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Choosing a Business
Your business success will be directly proportional to how much
you love what you are doing.
Considering the amount of effort you will need to expend as an
entrepreneur to make your venture successful, the business you
select should be something you love. There are lots of reasons
why people choose to start a new business. At the top of the
list is dissatisfaction with their present job. If this is your
situation, try to understand why you don't like your present
job. This will help you select a business that will be right for
you.
Select a business because you have something to give, because
you understand the market and because you know you are going to
do a better job than anyone else. Don't pick one because you
want to make a quick buck or because the "deal looks just too
good to pass up." If your heart and soul are in the business,
you have a much better chance of being successful.
The business you choose should fit with realistic goals and an
honest assessment of yourself. The following checklist will help
you decide on a business that can be successful for you. Bruce
bought a fast food franchise because the opportunity looked too
good to pass up. It might have been, but Bruce knew nothing
about the food or restaurant business, and as far as I knew,
didn't even like fast food! Care to guess how successful he was?
Or how long it lasted? Care to guess what happened even though
"all the details are taken care of for you?"
CHECKLIST: CHOOSING A BUSINESS
* Is this the kind of work I really enjoy?
Look to your current interests. Many successful small businesses
grow out of hobbies because a hobby is chosen for all the right
reasons ... you enjoy the task, the challenge, the time spent.
* Do I have the required technical expertise?
Don't get involved in a business if you know little or nothing
about it. The story related above is a true one ... and one of
many like it. When you have the necessary technical expertise,
you can ask the right questions, make good business decisions
and assess other "expert" opinions.
* Can I make enough money in this business?
First, your financial goals should be realistic. Then look
around at similar businesses to see how they are doing. Talk to
the owners. Most will give you enough information for you to
decide if it's right for you financially. This will help you to
pick a business that can satisfy your financial goals.
* Can I get the help I will need?
If your business is not going to be a one-person operation, you
need to find out if the right kind of help is available in your
immediate area. Are there similar businesses in the area? Also
check with local employment agencies.
* Do I understand the market?
Will you be able to find customers? Do you have the knowledge
required to set prices appropriately? Will you be able to direct
a marketing program? (You might not do this yourself, but you
may have to manage the effort).
http://www.TotalBusiness.com is a Website that provides business
owners with the information they need in order to successfully
start, manage, grow, and sell their businesses.
The site features over 3,000 articles and 60 guides on business
topics such as starting a business, financing a business, sales
and marketing, building a website, setting up an office, hiring
employees, and selling a business. The site also contains
articles on legal and accounting issues affecting businesses and
allows business owners and entrepreneurs to get free expert
advice from local lawyers or accountants. The site contains over
1,000 business forms and agreements that are helpful to business
owners and provides a business directory with over 1,700
merchants who provide services specifically for small
businesses.
About the author:
Eran Salu, JD,MBA,CPA is the Founder and CEO of
TotalBusiness.com