How To Choose What Kind Of Business To Set Up

Last Updated on January 24, 2019 by Jessica Adams

Some people are natural-born entrepreneurs. They have that ‘fire’ inside them which typically means that they’re well suited to fight an uphill battle with their hands tied behind their back. In other words, they’ll be able to run their own business, hands down!

However, while many people know that they want to be at the helm of a company, some people have difficulty narrowing down the choices when it comes to deciding what kind of business to set up.

The good news is that you don’t need to get lost in a daydream and until you eventually give up on your plans. There are some good questions that you can ask yourself which will help lead you in the right direction of what kind of business to set up. Let’s take a look at these four questions below.

How To Choose What

Kind Of Business To Set Up

What Do You Like To Do?

The absolute best question you can ask yourself when you’re trying to decide where to go next in life is “what do I like to do?” You’ll find that being involved in a business is much more enjoyable if you have a natural interest in both, what you’ll be selling or providing and, what your own day-to-day will entail.

Of course, not everything that you like to do will automatically get to throw its hat in the ring, so far as structuring a new business. If you’re interested in truly offensive situations or things that have sociopolitical ramifications then please, just leave your ideas on the shelf. Generally speaking, however, asking yourself this question should lead you in the right direction.

What Are The Skills That You Bring To a New Business?

There are some businesses that are going to lend themselves to certain people and not others. Ultimately though, it all depends on what skills you may already have. If you love engaging with people, then something public-facing would be sensible.

If you prefer to get on with your work and keep people at a distance, then something that provides a service “behind the scenes” might be the way to go.

Before deciding what type of company you’d like to set up, it would be worthwhile to engage in a ‘spot of self-analysis‘, identifying your strengths and weaknesses.

What’s Popular Right Now?

Sometimes, what you want to set up and what you’re able to set up, may not be compatible. For example, if you want to set up a bookstore in a town where there’s a bookstore on every corner, you sure have your work cut out for you. If the market in this town is really heavily saturated, then you’re going to struggle for customers.

As such, there needs to be an element of following what’s in demand. The good news is that there are always new industries popping up all the time. You could set up a brewery, crafting and marketing your own beer. Not only does that sound fun/interesting, but it also happens to be a very popular avenue at the moment.

Alternatively, you could get some supplies from trimleaf.com, and set up your own marijuana dispensary (another wildly popular niche that is taking over and clearly, here to stay!). It’s always worthwhile keeping an eye on any new types of businesses that are appearing in your neighborhood; they just might offer the exact inspiration you’re looking for.

What Feels Right To You?

Not every business decision is going to be logical. If it was, some of the world’s biggest companies wouldn’t exist. There has to be an element of risk, and not just financial risk. If you’ve got an idea that you truly believe feels right, then it might be worth pursuing.

These types of businesses are inherently more risky than others, but the rewards are usually much bigger. However, it’s important that you’re bouncing the ideas off as many people as possible to make sure it really is a good idea and that’s it’s not so risky, you could lose everything.

Jessica Rose Adams