and be able to maximize it, you can do anything you wishes to do. Again, it’s all about discovering your skills and putting it into action.
4. How much money do you have to invest, and how much are you willing to invest?
Know your goal and be practical in building your empire. You need to know the purpose on why you are starting a business, and with this in mind, be practical on how much money you will be needing.
5. How involved do you want to be in the business?
Do you want to just hire a manager and walk away? Or do you love the idea of actively being a part of your business? According to this article (link down below), some business models require more active ownership because they involve getting to know clients on a personal level, but some B2B businesses or highly systemized personal-service type brands could be a better fit if you are looking to hire a full-time manager and be a more absent owner.
6. What is your biggest ROI? (Return of Investment)
This is something YOU could only answer. What do you view as the biggest return on your investment in your business? Time with family? Flexibility with your work schedule? Leaving a legacy? This the goal of your business, the finish line. So whenever you think of why you started a business, look ahead of you and see what made you want to do this.
I hope these questions helped you find the right and perfect business for you. And I assure you that it will be the perfect business if it’s the great fit for who you are.
JLS MEB Consultancy - Design Studio (c) 2021