Which business is right for you?

You may have already thought long and hard about the type of business that you want to start.

However, you need to look at your options very objectively. Discuss them with one or more of your close friends or someone whose opinion you value. Write everything down and go through your selection process again … and again if you have to. Eliminate your emotions as much as possible and just look at the facts.

Below are just a few things to think about. Add as many more as you can think of. Don't exaggerate with your answers … be honest.

• Do you prefer to work alone or with others around you?
• Do you prefer working outdoors or indoors?
• Do you want to provide a service or sell products?
• Do you want your business to be full time or part-time?
• Do you want to take it slowly or maximise your income immediately?
• Do you want to deal with other businesses (B2B) or with consumers (B2C)?
• How much income do you want to earn?
• What is your favourite pastime or hobby?
• What are you good at?
• What do other people think you're good at and ask you for advice about?
• What do think you'd like to do?
• What product can you either make yourself, or acquire for resale?
• What type of people would you like to deal with in your business?
• Are you capable of personally selling your product or services?
• Are you capable of personally marketing your product or services? etc.

The most important question is … can I make a good living from this business?

After you've done this exercise, you should have a clearer idea of what type of business to look for.