Many people look for the opportunity to start a new business, in the midst of their brainstorming, many go to others for opinions about what type of business they should start.
This is the wrong way to go about opening a business. If you are going to be involved in the daily operations of the business this is what you need to do….
- Look around you. What are people complaining the most about? Could you start a business that solves those problems?
Solving people’s problems are a sure way of starting a business. People want solutions to their challenges.
- Conduct your own research or a survey.
Start asking people you know about their wants and needs. You can also search the web for ideas. There are online websites you can use to conduct surveys.
- Do you have a hobby or personal interest that could be turned into a business?
Once you determine what are the problems that people are facing then you need to see if you have a hobby that can connect to people’s problems and provide a solution. Here you will be able to practice the old saying that “if you work on something you love (hobby) you will never work in your life”
- What is your passion?
What this means is, you will be spending hours working on your business, how can you improve your business if you don’t have a passion for it?
- Get to know your customers.
Customers make the business. Without them, there is definitely no business. Your business idea should be about what your customers actually desire. Many entrepreneurs fail because they just start a business without finding out what their target market wants. You will just waste time and money on an unsuccessful business idea.
- Evaluate yourself. Know your skills. What are your strengths and weaknesses?
If you love to cook or simply love foods, then maybe a restaurant or a catering business is the best choice for you.
- Do you have business experience?
Having business experience is critical for the success of any business. If you do not have any business experience you need to seek a partner or someone who can help you with the daily management of your business. However, it is to your advantage to acquire some business management knowledge.
- Once you decided what business to open, you must know everything concerning that business.
It is imperative that you know what kind of State and City licenses, permits and any other requirements that you must have in order to open and run the business that you have chosen.
- Do you have any business protection? You need to have business insurance to reduce the risks of doing business. Some of the insurances that you must have are:
a) Liability Insurance: It will protect you in case of a law suit due to negligence of your employees toward your customer
b) Worker’s Comp Insurance: Once you have employees you must have Worker’s comp insurance. It is mandatory in some State specially Oklahoma
c) Business Interruption insurance: This insurance will pay you an average of your business income if your business suffered any interruption due to circumstances that are not under your control.
d)Product liability Insurance: If you are shipping products, it is recommended that you protect those products until they reach their destination.
Conclusion: Having a business is a beautiful and exciting experience however, in order to ready get the best out of that journey you must know what business you are getting in, what problems or challenges you are solving for others, you must know how to run it, you need to know what regulations that business need and you must have a passion or at least enjoy doing that work every day. Those are the preliminary requirements to have a successful business.