Evaluating online businesses and choosing the best business to start is the topic of this simple post. Profitable business opportunities are everywhere, especially online business opportunities, so what makes a venture profitable and how do you go about choosing the best business to start?
I think its a two fold question that deserves a two fold answer. First lets deal with choosing the best business to start.
I've owned a successful traditional small business for just over 8 years that I started from scratch in my early twenties. Learning most of what I needed to learn along the way. I think owning and running, dealing with the challenges and creating a successful small business is about the best education you can get in business. I've employed several employees who carried a bachelors in business and more that really had their eyes opened when they were able to see in my business what had to happen in order to have success.
I was introduced to the home based business industry around 3 years ago when I started an online business opportunity in the personal development field. The differences in a home based business opportunity that was operated online and a traditional business were staggering, yet there were also many similarities.
I'd say the biggest difference in an online business idea and a regular small business is the potential to reach a larger market.
As with any business starting an online business should be done with some sort of a plan. I'd recommend getting clear on what it is you would like your new business idea to create in your life. What type of time will you have available to commit to building an online business? What type of financial commitment are you comfortable with? Will you be taking on any partners? Will your family participate in the business venture? If you are looking to decide what a good business to start would be you need to know what you looking to accomplish in terms of personal lifestyle impact. Once you have that figured out you'll be a big step closer in choosing the best business.
I'm reminded of a blog post I once read authored by Steve Pavalina, a personal development writer and online business entrepreneur. In the post he advised starting several businesses at once. At first I found that to be a bit odd but it really is good advise. Not every business idea you have is necessarily a successful business idea and investing a bunch of time, money and effort into a business idea that doesn't float is a waste. Steve mentions and I also advise to do something, just get started. Creating momentum is the real and first task of every entrepreneur. The best business plan in the world won't earn one red cent if you don't take action. Looking back I can see where the unguided action I took early on in a business venture was what gave me the feedback I used to make it a profitable business opportunity.
Choosing the Best Business to Start
Most businesses you would consider starting probably have something to do with an industry or skill your are familiar with. You will get lots of business ideas from the pool of what you already know, but are these the best business ideas?
Good advice in picking a winning biz, would be to listen to the market. What does the market want? That's a great question to ask and answer with a profitable business start up that addresses a real need in the marketplace.
Personality plays a big role in deciding what a business to start. Are you outgoing? Do you enjoy working with people? Are you more reserved, a perfectionist maybe? Do you have a hobby like photography that you really enjoy and could turn into a photography business?
From my experience I would also offer that choosing to start a particular business just because it makes the most sense or it is the easiest thing to do is not the best indicator of ideal business to start. Try forgetting about the practical aspect of the business and figure out what would make you feel great. Finish a sentence like this one:
" I am so happy and grateful now that I am doing ________ and am earning __________. "
What would your answers be?
Another idea that Pavalina mentions is working from your core or being on purpose. I think personal awareness and some introspection is extremely valuable in pointing you in the right direction when it comes to making a business start up decision.
Do you have specific question about choosing a good business to start? Scroll down to the comment link and ask!
Now for evaluating a business for profitability.
I think coming up with a list of about 6 businesses you could start would make the next step a lot easier. Discerning which business would be the most profitable business to start can be a little more complex that just coming up with a few business ideas that would work for you.
One of the first things to think about it long term market. Any business you start will require an investment of time and money. Some business opportunities will be profitable faster than others and some will ultimately be more profitable in the long run. If the long term profitability of the idea isn't there, don't do it.
Many times a long term profitable business idea is one that can be "built out". In other words you want a business idea that can evolve. Having a product or service that can innovate easily or expand sideways into other related niches is a good indicator of a profitable business to start.
One of the ways I discern a good business concept is when I get tons of ideas around a central idea. Some business concepts spawn new and creative ways to make money almost from the start, then the challenge becomes to focus on one idea at a time.
So "Expandable" is important when looking for a profitable business.
When I think profitable I think "time spent". What can I earn for the time I spend?
One of the things I like about blogging and building websites is the passive element that comes along with it. I earn a few bucks everyday whether I turn on my computer or not from several different websites across the world wide web and I like that.
One of the business concepts that was important to me was not having to perform a service in order to be paid. I wanted to do the work once and get paid over and over.
Profitable Business Opportunities 2009
Business ideas worth doing in 2009 need to be profitable business in 2010 and beyond. I think a profitable business idea needs to have a timeless element to it. This goes back to being expandable a bit, but more importantly, the point is don't start a business based on a fad.
What are some surprises you've experienced in starting a business?
Do you have an example of a business that you were going to start but didn't and later saw it be a big success?
Is Starting Several Online Businesses Smart?
I look at each of my small business websites as a business in and of itself. An individual entity. I spend the most time on the ones that make the most money and when I can I work to improve the others. Most all of my blogs or websites are interconnected to the same or similar niche, this has made them all more successful. If your trying to blog as a business then I'd recommend starting several websites that are focused enough to be successful individually but broad enough to relate to other topics in peripheral niches.
