6 Tips to Help Entrepreneurs Choose the Right Business


By Julie Morris

For more from Julie, see her bio at the end of this article!







The entrepreneurial spirit creates a desire to build something from the ground up that fulfills a market need. Finding the right business starts with exploring your ideas. You could think of a new service to offer or a way you can build a better product. As you explore business ventures, consider these six tips to help you find the right one for you.


1. Figure Out Your Strengths


What are you good at that not many others are? For example, are you a great writer? You could use that skill to start a small freelance writing business for no overhead cost and have all the freedom you want or need. Are you business savvy? You could use your skills to become an independent consultant for other business owners. Think about what you can offer and explore further how you can monetize it.


2. Do Your Market Research


The most effective way to find a business opportunity is to do your market research. Take a thorough look at what areas need more competition or find a niche that no one has yet fulfilled. Then analyze your target audience. What do they need that you can offer? You can use the information you gather to create a product or offer a service in high demand. Then, when you build a marketing campaign, you center it around that audience.


3. Know Your Time and Resource Limitations


If you're still working your day job, you don't want to start a business that requires full-time attention. Begin with a side hustle that only needs your weekends. Additionally, know your resource limitations. If you have limited access to capital, you cannot start off with a major operation requiring extensive machinery and materials. Start small and create a business plan. Research shows that many investors will not even consider a company without a strong business plan. If you will need a business loan, it is also best to check your credit score early in this process. Most lenders will run a credit report and will not extend loans to people with poor credit; so if your score is not great, now is the time to raise it.


4. Consider Higher Education


Think about getting a degree to supplement your experience. If you're unsure about the type of business you want but know you want to own a business, you can boost your entrepreneurial dreams by acquiring more knowledgewith an advanced degree. The options are wide open, but some commonly helpful degrees to consider are business, healthcare, human resources, accounting, and communication. Thankfully, you can get one online, making it easier for you to continue working and taking care of your family as you complete a program.


5. Be Open to Inspiration


Always keep your eyes open for inspiration. If you remain conscious of your goal to find a great business idea, you may see something in your everyday life that needs improvement. You can even talk to people you know about their consumer frustrations or visit business conferences to network and see what is happening in the business world. There are many resources available to nurture entrepreneurs.


6. Look Around Your Corporate Job


If you currently work for a corporation, there could be a wealth of business ideas around you. Look at your position. Is there a way you could improve it? Look at your coworkers. Is there something they need that would make their jobs easier? Is there a way you could improve product quality or service accessibility? Perhaps you can improve company sustainability. Keep your mind open and actively look for something you could build better.


Once you have your business idea, you're ready to take the next steps to turn it into a reality. Identify your strengths, conduct market research, consider earning an advanced degree, and look for inspiration. Prepare to fail along the way. You may not, but if you don't let it surprise you, you can stop yourself from letting it hinder your entrepreneurial spirit.


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This article was written by guest contributor Julie Morris. Julie Morris is a life and career coach. She thrives on helping others live their best lives. It’s easy for her to relate to clients who feel run over by life because she’s been there. Today, she is fulfilled by helping busy professionals like her past self get the clarity they need in order to live inspired lives that fill more than just their bank accounts.


Connect with Julie at Juliemorris.org!