Selecting The Right Business Opportunity

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Selecting the right business opportunity is all about supply and demand. You don’t want to select the first business that comes to mind rushing out to buy supplies for the new venture without doing a little research to see if it has a demand. If you find that the first thing you thought of indeed does have a large demand, you then need to step back and decide a few things.

The first of course is can you meet the demand?

Once you have determined this, take a good look at the business. Is it something you would enjoy doing? Remember, you are setting up a business and you don’t want to be crawling out of bed in the morning whining about making your quota of gizmo’s and gadgets for the day. What your goals, interests, wants and capabilities are will help to determine if the business you have selected is the right fit for you. You need to have a passion burning with desire for the business in order for it to succeed.

The Burning Passion for Business

Now that you have discovered the passion burning, you will want to get started. Will the business sustain a good income? Or, is it a fad that will fade in time? If you think it has a good sustainable income, go with it. The fad business can still be worked just think about how to move it or mold it into the next fad in order to keep the ball rolling. You never want to stagnate yourself or your creative side with a business idea.

Who does what in your business

With any business, there are things that you may or may not want to handle. You need to decide what these things are before you open the doors to your new enterprise. Tracking inventory, handling calls, taking orders, and keeping the books are just a few of the things that need to be handled. If you would rather focus on the creative side, but can’t afford help at this time these are things you are going to have to do for a while. Educate yourself and get a good accounting system that is user friendly for your computer. When the time comes that you can afford help, it will be easy for you to train the new person if you know the system in and out.

Setting up shop

Where will you set up your new business? How is it going to fit into the family dynamics? You don’t want to spend all day crafting your items at the dining table only to have to shove it off and out of the way at dinner time. Lay out a plan for where you can do your work. Even the smallest corner of a room can hold your supplies.

Check with your local business association for safety codes that must be adhered to for compliance. You don’t want to violate these standards. If you are cooking from the home, there are a great many health codes you must meet. Remember, educate yourself on all aspects of opening a business in your home.

Along this same line, check your insurance on your home. Does it cover accidents? Do you need to bump up the coverage because clients will be visiting your home? Zoning issues for parking, signage, and having businesses in certain areas might affect your new shop as well.

Family concerns

If you have a family, remember them. Select a business that will easily fit into your lifestyle. Get everyone in the family involved, if possible. Even the smallest hands can stuff a bag. Teens can fold fliers and stuff envelopes for mailing. And, your spouse can help with dinner, the kids, and time for you to relax.

Your time

It is critical that you take time for yourself when you start this new venture. Burnout can happen and often does because we try to be there for not only the new endeavor, but also for everyone else. Take time to refresh and recharge your batteries and you will be on the road to a happy and successful new business.

Following these steps will ensure that you do not burn out before the business gets up and running good. It is exhausting, but the rewards when you make that first sale are tremendous. Do your homework and research, research, research. It will pay off.

This article is copyright to lynnechandler on HubPages.com in the year 2010.

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