Being your own boss, setting your own schedule, and working from wherever you’d like: These are just a few of the many benefits of starting a business. In order to enjoy these perks, however, you must first choose a business idea — and it’s not always as straightforward as it may seem. These tips will help you to decide so you can officially go from wantrepreneur to entrepreneur!
What Are Your Passions, Interests, and Skills?
Entrepreneurship is a long road with lots of twists, turns, and roadblocks, so it’s crucial to be passionate about and genuinely interested in your business idea. After all, you’ll be working a lot in the beginning — and having a passion for what you’re doing will help you to push through when times are tough.
If you’re interested in and skilled at tech, for instance, you might consider starting a business that offers IT support, web design or development, or cybersecurity services. Or if you’re creative and passionate about art and design, you might choose to create and sell artwork online, restore and revive old furniture pieces, or create visual content for social media.
If you’re having trouble identifying your passions and interests, take a moment to consider your hobbies, existing career skills, childhood dreams, and general interests. Chances are, you can apply these interests, skills, and hobbies to your career as an entrepreneur.
How Much Time and Money Do You Have?
Many startups take years to become profitable, which means you’ll need to have the time and money to get your business idea off the ground. There should also be a market demand for the product or service you’re thinking of offering.
Here are some of the other things you’ll want to consider to determine whether your business idea is truly feasible.
- Your budget. How much money will you need for expenses such as office space, utilities, furniture, equipment, materials, and inventory?
- Your financing options. Will you rely on bootstrapping, crowdfunding, or small business loans and grants?
- How much time you’ll need.Will you continue to work full-time as you get your business up and running? Can you afford to outsource any startup tasks if you don’t have the time to take them on yourself? Will you have nights and weekends free to put your business plans into action?
Which Tools and Resources Are Readily Available to You?
Depending on your hobbies, interests, and desired business idea, you may already have a few tools and resources to help you go from wantrepreneur to entrepreneur. These tools could include art supplies, graphic design software, cookware or bakeware, or simply a laptop or desktop computer.
Many educational resources are also available to aspiring entrepreneurs and new business owners. A few of them include the Small Business Administration (SBA), SCORE, Bplans, LegalZoom, Wix, and MailChimp.
Still Can’t Decide? Consider Going Back to School
Knowing you want to be an entrepreneur is just the start of your entrepreneurial journey. So if you’re still having trouble deciding on a business idea, you may wish to go back to school and work toward a bachelor’s, master’s, or doctorate degree — as accredited online programs are available in areas such as business administration, cybersecurity, accounting, data science, psychology, and more. Earning an online degree makes it possible to work toward your entrepreneurial goals while keeping your day job, raising a family, and saving money to start your business.
Make Sure the Business Idea Fits Your Lifestyle
To really succeed as an entrepreneur, make sure your business idea fits your lifestyle. If you’re raising a family and want to be available to them, for instance, avoid business ideas that will require you to work overtime, nights, and weekends. Or if you’d prefer to work from home, avoid business ideas that will require you to work from an office, retail shop, or warehouse.
Your business idea should fit your lifestyle, budget, skills, interests, and hobbies — and it may take some time to find an idea that truly works for you. Don’t rush it: The idea will come when you’re ready!
Where to start?
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