How to Decide What Kind of Business to Start

 

There are also sorts of businesses you could start in your free time, alongside your day job, that don't require you to have a certain type of degree or know someone in the industry to get the ball rolling.

Although those things could help, they are not going to be necessary towards your success; with lots of hard work, determination, and perhaps a little bit of luck, you can become successful in any business you want to.

With this all being said, how do you decide what kind of business you should start?

Well, it all comes down to assessing yourself; your current situations, your strengths, your weaknesses, and what sort of business you can see yourself running.

 

1. Assess your strengths


The key thing here is to be completely honest with yourself; it can be hard to identify what you might be good at and what you might be bad at but it's very important if you want to have longevity with your chosen business venture.

Let's say for example you’re good with people, perhaps you should start a business where you’re cold-emailing wealthy businessmen about how you can increase their revenue through copywriting.

If you’re not so good with people, perhaps you can focus on things like SEO and Affiliate Marketing where you don’t have to directly interact with others.

Assess what you’re good at and align a business with those things.

 

2. Know what you like

 

After figuring out your strength, you should know what you actually might want to do.

Don’t just choose a business venture because it has lots of upsides in terms of the profits you might be able to achieve, you’re going to need to choose something based on what you actually like.

If you love dogs, then work within that niche.

If you’re interested in card magic, then work within that niche.

You need to cater towards your strength AND do something you’re actually like.

 

 3. Figure out your starting funds


You need to know your start budget before you pick something.Some businesses cost no more than your typical coffee order (Affiliate Marketing) but other businesses like Drop Shopping, or opening up a physical store are going to require you to have a lot of funding upfront.
So be honest with your budget.

 

4. Know how much time you have.


To run a successful business, you don't have to dedicate all your time to it in the beginning, so no end to storming into your boss's office and telling him you’re quitting your job.

Realistically you can put an hour or two in a day and see results over the weeks and months of doing this; though with that being said some businesses require a LOT more of your time if you want to be successful.

Things like running a drop-shipping business and opening up a physical store is going to take a lot of commitment, so are honest with how much time you have before you even think about opening a store like this.

 

5. Do your research


Make sure you’re looking for other people, who are far more successful than you are in your chosen niche, this way you can see what it takes to get into their position.

They might even have some tips for you if you reach out to them.

Doing so will give you an advantage and allow you to know what you’re getting into.

Some online business you can start today

If you’ve figured out your strengths and weakness, and you already know your budget but you’re not sure what businesses you could start, here are some ideas:

* Affiliate Marketing
* Drop-Shipping
* Influencer/Online content creator
* Product flipper
* eBook creator
* Life coach
* Copywriter
* Google/Facebook Ad Expert



Summary



Figuring out how business to start is going to take some time, especially since you’re going to have to commit a LOT of your free time over the weeks, months, and years it will take to get the ball rolling - so much sure have a really good think about it.

Assess who you are and what you’re good at to make choosing much easier, and simply be honest with yourself.

Don’t pick something just because there is ype’ about it or because you think it will be impressive to tell your friends you’ve started x business.

Pick something you’re actually going to like and that you’re going to love doing.

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