What Kind of Business Should I Start?

It's not uncommon to reach your 30s, 40s or even 50s and still wonder, "What do I want to be when I grow up?" Few people are fortunate enough to be certain of their destinies early on and the rest of us are forced to do some soul searching.

The desire to own a business is becoming more common as workers grow more frustrated with the economy and working in corporate America. If you're thinking about a business of your own but you're not sure what to start, here are several exercise to spark some ideas.

Start by Making Lists of Your Interests, Talents, and Skills

Write down what you like and don't like about your current job and jobs you've had in the past. Do you love writing business documents? Do you hate calculating numbers? By listing your likes and dislikes, you can see with more clarity where some of your interests lie and which tasks you want to avoid.

The trick is to brainstorm business ideas and find one that you will be passionate about, one that will meet your desired standard of living and your lifestyle criteria. Someone who doesn't like being chained to a desk should not choose a business that requires her to be stuck in an office all day.

The good news is that as an entrepreneur, you get to make these decisions for yourself. Perhaps you are good with numbers and you're thinking about becoming a mortgage broker, but you don't want to be stuck in an office all day. If you are serving clients in your area, won't you also be required to meet with them? Could you find a way to meet with them at their place of business or over lunch?

This list should also help you identify your weaknesses. If you hate to write, then you probably shouldn't start a local newspaper (although if you have the right budget, you can hire writers and focus on other aspects of the business). If crunching numbers makes your brain hurt, then you won't find joy in running a bookkeeping business. For that matter, you will probably dread keeping your own books and should build a bookkeeping service into your business budget.

Spend some time with this exercise and look for a theme in your lists. If you identify a business that interests you, but it doesn't meet your lifestyle requirements, then expand on the idea and see if there is a different type of business in that field that would suit you better.

Imagine You Have Just Won the Lottery

So you've just won a lottery for $500,000. It's not enough to retire on, but it's enough to make some decisions about your future. Consider what you would do if you won a large chunk of money. Of course it's fun to imagine paying off your debts and sharing your good fortune with the people you love, but what do you do with the rest of the money? What does your ideal work life look like? What kind of business would you start if you had endless resources?

Could Your Talent or Hobby Net You Some Profits?

Whether you are a musician, an artist, a writer, a crafter, an athlete, an entertainer or a chef, you may be able to find a business that takes advantage of these talents. Think outside the box. Use the internet to search for ideas. For example, if you are a sports fanatic, you could search for "sports business" or "sports industry" and see what kinds of topics are returned. Perhaps you could become a sports writer, sporting goods store owner, coach, trainer, statistician, or memorabilia sales.

Ask Your Family and Friends

By asking the people closest to you for input, you may gain some surprising insight. Perhaps your best friend will remind you of your culinary talents or your grandmother will admire your decorating skills. Maybe your brother will tell you that he always thought you would end up working with animals because you rescued all the neighborhood strays. If for nothing else, asking those closest to you will breed discussion about your future and may lead to the spark of inspiration you are seeking.

Start Looking at the Business World Through a New Set of Eyes

Every business you see started somewhere by someone. The dry cleaner you visit weekly, the grocery store where you shop, the quaint coffee shop on the corner and your favorite take-out restaurant all were born from somebody's dream. Pay attention to every business you encounter. Is the owner present? If so, does he or she look happy? Tired? Frantic? What are the pros and cons of running each kind of business? A retail business is typically a 6 or 7 day per week effort. Restaurants require long hours, food spoilage management, health department inspections and a lot of staff. Service businesses are often started by an owner providing the service.

Talk to business owners that you encounter. Ask them about the pros and cons of what they do. Who better to advise you on your future than those who are actually living some version of it?

Go to the Bookstore or Library

I personally believe that books give you the best opportunity to self-educate. You can learn about virtually any topic under the sun just by reading a book. Spend some time in the business section and read some of the books suggested in the appendix of this book. You never know where you will find inspiration. Many business books list examples from real entrepreneurs. Perhaps one of these examples will spark your interest or cause you to think about something you hadn't considered before.

