Choosing a business
How do I decide what kind of small business to start?
The best way to be successful and happy as a small business owner is to focus on two fundamentals: 1) What you know; and 2) What you love.
You must deal with many other market and operating issues that are common to all businesses. If you have to learn the industry, and/or if you aren't excited about the particular type of business, don't start your business until you these critical elements are complete.
Keep your day job while pondering what you would rather be doing. Find a niche in that field and research it. Develop a business plan. Save the necessary capital; if possible, launch your business small, so it doesn't need a lot of capital. Then, start building a track record you can take to the bank or financier.
Unless you know what you want to do, have identified a market opportunity and have the necessary startup capital, you've got too many things going against you to start a business. No bank is going to lend you money until these issues are resolved. Besides, you won't know enough about your prospective endeavor to know whether it's really what you want to do.
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