This article are provided for information purposes only, and are not intended as legal advice.


How do you find the right business?

January 16th, 2009

if you do not know what you want to do, the easiest way to narrow the choices is to determine what do you not want to do. Do you want to go into business for yourself, do you to buy a business, do you want to work from home?

 

Once you determine what you do not want to do, then determine what interests you, what are you good at. From there, decide if you have any contacts in that field. Would they be willing to buy your products or your service? It is easier to sell to a person you know then a complete stranger.

Many people when they want a career change do not know what to do. Sometimes you can look for years before you come up with something that will interest you. My wife was bored of her job and wanted a change but did not know what she wanted. Her father sold his house and the real estate agent brought in a home stager to prepare the house. My wife had never heard of this profession before and she talked to the person staging the house and then decided that was the business for her. That was 3 years ago but she took 3 years to find something of interest. She looked at many different opportunities, many were interesting but not interesting enough to be in that field every day. She was lucky, when she was not looking, a new idea stumbled into her lap.

I knew 3 real estate agents who were asked to raise money for a new medical venture.  When they finally raised the money, the company who hired them was acquired by a third party.  The acquired company was no longer allowed to go into the new business venture because it was a conflict of business with their parent company.  The three real estate agents had a hard decision, they raised millions of dollars for a third party who no longer wanted to be in that business and no one to own the new business venture.  The three real estate agents then decided to go into the medical business.  They had not planned to be in that business but it fell into their lap.

You will be surprised to know that many businesses evolved from unexpected incidents.

 
To find that perfect business when you do not know what you are looking for is like looking for a needle in a haystack. If you think logically and rule out all the areas that you do not want, you may be able to determine what is left that may be of interest or do what my wife did, but she looked for 3 years to find something totally by accident but when she found what she liked,  she actively pursued something that she was interested in.

You should also go to websites which have businesses for sale, look at newspapers, do a lot of reading to see if you can come up with an business idea which is of interest. Be careful of the timing of you new venture.

Once you select your new business, determine if it is a good time to open up the new business now or do you wait until you see the economy stabilize and then open it in 6 to 9 months. The answer to this question will depend on how risk averse you are to starting a new business.


Filed under: Starting a business — Gary Landa @ 9:48 am


2 Comments »


  1. Good read. I look forward to more.

    Comment by buyl a business — January 17, 2009 @ 1:40 pm

  2. Very good read this article and so true what you have said – I will return to read more of your articles, thank you.

    Comment by Business blog — January 19, 2009 @ 1:38 pm


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