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mboykin
11-29-2009, 05:59 PM
I am interested in starting a new small business in approximately 2 years if not sooner. The only thing is I am not sure exactly what type of business to open. Any suggestions?

vangogh
11-29-2009, 07:52 PM
No one can tell you what kind of business to go into. It depends on what you're interested in and what skills you have. Any suggestion would be a random guess. If you want to share more about yourself, what you enjoy, what kind of skills you have, and anything else you're willing to share we might be able to offer up some ideas. But without knowing more there's not much anyone can really suggest.

handprop
11-29-2009, 09:15 PM
I have an idea that came from a hospital administrator last week. I was doing some fund raising and met him on accident. I took him out to lunch and he was telling me they were looking for ways to get in the whole "green trend".

We were talking about all the things that could be done and are not. One of them is custom signs made from "green" materials. Each hospital is different so everything would be custom and made to order. That's good because now your not producing a commodity and price is not a factor. Hospitals have thousands of signs inside the hallways and rooms so it's really quite endless.

Look up green friendly products like phenolic etc and work with a wood shop that has a CNC machine.

Look up hospital supply companies and see what they offer and spend time working the process of how you might want to do something similar but "green".

Opportunities in business are endless, it's not so much what you pick but how you do it.

I'm not a "green" type person but it's a hot trend. Opportunities are endless.

Mike

Evan
11-30-2009, 12:32 AM
I'm always one for promoting people to do something they know. The success rates seem higher, because you know the ins and outs of the industry.

I can open an accounting firm and be successful, because I know it. Yet if I tried to open a sub shop, I have absolutely no experience (other than eating a few too many). That means there is a huge learning curve, and sometimes it means I don't know what I'm doing as well as others do. That is a huge disadvantage.

KristineS
11-30-2009, 09:54 AM
I would have to agree with those who've said that no one else can tell you what business to go into. You have to find something you're passionate about. If you're going to spend a lot of time doing something, it ought to be something about which you care, and which you enjoy. Otherwise, what's the point? Yes, money is nice, but it won't compensate for doing something you hate.

mvd
12-18-2009, 08:56 PM
if you don't know what business to start, then don't go into business just for the sake of it. Wait until you find something you like, that will also be profitable.

huggytree
12-19-2009, 10:37 AM
I dont think anyone can advise you what business to get into

i stronly recommend against your idea of choosing anything...not having an idea..a strong idea...right now!....is a bad sign.

you need to be an expert in the business your going to start...you need to be as good or better at it than everyone else. then you need a unique idea to set yourself apart..

most people fail....and most people dont just pick anything...they know what they want.

your going to need alot of money...i recommend enough to live on for 6 months + and to buy equipment & inventory

i recommend not doing anything until the economy improves...your odds of surviving when customers barely exist is not worth the risk right now.

The Entrepreneurs Network
12-19-2009, 05:02 PM
It is difficult for someone else to advise you what business to start. The first question you should ask yourself is whether you have what it takes to run your own business. If you think you do, then choose a business that fits with your skills and personality. What are you good ate and what do you like to do with those skills. Only you know the answer to those questions. I think that it is better to use your skills in your own business than using them working for someone else. If you have not read the book "Rich Dad, Poor Dad" by Robert Kiyosaki than I suggest you do so. He puts forward excellent arguments for using your skills in your own business. I also have a free ebook on my website that might help you make up your mind whether you want to start a business.
Good luck with the decision making process.

dpdumas642
12-20-2009, 01:59 PM
I would say start a business that you have a genuine interest in and there is a good potential to make money. Don't do it just for the money. I started a business just for the money and my heart was not into to it. As a result I am considering closing it. I have recently started another business that I a genuinely interested in and it is going much better.

vangogh
12-20-2009, 04:39 PM
I would say start a business that you have a genuine interest in

That to me is the key. I've always thought there are ways to make money in any industry, though certainly some businesses have more potential than others. Still I think no matter where your interests lie there's a way to make money with it. The hard part is sticking with it long enough to make it work, which is where your interest is so important. When you have passion about something it's so much easier to keep at it when the business isn't going as well as you'd like.

Spider
12-20-2009, 05:24 PM
I would go one step further - not just "having an interest," but genuinely having fun.

If you look at that killer of all progress and success, procrastination, you will see that procrastination only affects you when not doing what you're supposed to be doing is more fun that doing it. If your work is more fun than anything else you can think of, that's what you will do. Procrastination is never a problem with someone who finds their business, career or work fun.

I list model railroading as my hobby. Yet I haven't had a layout for 20 years and it looks like it will be a long time before I start building another (although that is the intention.) Simply because I'm having so much fun in my business that I just cannot pull myself away to devote any time to my hobby!

vangogh
12-20-2009, 09:49 PM
If you look at that killer of all progress and success, procrastination

I really want to respond, but I just can't seem to get around to it :)

By the way I do agree. The more passion you have for something the more likely you'll stick with it and be able to turn it into a business. One caveat. There are some things we're passionate about and don't want to turn into businesses, because sometimes all the business stuff erodes our passion a little for the subject.

For example say you love the movies. You find them magical. You go out and learn the craft of writing a screenplay. In so doing though, you lose some of the magic because now when you go to a movie you know what's coming because you can see the underlying plot devices, etc that the writers used.

