How to Start the Right Business for You

E.Y. writes, “Buzz! Help me! I want to start a business but I have no idea where to start. I feel overwhelmed by the possibilities.”

Dear E.Y.,

“Many people feel that way; you're not alone. If we met in person I'd start a dialogue with you about a few things including:

· What do you like to do? (As a hobby, for example.)
· What are you good at?
· How long have you done that?
· Would you say your knowledge on the matter is a little, intermediate, or a lot?
· Create a list of 5 — 10 things that you love to do.
· Create a list of 10 — 25 things that you feel other people need.
· Compare your two lists. Do you notice any overlap?
· Are there businesses currently doing any of the 5 — 10 things that you love to do?
· Do you think the marketplace can sustain another business in that sector?
· What would you do the same as those other businesses?
· What would you do differently?

Once you've asked yourself these questions, then you're ready to start… PLANNING! Click to and check out the resources there (such as business plan templates).

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