Starting your business - Criteria #3 - Skills/Abilities

My last two posts about starting your business covered what I feel are 2 of the 3 main criteria when deciding what type of product or service to build your business around. They are passion and money. The third, Skills/Abilities, help you realistically determine what you can do or are able to do. When we started our business, we were in our mid-50s. We knew we didn’t have the strength, stamina or physical fitness we had when younger, so assessing our abilities helped us focus on a business that would not demand a high amount of physical activity. Landscaping and cement work, for example, were out of the picture! Other skills/abilities besides physical should also be considered. Do you have computer skills -- or a desire to learn? If not, you probably won’t want to start a company that requires a great deal of time creating spreadsheets and correspondence. Thinking of starting a bookkeeping service? Obviously, experience and knowledge in accounting will be required.

There are other criteria you might want to add to this list, but these three will get you going in the right direction. Once these decisions are made, you have a good outline of what type of businesses to investigate. You will have eliminated some and discovered others you wouldn’t have initially considered.

There are many ways to find this information. Consult a business broker. Many represent franchises only, but others also work with those who offer business opportunities and business owners wanting to sell an existing business. These professionals will even help you decide what would be a good fit. Are you a customer of a franchise business? Ask the owner for some information. Visit a networking event with the intent to question the entrepreneurs about what they do. Search the internet; it is a great resource to find exactly what you’re looking for.

Narrow down all of your options, first by making sure they align with your three criteria. Then ask a simple question: Do I want to do this? The question may seem to be almost ridiculous, but if you focus only on the criteria, this seemingly obvious question might be left unanswered!

Be honest with yourself, and no matter how inviting something is, if it doesn’t meet your passion, financial position and abilities, plus you honestly cannot see yourself doing this day after day, don’t even consider it!

Making this decision is a life-changing event. Make sure you fill the passion so you can enjoy your next career!