How Entrepreneurs Can Decide the Type of Business to Start

By: Linda Chase, Guest Columnist |

There are many wannabe entrepreneurs out there who really want to get a company off of the ground, but they are not sure what they can sell or where to even start. The good news is that almost anyone can start a business. Start by looking inside at what you are capable of and the skills that you possess. Here, we share some tips for how you can focus on your strengths and set goals so you can follow your dream and start a business.

Consider Your Skills

If you are completely unsure of the type of business you should start, then you can brainstorm ideas by thinking about what you are good at and deciding if you can turn those talents into a business idea. So, if your biggest skill is talking to people, then Spotio notes that you may want to start a company where you sell items door to door. If you think that you are extremely organized, then you might consider starting a closet or home cleaning business.

In the case that you are good at convincing people to buy a product, but you are not fond of talking to people in person, then you could start an ecommerce business online. Maybe you have a very analytical mind, and you love numbers. If so, then you may decide to start an accounting firm.

While there are plenty of ideas that you can pursue, be cautious of business ideas that require a large amount of money to start up. Finding a business loan can be difficult without great credit, so if your credit score isn’t stellar, try to choose a business idea that requires less startup capital.

Talk to Other Professionals

As you are continuing to come up with ideas for your business, but before doing anything else, take the time to talk to different professionals in several fields and pick their brains to see if they can give you any ideas. You could approach a mentor who has been successful in business on LinkedIn and ask them if you can sit down and talk. If you know anyone in marketing, you could ask them what types of products are hot right now. It may also be a good idea to speak to a graphic designer about potential website or logo ideas.

Decide How Much Time Can You Dedicate to a Business

It is important to understand that starting a traditional business will take a lot of time and legwork. You will need to make a lot of connections and do a lot of planning. If you have time on your hands, then factor that into your business idea. However, if you currently have a full-time job or you have family responsibilities, then you may want to look at a different avenue.

For instance, you could start a smaller organization online, like working as a freelance writer, where you take on a couple of clients when you have time and see how it goes. Or, as Fast Company points out, you could partner with other eager entrepreneurs and start a business together. Even if you have a minority stake in the operation, you can still feel good knowing that you are making a difference.

Create a Business Plan for Success

Once you start formulating potential ideas, you should consider adding them into a comprehensive business plan. This is one of the essential steps to start a new business because this document will detail every potential move that you would make, from what product you plan to sell to how you will find the capital to produce it and the target demographic where you will target your marketing. After you create a potential plan, look at how possible it is and if you have the knowledge and connections to pull it off.

If you decide to move forward, you will need to decide which business structure to choose. Many first time entrepreneurs go with the LLC (limited liability company) structure because it is simple to set up, it protects your personal assets, and it provides tax incentives. Registering an LLC in Wyoming requires you to complete five steps. You can work with a formation service to ensure you’re making the best choice for your personal and professional situation.

Set Goals and Move Toward Entrepreneurship

For aspiring entrepreneurs looking to break into the business world, there are many options to choose from. Before deciding on a particular path, it is important to assess your goals and aspirations in order to select the type of business that best suits you. It’s also ideal to create a business plan that details your business structure, marketing strategies, and funding needs. With some hard work, dedication, and enthusiasm, you can take your dream of starting a business venture and turn it into reality.

If you’re a Wyoming entrepreneur, IMPACT 307 offers a variety of startup resources to help you thrive.

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