Which Small Business Opportunity is right for me?
You know quite well that a small business opportunity discovered and well executed is actually the only thing you need to turn your fortune around! Afterall, several successful entrepreneurs have testified that the first one million dollar is the hardest to make. So we know that we need just the right business opportunity which if well executed has the potential to launch us into wealth. Unfortunately, even though there are several small business opportunities around, you can’t get involve in all. Yes that is the dilemma. Lack of time, money and other resources will make it impossible for you to try out all the beautiful money making ideas that you fantasize with in your imagination 😉
Due to the present global economic crash, those who were satisfied with working for salary before now are beginning to reconsider their stance on starting a small business. Several of my friend who used to make fun of me when I tell them that it is possible to run an internet based business alongside a paid job are now getting interested. Instead of browsing and spending time on social network sites chatting with strangers, they have now made the search engines their best friend. They spend hours searching online for an internet business opportunity that will be suitable for them. Unfortunately, such effort produces poor results.
The singular reason why many are yet to start their own business is because they have no clue where to start from. Some on the other hand do have a clue, because they have bought and read books on small business ideas or home business ideas. You must have come across such books. The title usually goes thus, 101 Small Business Opportunities (since this title is not yet in existence, I guess I should write an e-book and give it that title). They were all excited while reading the book, and one will naturally expect them to start a small business once they finished. Well that is not usually the result. Many actually become paralysed after reading such books. The fear of failure keeps them back from taking action. If you have been considering starting your own business for more than 3months, you can be assured that it is either you are afraid of failure or you are suffering from information overload. Information overload is the second major hindrance to starting a small business.
How Successful Entrepreneurs select business opportunities
Since there are several businesses one could venture into that do not require much capital and investment. The best small business startup strategy is Take Action Now!
1. Make a List – Make a list of at least ten of the common small business ideas you know of. There are business ideas and opportunities all around. If you are determined a little creativity is all it takes to succeed. When writing your list, don’t discard any business opportunity as being too small, because what you consider insignificant may end up as the best business opportunity. Some folks have become extremely wealthy by starting businesses that people considered stupid or unprofitable! Also, it is okay to include the idea of purchasing a small business franchise. It is not compulsory that you must invent your own small business from scratch.
2. Use Your Passion As Criteria For Small Business Idea Selection – Study the list carefully and strike out those you are least passionate about. You cannot be successful if you choose to run with a business idea that you hate. Successful entrepreneurs become successful running businesses they are passionate about. When you are passionate about a business vision, work suddenly becomes pleasure. The joy of seeing the progress being made by the business gives you the motivation you need to succeed. It is not all about money! Remember, if you provide services passionately, profit will follow you naturally and you will become wealthy! So your list must be founded on your passion, not what you consider as being the most lucrative business ideas!
3. Select 3 Small Business Idea For Further Research – Next select the best three ideas you feel you are most passionate about. Use your imagination to look into the future, at least 12months from the present. Will you still be enthusiastic working on any of these business ideas? Are you so passionate about any of them that you will continue working to see it succeed even when nobody is there to encourage you? This is the way to sieve the ideas.
4. Get Advice From Experienced Entrepreneurs – Visit successful entrepreneurs who are already implementing those ideas. (It is wise to go out of your locality so that the entrepreneur will not be afraid of you becoming his next competitor). If possible, chat with at least two entrepreneur for each business ideas you have selected. You will be surprise at the amount of information you will gather from such interviews. This singular step will save you a lot of pain in terms of fund, time and energy that would have been wasted due to your lack of business experience.
5.Pick Your First Small Business Risky Adventure! – Life is all about risk. So face it. Tell yourself the truth, I wan to take a risk because refusal to deliberately and wisely take a risk at succeeding is itself a bad risk! Select a business opportunity to start with based on the tips garnered from your discussion with those entrepreneurs. You are not just taking a risk by so doing, instead you are doing what every successful entrepreneur does all the time. We take intelligent business risk based on quality information and experience gained from the past.
6. Get An Initial Capital – Get an amount you know you can afford to loose without going bankrupt. Don’t go for small business loan or empty your life savings. That will be a foolish thing to do. Taking business risk is not the same thing as gambling or playing lottery. Invest that into the idea you have selected and kick-off.
7.Get a business mentor – It will be nice if you can ask one of the entrepreneurs you interviewed to act as your business mentor. If you can’t get one of them, then get someone online to act as your business mentor. The fellow must be a successful entrepreneur, but not necessarily one that is in the same kind of business that you have ventured into.
8. Document Your Business Adventure – In conclusion I will suggest that you keep a personal journal where you will keep details of your business adventure for the first six months. Write down your experiences during this period. Record things that helped along the way and things that brought frustrations. Take note of business and personal decisions that work and those that got you into trouble. That journal will serve as a very useful business reference material (more valuable than books written by others on business strategies) in your future business adventures.
Start Your Own Small Business Now!
Ok, enough of the theory, get up NOW and take action! That is the only way to succeed. As you make progress with your small business opportunity, kindly return here (Nigerian Entrepreneur) to share your experience with us in the comment section. You can get future updates to this post and other Small business tips by subscribing to my RSS feed. See you at the top!