The Right Small Business Opportunity For You

by Jim Bicardi

Are you actively looking for the perfect small business opportunity? If so, there are a number of factors you need to take into consideration before taking the plunge and becoming your own boss.

Below, we've compiled a list of some of the most critical elements when choosing the right small business opportunity for you:

Time Commitment

First, you'll want to choose a small business opportunity that fits the time commitment you can spend on it. If you can only devote a few hours per week, you'll want to stick with a small business opportunity that requires very little thought and upkeep. Something more complex won't just drive you crazy; it'll also lead to failure and a bad experience.

On the other hand, if you are looking for a small business opportunity to take up 15 or more hours per week, you can invest in something a little bit bigger and that takes more of your energy.

Investment Amount

How much money are you willing to spend on a small business opportunity? You must know this fact upfront (and don't fudge on the numbers); otherwise, you could wind up taking on an enterprise that you cannot hope to profit from.

Before you sign any contracts (if you're working as a franchisee or partial owner), make sure you understand what kind of financial commitment you're expected to contribute. That way, you won't be shocked in the future or need to suddenly take out a loan or beg money from a relative.

Product or Service

The most successful entrepreneurs work around items for which they have a passion. Therefore, find a product or service that absolutely delights you. Then, you can seek out a small business opportunity that's part of that product or service line.

For instance, if you're into antiques, the best small business opportunity for someone with your personality might just be purchasing and reselling valuable "treasures" (that were others trash!) via online or even live auctions. You'll have the enthusiasm to stick with your project, and your small business will inevitably grow because you'll be devoted to it inside and out.

Family Support

Without the support of your friends and family, it will be tough for you to succeed in any small business opportunity, especially one that requires a great deal of energy and time. Thus, be open and honest with those around you when seriously considering investing your time and money into running a small business opportunity.

Before embarking on a career as an entrepreneur, be certain that the people closest to you will help make your dreams of small business ownership come true. If they aren't on the same page, you may constantly be divided between trying to keep your enterprise afloat and trying to satisfy your circle of loved ones.