09.30.08
What Businesses to Own?
Looking for businesses to own? Put passion before profit for real success
You’ve made a decision to ditch your job and go out on your own, with your own business where you call the shots and you manage your own schedule. You’re tired of getting nowhere, working for a paycheck that is stagnant, while your boss makes all the profits. Although this stale job pays the bills, more or less, you want to be prudent and not jump the gun with a precipitous move that leaves you with no income at all. This is a wise decision.
If you want to be your own boss, you’re looking at all of the possible businesses to own that will improve both your finances and personal satisfaction. Even though you haven’t quit your day job, owning a business can be a scary proposition. The up side is that yes, you call the shots and make your own hours. The down side is that it is possible to fail. It’s readily apparent that a thorough analysis of what you want out of your own business, both in personal terms and financially, is a prerequisite. Where do you start?
When considering businesses to own where you’re running the show, your first consideration should be to seek a business you’ll truly enjoy. When you enjoy what you do, your chances at success are far better than when you’re conducting business in a field where you’re just lukewarm. Think about it. You must feel only a ho-hum attachment to your current line of work, or you wouldn’t be so dissatisfied. You definitely don’t want to jump out of the frying pan into the fire, so to speak. If you love what you do, success tends to follow.
However, financial success is one of your objectives, but you must balance that objective with your interests. While your next door neighbor may make a ton of money in the stock market, if stocks aren’t your cup of tea, stock market ventures have no place on your short list of businesses to own. On the other hand, maybe you’re an avid cyclist and can think of nothing better than cycling and spending your time and energy on a business that allows you to converse, participate – and profit – from participating and promoting cycling events. You’ll probably do very well with a cycling shop.
Before you make any decisions or business plans, make a list of activities and subjects that turn you on, businesses where you can satisfy both your heart and financial obligations. No matter who you are or what your interests may be, there are plenty of businesses to own that are both profitable and personally satisfying. You can have it all.