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5 Tips To Help New Entrepreneurs Decide What Kind of Business To Start

According to estimates, more than 600,000 new businesses open in the United States every year. If you know you want to start a business, but you aren’t sure what kind of business to start, these tips can help.

1. Assess Your Experience and Skills

Think about the things you have done or know how to do that could help someone else. Start by making a list of all of your skills. Review the job description for your current and past jobs and make note of the skills required to perform those jobs. Read your past performance reviews to get an idea of what other people think your strengths and weaknesses are. Look for career-related aptitude tests on the internet. Ask your friends and family what they think you are good at.

2. Identify Problems You Can Solve

Many successful businesses exist to solve a specific problem. Think about the kinds of things that frustrate you. For example, if you buy your dog cute toys only to come home to find pieces of those toys everywhere, you may long for a company that makes durable dog toys for aggressive chewers.

Talk to your friends and family about their problems and frustrations. Make a list of potential problems and match them with your skills and interests to determine potential business ideas that could solve one or more common problems.

3. Determine How Much Time and Resources You Have

Businesses take time to run and require money to start. Take stock of your startup funds and be realistic about how much time you have to devote to your business. If you will be working or going to school while you start your business, choose a business type that doesn’t require your full attention to start. Stretch your budget by utilizing free or low-cost tools.

Facebook ads can be a good way to spread the word about your business. You can use a Facebook ads maker to design your own ads that can be customized with your logo, fonts, branding and colors. Some other useful free tools include Google Docs, conferencing tools, project management apps and email tools.

4. Create a Marketing Plan

An effective marketing plan is critical for any new business. Think about ways you can effectively market your business idea. It’s a good idea to engage the services of the professional digital marketing team at Taylor Made Solutions. Potential marketing options include paid ads on social media platforms, guest posts on blogs, social media campaigns, writing your own blog and working with social media influencers.

5. Choose a Business Structure

You can choose to organize your business as one of several structure types that each have advantages and disadvantages. Limited liability companies protect your personal assets, meaning that if your business owes money to someone, your creditors can only attempt to collect from your business’s assets.

LLCs also have some tax advantages, can save paperwork and provide more flexibility. You can either file yourself or use an attorney or formation service. Using a formation service can save you money on legal fees. Learn how to start an LLC in Colorado as states have different regulations about forming an LLC.

Starting your own business can be a rewarding experience that can also benefit your community. Decide on the best business type to start, take stock of your time and resources, develop a marketing plan, and choose a business structure that works for your company.

Taylor Made Solutions is a global executive consulting firm built on leveraging technology to solve the challenges of attracting opportunities to the leadership team for a non-sales approach to building business relationships. Connect with to find out more by calling 303-216-0472!