Whether it is a catering business or a packaging business, tiffin service, or a coaching center, starting any business takes a lot of time, effort, money, planning, and effective strategies. And while you must have come across millions of blogs and articles about plenty of interesting startups business ideas, nobody would tell you in those lengthy blogs about which business should you start with.
Many aspiring entrepreneurs though share the similar goal of starting a small business, but they do not share similar interests and personalities. While some have personalities that make them great candidates for the education industry, others might feel more inclined towards hospitality. But with so many amazing startup business ideas with low investment, it can be difficult to decide which kind of business you must start with your hard-earned penny and valuable time.
Many successful businessmen have experimented with different ideas before nailing with the perfect one. But you do not have to repeat the same mistakes. Here are five questions that you should ask yourself before picking up the right business for you:
1. What are you passionate about?
Passion is the key to many innovations that happen every minute across the globe. It not only excites and motivates a person but also makes anything more exciting and gratifying. So ask yourself what are you passionate about? What makes you happy? What is that one thing that you keep thinking about?
For instance, if you are passionate about making an impact on thousands of people, you can become a motivational speaker or a business coach.
If you love solving puzzles, you can start a business consulting firm in India. These startup businesses need low investment and can be a good business idea for someone who loves interacting with people. Similarly, for a person who is not so keen when it comes to communicating, starting a consulting firm will be the wrong business idea.
Pursue what excites you and assess what does not!
2. What are the current industry trends & business models?
Ask any business coach about one important factor you should consider before starting a startup and he or she will suggest you analyze the current market trend. No, we are not saying that you should start a business just because it is trendy. But keeping an eye on the industry trends will give you an idea about what is in great demand and if your business will have customers.
For instance, it will be not wise to open a DVD rental shop in 2021 when NETFLIX and Amazon Prime have taken the lead. Hence, make sure that the business you are investing in will survive for a longer duration.
3. Always play by your Skills & Abilities
Self-awareness is a superpower for the personal as well as a professional sphere of life. Knowing what you are good at and what you are not can make a huge difference in your success.
For instance are you detail-oriented or do details make you break in sweat? Starting a bookkeeping business for someone who hates spreadsheets would result only in a disaster. But if you are someone who loves to come up with creative designs, starting a graphic design or a website design business would be an ideal fit for you. A great business coach can help you assess your strengths and weaknesses.
4. How much money are you willing to invest?
There is an African proverb that says, “You need to cut your cloth, according to your size.” So how much money are you willing to invest in your business should be a significant question that every entrepreneur must ask before starting a startup business idea.
If you want high returns, then starting a multi-unit franchisee across a variety of brands could be a better business idea, considering you have that much money to invest in.
5. What is your biggest ROI?
Just like we have different goals behind working full-time in an organization, the goal behind starting a business may vary.
Ask yourself what do you view as the biggest return on your investment in your business? Is it the money or the time with family? Flexible work schedule or do you want to leave a legacy behind?
People have different motivational factors in their lives. You must find out yours. After reviewing these questions, you will find clarity on your priorities, passion, and your values. This will help you to narrow down the right business for you.
Owing a business is incredibly rewarding, but to keep it up and running needs professional expertise if you are an amateur. To know how to build a startup from the scratch, you can take the ‘Entrepreneurship course’ to gain in-depth knowledge about different aspects of the business.