Women entrepreneurs, even the most driven among them, face a common challenge: picking the best business to pursue. Some aspiring business owners have no trouble coming up with ideas, but those ideas never become reality. Others, whose ideas are more nebulous and undeveloped, simply give up on them. Business planning, a feasibility study, and introspection are all essential steps in selecting a winning business concept.
The following are some things to think about if you’re interested in going into business for yourself but aren’t sure what kind of business you want to launch:
Is there anything specific you hope to achieve by running this company?
So, tell me, what is it that you enjoy doing?
What is it that you specialize in?
Tell me about a skill you’d like to acquire.
Find out what you need or want to gain from the company.
Do you wish you had a supplementary source of income? Think about becoming a sales representative for a company whose products you’d be interested in buying or selling (be it cosmetics, gifts, insurance, timeshares, etc.). You can set your own hours, avoid the hassle of writing a business plan, and launch your venture with minimal initial capital.
Are you going to be a full-time stay-at-home parent from now on? A business that can be worked around your kids’ schedules should be your top priority if spending more time with them is your primary motivation. The reality of raising a family while putting in a full day’s work from home makes this a near impossibility.
Have you ever thought about making a difference in the world? Make a difference by establishing a cooperative or non-profit. Both require hard work but often pay off in the end. Do you wish to make a positive impact on the world around you? Volunteering is a great way to find out what you’re good at and where your passions lie, provided that financial concerns aren’t an issue. You can learn a lot about the inner workings of nonprofits and make useful connections and acquire marketable skills through volunteer work.
Do you seek a career in business ownership? The first step toward becoming your own boss or achieving financial independence is coming up with a good idea.
To succeed as an entrepreneur, you need to know your limitations inside and out. Resourcefulness and the ability to network effectively will also come in handy, no matter the type of business you decide to launch.
Finding your passion is a great way to generate business ideas.
Go with your heart and do what excites you. It takes a lot of work, dedication, and self-sacrifice to start your own business. It will be much more challenging to achieve your goals if you pick a career path that does not excite you or, even worse, that you actively dislike. Inquire within:
In your spare time, how do you like to relax?
Do you enjoy doing something that could also be a source of income?
Like to spend your free time helping others?
What profession would you choose if you could have any one you wanted?
Figuring Out Your Strengths
If you are a musician, artist, or photographer, your skills may be obvious to you. It’s not uncommon for those with degrees in fields like law, medicine, and accounting to go into business for themselves by opening their own private practices. Perhaps you’ve always wanted to make money off of a hobby you enjoy, such as quilting or candle making. What if, however, your abilities are more subtle?
- Knowing our own abilities can be challenging at times.
- Ask those close to you what they think your hidden talents and abilities are.
- You still have skills that could be marketable even if you don’t have specific skills like sewing or bookkeeping.
To dispel any misconceptions, Lillian Vernon is not a made-up company name; she actually existed. She started a gift catalog business out of her kitchen because she was expecting and needed to make ends meet. Her ability to network her idea to sell products made by other manufacturers was the primary business skill she used to become a millionaire. Start a market and feasibility study immediately if you have a talent or interest that could make money.
Choose a Skill You’re Interested in Mastering
The things we know the least about often fascinate us the most. Get a degree in accounting if you’re good with numbers, and use that to make money by assisting other people with their tax preparation.
Many exciting new occupations now only require a certificate rather than a four-year university degree. In most cases, you can earn a certificate in a matter of months or even a few semesters. If you are interested in pursuing a certificate, you may want to research the options at your nearby community college.
Start now if learning a new language is something you’ve always wanted to do. If you learn a language well enough, you could use that knowledge to start your own business providing translation services once you reach fluency. Certified translators play an important role in conferences, trials, and classrooms. Interpreters who work with the deaf community can make the same as their spoken language counterparts. The majority of RN programs can be completed in just two years (RN). Freelance nurses frequently visit the homes of their patients who are unable to leave the house.
If you have drive, a marketable skill, and a clear vision of your future, it is never too late to learn something new or improve upon what you already know.