How To Decide What Business You Should Start

What’s a solid business I can start? I will do whatever it takes, but have no clue where to start or what business to develop!

This is a common question I get.

A lot of people can see that there are advantages to owning and running a business as technology continues to decimate the jobs market, but with there being a real lack in education around business (even business schools don’t do a great job) most people have no idea where to start.

In fact, most business owners who actually own and operate businesses today aren’t much more clued up than you – other than that they were able to choose an industry to build a business in. So many business owners lack the basic business acumen to bring them success in business, and so for the most part find themselves treading water in an attempt to figure it all out as they go along.

Before you start thinking about building a business, you need to get clarity in yourself and your purpose in life. A business should be an extension of it’s owner and work towards delivering their grand vision for the world. To get this clarity you need to know 3 things; what are your skills, passions and values.

Your skills are the things you can do through action – these don’t have to be things you necessarily enjoy doing, you just need to get all your skills down on a piece of paper. Write down everything you’ve been taught and learned over the years, from singing to driving a car to using a hammer drill. If you have a skill in something, then put it on your list.

Then list out your passions; what are the things in life that you go out of your way to make time for, and that give you an intense feeling of satisfaction, interest and enjoyment when you do them? What things do you wish you could have time to do more of? What are the things you would do without getting paid? You will find that there are some cross overs between these two lists, as some of your skills will also be your passions.

Then look at your values; what do you value most in life? Growth? Integrity? Collaboration and connection? Your values are things that pervade all aspects of your life – they should show up in your skills and in your passions, and are the veins that run throughout your life. Your values will likely remain fairly constant throughout your life, and when you take some time to look back over everything you’ve done and all the experiences you’ve had they should become obvious to you.

Once you have these three lists (your skills, your passions and your values), you can now start the process of cross referencing the items on each of the lists. Which of your skills are in line with your passions and your values? All three must be in alignment. When you find a skill you have that relates to something you’re passionate about and that is in line with your core values, you can start to look at what problems you can solve with that skill – how could you develop that skill to solve bigger problems? Who would you serve by solving that problem? How big the market? What is the solution, and who is currently offering a similar solution? Can you realistically dominate that space with your new business? Is there a way you could take an existing solution and using your unique skillset make it even better so it becomes the market leader? How much will your target market be willing to pay for the proposed solution/service/product?

Using this method will allow you to quickly brainstorm lots of ideas for businesses that are in line with who you are and want you want from life. If you want to learn more about this process, you can listen to my podcast episode where I go through it in depth and really talk you through how to use this system to find business ideas that really get your creative juices flowing: Optimise Me Now! by Optimise Me! on Apple Podcasts or Stitcher – Optimise Me Now!

The other way you might choose to look at this is to research businesses that are currently thriving or up and coming and look at how you could start businesses in those areas. This is a strategy driven purely by the desire to run a business (whatever that business is) and to generate income. Personally, I don’t recommend this for one simple reason – business is hard. There will be tough times, and major up’s and down’s. If you don’t have a strong reason for why you’re in business and don’t love your industry with a passion then these hard times may well be enough to knock you off course and cause you to throw in the towel.

When you find a business you can build that you love and are totally passionate about you will literally burn the boats and do whatever it takes to achieve your goals, and it is exactly this level of tenacity you need to succeed in business.

Want more great content like this? Get instant access to my FREE report on ‘3 Steps to Business Success’ here


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