You've Done Everything Else and Still Don't Know What to Do

Don't give up! Keep at it. Carve some time out every day to focus on your life plan. Get up an hour early in the morning, take time out of your lunch hour or stay up an hour late, but whatever you do, devote some time to mapping out your future. If you are serious about moving forward, you will have to make the time.

Keep doing the exercises listed here. Spend time reading business message boards, websites and magazines. Jot down topics that interest you and learn more about them. The process may take some time, but the end result should be well worth it.

About the Author:
Stephanie Chandler is the author of "The Business Startup Checklist and Planning Guide: Seize Your Entrepreneurial Dreams!" and founder of http://www.BusinessInfoGuide.com, a directory of resources for entrepreneurs. Subscribe to the newsletter for hot tips and small business tools.

---

What Qualities Do Franchisors Need?

When I got into business I wanted to build a... Read More

Online Women Entrepreneurs Need To Pace Themselves

Saving time means pacing yourself, being organized, and always prioritizing... Read More

The Six ?F? Words Every Entrepreneur Should Know

Start your own business, and soon enough, you find yourself... Read More

Four Steps to Entrepreneurship

As more and more people start or consider starting their... Read More

Business Ideas

Richard Branson, billionaire founder of Virgin Records and Virgin Atlantic... Read More

Work vs Play: Which is the Better Way to Make Big Money?

If you want to make big money, you have to... Read More

Business Planning for College Students and First-Time Entrepreneurs

More and more students, both in undergraduate and graduate institutions,... Read More

Entrepreneurial Hate, its out there

Today, I got an email from a lady who hates... Read More

Preparing to Outsource

It's important to understand when to add individuals to your... Read More

How to Become a Successful Entrepreneur on the Web

Becoming a successful entrepreneur in the online world is no... Read More

Be an Entrepreneur

The Department of Labor predicts that the #1 employer in... Read More

An Entrepreneur Is

An entrepreneur is an innovator. She sees a need in... Read More

Innovation incubator: Build it and keep it running

If your company is like the one I work for,... Read More

Financial Issues in Business Startup

A primary inhibitor of business start-up is that few people... Read More

From Entrepreneur to Infopreneur: Make Money Selling Info Products

The term "Infopreneur" is a relatively new industry buzz word... Read More

Expand Your Resourcefullness!

The success and failure for the entrepreneur is largely dictated... Read More

Top 10 Mistakes Entrepreneurs Make Before They Even Start

So you want to start a business. You have an... Read More

New Rules

Last week I was working with one of my small... Read More

Salon Marketing Using Wireless Broadband Internet Access

Our client in Chicago did, located right outside downtown too...a... Read More

How A Woman Became A Successful Bill Collector In A Mans Industry And How You Can Too!

I have worked in the credit industry for over 17... Read More

Reducing the Stress of Being an Entrepreneur

Starting and running your own business can be exciting and... Read More

Leadership Attributes for Business Success

Business success is essentially the result of successful leadership. Contrary... Read More

Is Now the Right Time to Become An Entrepreneur?

A number of economic changes are magnifying the role of... Read More

Hurricane Katrina, Death, and a Different Type of Entrepreneurship

I've seen terrible images today on the television and internet-bodies... Read More

A Dorm Room With A View

As a senior in high school, he paid cash for... Read More

Determine Your Niche & Be Successful

What's a niche?Dictionary.com provides a great, twofold definition:"A situation or... Read More

Health Insurance for Solo Entrepreneurs

One of the most important benefits employed people enjoy is... Read More

5?4?3? 2...1?

A streak dating back more than three decades came to... Read More

Veteran Entrepreneurs Are Growing In Ranks

When I'm not running my own business, writing articles about... Read More

Getting Rich Isnt a Bad Idea

You've seen plenty of articles claiming to offer you the... Read More

Entrepreneurs Ask: As a Novice Entrepreneur, How Can I Feel Less Overwhelmed?

Great question! Overwhelm is very common even among the most... Read More

Enterprising Route is to Go Your Own Way

DON'T talk to me about education for entrepreneurs. They're pouring... Read More

Drive Website Traffic Unconventionally, Force Your Children To Do It

If you believe that every little bit helps then keep... Read More