What Business Should I Start? Advice to Help You Decide

By Amy Collett

There is a lot that goes into running a business. There is the marketing side of things and procurement, vendor arrangement, and employee management. But before you can get there, you might be stuck at the starting stage – the idea. What kind of business should you run? Content Strategy Alliance shares key advice to help you get started.

Skills and Experience

A great place to start when it comes to business creativity is to go with what you know. If you sell a product or service you know and love, you’re more likely to be motivated and passionate about working on it. Similarly, something you know a lot about is what you have skills or experience in. Take a look at your background, such as any college degrees or jobs you have worked on and list out the primary skills and takeaways from these positions. You may just find a recurring theme that you would love to pursue. If you need help assessing your skills and experience, check out this guide by Monster explaining how you can do so. You could also go the opposite direction and go with something you’re not familiar with but think can bring significant financial gain. However, many entrepreneurs choose this option as a short-term strategy rather than a long-haul approach because it can be challenging to sustain a business without skills or passion. Either way, look at lots of small business ideas for inspiration before settling on the option you want to pursue.

Time and Resources

As an entrepreneur, you’re wearing many hats simultaneously. There is a tendency for wannabe entrepreneurs to take everything on, even if the task is beyond their scope. However, this can lead to burnout and eventual business failure. Instead of spreading yourself too thin, consider how much time you have to devote to your business. For example, those working full-time on their startup will have more energy to give, whereas those working part-time will have to balance their time with other work. If you’re struggling with devoting enough time to your venture, explore resources that help you optimize and reduce time spent on unnecessary processes. For example, free or low-cost tools can help you with accounting, scheduling, and payroll. Another great option to manage your time is to use an infographic maker, as this can help you create eye-catching visuals for your website or socials very quickly. All you need to do is choose a free infographic template and personalize it using your own text, colors, background, and more.

Competition and Marketing

Although marketing does come later in the business timeline, it’s best to do some market analysis research. Once you’ve figured out your industry or niche, evaluate how unique your product and services are and if they provide value to the consumer. Looking at competitors in the field can be helpful to learn from their mistakes or have critical features that distinguish your product from theirs. Once you’ve conducted all the research, it will also be worthwhile to have a rough marketing strategy. For example, some brands begin marketing even before the product launches. This can be a great way to generate buzz on different social media platforms even before the product hits the market and can even cause you to go viral. This can then drive up engagement and interest and gives you time to fine-tune and tweak messaging before the launch.

According to this article in Better Marketing, a business’s idea leads it to success. Everything else falls into place if you have a great idea or niche. So, take your time figuring out what you want to pursue, as the more thought-through and grounded your idea, the more successful your entrepreneurial venture.

The views expressed are those of the author and do not necessarily reflect the views or opinions of the Content Strategy Alliance.