Now that you have figured out what business you would like to start, let’s start examining if you have what it takes to successfully start and run that business. You first have to research the business you plan to enter.
Once you begin your research on that business, answer the questions below:
- What are the day to day activities of the business?
- Is this truly a job that you can see yourself doing every day?
- What kind of skills, certification, license or knowledge needed in order to start and run your business idea?
- Do have these necessary skills, certification, license or knowledge?
To lay the right foundation for your business it must be business that you are qualified to start. If you research the market you plan to enter it will allow you to better understand if you have the necessary skills, knowledge, experience and any other necessary attribute needed to start that business. Knowing this will help you find the right business for you and it will increase your chances of success. Once you complete your research and can answer the above questions confidently, you should have a solid business idea that supports and strengthens your business goals. A successful business idea not only stems from your skills or experience but it strengthens your business goals and prepares you for the next step in starting a small business.
SBS business start-up rules 4-6 were geared to help you figure out how to find the right small business venture to start. It is important to choose the right business to increase your chances of success and to limit your risk factors. Using the Business Rules as a resource will help you make your first solid decision as an entrepreneur by deciding what business you should start. After establishing the small business you are going to start, it's now time to start thinking about what's next.
What do you think is the next?