When you decide to be an entrepreneur and put up your own business, you will be faced with a single complex question: what business should I go into? That question alone will lead to many more—is it profitable? How much capital do I need? Is it for long-term?—but the first one needs to be answered first before you get into the details of investing, applying for a loan, and managing the business.
For many beginners in the entrepreneur world, opportunities like an ice cream franchise, for example, are the perfect fit. Why? You only need to follow the business model designed and proven by other probably more skilled businessmen than you are. It’s a safe business venture to go into, especially if you will zero in on the right brand that has the most potential to be profitable in both short- and long-term.
But before applying for a franchise’s rights or putting up a business from your idea, you have to define first what business is the right fit for you by taking into account your passions, interests, skills, lifestyle, available capital, and level of commitment.
Follow Your Passion
It is okay if you want to cash in on a trend even if it is not something you’re particularly interested in. You can get in, make money, and get out. But if you want a long-term and sustainable business, you need to follow your passion and interests. If you believe in what you’re selling, you will better market it to your audience.
And during times of trials and challenges—and these cannot be avoided—you will be better at facing and fighting through them. After all, the first rule in building a business is believing in your products or services. Everything will be born out of that.
Evaluate Your Lifestyle
Do you like spending time at home? Maybe an online store is what you need so you can stay in the house and take care of the family while running a business on the side. Do you like traveling and being off the grid at times? A business that requires almost 24/7 of your time is not a good fit for you. Before entering a business venture, ask yourself how much time you are willing to spend on it.
Can you let go of your free weekends (when you simply hang out with friends and family) to run your business? You need to find a balance between the life you want to live and the kind of business you want to run. Giving up your lifestyle—something that you’ve worked hard to earn—is not the kind of sacrifice you should make for your business. You’ll end up resentful of the decisions you made.
Check The Competition
Go around the area where you plan to start your retail store, for example. Check out the competition, both online and offline. Figure out if others have already beaten you to your business idea. Be real about it. Sometimes, it’s okay if others have previously dared to start an idea you also have. This way, you will get to test the market without actually parting ways with your money. You can see how the market responds, and this will help you improve the products and services you may want to offer.
If you do make mistakes on your first foray into entrepreneurship, don’t be discouraged. Some of the greatest minds in the business community have failed one way or another. The key is to get back up and soldier on. No matter how good your business idea is, it’s just that—an idea—until you do something about it.
