What is the best business to start? The best business to start is one that will not require you to start all over again. It is the business that you can stand for and continue no matter what hardships you will face until you achieve ultimate success. Thus, the business you should start must be carefully analyzed and wisely chosen. The following will give you further ideas on the kind of business you should start now.
It must be specific and expandable
If you’re planning to start a business, it must be specific. You should think of the particular niche where you can be successful. Just like if you want to conquer the world, you should first at least conquer a single country. The secret to becoming successful in every business startup is to enter into something that can be expanded, and not the other way around. You should break down a broad market until you found a specific niche where you can grow optimally. When that niche is already in the palm of your hand, then it’s time for you to expand. If you’re following the giant companies out there, you will notice that they have started as small… then grow into giants afterwards.
It must be realistic and achievable
There are many things to be considered when starting a business. These things include financial resources, skills, expertise, current market, customers’ demand, supply, and even your principles, attitudes, values and habits towards the business you are planning to begin. Thus, you should answer the following questions:
1. Do you have financial resources that can sustain your business till it become self-sustaining?
2. Do you have the skills and expertise to manage the business?
3. Is there an adequate demand for your products or services?
4. Can you find suppliers that can supply your products or people that can help you render your services?
5. Do you know and understand that business?
6. Is that business relevant to your life?
7. Are you passionate with that business?
8. Do you love that business?
9. and others…
It must be equated
Your business must be equated. This means that it must be strategically planned and the possible problems that are identified must be coped up with solutions. This also means that you should identify the risks and uncertainties that are inherent in the business you wish to start. Thus, you must plot it like an equation, where you have recognized all the variables and factors that should be identified to assure success. In other words, you should have a formula to success. So choose a specific business which you can formulate a specific formula to its success.
It must be important
The business you should start is one that you should not quit of. That is why you should think of a business that is fundamentally based on your passion and principles in life. To be able to stand against time and all the troubles you will face in dealing with the business you choose, you should assure that it must be relevant. It must be something that is very important and have a great impact in your life. Most business owners and entrepreneurs succeed because they are keeping with them powerful sources of inspirations and motivations that keep them going even in the hardest times. These sources are found within them and within their hearts. These things include the will to develop themselves and the passion to help others. Finally, remember that the best business to start is one that you can do at your best.
Victorino Q. Abrugar is a marketing strategist and business consultant from Tacloban City, Philippines. Vic has been in the online marketing industry for more than 7 years, practicing problogging, web development, content marketing, SEO, social media marketing, and consulting.
Hi! Additional tip with regards to financing. Aside from having a financial resource until your business is self-sustaining, also keep in mind(or your resource list) a financing institution where you can turn to, just in case you accidentally open a bigger opportunity than you expected. Same is for the worst case scenario where totally losing the business is not an option.
Thanks Abi for the additional tip. Yes, we need to build a good credit reputation and relation so that we have someone to turn to in case of emergencies.