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Struggling with deciding business type

 
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slats432

posts: 2

Mar 17, 2009 11:25 AM ET    Quote  Report Abuse
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I am at a loss.  I have many talents, marketing, sales, management.  I have interests and passions galore.

I can`t for the life of me, pinpoint in what direction to start my business.  I have been thinking of what to do for at least two years now.  (And have always wanted to own my own business.)

My start up cash is limited, but generating revenue isn`t exactly going to be my biggest dilemma, since I have a 20 year sales background meaning sales will likely be the least of my worries.

I have to keep my regular job since my obligations can`t be ignored during startup.

So here is what I know.

Limited start up capital.
Home based to start until income is replaced.

I could use some thoughts to push me in the right direction.

Thanks all!!

Loren

posts: 242

Mar 17, 2009 1:57 PM ET    Quote  Report Abuse
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If you have the ability to have conversations you can do very well
by combining multimedia lead-generation marketing with straightforward
phone follow-up.  I have done this on and off for years and honestly
you will get more return for dollars and time invested faster with this
business model than with ones where you try to make a lot of small
sales without speaking with customers.  

It`s sort of like hunting elephants or hunting squirrels.  The squirrels
may be more plentiful but there isn`t much meat on them.  Silly
analogy -  I sometimes use low-priced products with a
bigger-ticket upsell, ie. coaching or bizop, on the back-end... but
it isn`t actually necessary.  Just generating phone leads and calling
people and finding out what they really want is sufficient to do
very well for yourself,  and help people  create better lives for
themselves too.  
MattThomas

posts: 203

Mar 19, 2009 2:25 PM ET    Quote  Report Abuse
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Think about some of your bigger hobby interests that might be good business ideas. Go to Google Trends and see the popularity of the search terms associated with these hobbies. This can give you a general idea as to if there is demand in this area for products.

Then, you can check google`s keyword research tool (just google: Keyword Research Tool", it should be the first one) and enter your general hobby term to get a little more specific on what you can offer and the demand associated with these more specific ideas/search terms.



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Motivation for Entrepreneurs
Entre-Propel.com
Bobson8788

posts: 31

Mar 20, 2009 6:40 AM ET    Quote  Report Abuse
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Your problem is you have a regular job, that is why you can`t deside what to do , let you lose your job and car, mortgage and what else is do at the end of the month, believe me you will know what business you should be in instantly, believe me
 
emerr

posts: 4

Mar 23, 2009 4:20 PM ET    Quote  Report Abuse
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Hi slats432,

i fully agree with MattThomas, you should try to find the biggest of your passionshobbies and start digging there for biz. opportunities.
I must say that most people think that the best business is that pulls in huge amounts of money, but for me and many others the good business is that provides you with positive emotions and makes you feel happy about what you are doing at the first place. After you have achieved the first one the money will surely come to you.

Good luck.
emerr3/24/2009 6:14 AM


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MetalScrap : Business that works!
Mar 28, 2009 11:15 AM ET    Quote  Report Abuse
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Your problem is you have a regular job, that is why you can`t deside what to do , let you lose your job and car, mortgage and what else is do at the end of the month, believe me you will know what business you should be in instantly, believe me
 



I don`t entirely agree with this advice because I have been out of a job since December and I`m still having trouble coming up with a viable business idea. I have similar experience as the author of this post and can relate.


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Being good in business is the most fascinating kind of art.
Andy Warhol
musebay

posts: 14

Mar 29, 2009 12:25 AM ET    Quote  Report Abuse
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Decide which one of those interests you`re most passionate about. It`s best to focus your energy on one thing.
Loren

posts: 242

Mar 29, 2009 5:25 PM ET    Quote  Report Abuse
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Your problem is you have a regular job, that is why you can`t deside what to do , let you lose your job and car, mortgage and what else is do at the end of the month, believe me you will know what business you should be in instantly, believe me
 



I don`t entirely agree with this advice because I have been out of a job since December and I`m still having trouble coming up with a viable business idea. I have similar experience as the author of this post and can relate.




The issue is not lack of opportunity - it`s the reluctance to move from
the information-gathering stage (where you won`t make any money)
to the decision/action stage (where you can make money).  

Start making decisions.  Make it a habit.  You will not succeed in your
own business unless you can do this, so you might as well cultivate
the ability to make decisions and stick by them.  All successful people
have this ability.
MattThomas

posts: 203

Mar 30, 2009 9:37 AM ET    Quote  Report Abuse
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Your problem is you have a regular job, that is why you can`t deside what to do , let you lose your job and car, mortgage and what else is do at the end of the month, believe me you will know what business you should be in instantly, believe me
 



I don`t entirely agree with this advice because I have been out of a job since December and I`m still having trouble coming up with a viable business idea. I have similar experience as the author of this post and can relate.



Also, businesses NEED funding, and coming up with some sort of funding without some initial source of income can be very difficult. Having at least a part time job so you can hire freelancers and market your product can help you get the ball rolling faster in many cases.


-------------------------

Motivation for Entrepreneurs
Entre-Propel.com
slats432

posts: 2

Mar 30, 2009 9:50 AM ET    Quote  Report Abuse
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I am sure my wife wants me to just leave my job to follow my entrepreneurial spirit.

The advice here all bears some fruit.  I will add more.

1.  Leaving my job is not an option because the bills need to be paid while the business gets off the ground.
2.  Internet based businesses are appealing because I can work as time permits.

I can invest some of my own money, but I don`t have 10s of thousands of dollars to either A. Fasttrack my business or B. Devote full time to getting it off the ground.

Basically what I am looking for mostly is by what criteria do others use to choose their business?

P.S.  I just want to thank everyone graciously for taking the time to give their insight.
slats4323/30/2009 11:47 AM
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