Business Ideas - How to choose the right business

scottbishopscottbishop Posts: 5subscriber
edited May 2006 in Selecting a Business
Hello Everyone -
Yes I am seeking advice AGAIN.  It is not the first time and is not going to be the last time.  So let me thank you in advance for you assistnace... It is greatly appreciated.
The problem that I am facing is - how to choose the "right" business.  I am currently employed in the corporate work with an aftermarket manufacturer in the automotive sector.  I deal with large national auto chains such as AutoNation, Sonic, UAG, and Hendrick.  And have been interacting with new car franchised dealers in the Northern California market for 8 years.  I have worked from my home office for the past 12 years.  Most of my experience is in sales for manufacturers ranging from technology (laser mfg and internet) to the auto sector.
Now onto the issue... soo many ideas and potential opportunities.  How do you drill down to the opportunity with the greatest potential?  How do you decide between industry knowledge and passion for and opportunity?
I live in an area with strong demographics.  Brentwood`s average household income is $97,058.  The community is growing which seems like a great opportnity for a B-to-C business.  Yet I have always felt that B-to-B is the model I would like to persure (the thought process is that I would rather offer a product/service that I can train a business to sell and have them market to their customers thereby reaching a larger volume of business).
I listened to the latest SN podcast which relates to this subject but still leaves me wondering ... passion or experience... any thoughts? 

Comments

  • RichRich Las Vegas, NVPosts: 636administrator Site Admin
    scott,
    does it absolutely have to be passion OR experience? do you not have passion for the work you already know?
    please check out our Life Plan exercise in 10 Steps to Open for Business - i think the process of identifying what you`re good at, experienced at, want to do, can risk, can tap in terms of resources, etc., will be very illuminating.
    love the demos in brentwood (used to live in santa monica) but that takes second fiddle to YOU... your personal "demographic", if you will, something you really have to understand in order to know exactly what kind of business you should pursue...
    i am sure the many startupnation community entrepreneurs will have additional advice, but trust me, take Life Planning to heart. it`s an extremely POWERFUL and illuminating process.
    rich
    rich
  • bfleming98bfleming98 Posts: 0subscriber
    Rich is right..  Think about lifestyle first.
    I`d also add.....
    - Find something with low (or no) start up cost
    - Find something you can start part time so you`d don`t have to quit your job
    - It doesn`t matter much where you start.  Just get started doing something.  You`ll feel better about yourself.
    - No matter what business you start you`ll have challenges.  Don`t think by choosing the `right` business it will be easy street...LOL
    Yes, even Bill Gates has bad days... and probably a lot lately.
    That`s my 2 cents.
     
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