Before I get into this weeks’ topic, I would like to share some feedback I got from readers on last week’s article “Thinking of Starting your own Business?” where we looked at 3 simple steps to help you determine whether or not you have the right persona to be “your own boss!”

There were tremendously positive responses to the article, and there was even one “cheeky” entrepreneur who thought it would be a fine opportunity to do some guerrilla marketing and punt her own business following my posts… So, guys, learn from this woman, as an entrepreneur, you should always take advantage of every opportunity to let people know what you do.

Personally, one comment that stood out for me was from Neville Breytenbach, Managing Director at Aluminium and Chemical Resource, who added the following comment via LinkedIn…

“I would strongly agree with all 3 steps. Having gone through the excitement, challenges and sleepless nights since I started this Company my advice is as follows: 

1. Be hungry for chasing that deal. 
2. Be humble for asking for advice and assistance. 
3. Be resolute for saying no and always finish what you started. 
4. Be thankful for opportunities granted. 
5. Be tenacious and patient because eventually success will come”

Thanks Neville for your contribution and I hope it’ll inspire and encourage other entrepreneurs!

How to choose a business that is best for you!

Now that you have decided that you definitely want to be in business, you need to decide on a business that is best for you! Don’t fall into one of the most common start-up traps and start a business that is wrong to begin with.

Try a few activities like this one below to help you check if the one you are going to choose is potentially sustainable or you can even do this if you want to evaluate if the one you already have is a successful business.

If you have not decided on a business, try these exercises to guide you…

Exercise 1

On top of a blank piece of paper write an activity you enjoy. Have a different piece of paper for each activity / interest you have. (Pay attention to businesses that do better in bad times (like a pawnshop, car repairs, second hand car sales).

On the same sheet list as many businesses that are related to that activity.

Then list all the products / services that are related to that activity and that you could perform.

EXAMPLE

Say you end up with 3 potential businesses, as below. Evaluate each activity using a checklist, with a scoring system (1 – 10, with 1 being poor and 10 being excellent). Do this to help get an objective view when selecting your business.
 

Exercise 2

Another way to evaluate the business concept is to ask yourself 10 key questions like…

1. Is this something I’ll enjoy doing? (if you do something you love, you’ll be much more likely to stick to it through good and bad times).
2. My favourite activities are __________________, __________________, ___________________,
3. I like to help people by ____________________________________________________________
4. Will my product/service serve a need that already is there and for which there are no similar alternatives? (list 5 of your competitors and write down why they have succeeded and why some may even have failed).
5. Can I handle the capital requirements?
6. Can I learn the business by working for someone else first?
7. Could I operate without a factory and with a minimum amount of employees (eg: manufacturing).
8. Can I test this product / service first? Consider if you can prove it on a small scale.
9. Should I go into partnership with someone who has skills I don’t and / or could fund the business?
10. What are the Pros and Cons of this kind of business? (Draw a line down the middle of the page and list all the Pros (the reasons why the idea is a good one) on one side and the Cons (why its not a good idea) on the other.

If you still don’t know what business to start, then why not a look at some enterprises has you can start at home, with a minimal investment? In next week’s article, we’ll be exploring 25 Low Start-Up Cost Businesses you can run from your own home for about R1 000.00.

Tip – Don’t be afraid to ask questions or look for help from the most qualified and successful people in the business you are intending to get into OR have started already.