Choosing A Business Opportunity
Business opportunity selection is a daunting project. First of all there are thousands upon thousands to choose from, not to mention your own ideas. And of course, there are not only countless opportunities, there are multiple paths for getting started. The more you study, the more confusing the process can become. Here are some thoughts to consider.
1. Why Do People Start Looking Into Business Opportunities?
There are at least three answers to that question. Two are quite obvious, but a third reason is less obvious. First, it’s a learning experience that satisfies a curiosity. Second, as one’s knowledge grows, the more of an information resource one becomes. Consider this: most teachers of business have not owned a business, but if they’ve studied various business opportunities, they have a greater knowledge base to draw from. The third reason is most interesting. Polling data show that the vast majority of adults would prefer self-employment, but only a very small percentage (1%) actually become self-employed. So, investigating options is popular while follow through is not.
2. Why Do People Consider So Many Options?
As just stated, the number of business opportunities available is staggering. So it follows, the more you investigate the harder the narrowing process becomes. The trick here is the same as choosing a franchise, if franchising is an option. Stop wasting your time with things that will never become your reality. Men who don’t like fashion should not be looking into boutique clothing stores. Women who don’t like changing tires should not be looking into automotive options. OK, so those might be extreme examples, but you get the idea. Even if a particular business is potentially profitable don’t look at it if you don’t like it. Choosing a business opportunity is a lot more involved than just profitability. Stay away from the obvious.
3. ‘Hot’ Opportunities
Forget the idea of ‘hot’ businesses. There will also be trends. They are here and then gone. So don’t allow yourself to be swayed by hype or salesmanship. If it’s a good business it will be around for a while. And if it’s particularly good and you missed the initial opportunity, there will be plenty of copycats down the road for you to take advantage of. Never go about the task of choosing a business opportunity because someone or something says it’s ‘hot’. Never. It always should be about YOU.
4. Choosing A Business Also Means Choosing A Pathway
Choosing a business opportunity is only part of the decision making process. Once the type of business is known, you face the choice of how to get it started. Will it be an independent operation, a franchise, a distributorship, an affiliate, a partnership? Yes, all kinds of questions arise once the big decision is made, but let’s get back to that one key decision.
5. Choosing A Business Opportunity Should Revolve Around Just ONE Thing – YOU
The most important element in choosing a business opportunity is, has been, and always will be YOU! Nothing in a business will ever be as important as you, the owner. If you can truly digest and hold onto that notion you have a giant leg up on those who don’t understand it. If you can hold onto that fact and operate from that position you can slice through and dismiss countless business opportunities just by saying ‘that isn’t me.’ Of course, it’s not easy to arrive at that point. There are numerous books and writings on the subject of getting to know the real you. Check them out for added information. But we’ve also constructed a logical program specifically for prospective business owners. See The Focus Program for Emerging Entrepreneurs. It will help you decide if self-employment is a wise choice and the types of businesses that might fit you best.
Above all else, know that choosing a business opportunity is much more about you than it is about the business. Entrepreneurship is a tough road to follow, but if it’s for you, you’ll know it and love it.