Formula for Finding Good Businesses to Start

Choose a Topic

Before you can put together a list of good businesses to start you have to know what area it should be in. Many people believe that there are no longer businesses available to start because everyone has thought of everything. I must say that all you have to do is stay up late and watch infomercials. Many of the products may not interest you but it shows that there are plenty of ideas to capitalize on if you think thoroughly.

So how do you choose a topic? I always tell individuals to grab a notebook and spend a week brainstorming what interests them and what they like to do. You could start a business solely because it would be a money-maker but take it from me. When they say “money isn’t everything” they are not lying. I find that if you choose markets that you actually like it makes it a lot more pleasure than work. Again this is only a suggestion and you can choose how you feel but I would recommend choosing something that you interact with anyway like “golfing” for example.

Divide Your List in a Broad Column and Specific Column

As you were writing your list I’m sure some items were specific like “training a dog to sit” and others are broad like “basketball.” You need to divide them and the reason why is because you need those broad terms to be specific. Why you ask? Well, it is because you have to find a way to carve your way into the market. People have already formed some type of venture within the broad topics so you need to break them down because when it comes to business, broad is usually a lot of competition.

Let’s break one down using the example of “basketball.” There are items like basketball, basketball hoops, basketball whistles, basketball jerseys, and basketball shoes. There a things people would like to learn like “how to shoot a basketball,” “how to play basketball,” and “how to play basketball defense.” Take your time with this step because it is the most important. The more you can brainstorm the more ideas you have for good businesses to start. One more thing, don’t be afraid to break down a topic more than once. The topic “basketball” broken down to “how to shoot a basketball” and then broken down to “how to shoot a basketball from the 3 point line” is acceptable. Remember in this step more topics the better.

Determine What is in Demand

To determine this you have to do some research. I find the best way to go about doing this is search items related to your topic and see what is for sale. If someone took the time to advertise it then there must be a market for it. Look at websites and magazines in the niche. Another great place is online stores like Amazon. Their “best seller” section has helped me find a lot of great business ideas because it gives you a look through the eyes of the consumer which is valuable. Make a list of what you see and determine how you could offer it a different way or how you could make your spin on it.

Decide on the Type of Business You Want to Run

The number one rule when finding good businesses to start is determined by your goals. As I mentioned earlier I decided on the internet. My reasons for choosing are; I wanted to spend more time with my family, I needed a business that had plenty of openings I could wiggle into, and I needed a business I could start quite cheap. I advise you to write down the goals you would like to achieve with the business and choose one that will lead you down those paths. If you want to travel then owning a local bar may not be a good idea unless it expands. If you want more time with your family you should not choose a business that would require a lot of traveling like being an independent translator for airlines. If you choose a business that does not meet your goals then you may become miserable even if you are successful.

Now prioritize your goals from the most important to the least important because all goals are not created equal and try to incorporate them all as time passes. One of my goals was to make a lot of money but of course you won’t achieve that instantly. Be patient and it all will come.