Identifying Your Perfect Business

Choosing the right business to start is a very important aspect of business ownership. If you choose the wrong business you may pay for it with your life. No, you won’t die. But you might wish you were dead. Nothing is worse than having to do something every single day that you hate. Alternatively, you might choose something that is not profitable, and due to poor research or planning you waste a lot of time and money starting something that never had a chance in the first place.

Choose a Business You Understand

If you start with what you know, you will be ahead of the game. What hobbies or interests do you have today that could translate into a potential business? What topics or subjects are you passionate about that could be turned into a for profit business? Choosing a business that you already know and understand will go a long way toward creating the perfect business for you.

Choose a Business That Excites You

If you know a lot about something but it bores you to death, it might not be the right business for you. However, if you can identify something that you understand and love you’re heading down the right path. Typically, if you really know something and love something, you’ve also learned how to make it better. If you’ve identified a way to improve something that already exists, and you understand it and love it, that might be the perfect business for you.

Choose a Business Where Your Skills Shine

You might understand something, and love it – but if you’re not good at it, you won’t be successful. Sure, you can outsource your way to success in some niches, but when you’re first starting out you probably should choose a business that your skills match. Write down what skills you currently have to help determine whether the business you understand and love fit within that criteria.

Choose a Business Where You Can Earn Money

There are lots of great ideas that are so focused that you simply won’t make enough money. Determine whether the marketplace exists for your idea. Also, can you realistically finance the beginning of your business idea for an extended time without earning any money? Can you work at your current job while you start your business so that you don’t have to get any outside money to make it work?

Choose a Business That Fits Your Lifestyle

Do you want to spend more time with your family and friends? Do you want to travel a lot? Are you okay with having to work 14-hour days, nights and weekends? Finding a business that matches the lifestyle you want to obtain will go far in helping you become not only successful but also happy with the success.

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Unless you want to work until you drop dead, it’s imperative that you think long and hard here about when you plan to stop working. What is your exit strategy? Do you want to build a business that you will sell to investors, take the money and run? Do you want to build a family business that your children will take over? Do you plan to build a business that disappears when you retire?

There are no right or wrong answers here. Choosing a business that makes you happy, earns you the sort of money you need to earn, and lets you stop working at some point are essential choices that you will need to make if you are to find the perfect business for you. The answers are personal in nature and dependent upon your passions, needs and desires. The important thing is that you give it some thought before you get started.

 

 

Business Events

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As a business owner, you’ll probably attend a few business events occasionally. If you haven’t attended any business events yet, please make arrangements to start now. Business events can be a very productive way to boost your business and bring it to the next level. You won’t be sorry if you locate and find business events that are full of potential clients.

One thing is for sure, once you start going to live business events you’ll end up hooked on them. However, before going to a business event it’s important to understand your goals and motivations for attending and plan how you’re going to make the most of it. And remember, the event itself is not the end – it’s just the beginning.

Here are seven tips for making the most of a business event

1. Take Business Cards

You want to take business cards, mostly to give you an excuse to get theirs. But, someone might follow up with you based off your card, so make sure your business card truly represents what you do.

2. Nix the Hard Sell

At the event you’re not trying to sell anyone anything. Instead you want to be a resource to everyone you meet so that you can help them with their needs. In business, people help those who help others.

3. Work on Your 30-Second Elevator Speech

You want to be able to describe what you do to people without sounding like a robot or confusing them. Practice answering questions that people might ask about your business.

4. Don’t Be a Social Butterfly

Yes, you want to meet people, but it is better to focus on meeting just a few very interesting people each event. If you meet more than five people at each event, you probably won’t be able to remember them. Of course it depends on how long the event is, but for an hour-long event, meeting three to five people is a good night.

5. Ask Questions

Since you’re not going to try to meet everyone, spend time talking to each person you meet, but mostly spend time listening. To listen more, ask open-ended questions about each person that you meet. Believe it or not, they’re going to remember you more, the more they get to talk about themselves.

6. Get Their Cards

Once you’re done taking to someone, find time either during the event or just after to write memorable notes on the back of their business card. In this way, you can use it to follow up later. The follow-up is where the business is.

7. Follow Up

After the event is over, within 24 to 48 hours you want to follow up with each person that you personally spoke to and that you obtained a card from. The follow-up is the most important aspect of attending business events.

Another factor that can make a huge difference in the success of going to business events is to make sure that you stand out in some way. Many people have trouble remembering names at events and matching them with faces. If you can wear something or say something that keeps your image in their mind, so much the better. Differentiating yourself from the other business owners at the event is essential to your success.