Many people ask me how to select the right business. Others ask me how to select a business that will be very profitable. If you observe the market, you will find that many people build businesses related to jobs they’ve had in the past. A teacher starts a new school, a graphic artist starts his own design firm, a dance teacher starts her own dance studio, a hairdresser starts her own salon and a corporate computer programmer develops and launches his own software.
Others turn hobbies into money-making ventures. These include photographers, authors, aerobics instructors and professional athletes. They had a passion and turned it into a way to make a living. As they say, “A man who loves his job will never have to work again.”
Then there are those who want to be independent, to be their own boss. The only thing missing is the vehicle.
Take an inventory: First, your skills. Write down everything you’re good at and try to match these skills with opportunities. Look for needs and problems you can solve. Second, your passion. What do you like to do? What are you passionate about? Find a way to turn that passion into a product or service.
In order to maximize your chances of success, you must be a “product of your product.” You should have a product that you like so much you could talk about it all day long. That excitement should hold you over on days when you don’t want to get out of bed. You should be powerfully moved to get up every single day to work in whatever business you choose.
It’s much easier to become successful and profitable if you pick a business that suits your abilities, interests, skills, lifestyle and passion.
For others it’s just a matter of money. They seek opportunities where money can be made regardless of personal satisfaction. A friend of mine told me his latest business idea, dealing with funeral homes and relatives of the deceased—no mitzvah attached. I asked him if he was ready to deal with such an environment for years to come. His answer was that there was money to be made.
I’m sticking with passion. Your quality of life will be so much better by dealing with something you really love. Have in mind that half to three-quarters of your day is connected to your business. This means half to three-quarters of your life! It had better be something you love.