Choosing the Right Business for You

Pursue success with an idea that excites you and customers alike

By Matt Alderton, Writer, Editor and Media Consultant, Logolepsy Custom Content and Communications

Every successful business starts with a great idea, but not all great ideas result in a successful business. So how do successful entrepreneurs catch the right idea in a stream of clever business schemes? With patience. When you take the time to properly develop your ideas, the result is a business that simultaneously:

Inspires you.
Makes you money.
Meets your customers' needs.

Know yourself

Capitalize on your own experience - whether you're a veteran in a specific industry or a simple hobbyist with boundless knowledge - to create good ideas with great odds. But before deciding what business is best for you, you must decide if you're ready to do the hard work to make it happen.
Try: Discover if you've got what it takes to be a successful entrepreneur by taking these quizzes from the Harvard Business Review, Monster.com, and American Express.

Do what you love to do

You must be passionate about your ideas in order to make them fly; if you're not, they'll flounder. Think about the things that make you happy: Is there a business idea there?
Try: Discover which of your passions will mix well with your personality in order to create a successful business by enrolling in Rockport Institute's Pathfinder Entrepreneur's Choice Program, which helps budding entrepreneurs identify their natural strengths and talents and match them with a complementary business model.

Do what consumers need done

Supply is useless without demand. Find out what people want and find a way to give it to them.
Try: Scope out consumer needs by subscribing to the free monthly Trend Briefings.

Do better what someone else already does

The best ideas aren't always new ideas. Examine existing business models that you admire and brainstorm concepts to improve them.
Try: Study America's most successful companies for ideas and inspiration. The Fortune 500 list ranks the nation's largest corporations — many of which used to be small, just like you.

Do what's been proven successful to do

If you're a new business owner, consider purchasing a franchise. The best business for you might end up being one that a franchisor has already spent millions of dollars to develop, test and grow.
Try: Make an informed franchising decision when you consult the resources available at Franchising.com, including information on specific franchising opportunities, attorneys and more.

Consider all your ideas - and those of friends and family - carefully. Don't dismiss suggestions too quickly; your best idea might be your least likely one.
Many entrepreneurs consider themselves jacks of all trades; most businesses, by contrast, must be highly focused to succeed. Find a niche and be an expert rather than a generalist.
The right business for you will be in an industry and a market where there is room for you; avoid pursuing a business that is already saturated with competition.
Whatever business you choose, you'll have to make a living doing it. Be realistic, then, about whether you'll be happy doing it, and whether consumers will actually pay you for it.