If you’re seriously considering starting a business, the first thing to do is take the time to understand what really drives you. Where does your leadership come from? What makes you in the “zone”?
However, there is a lot to discover about the best business idea that will make you more money and give you more freedom to enjoy more success in your life.
And success for you may be different from success for someone else. It may not be a question of money at all. It may not be about finding something you are completely passionate about. It may not be about having a “cool” business: the latest trend or a unique niche.
Success is how you define it.
Finding the right idea to achieve that success requires a willingness to be patient, the right timing, and a lot of research.
There’s nothing wrong with spending your time, your enthusiasm trying to discover the best small business ideas.
If you speed up this process, you are bound to create work that you are not at all passionate about.
You will be bored.
You won’t achieve the goals and it will become more like a job… and maybe even harder!
You will feel like you are working for someone else. (You don’t want that anymore, do you?)
First, find out what you really want
Moving on, you really have to force yourself to relax. I know what it means to be very unhappy at work. And I can tell you from my own experience that quitting a good paying job and starting your own business is stressful.
But if you plan your “escape” carefully, you will do much better!
Define your short-term goals
Maybe you want to make a lot of money and drive a BMW.
Or maybe you just want the freedom to enjoy your family or friends. Or maybe it’s just about being in control of your life: being able to do what you want, when you want.
Whatever your long-term goals are, you need to focus on short-term goals first before you start seeing the big picture.
But you need to understand that the type of business you start will play a big role in whether or not you achieve your goals, both short and long term.
If you’re trying to start a part-time business while working full-time for someone else, you’ll need to set daily goals to try and get a few hours of work each day, often before and after work! (I got up at 4:30 a.m., went to my full-time job at 8:30 a.m., got home at 5 or 6 a.m., and went back to work at my new job…and I loved it!)
But if it’s a small business idea you come up with on the way home and it doesn’t “push” you, it will make it even harder to achieve your short-term goals, often the most difficult part.
What are your long term plans?
This overview includes, more than anything else, something you can see yourself doing every day. Something, even on weekends, that you enjoy doing.
And even if it’s something you enjoy doing, make sure it will fuel your long-term plan. And you won’t know until you know what your long term plan really is!
For example, if your plan is to earn a lot of money and retire early, you will obviously need to research highly profitable small business ideas.
This can mainly include business models. There is usually more profit to be made selling businesses (a product or service) unless they do very well in the consumer market.
Why is the business-to-business marketplace more profitable? Because a company would be more willing to invest in a product or service (it might even be a cancellation) rather than a more “luxury” oriented consumer market. In other words, consumers base many of their buying decisions on need rather than want.
It is also a financial problem.
A large company might mindlessly pull out a $300 note, while a consumer receiving a $300 note might sweat a little more.
This is just one example of understanding your long-term goals so you can take a closer look at a limited number of business ideas to get closer to where you want to be.
What if you go ahead and hang your “Open for Business” banner and then realize, “Oh, I can’t make that much money doing this!” You will only take one step forward and two steps back.