So, you're looking for the best business to start? Great! Now what's your motivation? Do you want more personal freedom, a greater chance for success, to make more money, or do you have a burning desire to fill a marketplace gap you've spotted or identified?
Whatever your reasons, the answer to what business to start is simple: The best business to start is the one where your best skills, knowledge and passions merge with a desire to be an entrepreneur to make money now and into the future.
Okay, the answer really isn't that simple. So, let's examine what should really go into deciding what is a good business to start:
Are you self motivated? It is your number #1 goal to be successful. You must be dedicated to making the business run well every day. Otherwise it is just a hobby, you must be willing to take responsibility for your actions.
Otherwise, a lack of sustained enthusiasm will lead to poor quality products or bad service. And that's the downfall of many businesses every day.
There is a saying do something you love and you will never have to work a day in your life is something that those who run their own businesses firmly believe in. How passionate about the business are you?. Starting a business that entails doing what you love; you'd enjoy doing this activity even if you weren't getting paid a dime. The people who have this mindset, are typically the ones who make the most money.
Is there room in the market for you? Yes, the previous best business tip said do what you love. But there's a BIG BUT. If there isn't sufficient demand for what you want to sell or produce or the competition is very fierce, then your effort will be self-defeating.
Do your market research. Understand who your competitors are, how well they're doing, and what makes them successful or not. Interview potential customers to learn their needs both met and unmet. Are they happy with how your future competitors serve the market? Or is their a product or service void you can seize and uniquely fill?
Figure out how you can distinguish your brand. How can you go about filling the void? The most successful new businesses typically find an underserved niche by leveraging one of marketing's 5 Ps. Product, price, place, personality and promotion.
For example, if all your competitors prices are sky-high, can you (profitably) sell for less and grab market share? There are several other considerations (e.g., startup costs, production capacity, etc.), but hopefully you'll find these useful as thought-starters.
Yet, it can't be stressed enough how important it is to enjoy the kind of business you choose.
Being in love with most aspects of the work involved is what's helped people like Oprah Winfrey and Donald Trump become so successful. Their formula for identifying the best start up business could work wonders for you, too!
Below are some other areas about the best business to start categories that may be of interest.