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Which business shall I start?

You've decided that you want to work for yourself. How do you decide which business to start? Here are some ways to analyze your choices and to make a decision:

1. What do you love? Make a list of all the possibilities for your business. Slowly go over the list and number the items according to what you love the most and what motivates you the most. If you are going to spend your money, or borrow money to start a business, and you are going to spend your time then your business should be something you love. It'll be much easier to devote yourself to something you love.

2. Is the idea for your business viable? It's time to do some market research. Before you commit yourself and your income to starting the first business on your list, it's time to determine if your business idea has a chance of success. No matter how much you love it, if there isn't a market for your service or product, you'll have a hard time making a go of it. So, take a look at similar businesses. How are they doing in your area? Is there room for another? Is there something that will distinguish your business from theirs? If you can't find the market for your business idea, move on to the next idea on your list.

3. Take a look at the business you have chosen and ask the crucial questions. Will it give you what you want? There must be some reason you are choosing to open your own business over going to work for someone else. Are your reasons valid? Do you want to do it because you want to work for yourself instead of for someone else? Will the business you are about to choose give you the kind of freedom you want? If you have to work 12 or more hours a day at first, do you love your idea enough to do that? Consider these and other questions carefully to ensure you have the love for your idea that you think you do.

4. What are the obstacles to opening your business and keeping it open? Make a list of all the obstacles you can think of. Play devil's advocate here and list absolutely everything. Let the list sit for a day then re-visit it. Go through each obstacle individually. First, determine if you can overcome the obstacles. If you can, do you love your business idea enough and are you devoted to it enough to face each of those obstacles and work to overcome them?

5. Brainstorm more than one idea. When deciding on your business idea, come up with several versions of it and a couple more ideas for good measure. As you start to set up your business, you'll probably find hidden obstacles you didn't consider. Prepare ahead for this by being ready with alternate versions of your idea to implement.

The most important thing when choosing what business to start is to choose one you believe in and love to do as much as anything else in your life. If you do that, you won't have any trouble devoting the time and attention to it that it will need.

Learn more about this author, Lou Belcher.
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