What Business Should I Start?. Rhonda Abrams
book, Wear Clean Underwear: Business Wisdom from Mom, Rhonda illuminates how incorporating strong values into running a business can also benefit the bottom line. She examines the business practices of several outstanding companies, including Southwest Airlines, Kinko’s, and 3M. Wear Clean Underwear was a selection of the Book-of-the-Month Club. It has been translated into Japanese, Dutch, and Korean.
Rhonda’s latest book, published in association with What Business Should I Start? is Six-Week Start-Up: A step-by-step program for starting your business, making money, and achieving your goals. The book takes readers step-by-step through the process of bringing their business idea to life—handling everything from choosing a business name to finding a location, to hiring and managing employees—all in a period of just six weeks.
An experienced entrepreneur, Rhonda has started three successful companies, including a small business planning consulting firm. Her experience gives her a strong real-life understanding of the challenges facing entrepreneurs. Currently, she is the founder and CEO of The Planning Shop, a company focused on providing entrepreneurs with high quality information and tools for developing successful businesses.
Rhonda was educated at Harvard University and UCLA. She lives in Palo Alto, California.
Introduction
YOU CAN DO IT There’s a business that’s right for you
“Someday I’d like to have my own business.”
If you’ve said those words, you’re not alone. Millions of people share that dream. This book will help you succeed.
“I just don’t know what kind of business to start.”
Many would-be entrepreneurs get stuck when they have to choose which type of business to start. This book will get you going.
Over the years, you may have had hundreds of ideas for businesses—or perhaps you’ve had very few. Either way, chances are you need help deciding which idea is the right one for you.
Sure, you know there are plenty of possible businesses you could start. After all, family and friends keep suggesting ideas to you: your sister says you should sell real estate, your exercise partner wants you to open a gym, and your neighbor swears you can make a fortune selling herbal supplements.
But, now that you’re actually going to put your toe in the entrepreneurial waters, you’re stymied. How do you pick the right one? How do you evaluate whether it’s a good idea or just so-so? How do you know if it will make money?
Some people think it’s just a matter of trusting their gut instinct. But that’s not always the best way to judge. After all, you’ve got a lot at stake. Choosing which business to start is a big decision—a much bigger decision than accepting a job. If you take the wrong job, you can always quit and look for another. But starting a business is a huge commitment—it takes a lot of time, money, and determination, so you want to get it just right. But what, exactly, makes a business idea just right?
The origin of this book is simple: over the years, as a result of my newspaper column, books, and speaking engagements, hundreds of people have asked me what business they should start. Of course, there was no easy answer. Finding the right business depends on the individual—their background, interests, personality, financial situation, experience, and more. What was even more frustrating was that I didn’t know of any good resources I could point them to to help them answer their question.
Sure, if you scan the shelves of bookstores or the piles of information at counseling centers, you’ll find loads of information on the topic of choosing the right career—finding the right job. But if your goal is to start a business, you’ll find virtually no books on the subject.
The few books you might find with new business ideas are just that—mere listings of ideas. None of those books include any help in determining whether a business will be right for you, even if any of those businesses could be successful. (I came across a software program with new business ideas that suggested I’d make a good bungee-jumping instructor. I don’t think so!)
So I decided to create a book that would answer the question people kept asking me—“What business should I start?” And I wanted it to be a guide that would finally give would-be entrepreneurs honest, insightful assistance in choosing a successful business—the right business for them.
I wanted the book to be based on solid information—real data of what business ideas are successful for self-employment in the real world. And I wanted to give readers—you—a framework for making decisions.That’s why we’ve developed and included self-assessment tools to help you better understand your own skills, style, interests, goals, financial needs, and more. You’ll have a chance to explore the various facets of your personality and background. This isn’t just about throwing a bunch of ideas against a wall to see which ones stick, but to really examine and evaluate the right business for you.
So, if you’ve been struggling to find a business to start, you’re in luck. This book will give you more than ideas; it will give you focus. It will help you identify the right business to start—I guarantee it!
The Seven Step Process
Many business experts will tell you it takes a particular type of person to be successful, but I know—and you know—that’s just not true. One of the first things I did when I started working on this book was to recognize that all entrepreneurs are not alike. The fact that you may be shy, or averse to risks, or that you hate making sales doesn’t mean you can’t be an entrepreneur—and a successful entrepreneur at that. It just means you have to discover what type of entrepreneur you are—which, in turn, will help you choose businesses suitable for you.
So, this book is a process of discovery. I walk you through the steps of identifying and evaluating business opportunities.
First, we’ll find out about you:
Step One: Identify your own E-Type™—or Entrepreneur Type—so you can figure out what types of businesses best suit you. Take this exclusive E-Type test to uncover your true entrepreneurial personality and reveal which of the nine E-Types best describes your entrepreneurial style.
Step Two: Clarify your financial goals and business aspirations. What do you want to achieve? How much money do you want to make? What’s your definition of success?
Step Three: Examine your interests and abilities. Naturally, you want a business you find stimulating—and you can get a real leg up on the competition if you already have experience and expertise in your chosen field. We help you evaluate—and remember—your talents and passions to see how they relate to potential businesses.
Next, we’ll learn about businesses:
Step Four: Find out where others have found success—what works in the real world. Learn which business types are growing; you may be surprised! Learn which businesses are best for solo entrepreneurs.
Step Five: Explore the different business sectors, industries, and specific businesses. Take a close up look at some of the best businesses for startup entrepreneurs—finding out how much time and money they take, what their outlook for success is, and what kind of lifestyle they afford you. Get hundreds of ideas for other businesses.
Next, choose a path for your own success:
Step Six: Choose a niche. Increase your chance of success by zeroing in on a specific target. Find out how you can segment your customer base so that you can immediately get a jump on the competition.
Step Seven: Rate your business opportunities. By the end of this book, you may have identified a number of realistic concepts for your business. We help you choose among them—and focus in