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Selecting a Money-Making Business for Self-Employment

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Selecting a Money-Making Business for Self-Employment

One of the early steps you must take in becoming self-employed is the decision of what business to do. Many people have difficulty at this stage. Some have too many abilities and skills and do not know which one to turn into a business, others have none (have not discovered themselves yet), whereas others simply don’t know what to do. These simple steps will help you choose a business area for your mission to become self-employed.

Consider these questions and provide honest responses to yourself

  1. Whether you want to sell a service or a tangible product(s)

Usually, for people who want to provide a service, it must be a service that you know you can deliver with excellence. Service delivery is often attached to the personality, and many consumers do not know how to separate it from the person offering the service. Consumers often judge the quality of the service based on the person who is going to deliver it. Therefore you must be qualified to provide that service, have an appreciable level of experience first, and carry yourself in a manner that consumers would believe that you can provide the service.

Tangible products do not often carry the reputation of the seller unless you are the producer/manufacturer of the product. Often, the reputation of the producer is what consumers consider most.

  1. How much money you have and how much you are willing to risk

Becoming self employed may sometimes require initial capital. Office set-up, equipment and machines, supporting staff, and working capital are what you would need to fund in some cases. You must come to terms with the fact that some start-ups fail, in fact more fail than the number that succeeds, and therefore you must determine how much money you have and how much you are willing to risk at your age. Younger entrepreneurs can risk a larger proportion because they have time to start it all over again. The amount you are willing to risk determines which business areas you can go into, because different businesses have varying capital requirements

  1. What do you like doing so much that you would love to do it every day

The response to this question is very important. Because this business is what you are going to do for a long time, it must be an activity you love doing and are willing to do it for the rest of your life. At least, for a long time. The passion for the activity you are going to engage in would serve as your strength for the journey. It will help you overcome challenges and discouraging times. It will help you think often about your business and come up with innovative ways to grow it. Passion is almost everything.

Your answers to these of questions will help you focus and pick a business. If you still do not find what sort of business you want to start, then here are a few ways to find one:

  • Go to a commercially vibrant street and notice what businesses catch your eye
  • Go to trade shows, exhibitions and attend business seminars/workshops
  • Google an industry of interest and see the businesses in the field

What you are looking for is a business that would be interesting to you, which utilizes your skills, that is not too expensive, and which has potential for growth. Make a list and narrow your choices down to the last thing that exactly completes these criteria.

 

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