Choosing the Right Business
Before you say, "I'm not sure what interests me or know what skills I have," or "what can my lifestyle endure," make a list of what types of businesses seem feasible to you. Here are some tips on making that list:
Type of Business - Decide if you want to be an independent business owner or a franchise owner.
Money - Do you have cash or a financing source to go it alone or will you need a partner or investor. if your family wants to join in, consider if a family business would be right for you. How much can you afford to put into a business?
What's Available? - Do you know what types of businesses are for sale in your area? Do some research on who is looking to sell. Seek the help of a commercial realtor. Only write down businesses that interest you.
Now you'll need to do some market research. If you want to buy a restaurant, where is the restaurant? Does it have a good customer base? Who would be your competition? If there are three Italian restaurants in a strip mall, you probably would have too much competition. Even if you do decide to buy that Italian restaurant, you might consider changing the type of eatery you open.
If you want to put that CPA degree to help you open your own business, what would make you stand apart from other CPA firms? If selling is your game, why would customers buy your product? If offering a service like cleaning or landscaping is for you, how can you build your customer base?
All of these are important questions you'll need to ask yourself before you choose a business. Once you've narrowed down what will work for you, write some business plan scenarios.