Choosing a Business

 


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The fact that you're reading this article says that you probably want to own and operate a business. In all likelihood you also have a good idea of what that business will be. I'll give you some help to ensure you've selected the business that's right for you.

Your business success will be directly proportional to how much you love what you are doing.

Considering the amount of effort you will need to expend as an entrepreneur to make your venture successful, the business you select should be something you love. There are lots of reasons why people choose to start a new business. At the top of the list is dissatisfaction with their present job. If this is your situation, try to understand why you don't like your present job. This will help you select a business that will be right for you.

Select a business because you have something to give, because you understand the market and because you know you are going to do a better job than anyone else. Don't pick one because you want to make a quick buck or because the “deal looks just too good to pass up. " If your heart and soul are in the business, you have a much better chance of being successful.

The business you choose should fit with realistic goals and an honest assessment of yourself. The following checklist will help you decide on a business that can be successful for you. Bruce bought a fast food franchise because the opportunity looked too good to pass up. It might have been, but Bruce knew nothing about the food or restaurant business, and as far as I knew, didn't even like fast food! Care to guess how successful he was? Or how long it lasted? Care to guess what happened even though “all the details are taken care of for you?"

CHECKLIST: CHOOSING A BUSINESS

  • Is this the kind of work I really enjoy?

    Look to your current interests. Many successful small businesses grow out of hobbies because a hobby is chosen for all the right reasons . . . you enjoy the task, the challenge, the time spent.

  • Do I have the required technical expertise?

    Don't get involved in a business if you know little or nothing about it. The story related above is a true one . . . and one of many like it. When you have the necessary technical expertise, you can ask the right questions, make good business decisions and assess other “expert" opinions.

  • Can I make enough money in this business?

    First, your financial goals should be realistic. Then look around at similar businesses to see how they are doing. Talk to the owners. Most will give you enough information for you to decide if it's right for you financially. This will help you to pick a business that can satisfy your financial goals.

  • Can I get the help I will need?

    If your business is not going to be a one-person operation, you need to find out if the right kind of help is available in your immediate area. Are there similar businesses in the area? Also check with local employment agencies.

  • Do I understand the market?

    Will you be able to find customers? Do you have the knowledge required to set prices appropriately? Will you be able to direct a marketing program? (You might not do this yourself, but you may have to manage the effort).

    http://www.TotalBusiness.com is a Website that provides business owners with the information they need in order to successfully start, manage, grow, and sell their businesses.

    The site features over 3,000 articles and 60 guides on business topics such as starting a business, financing a business, sales and marketing, building a website, setting up an office, hiring employees, and selling a business. The site also contains articles on legal and accounting issues affecting businesses and allows business owners and entrepreneurs to get free expert advice from local lawyers or accountants. The site contains over 1,000 business forms and agreements that are helpful to business owners and provides a business directory with over 1,700 merchants who provide services specifically for small businesses.

    Eran Salu, JD, MBA, CPA is the Founder and CEO of TotalBusiness.com

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