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Business

3 Tips to Decide What Type of Business to Start

If you are one of those people that have the fire of enterprise in your bones you know it. Countless people right now are either stuck behind a desk doing one job but hoping that one day they can join the ranks of the 4.35 million that applied to start their own business in 2020.

But what is often not focused on is that many within this group have all the spirit and attributes, but are lacking one vital ingredient. An idea.

Not knowing what type of business to start however doesn’t have to mean that your dreams have to end as quickly as they started.

If you fall into this category, take heart by following our top tips for coming up with a business idea that can work.

Desire Makes You Start but Passion Keeps You Going

It is often the first step that is the most difficult when deciding what type of business to start. But regardless of what you decide to focus on, your interest must be more than just a fleeting one.

Most budding entrepreneurs start on their paths to get rich, however, the road is long, so it is wise to have a business that can you can identify with.

A simple pad and pen are your friends at this stage.

Write down all of your interests, passions, and even things that you are curious about, but maybe lack deep knowledge of. Then you can use this list to identify not only areas that can make money but also which will get you up in the morning. If you can make that match then you will find your path to success far easier to forge.

Figure Out Your Pain Points

What do the founders of Google, Netflix, and Blue Apron have in common?

They were able to find a good and comprehensive answer to something that everyone was frustrated with.

How to find good quality info on the web, the inconvenience of going to the video rental store and their late fees, or how to overcome that fight to stay home and cook, may not have been on the minds of all. But when a solution was brought before consumers, their response showed that was a gap in the market.

Want to know how to determine what type of small business to start using this method?

Never forget that you are a consumer too. Think about what grinds your gears and those of people around you and you could be onto a winner.

You May Already Have What You Need

Another big mistake to be avoided is to think that you need to go it alone.

While you may be the person with the big ideas, it is important to learn that you may not have the expertise in all the areas that you may need. Want to know the good news? Those around you right now may.

Write up a list of all of your known friends, family, and acquaintances that you can trust and their professional skills. The extent of the knowledge right at your fingertips may surprise you!

Asking for a quick 5 mins or a coffee to just run your idea by them could lead to you being enlightened in some way, or even result in you leaving the meeting with a new business partner!

Before going into these conversations you need to show that you have done your own research. People respect professionalism. Try to have a clear business plan and if you need guidance on the manufacturing side of things you can check out this article.

Clarity for What Type of Business to Start

The options of what type of business to start may seem vast. Yet when you focus on what would work best for you, what need you can fill, and how easily you can be supported, your options can find themselves pointing in one clear direction.

We hope that our advice can help you on your way to achieving your dreams.

If you liked this post be sure to check out the great professional advice here on our site!

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