Part 4 ~ Acey Gaspard’s Guide to Starting a Small Business – Made Simple
Being in business is one thing. Getting into the right business is another. As I once heard, “Getting into something is much easier than getting out of something.”
Setting up a business is a process that, in most cases, requires a lot of time and money. On top of that, you have no guarantees. So why go through the struggle and end up in a business that’s not for you?
It’s best to do something you enjoy doing, and here’s my reasoning: When you do what you enjoy and a lot of problems occur, you won’t get discouraged easily. Now let’s say you’re in a business just for the money. Then, when problems occur, your first reaction is to look for an exit rather than a solution. Your mind starts to wonder what else you could do to replace the income.
You think, “How can I get out of this business?” When you’re doing something you enjoy, you find solutions to problems and move on.
Five Questions to Get You On the Right Track
To help you get a better idea of what business is right for you, take some time to answer the following questions:
- What are you good at?
- What do you know a lot about?
- What have you heard others say you’re good at?
- What special interest do you have?
- If you were debt free and you had a million tax-free dollars in the bank, what would you do with your life, for the rest of your life?
- What to Do After Finding a Key Interest
You’ve identified a few issues from answering the above questions. Now let’s go through an example.
I’ll use watching NASCAR as your favorite activity. Let’s say you watch NASCAR, you talk about NASCAR, you live NASCAR and you ask, “How can I make a living from NASCAR?” This is a huge business with huge investments, not to mention the skill you need to manage, promote, drive, or repair NASCAR race cars. So you think, “Even though I love it, there’s no way I can get into this business.”
Well, those are legitimate concerns, but you need to shift your focus. You could create an online NASCAR club, a NASCAR website, a NASCAR blog, or a NASCAR newsletter. All of these are good candidates for creating an advertising revenue model.
You could also sign up for affiliate programs and sell memorabilia through affiliation. You don’t even need to handle the products; you make the sales and earn a commission. You could open a store in a mall and sell games, memorabilia, and models, or you could create your own information products. You could locate hard-to-find videos, sell tickets, create tour packages for the races, etc., etc. The ideas are endless if you allow them to flow.
So usually there’s not a lack of ways to create a business doing something you love, but rather a lack of ideas. To help you get the ideas flowing, try this How to Think exercise and create some excellent ideas for yourself.
I once heard a saying that made a lot of sense to me: You can live your life any way you want, but you can only live it once. So why waste time in a business that’s not something you want? Find what you want, and find a way to make money from that.
Action Steps to Finding the Right Business for You
- Answer the five questions outlined in this article and create a short-list of potential businesses you really want to be in.
- Streamline your business list by focusing on exactly what you want to offer to which target market.
Important Questions to Finding The Right Business For You
- What would really make you happy? What business would make you jump out of bed in the morning because you couldn’t wait to start your working day?
- Finding the right business is not all about your “wishes.” Is the business idea practical? What data do you have that supports your notion that the business will be successful?