Fine tuning the selection process
It’s one thing to say you want to start your own business, quite another to decide what kind of business it should be At the top of a blank sheet of paper, write the name of an activity you would like to pursue. (If there are several options and you haven’t yet made up your mind, create a separate sheet for each alternative). List as many businesses as you can come up with that are related to the activity and then list all the relevant products or services. Use your imagination and jot down every conceivable contender. Refine the list to those businesses that do better in bad times (one may be appropriate for you). And now, for the purposes of illustration, let’s hone the runners even further to just three examples: Bed and Breakfast, Home Handyman, Garden Maintenance. You can now make a comparative evaluation by making a checklist with a 1-10 scoring system (10 being the highest). Place a number beside the following objectives: - Can I do what I love to do?
- Will I fill an expanding need?
- Can I learn it and test it first without committing to too much financial outlay?
This kind of analysis can help you gain objectivity in selecting your business. Once you have decided what business you want to start… Construct your for/against list on the characteristics of the business. On a blank piece of paper, draw a vertical line down the middle of the page and annotate on one side all the plusses and on the other all the minuses. Sometimes this will help to clarify your thinking. Then write down the names of at least five successful businesses in your chosen field. Analyse what these concerns have in common and list the reasons that make them successful. Talk to several people in your intended business. Don't be afraid of the negative aspects. Instead, seek out the pitfalls: better now than after you open your doors. Write down the information you glean. Observe the competition that are not doing well and analyse the reasons why. Making sure you become completely qualified Before you even start to think about running a business, start thinking about how to become completely qualified: The best way to become qualified is to go to work for someone in the same business – even if only for a few weeks. Attend all classes you can on the subjects you need, for example: accounting, technology, selling. Read all the appropriate how-to books you can locate. Don't be afraid to ask questions or seek help from the most successful people in your intended business. Written by Jim Green
This article was created: 20 July 2006.
This article was last edited: 14 November 2006.
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