Small is beautiful, and it’s the perfect size for many of us. You don’t have to strive for huge numbers in revenue, customers, or employees just to stroke your ego or live up to some sort of startup wet dream*. Many people in the entrepreneurial world also call it a “lifestyle business.” This could be a freelancer or one-person shop, a solopreneur with an assistant, or a small business with five or fewer employees. When I think of small business, I think of a range of companies like local bakeries, home builders, independent clothing shops, restaurants, web design companies, marketing agencies, and yoga studios. Small Business: This is traditionally a company with less than 500 employees, but you can think of according to sales, assets, or net profits, too.Most of these companies had modest beginnings, but they’ve evolved into iconic behemoths. They employ hundreds of thousands of people and change industries and the world in big ways. Big Business: These are industry giants.To keep things simple, I put them in three main categories: Successful businesses come in lots of shapes, sizes, and models. Will you manage employees and work full-time, or work solo three days a week? How big you want your business to be depends on how much you’d like to earn, what your strengths are and how much time, effort, and responsibility you want to have as a business owner. At least, it matters when it comes to running a business. Got a long list of viable business ideas but no idea which direction to go first? Take my quiz to get even more clarity: What Kind of Entrepreneur Are You? 2. What future vision of the world will you and your business bring to life?. Why should your company exist? Whose lives/businesses are going to change as a result of it?.What’s the story behind your business? What’s inspiring you to start it? What are you taking a stand for? What do you believe in?.Why do you really want to start this business? What’s your personal motivation? List as many reasons as come to mind.You will, however, show up day in and day out for a cause or work you’re passionate about, so start with that.Īnswer these questions about any business ideas tumbling around in your head: You’ll face many challenges, and when the doody hits the fan, money is almost never enough to keep you going. That’s because starting and running a business is hard. Money is awesome, but it’s not a good enough reason to start a business. If your only motivation for a business idea is to make money, get famous, or gain power… that’s a red flag. What will this business mean for your life? For people you’ll serve? For an industry you care about? Why Are You Starting Your Business?Įven if you don’t have a clear business idea or model yet, you need to get clear on the reason you want to start a business. As with everything in your business, aim for progress, not perfection. Just write whatever comes to mind, and be 100% real with yourself. Quiet your inner perfectionist - we don’t need her here. Grab a journal or a notebook, or open a new document, and WRITE your answers don’t just THINK them. Note: Each step includes action items to help you find clarity. Understanding them will clarify which type of business model is right for you.įollow the steps below to decide what kind of business to start. Your goals and strengths are giant clues to knowing how you can make a positive impact and profit. To decide on a business idea, you need to get clear on: Starting the right business, whether you want to launch a multinational empire or a one-person shop, comes down to the same foundation: clarity. We’ll walk through five steps to figuring out what kind of business to start:Īnd, if you need a spark of inspiration, you can jump down to my big list of 25 businesses you can start for less than $100. I created this guide to give you a roadmap to build a business and life you love. This uncertainty can trigger an avalanche of misery, frustration, stress, self-doubt, and wasted time stuck in entrepreneurial limbo. My personal battle was having too many business ideas and not knowing which one to choose. I wanted to do so many things, and it took me years to realize the multipassionate path I was meant to follow. When I started my business, I struggled with this, too.
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