If you’re thinking of starting your own business, one of the most important attributes you need to have is an “abundance mentality.” In other words, if you believe that there’s an untapped demand for your products and services — and that you’re surrounded by economic opportunities — then you’ll tend to make that a self-fulfilling prophesy. The expectations and beliefs that you cultivate will help motivate and guide you to being productive, resourceful, and action oriented. When you take inspired action on a daily basis, you will attract the people, and opportunities you need to build a profitable business. On the other hand, if you allow negativity and “scarcity thinking” to infect your mind, then you’ll end up building your business on a foundation of sand. Negative expectations and defeatist attitudes will undermine your potential success and sabotage your hopes and dreams.
The first step to starting a successful business is to do an honest self assessment to make sure you’re a good candidate for self employment and being your own boss. There are a lot of great business ideas to consider, but if you lack the initiative, leadership qualities, and determination to make a good idea fly, then starting your own business might prove to be an uphill battle. Making sure you have other key elements in place, such as a business license, startup capital, a suitable place to conduct the business, necessary supplies and equipment, and the support of your family and/or significant other can also make a difference in your prospects for small business success.
What is a Good Business to Start?
That’s a question on the minds of many aspiring entrepreneurs, who are either unemployed or dissatisfied with their current job. That question, in and of itself, will probably not produce the answer you’re looking for. It’s too vague and it doesn’t help inspire meaningful ideas. Rather than spending too much time and energy dwelling on the question “What is a good business to start?”, here are some better questions that may help you begin formulating some ideas and plans for starting your own business.
- What marketable skills do I have that can be offered for a fee to individuals, businesses, groups, governmental agencies, educational institutions, hospitals, medical practices, legal offices, contractors, consultants, parents, homeowners, senior citizens, job seekers, families, non profit organizations, political campaigns, entrepreneurs, investors, fitness enthusiasts, or dozens of other target groups and market segments. Once you’ve identified what services, skills, or products you have to offer and who your customers would most likely be, then you’re in a good position to begin drafting a marketing plan for your business idea.
- Is there a sufficient market for the products or services I’d like to offer and what would be the best ways to reach out to that target market? Assessing the extent of unmet needs in your community or market, as well as then degree of competition you’d have to contend with, would also be vital steps in determining whether a particular business would be a good one for you to start.
- What am a passionate about and what type of business would I find the most engaging, satisfying, and rewarding? For many people, the best business would involve doing something they love, such as sharing knowledge, helping people solve problems or achieve goals, creating art, music, or architecture, marketing inventions, making and selling unique food products, designing clothing or jewelry, and countless other possibilities.
Small business success often boils down to identifying basic human needs and doing an exquisite job of satisfying those needs.
Stay tuned to this blog for more ideas, strategies, and prerequisites for starting your own successful business.
Best of luck in all your entrepreneurial pursuits!