What Type of Business is Best for You?

What kind of business is best for you? Are you hearing me? Do you think about this? I think we all get to a point in life and business where we need to evaluate if what we are currently doing is what we need to continue to do, or if it’s time to move on to the next thing. Let’s take a look today at some helpful considerations when beginning to make that big decision, because as entrepreneurs, we are multifaceted, multitalented people; we can do anything! But what’s BEST?

  1. Your interests and passions. Each of us has “a thing.” That thing (or things) that we are just super passionate and lively about. What are you excited about? What do you get worked up about? What brings you joy? What animates you?
  2. Your skills, talents, and experience. Everybody is good at some things and not others. Make a list. What are you good at? What training do you have? What types of jobs have you held in the past? What types of activities do you do in your spare time?
  3. Your geographical preferences. Do you prefer to work from home in your jammies or do you like the commute-to-the-office concept? Is the type of work you’re most interested in confined to a specific community or locale, or can it be done virtually, worldwide? Do you have little kids at home, necessitating a home office, or are you free to travel or be away from home during the day?
  4. Your preferred business model. The sky is the limit here. Passive streams of income, in-person coaching, video trainings, group programs, product based storefronts—virtual or brick and mortar. Consider your personality, goals, and potential offerings. All these affect the type of business model that will ultimately be best for you.
  5. Your availability. How many hours per week do you want to work? How many CAN you work? Be honest about your lifestyle and the needs of your family at this stage in life. There is a time and a season for everything. Maybe you can give 15 hours per week or maybe you can dig deep and give 40. There is no wrong answer except that which doesn’t serve you.
  6. Your income requirements. This is absolutely up to you. What kind of business are you considering and what type of income is it able to generate, given your needs and availability? How much income do you need in order to make ends meet? Consider overhead and possible staffing needs, supplies, and last but not least, time.

These are just a few ways to evaluate what type of business may be best for you right now. Things change—we change—and because of that, sometimes our business needs to change as well. Change can be good. Take the time to discover what’s best for you!

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