How to I start a business? Are you in the right business?

I have seen some people that want to reinvent the wheel when it comes to their new business, but is it the right business? If your idea is REALLY new and not well understood by most people you will find it very expensive to educate everyone before they consider buying anything from you!

You want to have customer's searching for YOU, and not your business searching for CUSTOMERS! Most successful new businesses are those that find a better way to provide the goods and services. Don't assume just because YOU like to do something one way that means a large number of people will pay you to do that for them! Go out and ASK them!

LOOK FOR PROBLEMS IN YOUR MARKET!

Marketing research can be relatively easy to do among potential customers. As you talk to people that might be interested in your business SEARCH for those needs they don't feel are satisfied! National surveys indicated the majority of Americans are very unhappy about the quality of products, and lack of service that are being offered. These dissatisfaction's are a perfect chance for you to create a better way to satisfy these needs.

EXPLORE BUSINESS OPPORTUNITIES!

Consider your interests, skills and experience you will discover that you are not equally well prepared to pursue all potential business opportunities that might come from unmet needs in the marketplace. At this point you must stimulate your creatively by imagining all the ways you could provide satisfaction of each unmet need you find. List them on a sheet of paper. You need to start questioning yourself at this point by asking, "Do I know how to do this? Well people pay for this? Do have people I know and trust that I could farm this out to? Will it be truly profitable?"

DETERMINE WHAT RESOURCES YOU WILL NEED!

While many new business owners have experience in the business they start, it is NOT always required that they be well skilled in every operation in order to take advantage of an opportunity within their marketplace. Give yourself enough time to research the requirements of almost any business, and figure out a way to learn or even practice the skills you will need. Some people consider a partner, and others find vendors to work with them for that portion.

I remember a friend of mine that had customers that wanted CALLIGRAPHY done on some fancy invitations they printed, and they a person that would do that for them! Another person I knew did promotional products, but one of customers only needed 75 and NOT 500! They were willing to pay the price for a local work at home mom with a button machine do this job for them. He also wasn't so good at artwork, and found a local graphic artist to work with him for his customers. He slowly learned graphic work, but it was more basic. He then just gave the difficult items to the graphic artist later on.

DETERMINE THE FINANCIAL RETURN

I would guess most people have this emotional need to be in business, but the truth is if you don't make a profit those emotional needs and dreams...not to mention GOALS will not be met! Its a MUST that you learn to educate yourself in how to work with financial numbers. You have to master that in order to answer the following questions: How much money must I invest? How much profit can I expect? How soon can I expect a profit? Don't be unrealistic with yourself! Depending on your business making money will come later. You have to place the effort into things to get your return! Those get rich deals? Its about as possible as the lottery! I'm not saying you can't use an accountant for certain items, but you need to have some financial know how if you are to truly know what you are doing!

EVALUATE!

Not all potential business opportunities are equally attractive once you look at the time and money investment. Some you may find will not allow you to reach your goals. Compare your ideas, and opportunities by assessing the investment required and the anticipated return. You need to seriously look to see if you are being honest with yourself! What do I enjoy doing? What am I truly good at? How well does this idea match my interest and abilities?

Narrow those choices and again...and get started!

Write down the requirements that are important to your and your idea for your business. Note the number of hours you will put in per week. See the length of time it will take before you could see a profit. Score them one at a time maybe using a 1-10 scale. Total the score for each idea you had, and you have a pretty good idea of how well the idea fits your personal needs.