Frequently, our office receives calls from people who ask, “What’s hot now? What’s the fastest growing industry?” Websites and articles abound promising the next biggest thing. Unfortunately, that’s not the best way to approach business ownership.
Lofty words are also thrown around. Words like “passion”. What does that even mean?
What it really boils down to is do you have what it takes to start a business and is there demand for the product or service you wish to provide?
Some of our partners have already addressed many of the issues that should be considered by someone thinking about starting a business.
Entrepreneurship can be learned; attitudes and habits overcome. If you have doubts or your quiz pointed to some weaknesses, educational opportunities are everywhere. The key is to be willing to take the time to explore and change. Here are a few options to get you started:
Build it and they will come is never a good strategy, unless you’re Kevin Costner. Often, the most important factor is if your idea solves a real problem or fills a true need within your community. You may like the idea of starting a lawn service, but if there’s 30 other lawn service providers in your smaller rural community, you may have an uphill battle attracting customers. Asking yourself some tough questions can help you determine whether or not your idea has potential.
It goes without saying that if you’re going to go to the trouble of starting a business, you want to make a living doing it. And, the harsh reality is, businesses don’t always make money beginning on the first day. Careful consideration should be given to how much income you will need to meet your current obligations during your launch as well as once you’re fully dependent on the business to pay the bills.
Funded in part through a Cooperative Agreement with the U.S. Small Business Administration, Minnesota Department of Employment and Economic Development and regional support partners. All opinions, conclusions or recommendations expressed are those of the author(s) and do not necessarily reflect the program sponsors. Programs are open to the public on a nondiscriminatory basis. Reasonable accommodations for persons with disabilities will be made if requested at least two weeks in advance. Contact Central Region SBDC at 320-308-4842.