There are many people who instinctively know that they would love to start their own business enterprise. However, they just have not put the finger on exactly what type of business they would go with.
A good place to start is always to examine your own personal strengths and skill sets, whether from an educational point of view or a natural given talent.
It is most recommended when choosing a business to go with that one should stick to an option that is within your skill set. Also, one must ascertain that there is enough demand for whatever product or service you intend to provide in a given locale.
(Additional reading: Catchy Ways of Improving your Business)
For instance, you might spot the need for a drug store in your neighborhood; however, you would need the proper educational training and certification to be able to operate a drugstore. Alternatively, you might spot the opportunity for a great hang out the joint like a coffee shop and ice cream parlor with a light menu all under one roof in your area.
Since you have probably worked in a bigger restaurant or for a food and beverage outlet in a hotel with aspirations to open your own little joint someday, this becomes a great opportunity. As you have seen the need of your services in a given location and you already have the skill set and exposure to know what is required to run it successfully.
Or perhaps if you are good with numbers and have the necessary educational background and pertinent certification like CPA’s then you could consider running your enterprise centered on bookkeeping.
You would need to have an office somewhere that is not expensive or even work from the comfort of your home office.
Leveraging on technology today, you can reduce overheads significantly by attending to established clients accounting needs remotely on a Smartphone, tablet or laptop with advanced online accounting software like QuickBooks. You may only have to leave and attend to new customers, and prospects face to face to build a rapport and understand their accounting needs better.
Small to medium firms opt to outsource this service as it cheaper for them. This allows them to enjoy and appreciate an efficient but non-complicated accounting arrangement that is both personalized and affordable.
Clearly, if you can identify an area of business opportunity that matches your skill sets, as opposed to venture in an area that you are totally green in you are better placed to act on your business idea. Invest in the following areas before homing in on an idea
- Consider the need
- Market trends
- Future viability
Having said that you would be better served always to seek to sharpen those skills and acquire pertinent ones that can further position you to deliver better service and stay relevant as the trends and clientele need change with the market.