What kind of business should I start?
What kind of business should I start? That's a big question, but maybe the more important question should be what kind of business should you not start. This could also be helpful if you're trying to figure out whether the business you've already started is the right one, and whether you should make some changes to how you operate.
I like to approach this whole question from the perspective of your lifestyle.
When starting a business it's easy to focus so much on what you're selling and who you're selling it to, that you forget to think about the day-to-day lifestyle your business is about to create for you when it grows bigger, and if you actually like what you're seeing. After all, if your business won't serve you first, you'll soon enough run out of fuel to serve others with it.
To make sure you don't fall into this trap and create a business that won't serve you in the long run, let's look at this through 5 key questions to help you in the right direction.
1. Where do you want to be able to work?
Many online business models are fairly location-free and you may be able to manage your business even from your favourite beach in Bali. Certain online business models, such as coaching or selling physical products, might, however, require a slightly more specific location due to the time-zone of your customers, or the packaging and distribution of your physical products unless you are happy to pay someone else to do it on your behalf.
2. When do you want to be able to work?
Have a think about also whether you wanna be able to freely choose when you work or if you're happy to commit to certain working hours. Do you prefer a more client-facing approach and for example offer online coaching where you're available for your clients by appointment? Or perhaps you prefer to have an online business that provides you more of a passive income so that you can earn income regardless of where you are or what you do, for example by selling digital products.
3. Who do you want to work with and how?
By this, I mean both your clients and your potential employees. The business that you choose to start could mean that you work by yourself, and you don't really interact with any clients at all, or it could mean that you require a big team or a more client-facing approach. Maybe you wanna have a membership site online where you interact with your clients only on the platform and through your e-mails, or perhaps you wanna rather have real phone conversations or video calls and be more personally in contact with your clients.
4. What are you passionate about?
There's really no point starting a business if you're not passionate about what you're doing. Your passion works as the fuel to your business, and without it, your business won't drive forward. Ask yourself if you can see yourself doing what you do still in five or ten years' time as you want to put your effort into something you can be committed to for years to come.
5. Why do you want to do what you do?
Last but not least, everything comes down to your 'why'. Why do you wanna do what you do? Really spend some time to find the answer to this question as once you know why you wanna do what you do, you'll have so much more clarity over your entire business. Every decision you make and every action you take will be ultimately based on this core question. Once you know your answer, you're able to take your business truly where you want it to go.
Regardless of how you decide your business to look like, there are no bad choices as long as your decisions offer you the lifestyle you desire to achieve.