Succeed As Your Own Boss

ENDING SMALL BUSINESS FAILURE

  • Home
  • About
  • Book Melinda
  • Consulting
  • SBL Store
  • SmallBizLady University
  • Free Tools
  • Podcast
  • #Smallbizchat
    • Be a #SmallBizChat Guest
  • Blog
  • Contact
    • We’re Hiring!
You are here: Home / How to Start / What Kind of Business Should I Start?

What Kind of Business Should I Start?

February 16, 2015 By Melinda Emerson 1 Comment

Feel free to share...Share on facebook
Facebook
Share on twitter
Twitter
Share on google
Google
Share on linkedin
Linkedin
Share on pinterest
Pinterest
Share on reddit
Reddit
Share on email
Email
Share on print
Print

start a businessYou have the drive, energy, and passion to make it as an entrepreneur. You may have examined your habits and abilities and discovered some of the key qualities that successful small business owners share. You’ve already worked out your life plan, and one of your clearest goals is to be an independent businessperson.

Now it’s time to answer one of the toughest questions and that question is: what kind of a business should you start? In order to answer this question, consider the following.

  1. First things to do…
  • What are your passions?
  • Where are you a rockstar?
  • What would you do for free?
  • Is there a business that fits your passion?

These questions will help you determine the activities that nourish you and the skills you are already possess. Analyze the hard and soft skills you have that would be helpful in launching and managing a business. A small business owner may have to take on many roles initially, so if your skills list has a scattershot of expertise, do not be discouraged.

Take a few days to play with the list. In essence, you are creating an abstract that describes the skills and experience you bring to your new role as small business owner. Your answers to these questions help you identify what fascinates you and your current abilities. If there is little overlap between the two, for example you love jewelry design, but have little knowledge of the practicalities of selling your jewelry, you may have work to do.

  1. Then, go deeper…
  • What is your strongest skill?
  • Are you highly self-disciplined or do you need structure?
  • What do you know that you can sell?
  • What service can you provide for a fee?
  • What do you want to avoid doing if at all possible?
  • What keeps you interested?
  • How much time can you devote to your endeavor?
  • Do you have any technical skills?

This level of analysis will help you identify your strengths and your weaknesses. If you want to be a website designer and have artistic training and programming knowledge, but don’t know your way around accounting software, you’re going to have to get technical training. If you have skills in an area that you find mind numbingly boring, you may have to conceptualize how you can pivot those skills into more fulfilling work. It may require going back to school to get an additional degree or certificate to redefine your expertise.

Do your personal inventory, too. Do you have a supportive spouse? Family buy-in? Do you have a realistic timeline for how long you’ll pursue your new business? Can you afford to fund your new business? Do you have any competing priorities? If you find yourself taking care of family members, you may not have the ability to work 10 more hours a day for your startup.

Answer all the questions sincerely. This is the time to think critically in order to tease out revealing answers that can provide meaningful direction to what type of business you should pursue. You need to get clear about what you want and what you’re willing to commit to.

  1. Now, really get moving…
  • Are you energized or depleted by other people?
  • Are you willing to work seven days a week, or do you only want to work as little as necessary?
  • Do you work best in an office or from home?
  • Do you want to be the center of attention or work behind the scenes?
  • Do you want structured hours or flexibility?
  • Do you want to travel or stay close to home?

The answers to this set of questions will give you information to help you establish if your dreams and your reality are compatible. If you want to have a retail location, but also desire flexibility and to work from home, there is a major disconnect between your wants and the scope of the type of business you desire. Of course, there are workarounds to many of these challenges, but they may require more capital to realize a solution, which will inform of you of how deep your pockets will need to be to get started successfully.

These exercises are critical in helping you to define the type of business that you can successfully develop. You can start from scratch, buy an existing business, invest in a franchise, start a retail or internet business, there are many business models to choose from. Give yourself a deadline for working through these questions and push through even if it feels like you are not revealing compelling information. Remember, entrepreneurs must be very self-motivated, so if you’re having difficulty completing this task on your own, that may reveal that you might not be ready for what it takes to launch your dream business. Dig deep to uncover your motivation and stay on track to discover a great business idea.

Keep me posted. I’m always here as a resource as you plan for business success.

Feel free to share...Share on facebook
Facebook
Share on twitter
Twitter
Share on google
Google
Share on linkedin
Linkedin
Share on pinterest
Pinterest
Share on reddit
Reddit
Share on email
Email
Share on print
Print

Filed Under: How to Start Tagged With: entrepreneur, start a business

Fix Your Business Now!

Order SmallBizLady's new book Fix Your Business, 90-Day plan to Get Back Your Life and Reduce Chaos in Your Business. It includes the 12 Ps of Running a Successful Business and readers will finish the book with a new strategic plan to take their business to the next level.

About Melinda Emerson

Melinda F. Emerson, “SmallBizLady” is America’s #1 Small Business Expert. She is an internationally renowned keynote speaker on small business development, social selling, and online marketing strategy. As CEO of Quintessence Group, her Philadelphia-based marketing consulting firm serves Fortune 500 brands that target the small business market. Clients include Amazon, Adobe, Verizon, VISA, Google, FedEx, Chase, American Express, The Hartford, and Pitney Bowes. She also has an online school, www.smallbizladyuniversity.com, that teaches people online marketing and how to start and grow a successful small business and publishes a blog SucceedAsYourOwnBoss.com. Her advice is widely read, reaching more than 3 million entrepreneurs each week online. She hosts The Smallbizchat Podcast and is the bestselling author of Become Your Own Boss in 12 Months, Revised and Expanded, and Fix Your Business, a 90 Day Plan to Get Back Your Life and Reduce Chaos in Your Business.

