Which Business is "Right" for You?

Copyright 2004 John M. Hanevy

 

One of the biggest problems people who are starting a new business face is which one? There are hundreds, if not thousands, of opportunities that you can join, or products that you can promote. How do you sort them out and find out which one is right for you? Do you just join a bunch of programs and "try" them out and hope that something works? Or do you do a little soul-searching and some research to narrow it down to the opportunity that fits you best? A lot of people don't have the patience to really check out the opportunity before they join it--this can be hazardous to your financial health! There are many questions you should answer before starting a home business.

 

One question you should probably answer is--what's the right product for me? Do I want to sell books, software, something else? Do I want to promote a variety of products? Next, is there a specific niche within this business that I want to position myself in? If you can find a niche that is not overpopulated, and that you enjoy, you have the makings of a very good business. If you're not sure what you want to promote, then you may be better off going with an opportunity that has a broad range of products. This is usually a good idea even in a niche, since you always want to have more than one "hot seller"--products do cool off after a while!

 

Another question, once you have decided on your business is--how will I make money with this opportunity? What will I sell? How will I promote it? What is my "cut"? How will I fund my business, what's my budget? As the saying goes, "If you fail to plan, you plan to fail.". You must know the answers to these questions before you begin--particularly when it comes to your budget. You must be prepared to take a loss initially, most businesses do not succeed overnight--it takes time, perseverance, patience, and yes, money to succeed. You must decide how much you are willing to invest per month, or per year, to grow your business.

 

Once you have decided on your budget you need to decide how best to spend that money to promote your business. Will you use only free ads? Ezine ads? Website ads? Email or direct mail campaigns? Targeted or non-targeted ads? Both? Once you know the answers to these questions you are ready to make your business plan. Having a plan will help keep you on track towards your ultimate goal--a successful business--and is not something to be rushed through.

 

Most people are always in a hurry. They rush to work, rush to pick up the kids, rush to the store, rush to make dinner--you get the idea. But does any of this rushing really accomplish anything, or do you still feel like you're "spinning your wheels" sometimes? Many times in our personal lives, we actually accomplish more if we step back, take a deep breath, and slow down. The same can be true when we are attempting to start a new business.

 

Rushing your business can cause you to make mistakes that you wouldn't make with a clearly thought out plan. Take the time to make a plan. Set some short-term and long-term goals for yourself and your business. Once you have this plan, work it backwards until you have a list of all the steps you need to take to reach your goals. Now that you have a plan to work to, you won't be taking random steps and hoping for the best. Review your plan periodically--what worked?, what didn't?. Why? Knowing why something works, or doesn't work, is very important so you can repeat your successes and avoid your failures. Your business is not something to be "rushed", slow down and make sure you follow your plan!

 

OK, you've decided on your product, you know what your budget is, you have a plan, and you know how you are going to promote it--what's left? The final piece is what's your motivation? What's the main reason you want to get into this business? To make money? To help people solve a problem? To provide a valuable service? To give yourself a creative outlet? Knowing this will help keep you motivated when things don't go your way, and will also help you with your promotional campaigns. Starting a business is a struggle at times, often it is the little things that keep us going!

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