Which business is right for you?

The choice of choosing which business is right for you can only be yours. No one can make that decision for you. Careful financial planning is essential in the final business decision.

Consider the following factors as you are trying to decide which area to pursue:

1. Suitability of your skills

Your personality is an essential part of any business. Don’t choose a business in which you will not feel comfortable actively promoting and operating. Choose an area of expertise in which you can use all your past experience and skills, or an area in which you can upgrade your knowledge until you are an expert. If you don’t like dealing with people, perhaps you shouldn’t start a business at all.

2. Financial limitations

First, decide on your budget for the business investment, start up capital and operating capital. If you have less than $10,000, you may have to consider a service business, multilevel or network marketing, or perhaps a partnership with an associate. However, if your finances are in good shape, look into other options, such as franchising, wholesale, or even manufacturing for instance.

3. Time and stress factors

All new businesses will take up a lot of your time, particularly in the beginning stages of the first two years. If you are not willing to work seven days a week, don’t even think about retail. If your family life is important to you, try to find a business that will not impose unnecessary stress on your relationship. A home-based business is ideal for this situation.

4. Future goals

If you have plenty of drive, are ambitious, and like to set high goals, look for a business that can be expanded or diversified. Even if you are not too ambitious, set goals for the business and write them down, building a solid marketing plan is also an essential tool, review them regularly. What will your business look like next year, and in five years? Goals will help motivate you when the going gets a little rough. They are also an excellent indicator of your progress.

5. Listen to professional advise

Consult professionals. Don’t re-invent the wheel. Seek advice of those that are successful with their own businesses. This point can’t be stressed enough. Most people make the mistake of not wanting to outsource work and find themselves with poor decision making. Engage the help of others, such as an accountant, business consultant, financial professional etc. Don’t make a final decision without the help of professionals to guide you.

If you don’t know how to find professional advise, ask friends in business who they use, and if they were happy with them. Be careful with referrals though, what works for one person may not be the best for another. Also consider your budget and work within your budget not over. Prepare a list of questions before you meet with others and write down all the answers. A great professional will fill in all the other gaps and tell you what you need to know.

Best of luck with all your business endeavors!

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