Home > Tax Articles > So, You Want to Start A Business...

So, You Want to Start A Business...

By Tonya Wilson
During a recent meeting with a partnering Chamber of Commerce President, I was asked if I ever do training for individuals who HAVE MONEY, want to start a business, but don't know what type of business to start. Well, in this economy that's a phenomenal position to be in, and as I explained, one we don't encounter often. However, it is definitely a challenge I would be delighted to undertake, after all, who doesn't like an opportunity to spend a little money?

To begin to answer the question of what type of business to start, let's begin by doing a little exploratory research. Think about the types of businesses you frequent as well as those in your local community and even the region. Are these businesses meeting your needs as a consumer?  Is there something, as a consumer, you wished was there to serve you? Can you see a niche they are missing that you could potentially fill? What's the internet have to say? What are the best industries to start a business in now? Inc.com* believes that they have the answer to that one.

The answers to these questions will start to give you some ideas but the most important research will be to explore your own interests and passions. What do you enjoy doing? What are your hobbies? Is there something that you are passionate about; something that drives you? Being passionate about your business is crucial because that passion will be what drives and carries you through when tough times fall...underscore when. 

Also of benefit will be to connect with others who have the same desire to start a business and even better, entrepreneurs that already have. Attend small business / entrepreneurship events and conferences* in your area. These events will frequently have presentations by local entrepreneurs who will talk about why they chose their business, how they got started and give invaluable tips for success and overcoming obstacles.

Once you have identified where your interests and passions lie, start your secondary research to determine the possibility of creating a business out of them. Visit your local research librarian* and begin a feasibility plan* on each idea.  This plan will help you identify what exactly you are selling, to whom, and most importantly whether or not there's a demand for your product or service.

There are many more steps you'll have to move through to bring your business to fruition and beyond finding a dynamic support system and business mentor or advisor* the primary asset that will carry you through will be your determination. In Russell Simmons, book Do You! 12 Laws to Access the Power in You to Achieve Happiness and Success*, he sums this up nicely:

Whenever you face obstacles or hurdles in life, look to your vision. As long as you've frozen it in your mind and it never moves, you'll know which direction to go in. As long as you never lose sight of your vision, you'll never lose sight of success...(Simmons, 2007).

Go to Tax Rates Home Page


Tax Rates
Tax Rates
Global Average Tax Rates
Historical Tax Rates
Tax News
Tax Videos
Tax Articles
IRS Tax Forms

© 2009-2012 TaxRates.cc
2011 - 2012 Tax Rate Guide and Tax Help Website