One of the biggest questions I get asked is, “Kim, what kind of business should I get into? What is the next ‘big thing’?”
If I could predict the next big thing I wouldn’t be consulting, doing taxes, writing, publishing, managing or coding. I would be doing the next ‘big thing’.
The cliche answer is unless you really have an innate ability for correctly guessing the fickle public’s taste, don’t bother trying to guess what the public wants next unless you have a lot of money to burn. The number one thing you should be looking at is whether or not you like the business you are wanting to get into. It is a lot easier to do something you love than something you hate. Millions of people around the world are doing jobs just to get by. Here is a chance to do the one thing that you love.
You like to design rooms? If you think you can make a living with it in the market you are in, go for it. Bear in mind that you will have to figure out a business plan before you can actually start your business but make sure it is something that you love doing.
You may be pleasantly surprised that your business may turn into the next “big thing” and you will be there waiting to take advantage of it. The number two thing you should consider is what is your realistic income potential.
You may like to design rooms but if everybody else in Trenton, New Jersey or Ankara, Turkey is also interested in designing rooms the chances are that you will have a lot of people offering to design rooms for free. You will have a hard time paying the bills. Keep in mind that jobs (full or part-time) that are glamorous, exciting or fun have a lot of people wanting to do them. Competition is fiercer and the market reflects the income you can potentially make accordingly.
If you are starting something brand new, or something yucky (cleaning out people’s sewer lines), you will have less people (depending on the market in your area) in competition so you can forecast a better income stream.
Whatever you decide to do, take the time to make a business plan. A business plan is a blueprint for what you are planning to do. It should serve as a written document you can show others, potential bankers or people with money to invest (if you go that route) that you know what you are doing and know the direction that you will be going towards.
I will get into other things you should consider about picking a business to go into in the next post.
Questions? Comments? Please let me know.