Perhaps you have grown tired of working for other people. Maybe the thought of entrepreneurship has inspired you. You’ve decided that it’s time to open your own business. You’ve decided it’s time to be your own boss. So now what?
Choosing Your Business:
You want to do well for yourself in business. But what business, exactly? To resolve that problem we look at the three different lines of thinking:
1) What do you enjoy doing?
2) What are you best at?
3) What commerce based activities are the most lucrative?
Careful consideration of all of the above points will give you the right vantage point from which to choose your business. I call this the "trinity point" The trinity point is an answer to all three of the questions above. The answer may not be ideal in every respect (you may not be able to monetize exactly what you enjoy doing the most) but will have overlapping elements of all three points. Say you live in the tropics, enjoy boating and are a great scuba diver. You might decide to open your own scuba diving tour business, or work as a freelance diver for waterfront construction companies. Underwater inspection of wooden docks might not be your preferred type of scuba diving. But you’re in the water, and you’re making good money. Balance your ideas with the realistic practicality side. Both sides need each other.
So after much deliberation, you finally decided on a business activity that involves not only the things you’re good at and that you enjoy doing but that also has potential to make a reasonable amount of money. Congratulations. Now it’s time for the next step.
Research the Competition:
Take time to research companies that are similar in type to what you’re planning. Find their strong points. Why are they effective? You can also try and locate the weak points of the business as well. What problems can you detect they might be having? Looking into the competition is a crucial part in business research and will help you direct your business focus and find the right niche for your best chance at true business success.
Find a Good Wholesaler:
Finding the right vendor (wholesaler) will allow you to compete. It doesn’t matter whether you’re selling goods or services. Any products you end up selling will require and use up resources to produce. Whether you are looking to sell envelopes or high tech electronics, it is important that you find the right business that can provide you with the merchandise needed at the absolute lowest possible price. Again, doing the research right will certainly pay off. Find out what distributors and wholesalers the competition uses for comparable products, and look for less expensive ways to acquire your own line of necessary business supplies.
By: Paul Wise
The Art Mentor » Blog Archive » How to Start Your Own Business
Kind regards, José; artmentor: Thanks for your GREAT advice
too, Heather. Check out Heather’s guest author contribution: Creating… Heather.
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This post was written by admin on June 2, 2009
