Find a business opportunity

Selecting the right business opportunity in which to invest your time and energy may be one of the more important decisions you will make. Not only of course do you want to ensure that you safeguard your business investment and that you will have a good return on the business plan that you invest in but it is also important that the idea excites you and that you are not going to be miserable every day while working on it. Create a business plan template or a mind map outlining what you are interested in, what your values and passions are and perhaps use this as a starting point.

Here are a few further tips on how to get started.

Step 1
 Are you ready to tackle new small business opportunities?  While working from home and being your own boss sounds great, not everyone has the entrepreneurial spirit, drive, and business knowledge to make it work.

Step 2
Decide if your new business opportunity is product or service oriented.  If you are a professional, such as a dentist or lawyer, this is an easy choice.  If you choose to enter the product market, decide whether you will sell directly to customers (retail) or to other businesses (wholesale).

Step 3
Choose online or local business.  Will you sell your product or service locally, or on the internet?  The overhead and start-up costs are often lower for e-commerce companies; however, you also need to think of your own knowledge of internet business and marketing, the location and accessibility of your target market, and more.

Step 4
For local business opportunities: Word-of-mouth is often the best way to find a business opportunity in your area.  Perhaps an established small business owner is considering retirement, or wants to move out of the area.  Also, check newspaper listings and visit your local small business center for business for sale listings.

For online business opportunities:  When searching for small business opportunities online, it is important to recognize small business scams.  Use reputable business listing services such as Entrepreneur.com's Opportunity Finder to review available franchise, online, and home-based business opportunities.

Step 5
Match small business opportunities to your start-up budget.  Compare the cost of each new small business idea to your available capital and any funds you can raise or borrow.  Franchises and turnkey businesses may provide an estimated return on your investment, while new business ideas require financial forecasting.  Compare the cost of starting each new business with the anticipated return to see if the idea is feasible.

Prepare a formal business plan before moving forward with any new small business idea.  Even if you choose a different opportunity, the business planning stage gives a realistic overview of the business idea and whether or not it will work for you.

Once you select an idea, consult a business lawyer, accountant, and small business resource center to ensure all licensing, tax planning, and other considerations are covered.  Do not forget to include the cost of these professional services in your start-up budget.