Money Monday's: Finding the Right Business for You

Do you want to start a business, but do not know where to start? You are not alone. There are many people who are ready to take a leap of faith and become their own boss, but are reluctant for many reasons. Those reasons may include insufficient funds, shortage of time or lack of inspiration. However, no matter the obstacle, you can take the first step in starting your own business by finding the right business for you.

There are three ways to approach starting your own business:

1) Do what you Know

Have you been working in customer service for years and want a change? Did you receive your degree or certification in a certain field and never used it? Those experiences have provided you with a set of skills that you can use to offer your own services or products.

2) Get Inspired

There is no reason to reinvent the wheel. Find businesses that sparks your interest and has become masters of their industry. Then emulate and learn from them. What were their strengths when they got started? What were their weaknesses? Do your research and try to follow the path that led to the business success.

3) Solve an Issue

Is there a gap in the market that you want to fill? You can try to provide a service or product that fills the void. Now be warned, this is the highest risk of the three approaches. If you decide that this is the approach that you want to take, do your research and gain as much knowledge as you can before you invest any money.

It is imperative that you give yourself time. When building a business from the ground up, you have to be willing to explore and become a student of the industry. You also have to take a hard look at yourself. What gets you excited? How will your personality and social skills play a part in developing your business? If you can answer these questions and decide on an approach, you will be on your way to finding the right business for you.