Working for someone else pays the bills in the short term, but it can also make you long for something more. Many people dream of someday running a business, but few actually take measures to pursue that goal. If you’re ready to take that step, though, funds and ambition are only part of what you’ll need. The most important decision to make is exactly what type of business you’d like to start.
The Best Business to Start
The first thing you should do is spend some time researching hot industries. Anything tech is always a hit, but in the 21st century, artificial intelligence and machine learning are getting all the attention. Take a look at the subject areas that interest you or fit your expertise and create an innovative app or gadget that fits.
Thanks to a burgeoning senior population, health care will also be huge for a while. This demand not only creates an opportunity for licensed health care providers but also for the service providers and product creators that serve them. Entrepreneurs-in-training should consider business opportunities that will fill demand in this sector.
How Much Money Do You Need to Start Your Own Business?
Estimated startup costs can vary from one business to another. Although some figures show startup costs as high as $65,000, don’t let that deter you. The truth is, the internet makes it easy to start a business from your own home, using a free website host and cloud-based software.
To get top results, though, you’ll eventually need to put some money in to make yourself look more professional. That may mean an investment in business cards, professional graphic design, marketing and advertising and the cost to hire at least one employee. The good news is, you can invest this money gradually as you begin to bring in revenue.
How Do I Decide Which Business to Start?
Although researching “hot industries” can help point you in the direction of businesses that will do well, the truth is, that’s only part of the answer. The most important factor in choosing a business to start is what you personally enjoy doing. You’ll be spending significant time building and growing your business over the years, so it’s important to put that time into doing something you love.
In addition to improving the quality of your life, choosing to do something you love will also improve your odds of success. When you have a passion for what you’re doing, it shows, and it makes others want to invest in what you’re doing. Consider your hobbies, favorite college courses, the types of things you research through books and documentaries and the favorite jobs you’ve held over the years. You’ll likely find something that works for you.
Stephanie Faris is a novelist and business writer whose work has appeared on numerous small business blogs, including Zappos, GoDaddy, 99Designs, and the Intuit Small Business Blog. She worked for the State of Tennessee for 19 years, the latter six of which were spent as a supervisor. She has written about business for entrepreneurs and marketing firms since 2011.