How to choose a business?

[burndog]

Hey guys!

I've been reading the forums for a long time and now I decided to come out and ask you a very important question that's lingering in my mind for years now.

How do I choose a business?

I know I need to take action. I admit. I've read the books and I think I'm ready. But what paralyzes me is, what business should I get into?

I'm 29 and I work as a software engineer. I don't mind creating an application (but what type?) but I'm very open to other fields as well.

I will really appreciate the advice that you guys are going to give. Thank you in advance!

Regards,
Burndog

 

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[healthstatus]

I have a well defined set of long term goals, I always choose the project which gets me closer to those goals. Now sometimes I have two projects to choose from that each moves me closer, if I can't do both, I choose the one that I would feel rewarded by doing even if the result turned out not to fit my long term goals. That makes those days when you really have to grind on a project and do the things you don't like to do so much easier to put up with.

 

[burndog]

Hi healthstatus, your reply makes sense to me. Would it be ok if you give examples based on experience? Thanks for your reply!

 

[healthstatus]

one of my goals is that 50% or more of my time is free, I want to work no more than 3 and occasionally 4 days a week. So if a project pops up that once it is complete is going to require more of my time than that or the time that is available, it is immediately eliminated. So I look for projects that are low on ongoing maintenance and support, (no coaching systems that learners are constantly sending emails that need to be responded to), iPhone apps that just get coded once and I check how many I sold every couple of weeks meets my criteria. Without your own set of long term goals, it is hard to decide. For many people getting rid of the job is a goal, but they get rid of a job, and have boxed themselves into something else that doesn't provide freedom (the golden handcuffs from the e-myth book). So you need to set some goals on financial, time, moral and family freedoms.

 

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[Rickson9]

What your customer will pay you for. That's the business.

 

[sam22]

What your customer will pay you for. That's the business.

If you have a couple of ideas in your mind already, validate them and see which idea customers respond to the best. Of course, the business should fulfill the commandments of need, entry, control, etc.

 

[RE Taipan]

BD,

I'll echo the thoughts of others here......My criteria is simple.....to be sure that whatever I am going into does not become a job...then even though I am working for myself, I'm still trading 5 for 2, 6 for 1, or worse yet, 7 for every once in awhile.

I don't have any problem putting in the hours up front to get things going and make sure they are going well...and the time necessary to make sure things stay that way....but if the end game is creating some venture I can work in instead of on, then all I am doing is trading one job for another...while maybe not slowlane in the strictest sense as I am no longer making someone else $$....it is not, IMHO, fastlane either as I am still trapped by a job and not able to expand or consider other opportiunities where I can devote my efforts in to satisfing the needy child "customer" (read: B to C or B to B).

 

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[jessica_david]

whatever is in your mind just come up with it don't ask anyone about what type of business you should start as no one better then you know abilities.