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type of location that you have. For instance, if the space you own were in the first floor of a complex, you would do well not to consider a retail shop.

5. Consider the competition. If there are a lot of established players in your area of operations offering the same service or products, people would not be coming to you unless you can offer them a very good reason that the other established players do not have.

6. All these factors notwithstanding, it is imperative that you do something that you are good at and something that you love to do. For instance, if you do not like interacting with people, or if you have poor communication or persuasion skills, you would not succeed in a business that requires direct sales. Similarly, if you start an electronics repair shop and you do not know the basics of electronics, you would always be at the mercy of your employers.

7. Previous experience working in the business you propose, though not essential would be of invaluable help, as you would get to know the intricacies of the business and would not have to find that out by trial and error when you start your business

8. Consider your personal preferences. For instance, if you wish to start your business for working at your own timings of choice, you would not want to open a shop, which will tie you up for the most part of morning and evenings, especially during holidays.

9. The type of business that you start also depends on the finances available at your disposal. If your finances are limited, you would probably be better off starting a work from home business, or an Internet based business that does not require much capital outlay. When considering the finances to determine which business to start, also consider the costs for marketing and establishment that you will have to pay upfront before you start generating revenues.

10. Consider the period within which you will start generating income, and the profit margins of the business. Usually businesses with low volumes of transactions need higher margins to survive, and businesses with higher volumes of transactions would mean low margins if people are to come to you. You should always strive for a business that optimizes high volume and high margins.

Make a list of all the business that you could possible start and consider each one of them based on the parameters above. Identify the one most likely to succeed, and once you have done that, talk to as many people as you can about this business and draw up a detailed plan. Ask someone competent to be a devil's advocate and find out loopholes in your business plans, and work towards removing such loopholes. Remember that once you have taken the initial steps towards starting the business, you cannot turn back. You will invariably encounter setbacks, but the key to success is persistence and self-confidence.

Learn more about this author, Nayab Naseer.
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