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 it.”
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 arise, your first reaction is to look for an exit rather than a solution. Your mind starts to wonder what else could you 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:
1. What are you good at?
2. What do you know a lot about?
3. What have you heard others say you’re good at?
4. What particular interest do you have?
5. If you were debt-free and had ten million dollars in the bank, what would you do with 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 it all the time, you live it, and you ask, “How can I make a living from NASCAR?” This is a large business with huge investments, not to mention the skill you need to manage, promote, drive, or repair 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 club, a website, a blog, or a newsletter related to NASCAR. 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 create your own information products. You could locate hard-to-find videos, sell tickets, create tour packages for the races, 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.
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.