A Few Things to Think About When Choosing Your Business in 2020
Aug 28, 2020
By Dan Boudreau
You may be standing on the edge of the vast economic abyss thinking that all the great ideas have been claimed, and that there are no gaps left for you to fill. When you consider the pace at which industries shift, change or disappear altogether, it is easy to understand how rookies might be intimidated and discouraged. If you’re not happy working for others and you need to work at something, for economic or personal reasons, the world of small business offers infinite opportunities.
It can be daunting to start a venture and difficult to decide which business to get into. While there’s no single right way to choose a business, here are a few important considerations.
What are you best at? Skills, preferences, education, work.
What are you passionate about? What types of work do you enjoy?
Will the business create the quality of life you hope for?
How do you wish to spend your time?
What level of risk are you comfortable with?
What kind of world do you want to create?
What does the economic landscape look like? Which businesses are thriving? What gaps do you see?
What markets are available to you? Do you live in a remote, single-industry town, or a broad-based economy with several industries and a variety of opportunities?
What problems do you want to solve? Are you a big-picture problem solver? Elon Musk has an appetite for solving massive problems that impact all or most of the people on the planet (electric cars, solar energy). Big is certainly beautiful and it captures our imaginations and gets a lot of press, however, most start-ups simply want to provide great service to enough customers to sustain themselves and their families.
Is your sphere of influence ready for a wild game-changing idea, as yet unimagined? Uber® is disrupting and changing the personal transportation industry forever. Airbnb has altered the hospitality industry dramatically.
Are you an inventor? Can you introduce a new product to the market?
Can you adapt or improve an existing product?
Which products and services could you combine to fill new niches?
There's a niche somewhere begging for your unique blend of skills, talents, and attributes. Find a problem you are passionate about solving, then get out there and stake your claim.