When you are looking to start or buy a business you will want to find one that suits your skills, experience and interests. Here are a few questions that will help you choose a business that's right for you.
Industry/ product knowledge.
- How much do you know about the industry or the particular service/ product?
- Will you have to spend extra time and money up-skilling yourself ?
- Will you have to take on a partner, employ experts or use professional consultants because you don't know the product/ service well enough?
- Are you passionate about the product/ service?
- Is it a product or service you happily use yourself?
Hands on Experience.
- Have you ever owned a business or worked in this industry before?
- How important is hands on experience to the business? (consider credibility with customers and suppliers, plus the ability to provide the product/ service to the required level of quality)
- Have you had the opportunity of learning from other people's mistakes in the industry?
Your skills. How important will the following skills be to your proposed business? Realistically, do you have these skills?
Ultimately you want to be in a business where you can really leverage off your skills, knowledge and experience. But remember, no matter how well you fit the business, it won't be successful unless there is a demand for what it provides.
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