How To Decide Which Business To Start: A Quick Guide

Small business leader

If I had a dollar for every time I was asked how to decide which business to start, lol. Selecting what business to pursue is one of the most difficult parts of starting a business.

Here are a few different approaches you could take to narrow down your options.

My recommendation is to start with a blank sheet of paper and write things down as you go through the following items. This list will become your holy grail not only for selecting your business, but also for storytelling when you’re ready to promote your business.

1. Do what you know to do

We all have knowledge, experiences and/or skills others don’t. You might not qualify for an “expert” in the industry, but you sure know a lot more in certain areas than others around you. Write down everything you’ve learned to do, degrees and experiences you have, rewards you have received, anything and everything that you KNOW to do.

2. Do what you are passionate about

Make a list of all the things that you enjoy doing, including your hobbies and things you wish were better or different. Whether it is writing, web designing or cooking. Any passion can turn into a wonderful business idea …or not.

3. Use opportunities already present

Many times the opportunities are right in front of our noses. A friend asks you to proofread text or give her fashion advice. If people around you are already asking you to help them in a specific area, the chances are that there is a need in that area. You’ll never know unless you try. Always go for the lowest hanging fruit.

4. Look at businesses with potential

No matter how passionate you are about your business idea, always run it through POTENTIAL test. Keep in mind that if nobody is willing to pay for your product or service, you won’t go far. Listen carefully to what your market is saying – you might have the wrong product, bad marketing, bad pricing or just a plain bad business idea.

Once you get through these 4 steps to helping you with how to decide which business to start, there's one more critical step. Your product or service should fill the gap in the marketplace. But first things first - download a list of 71 business ideas below to help you get started.

71 Business Ideas

71 Business Ideas

Access the comprehensive list of 71 business ideas, all tried, tested and proven successful to get your creative juices going... yours absolutely FREE!

Let me know on social media what business you selected.

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