Comments

  1. Bill says

    February 18, 2015 at 11:12 pm

    Melinda,
    Wouldn’t it be cool if all those questions were part of an online survey-type questionnaire? And there were other questions to add some detail about interests and experience?
    And then it takes all that info and matches you with suggested business ventures or even franchise opportunities.
    I think that would be a helpful tool for folks looking for how to put their entrepreneurial spirit into play.

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Let’s Connect

  • facebook
  • instagram
  • tiktok
  • pinterest
  • linkedin
  • twitter
  • youtube
  • feedburner

Sign up for the SmallBizLady BUZZ Newsletter and be the first to receive updates and details about upcoming events:

We’re proud to be part of the Mediaplanet Empowering Small Business campaign! The COVID-19 pandemic brought hardship and ruin on the nation’s small businesses, but there’s now reason for hope. Learn about the resources, support, and tools available to help your small business bounce back and grow stronger than ever by picking up a copy of the campaign in USA Today and reading it online here.

Get a FREE Chapter of SmallBizLady’s Book,
"Become Your Own Boss in 12 Months, Revised and Expanded"!

Become Your Own Boss

Most Popular Posts

>Seven Ways to be More Profitable in Your Small Business
> 7 Ways to Attract Customers to Your Small Business
> 6 Tips for Managing Small Business Finances
> How to Run a Successful Multilevel Marketing Business
> 10 Ways to Grow Your Small Business With Instagram
> How to Sell on Facebook
> How to Get Over the Fear of Starting a New Business

Featured Videos

Bloomberg News Interview
How to Support Small Businesses During the Holidays

National Speakers Association
Winter Conference

Fox 29 Philadelphia
'Small Biz Lady' gives best advice for starting a new business in the New Year

Fox Business
Starting a Business

MSNBC
The importance of job mentoring for women

#SmallBizChat Live
National Small Business Week: Q&A

Good Day Philadelphia
Expert Shares Tips on How to Become Your Own Boss

Testimonials

Become Your Own Boss is a must read if you’re thinking of launching a business of your own.
Jean Chatzky, Bestselling Author of Money 911 and Financial Editor of NBC’s Today Show
Great step-by-step advice for anyone looking to start their own business.
Andrew C. Taylor, Chairman, Enterprise Rent-A-Car
Melinda Emerson has written a remarkable book. It is essential reading for anyone seeking to make the transition from working girl to successfully working it, as an entrepreneur.
Cynthia McClain-Hill, Past President, National Association of Women Business Owners
The perfect companion for those planning to go out on their own. Melinda delivers firsthand practical advice on how to be the successful entrepreneur. Read it if you want to get it right the first time.
Kenneth L. Shropshire, Professor at the Wharton School of Business, University of Pennsylvania
If you are looking for a versatile speaker who can talk about how to grow small businesses or get started with social media, look no further.
Heather Van Sickle Executive Director, National Association for Community College Entrepreneurship (NACCE)
Her wit and depth of subject knowledge were entertaining and empowering. Melinda is definitely on our short list of seasoned entrepreneurs and business leaders we look to invite back in the near future.
Tennille M. Robinson Senior content & Event producer for Inc. magazine
Melinda Emerson, “SmallBizLady,” is an engaging and witty speaker and a great addition to any conference. Her terrific presentation and compelling delivery give people the information they need and want to become their own bosses and grow success… Read more
Laurie Dalton White Conference Director, Pennsylvania Conference for Women
Melinda Emerson has been a fantastic small business and social media resource for the Pitney Bowes team. Not only is she personable and easy to work with, but she also has an innate understanding of the small business audience. My marketing programs … Read more
Justin Amendola, Former VP, Global SMB Digital Strategy, Pitney Bowes

Latest #SmallBizChat

The SmallBizChat Podcast: Hit It and Quit It with Mitch Axelrod, Dr. Dan Young, and Rich Trotter

In this episode, Melinda Emerson introduces an engaging discussion with guests Rich Trotter, Mitch Axelrod, and Dr. Dan Young. The conversation kicks off with each guest sharing their favorite business podcast and app, revealing unique tools that aid their entrepreneurial journey. They then delve into timeless marketing strategies, discussing classic tips that still hold relevance […]

Fix Your Business Q&A Video

Recent Posts

  • The SmallBizChat Podcast: Hit It and Quit It with Mitch Axelrod, Dr. Dan Young, and Rich Trotter
  • 50 Best Free Apps for Small Business Owners
  • The SmallBizChat Podcast: How to Reinvent a Legacy Business with Rich Trotter
  • May 2025 #SmallBizChat: How to Position Your Brand with Multicultural Markets
  • How to Tighten Your Sales Infrastructure (Before Your Bank Account Screams for Help)

#SmallBizChat

  • SmallBizChat Archive
  • @SmallBizLady

Business Advice

  • How to Start

SmallBizLady Store

Products

Free Chapter

Get In Touch

  • FAQ
  • Be a #SmallBizChat Guest
  • Contact Us
Copyright © 2025
Quintessence Entertainment, Inc
PO Box 280
Drexel Hill, PA 19026
(610) 352-0680
Privacy Policy · Refund Policy

Let’s Connect

  • facebook
  • instagram
  • tiktok
  • pinterest
  • linkedin
  • twitter
  • youtube
  • feedburner