Choosing a business opportunity – Tips to Consider

A straight path for choosing a business opportunity

Choosing a business opportunity can be a long or short path

Choosing a business opportunity can be difficult. You can make it easier.

Choosing a business opportunity is one of the most daunting tasks faced by any prospective entrepreneur. First of all there are thousands upon thousands to choose from, not to mention your own ideas. Second, the more you study, the more confusing the process becomes. And of course, there are not only countless opportunities, there are multiple paths for getting them started. So let’s look at the problem one piece at a time.

Are you choosing a business opportunity or more interested in learning?

Over the years it’s become quite apparent that many, perhaps even the majority of people take on entrepreneurship as an educational project. In these cases the goal is not necessarily becoming a business owner, but processing the reality of becoming one. There’s there’s nothing wrong with studying entrepreneurship. As a student and observer, studying the art of choosing a business opportunity has a number of benefits. Two of them are quite obvious. One, it’s educational. Two, as ones knowledge grows, the more of an information resource one becomes. In fact, consider that teachers of business most often have not owned a business. They have a knowledge base well worth pursuing.

Why are you considering so many options?

As said initially, the number of business opportunities available is staggering. So it follows the more you consider the harder the narrowing process becomes. The trick here is 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.

Are you choosing a business opportunity because it’s ‘hot’?

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. If, once again, it’s something of interest to you. Never go about the task of choosing a business opportunity because someone or something says it’s ‘hot’. Never.

Choosing a business opportunity also means choosing a business 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 with you alone? Will it be in the form of a franchise? Will it be 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 big decision.

Choosing a business opportunity revolves around one key issue.

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 fact you have a giant leg up on those who don’t understand it. If you can truly 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’. Naturally, over the years we’ve learned 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. We’ve also constructed a logical program specifically for prospective business owners. Look at The Focus Program for Emerging Entrepreneurs. It could also be helpful in gaining clarity for your business journey.

But above all else, trust that choosing a business opportunity is about YOU much more than it will ever be about the business. Even though entrepreneurship is a tough, tough road to follow, if it’s for you, you’ll know it and love it. Just be sure to partner with a business that you can fully embrace.

By |January 17th, 2015|Categories: Buying a Franchise, Entrepreneurship, Franchisee, Starting a Business|Comments Off on Choosing a business opportunity – Tips to Consider