Spider
12-20-2009, 10:40 PM
Ah! Do you see "passion" and "fun" as being synonymous, VG? I often think people use the word "passion" too freely, but that may be because I don't see passion and fun as synonyms.

Passion, to me, is an intense desire - which may or may not be fun.

Fun, to me, is something enjoyable, or one giggle level above mere enjoyment, and may or may not involve passion.

So, having a passion for one's business, to me, is an entirely different emotion to finding one's business fun.

billbenson
12-21-2009, 12:17 AM
I am interested in starting a new small business in approximately 2 years if not sooner. The only thing is I am not sure exactly what type of business to open. Any suggestions?

On the other hand, doing anything is better than nothing. Call it a hobby business and do it with the intent of learning so you will have the knowhow in two years. As long as the anything doesn't cost you a bunch of money. A lot of people get caught in procrastinating just starting.

An unemployed friend wanted to start a web site over a year ago. He's still unemployed and planning on it.

vangogh
12-21-2009, 12:45 AM
Do you see "passion" and "fun" as being synonymous?

I guess I do. I suppose I mean passionate in your interest for a subject. I think when you feel that way it is fun, but technically that doesn't have to be true. The idea though, is that if you go into business around something you enjoy that enjoyment will carry you through the rough times.

GoodPho~D
12-22-2009, 12:03 AM
Yes, I have to agree with what most of the people are saying that you should find something that you're passionate about, find what the market wants, find out how you can relate what your passionate about with what the market wants, go get it and give it to them

vangogh
12-22-2009, 02:18 AM
find out how you can relate what your passionate about with what the market wants

That's a good point, which I don't know if we've really mentioned. Somewhere there's a meeting place between you, your interests, and your market. If you can find that place you have a good chance of being successful.

Spider
12-23-2009, 03:25 PM
I guess it makes sense to make sure there is a market for what you want to provide. OTOH, I am often amazed at what some people do for a business, and marvel that there actually is a market for it.

"Backyard Dog Poo Pickup Service."

"Mystery Shoppers."

"Diaper Rentals."

"50 cent coffee for $4.00 served in a paper cup."

I think there is probably a market for anything you can dream up, so I say Go for it! - whatever it is!

Dan Furman
12-29-2009, 11:57 PM
I am interested in starting a new small business in approximately 2 years if not sooner. The only thing is I am not sure exactly what type of business to open. Any suggestions?

Here's what I would do... in the next six months, make it a goal to make some money. Figure out how you can make some money doing/selling/offering something.

Go make a few bucks some way, some how.

Then, try and make some more. Maybe change directions. Maybe improve on what you did. Maybe do something different. Whatever.

And go where that leads you.

Spider
12-30-2009, 11:55 AM
Good one, Dan. I like that! (Wish I'd thought of it!)

Harold Mansfield
12-30-2009, 05:28 PM
Personally, I look at it in two ways because not everything I love can make any money.

There's the stuff I love, that I do and makes some money... and then there's stuff that I know how to do, and can get paid for, that I would like to grow into a larger business.

There's a big difference between what you have passion for, and what you have talent in. The talent is going to take you further, quicker and allow you to make some money while you are cultivating the passion.

vangogh
12-30-2009, 06:00 PM
I'm going to disagree with you kind of. I do agree with the premise that your talent will take you further. However...

I have a passion for sports. As I type this I'm watching NFL Live on ESPN. I watched the exact same program a few hours ago. If it's on later tonight I'll watch it again. If you'd asked me what I wanted to be when I was a kid, I would have answered a professional athlete. Unfortunately I wasn't born the physical gifts to enable me to be a professional athlete. I'm not big enough, fast enough, strong enough, etc. I can hold my own well against the usual weekend athlete, but a professional athlete was never in my future.

Some careers I could have had around my passion for sports:

sports reporter
sports anchor
sports announcer
coach/manager
work in the front office for a team
write novels with a sports setting
produce sports documentaries
sports statistician
work for any of the professional sports leagues
sports agent
I could go on

I think you can make money around anything you feel passionate about. As long as there are other people who also are passionate about it or just have interest in it, there's a way to make money.

To amend the usual follow your passion advice

Find a way to combine your talents and your passions

We're all talented in some way or another and we all have passions for different things. There is usually way to combine the two.

Harold Mansfield
12-30-2009, 06:37 PM
I can see it both ways. I guess there is a certain amount of passion in what you are talented in, or else you would have never become any good at it.
There are a few things that I am good at..even have been the best at times... and have been able to make a good living doing..but I'm not passionate about them anymore.
IOW, I don't want to make a living doing them anymore.

vangogh
12-30-2009, 06:55 PM
And while I'm passionate about sports I don't work at any of the things I listed above. There are definitely things I'm passionate about that I have no interest in making careers.

My thinking is that you can make money in any field. As long as there's a market or you can create a market you can make money. I agree that talent trumps passion, but ideally you'll find the places where you can combine both.

I know it's common advice to say follow your passions when starting a business and it may sometimes seem like you can't make money from your passion. I think you always can if you look sideways at it and find something your good at and figure out how to make it work with your passion. The following your passion advice is mainly because you'll likely stay interested long enough to push through the early times when there isn't much money coming in.

tmijs789
01-20-2010, 12:55 PM
Do you have money to invest? Do you want to operate the business yourself? Do you have the right skills? and the questions go on and on... The business must come from within.

Good luck on your ventured choice.