I think its a two fold question that deserves a two fold answer. First lets deal with choosing the best business to start.
I've owned a successful traditional small business for just over 8 years that I started from scratch in my early twenties. Learning most of what I needed to learn along the way. I think owning and running, dealing with the challenges and creating a successful small business is about the best education you can get in business. I've employed several employees who carried a bachelors in business and more that really had their eyes opened when they were able to see in my business what had to happen in order to have success.
I was introduced to the home based business industry around 3 years ago when I started an online business opportunity in the personal development field. The differences in a home based business opportunity that was operated online and a traditional business were staggering, yet there were also many similarities.
I'd say the biggest difference in an online business idea and a regular small business is the potential to reach a larger market.
As with any business starting an online business should be done with some sort of a plan. I'd recommend getting clear on what it is you would like your new business idea to create in your life. What type of time will you have available to commit to building an online business? What type of financial commitment are you comfortable with? Will you be taking on any partners? Will your family participate in the business venture? If you are looking to decide what a good business to start would be you need to know what you looking to accomplish in terms of personal lifestyle impact. Once you have that figured out you'll be a big step closer in choosing the best business.
I'm reminded of a blog post I once read authored by Steve Pavalina, a personal development writer and online business entrepreneur. In the post he advised starting several businesses at once. At first I found that to be a bit odd but it really is good advise. Not every business idea you have is necessarily a successful business idea and investing a bunch of time, money and effort into a business idea that doesn't float is a waste. Steve mentions and I also advise to do something, just get started. Creating momentum is the real and first task of every entrepreneur. The best business plan in the world won't earn one red cent if you don't take action. Looking back I can see where the unguided action I took early on in a business venture was what gave me the feedback I used to make it a profitable business opportunity.
Choosing the Best Business to Start
Most businesses you would consider starting probably have something to do with an industry or skill your are familiar with. You will get lots of business ideas from the pool of what you already know, but are these the best business ideas?
Good advice in picking a winning biz, would be to listen to the market. What does the market want? That's a great question to ask and answer with a profitable business start up that addresses a real need in the marketplace.
Personality plays a big role in deciding what a business to start. Are you outgoing? Do you enjoy working with people? Are you more reserved, a perfectionist maybe? Do you have a hobby like photography that you really enjoy and could turn into a photography business?
From my experience I would also offer that choosing to start a particular business just because it makes the most sense or it is the easiest thing to do is not the best indicator of ideal business to start. Try forgetting about the practical aspect of the business and figure out what would make you feel great. Finish a sentence like this one:
" I am so happy and grateful now that I am doing ________ and am earning __________. "
What would your answers be?
Another idea that Pavalina mentions is working from your core or being on purpose. I think personal awareness and some introspection is extremely valuable in pointing you in the right direction when it comes to making a business start up decision.
Do you have specific question about choosing a good business to start? Scroll down to the comment link and ask!
Now for evaluating a business for profitability.
I think coming up with a list of about 6 businesses you could start would make the next step a lot easier. Discerning which business would be the most profitable business to start can be a little more complex that just coming up with a few business ideas that would work for you.
One of the first things to think about it long term market. Any business you start will require an investment of time and money. Some business opportunities will be profitable faster than others and some will ultimately be more profitable in the long run. If the long term profitability of the idea isn't there, don't do it.
Many times a long term profitable business idea is one that can be "built out". In other words you want a business idea that can evolve. Having a product or service that can innovate easily or expand sideways into other related niches is a good indicator of a profitable business to start.
One of the ways I discern a good business concept is when I get tons of ideas around a central idea. Some business concepts spawn new and creative ways to make money almost from the start, then the challenge becomes to focus on one idea at a time.
So "Expandable" is important when looking for a profitable business.
When I think profitable I think "time spent". What can I earn for the time I spend?
One of the things I like about blogging and building websites is the passive element that comes along with it. I earn a few bucks everyday whether I turn on my computer or not from several different websites across the world wide web and I like that.
One of the business concepts that was important to me was not having to perform a service in order to be paid. I wanted to do the work once and get paid over and over.
Profitable Business Opportunities 2009
Business ideas worth doing in 2009 need to be profitable business in 2010 and beyond. I think a profitable business idea needs to have a timeless element to it. This goes back to being expandable a bit, but more importantly, the point is don't start a business based on a fad.
What are some surprises you've experienced in starting a business?
Do you have an example of a business that you were going to start but didn't and later saw it be a big success?
Is Starting Several Online Businesses Smart?
I look at each of my small business websites as a business in and of itself. An individual entity. I spend the most time on the ones that make the most money and when I can I work to improve the others. Most all of my blogs or websites are interconnected to the same or similar niche, this has made them all more successful. If your trying to blog as a business then I'd recommend starting several websites that are focused enough to be successful individually but broad enough to relate to other topics in peripheral niches.
