Setting Yourself Up for Success: Is this REALLY the Business for You?

Have you ever had a business idea you just can’t let go? You day-dream every spare minute of what it would be like to run that business. You picture yourself running that business on a daily basis. You talk to a few people who are in that business and ask them for advice. You finally take the plunge and start the business only to find out after you’ve got it up and running that you’re miserable because it’s the wrong business for you.

Here are four suggestions to help ensure this is the business for you:

    1. Get a job in the business you’re considering, even if it’s part-time. This not only gives you a better experience base, it lets you work with the type of people you’ll be working with and the type of clients or customers you’ll have.
    2. Select a business you have a passion for or at least enjoy doing. Daniel Burrus advises, “Find your passion and wrap a career around it.”
    3. Make sure it’s a business that can make a profit.   Write out the numbers. What will your overhead costs be and what’s the profit on an average sale? How many sales will you have to make a year to be able to support yourself?
    4. Make sure there’s a market for your product or service.   How will your customers find out about your business? Why will they buy from you?

Learn more about starting a business in $1,000 Start-Ups.

Published by Leah Ward-Lee

Leah Ward-Lee, the author of "$1,000 Start-Ups", is a serial micro-entrepreneur. She opened her first business at ten after lobbying for and receiving a shoe shine kit for Christmas. She pulled her wagon through the neighborhood, going door-to-door, offering to shine her neighbor’s shoes for twenty-five cents a pair. Once her wagon was full, she took the shoes home and polished them. Unfortunately that business was short-lived. She hadn’t tagged the shoes and couldn’t remember whose shoes were whose, so her dad went with her to retrace the route until every pair was returned. Since then she’s had businesses developing and teaching college courses, instructing aerobic classes, owning half a plane that was rented to a flight and maintenance school, and renting homes. She’s also owned a consignment store, a gift shop, a gift basket business, a consulting firm, hosted The Executive Toolbox (a weekly radio show), and a publishing company. She also spent twenty years in the US Army, served as the Chief Information and Technical Officer for two major insurance companies, and has a second career as a management consultant. Leah resides in Dallas, TX and on Amelia Island with Sammy and Goliath, her two rescue dogs.

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2 Comments

  1. Hi Leah. I hope all goes well. I finally purchased the book from Amazon, and I cannot wait to read it 🙂

    Regards,

    G. Kelley

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