You have decided that 2017 is the right time to start your own business but one problem stands in your way – with the millions of business opportunities that you have before you which one should you pick? The truth is that there is no business that can be singled out as the best for a startup. What you pick will be determined by several factors but before we look at them it is important to get one thing clear. You will always be better off starting a business that solves a problem that the people around you face on a constant basis that chasing after a business opportunity that is out there.
Chase Jarvis, CEO of CreativeLive, the biggest education live streaming business, says, “Go after solving a problem that you have. Something that’s near and dear to you, not some random market opportunity. Because, when things get hard, if you’re chasing just the dollars, or a random market opportunity, you’re not going to be able to have the fortitude, the passion, to stay with it.”
As for what determines what kind of business you start, first is your skills. You need to know how to do what you want to do before you start doing it. It doesn’t have to be something complicated. If you are good at baking cupcakes in your own kitchen for your company do not disregard this as a skill. You have the passion for it and you know exactly what it takes to get it done. Start to think about making cupcakes for local shops and things will grow from there.
The other thing that you need to think about is resources. You definitely need to have some money. Fortunately, today there are so many people who are looking to invest in business opportunities. If you have no money find ways to get an investor. Some people get stuck on the thinking that if they have an investor they will demand a portion of the business. If you are fixated on this you will never get your business off the ground. Remember, you cannot get something for anything. Whoever is willing to front you some cash wants something in return.
Lastly, don’t get fixated in benchmarks – you will get discouraged. While you must set goals you need to understand that there will always be obstacles along the way.