Perhaps you already have some idea of what type of business you would like to start up, if not that’s okay; the following method applies in both cases.
The first thing to do is make a list of your hobbies, interests, skills or abilities, ideas or anything you have knowledge about – note that you don’t need to be an expert, you can always learn along the way.
As an example I will apply the above method to myself, choosing three of my hobbies, interests and skills:
- Music
- Motorcycles
- Computers
Looking at music first, here is a passion of mine that I have a lot of experience and expertise in as I have worked in the industry as a musical instrument salesman, luthier (guitar repairman), performer and teacher. I could consider starting up a business teaching or repairing guitars but considering I live in a small country town it would not really be viable – just not enough customers, so I’ll keep this one as a hobby.
Next on the list are motorcycles. I grew up with bikes, my father was very mechanically minded and was always in the shed fixing and making things. We had quite a few old motorcycles and I spent a lot of time working on them. This could be a good niche for me as there is no motorcycle repair business in this area and there would be a demand for this type of service from locals and farmers who use motorcycles, four wheelers etc.
The last example is computers and this has been a hobby of mine for quite a few years now. I could consider starting a computer repair business (note how there is a common theme of fixing things where I’m concerned!) Again this is a good niche as there is demand for the service and practically no competition. I’m not an expert but I can certainly learn.
This is in fact the business I started two years ago, with really just a basic knowledge of computers. I have a small area set up on my enclosed back verandah where I work on the PC’s that customers have brought to me to fix. The business has now grown to the stage where I go onsite for a number of clients, including local businesses to repair, maintain and upgrade their networks.
I sure have learnt a lot along the way and when I am confronted with a repair or problem I know little or nothing about I turn to the best tool in my toolbox – the Internet! A search for the specific information I need never fails to get me on the right track.
Now, let’s go back to your list. What we are looking for here is your own little niche.
Let’s look at each of your items and as their viability as a business is determined either tick or cross them off the list. For each business idea ask yourself the following question:
- Would there be enough people interested in my business?
- Are any other similar businesses already operating near my location? (a little competition is okay)
To help you answer these questions, you will need to do some market research.
This simply means checking out your local business directory and community newspaper, talking to people, finding out if there is any interest in your business idea – get some feedback. This will prove to be extremely valuable information and will help you to avoid making a decision based on your idea as a passion instead of it’s viability as a new business.
I’m sure you get the idea here and you should be able to narrow your list right down to make the best choice based on the information you have gathered.
If you have any computer skills you may be considering starting up an Internet-based business and I will be covering this topic shortly as it will be an article in itself.
Next time I’ll be writing about narrowing your short list down to one business idea –
See you then.
