Monday, September 3, 2012

The Ideal Business

"What business should one concentrate on when one has several skills and experiences. The one providing the most, and immediate income, the one where there is a constant present and future market, or the others where the heart is and not the wallet?"

This question was posted recently on Boomer Business Ideas.  I was curious what other experienced business people thought and so I put the question to my mailing lists and posted it on several social networks.  The results were mixed, which is really not what I expected.  Several responses did state that they were altering their input a bit based on the fact that the individual posing the question was 60 years old and wanted quick results.  But still I truly did expect to see that most experienced business people would overwhelmingly choose the same focus.  All I did was once again prove that what is right for one person may not be right for another.

It also supports my opinion.  The best business to focus on is the one that meets your needs and will take all aspects into consideration.  I assume you are starting a business to make money.  Therefore, your choice must be something that has a "present and future market."  If you start a business that has no market, that's not a business, that's a hobby.

Your business also needs to have a way to generate some income quickly.  Again, most businesses are started to make money.  And most people starting businesses are not doing it hoping they will make some money in 2 years or 5 years.  It needs to be generating some income now!  So now you are looking for a business that has the opportunity to generate some immediate income and a market where there is continued room to expand and grow. 

This is why you also need to have some experience in your chosen field.  I have a client who makes a very good income buying and selling or "flipping" houses.  Can I do what she does?  Maybe.  But I would have much to learn first.  Putting your own skills and knowledge to work is much faster.

But wait!  Your business has to be something you are interested in; something you are passionate about.  Starting a business is work.  Hard work.  There will be setbacks and failures.  If you are not passionate about what you are doing, it will be easy to get discouraged and quit.

What business should one concentrate on?  One that you are interested in, that you have some skill or experience in, that can begin generating income within a short period of time, and has potential for future long-term growth.

This could still give you a wide range of choices.  For help narrowing it down to just one choice, and then turning that choice into a viable business, enroll in our next BoomerBiz Startup Class, starting September 16.  Registration opens September 8.  Watch for further info!