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So You Want To Go Into Business – How To Decide What To Do

Posted on | September 4, 2009 | 1 Comment


Someone posted the following question the other day.  “How do I decide what business to go into?”

For many of you considering going into business the answer will seem obvious.  Do what you love and have experience in.  Or maybe you have been working in a field for a period of time and have discovered what you believe to be a niche area of the market that has not been filed. 

For others, what business to go into is not so easy.  What if you want to go into business but have never had any experience in that field.  How does one go about learning enough about it to be able to successfully start a business?

  •  If you have the ability and the job market is favorable, I highly recommend you spend time in the business, working for someone else for a period of time to gain valuable experience.  While working in the field, try to get a big picture understanding of the operation of the business.  Learn as much as you can.  Do more than your job description calls for.  Volunteer for other tasks.  Become a sponge for information about the busienss.
  • Study, study, study.  Take business courses at the local business college, read books on the subject and read anything else you can get your hands on.
  • There is a tremendous amount of knowledge available on line, on virtually every subject.  Carefully cull through that information.
  • Through your courses and readings, attempt to gain a good foundation to run a business.  Find out what it takes to run a business, and not just the operations.  Look at bookkeeping, taxes, financial reporting, financing, etc.
  • Find a mentor.  Someone else in the same business who will be willing to become your advisor.  Pick their brain.
  • Develop a business plan before you ever start your business operation. 
  • Establish a team of advisors.  People, paid and unpaid, who you trust to give you solid advice and council.
  • Consider your level of passion and drive.  Do you have what it takes to do this on your own, or are you better off working for someone else.  Starting and operating a business is hard work.
  • Do a self assessment.  Are you a self starter?  Do you have initiative and the drive to do what it takes to build your business?

When you are ready, dive in.  Don’t be afraid to make mistakes.  Often, successful businesses are built out of the ashes of unsuccessful ones. 





One Response to “So You Want To Go Into Business – How To Decide What To Do”

  1. Bill Bradfield
    May 1st, 2010 @ 10:47 am


    Thank you for your comment. I have been up to my eyeballs in tax returns during the tax season but will get back to writing blogs as soon as I have had a chance to rest up. In the meantime, comments like yours reinforce that what I am writing is helpful.

    Thanks again


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As an Enrolled Agent and consummate tax professional, Bill provides year-round, affordable tax services for his clients. Bill is experienced in small business start-up and tax planning in addition to a full range of tax return preparation.

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