What business is suitable for you

With rising levels of unemployment many people are trying to set up their own businesses. The reality is that the majority of new businesses fail. Part of the reason is that people follow everyone else in the latest fad that is out there. When starting a new business there are a number of issues one needs to take into consideration

·         What are you passionate about? – if you are going into business doing  something you like, you are more likely to succeed. But if you do something you hate, then you are likely to fail. 

·         What are your skills? – Look at the skills that you have acquired over the years and consider how these can be used to earn you income. It is much easier to use the skills that you already have rather than try to learn a new skill for your business.

·         How much money do you have to start your business? - the reality is that starting a business takes money. Count the cost before embarking on a business. Most businesses run out of cash before they even open their doors. It takes so much more than just buying the product. 

·         What kind of lifestyle do you want to lead?- The “in thing” these days is the home based industry with flexible hours.But you may be the type of person who enjoys going to an office and connecting with other people. So find a business that enables you to do that.

·         Finally, running a business is not for everyone. Some of us are meant to work for others. Don’t be pressurized into starting a business when you are not an entrepreneur. 

The bottom line is this. Don’t follow the herd, but look for what is best for you and your unique situation.