You have a business idea of starting an online convenience store, but your partner wishes that you should set up a food truck in your area. But after a couple of days, a smart friend intervenes and says, “Hey, do you know the digital marketing business will never go down, no matter how many pandemics hit the globe?”
Now, with a zillion more business ideas and suggestions from your friends and relatives, you are completely confused which one to start. If you are in such a dilemma, you are reading the right post. Our 5-step process will help you determine which business to start without any difficulties. You might be advised to toss a coin in the air or ask an expert, but we have five concrete steps to help you make a wise decision.
Let us begin with the process.
Know the different categories of business
People commit a huge mistake when they initiate a business idea. They note down all types of businesses, and the categories of businesses. Let us give you a short overview of the same here.
- Service-based businesses – In this category of business, you will be providing a service for a fee such as copywriting, web designing, hospitality, dog walking, day care and so on. It is further divided into:
- Online business – It is completely in virtual mode. For example, you cannot provide nursing care over digital means, but you can write content for another business digitally.
- Offline business – In this type of business, you have to be physically present to offer the said service. For example, you can walk the dogs in your area only when you step out of the house and not from home.
- Product-based businesses – In this category of business, you develop a product by your own hands, or design it and get it manufactured or sell someone else’s creations. Examples under this category are artwork and mural pieces, or customized T-shirts or becoming a franchise for a brand.
- Information or content-based business – It involves a one-time activity in which you create something and sell it over time. For example, you create an online course by spending a few hours, and sell it over the following years.
Ask yourself ‘what do you like doing?’
Now, you have the different categories of businesses in front of you, and not simply the names of businesses. The next thing is to determine what you like doing or you can even step further and discover your Ikigai. It doesn’t mean you have to determine whether you like to clean carpets or take care of pets. But you have to ask yourself actual questions such as,
- Do I like to negotiate?
- Do I like to write?
- Do I like to interact with people?
- Do I like to meet new people and explain to them about certain things?
We suggest you think from the macro perspective and not from the minor angle. For instance, you might be comfortable in meeting new people and listening to them, then psychological counselling business is certainly your venture.
Know your priorities and resources
Not everyone can be a 24/7 entrepreneur. You also have to take care of your family, sick members, and strike a balance in your work and personal life. This is why you are getting into business. Similarly, not everyone has the financial cushion to invest millions of dollars into the business. Some have limited funds, while others have only experience and knowledge.
Your next step is to note down your priorities and available resources, and find out which business idea fits into the same. For instance, if you have tremendous experience in financial management, then becoming a consultant is a good option. If you have family to take care of, online business suits you and not a full-fledged manufacturing one.
Ask experts in the relevant field
Yes, we know you claim to be a self-made person but seeking advice has its own benefits and does not lower down your morale. In fact, you should think of it as an opportunity to connect with like-minded and experienced people. You seek two benefits in this step:
- You can learn loads of business lessons, tips, dos and don’ts from those who have been in the field you want to explore.
- You create a network of professionals and maintain connections in the long run.
It happens that you might know someone from your mutual friend circle. Seek their contacts as no professional will be willing to spend time on a newbie. Hence, be ready to suffer a few setbacks while seeking the right mentor. Moreover, maintain a good rapport with them, connect on social media channels and be on excellent terms with them.
Visualise your ideal day in life
Here, we might sound like someone preaching the Law of Attraction mantra and techniques, but it is a vital method to see yourself in the next few years. For example, you might not be comfortable being a marketing professional, doing all the hustle and bustle and getting rejected from people you don’t know. Yes, you are someone who likes to sit at a desk and work on the laptop and smartphone. Just see yourself doing the job and feel it. Did you like the feeling or did you dislike even imagining it?
This tiny exercise will help you evaluate your options and find your true calling. Remember that you might have to step out of your comfort zone to do certain tasks that you don’t like. But it doesn’t mean you have to be uncomfortable all the time. Got the point?
We hope the above 5-step process is of immense value to you. You might be bombarded with hundreds of ideas, but you can easily choose one now. Get ready to visualize, analyse, compare and consult. These steps will certainly be valuable for every newbie entrepreneur.