by Stephanie A. Smith

Created on: April 22, 2009   Last Updated: September 04, 2010

So you have decided to be your own boss and start a business and have money saved up for it. Good for you. The only question now is, "What business to I start?" Here is how to find the perfect business is right for you to start.

Look into business opportunities that you can actually afford to start. This would most likely be a business that would cost less than a few thousand to start. It is usually profitable to start a business that costs $150,000 or more, but that money usually takes a long time to make back in profits. And there are no guarantees in any business venture, whether the cost to start it is low or high. If your business fails, You could lose all of that money, and these large sums of money can be even a well-to-do person's life savings. The person investing their life's savings into a business usually doesn't get a second chance to start a business, while the person who saved up a couple thousand in a few years can start over again in a few years. Plus that person has learned real-life lessons in how to run a business that you cannot pay for-at least not with just a couple grand.

You have to select a business that is right for you, otherwise it will most likely fail. But there are hundreds-if not thousands-of small businesses that can be started on the cheap, so how do you pick the right one for you? The perfect business will meet the following criteria:

Pick a business in a field you will love, with the kind of environment you love to be in, and attracts the kind of people you want to be around. For example, if you like books, pick a business that will allow you to be around books; or if you are a very good baker or candy maker, pick a business that will make use of those talents. The possibilities are endless, just remember that what may work for you may not work for others, and vise verse. Think of it like a pair of shoes, if the shoe doesn't fit you, it is useless to you.

Your business should also meet your work objective. If you want to work part-time, select a business that will allow you to do so. If you want flexible hours, select a business that will allow you to work like that, or, if you want, you can be a workaholic! Your business could be a work from home thing, or you could have a place you go to every day. Your new business could even be a part time thing on the weekends while you keep your "regular job," at least until it becomes big enough that you can afford to quit your day job. Being your own boos doesn't mean that you have to quit your day job with benefits, it just means that you could if you wanted too.

Your future business should harmonize with your personal financial objective as well. If you are an ambitious person who wants to get rich quick, pick a business that will allow you to do so. Same thing when you just want to live comfortably or supplement your income. Any business has the potential for expansion, and any business has the potential to make you rich, but some take less time than others to do so. For example, if you were to go into franchising, you could make money faster than if you were to start a business from scratch.

If you have found a business that meets these criteria, congratulations, you are on the road to the freedom of becoming your own boss.

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