All entrepreneurs can confess to the fact that choosing what business to go into or establish themselves in is one of the hardest choices. I once met an entrepreneur who said “I spent 13 months just thinking about the business that was right for me to start”
Everyone’s choice of business would not be the same. But there are some key things to consider when choosing a business.
• TEST THE WATER BEFORE DIVING INTO IT
Some business ideas look very fancy and sound great. Yet they may demand more than you ever expected in practical. Before you decide on the business you want to go into, read about other people in that same business and the challenges they are facing or they faced. Some businesses take more than 2 years to grow. Some require you to work over 60 hours a week. You need to know precisely what every business demands and whether you are ready to do exactly that.
Before you decide on which business is right for you, you need to read. Read everything, including how people who are making it in the industry started, what they did for the business to grow, how much money they had to invest, how they found investors, the reasons why people fail in the business and etc. You need to be well acquainted with information in the industry before you decide to enter it.
• YOUR HOBBY AND PERSONAL INTEREST
To be able to stay committed to your business and be able to not quit as the hard times come, you need to have a great interest in the business hence you can turn your hobby into a business. For example. If you are good with makeup, you can start giving people free makeovers. When they like it, you can get them to buy the products you used at your own price. And gradually start making profits.
• HOW MUCH MONEY AND TIME ARE YOU WILLING TO SPEND ON THE BUSINESS
Do you have over $10,000-$100,000 to spend? Then consider spending it on a franchise. But if not, then read on starting your business with little or no capital. Also how much time do you have to spend on the business? Some graphic designers spend between 40-60 hours a week working. Know how long you are willing to work. It’s very important.
To decide on the business that is right for you, first ask yourself what do I want to spend my time doing? And am I ready to work for a long period? Before you dive into a business and find out its harder in practical than on paper.