Are you unemployed and can't find a good job? Do you suddenly find yourself paying attention to late-night infomercials about working from home?
Perhaps you need to start thinking seriously about starting your own business.
But what kind of business should you start?
About half of Americans want to own their own business, according to several surveys. About 48% of all adults and 55% of those in their 20s who don't already work for themselves want to start a company one day, according to two 2013 studies, one each from UPS and the University of Phoenix.
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STORY: What kind of small business do you want to start?
If you want to own a business but don't know what kind, don't worry. Most people with entrepreneurial dreams don't know what kind of business they want to start either.
Here are a few hints to help you hone in on the best kind of business for you to start:
• Your desires. Maybe you're one of the seemingly lucky ones who already have an idea of what business they would like.
But just because you've got a passion for something doesn't necessarily mean it's a good business for you. For instance, you may dream of opening a restaurant — many people do — but that's a very challenging type of business and expensive to start.
Before plunging in, take a look at the realities.
If you love photography and think that weddings might be your thing, also think about whether you want to spend nights and weekends with stressed-out brides.(Photo: Jeff Cummings, Getty Images)
• Your experience. Often the easiest transition to self-employment ! and the fastest track to income is sticking with the kind of work you've already done.
You already may have contacts or potential customers in your address book, know the market and industry well, and have strong sources to direct you and recommend you.
But examine whether you can do this business on your own. Just because you've done something well for a long time doesn't necessarily mean you want to keep doing it.
• Your hobbies or interests. Many people dream of turning their hobbies into their profession.
Sometimes that works really well, especially if it's a retirement business. But I'm not always a big proponent of turning a hobby into a full-time occupation.
You may turn something that's a source of pleasure into a source of stress.
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Remember, doing something to please yourself isn't always the same as doing it to please customers. You may love photography but change your mind after 50 weddings with demanding brides and grooms.
• Your connections. Let's face it, lots of people start their businesses because they know someone, making the transition to self-employment easier.
Perhaps you know someone who needs an independent sales representative for a company or someone in a big corporation who can outsource work to your new consulting business. Many people go into business after a potential partner asks them to join a company.
Just be cautious. Make certain you like the kind of work you're going into, and put all agreements in writing.
• Your skills. Why not do what you're good at?
This may be different from your experience or hobbies. For instance, you may be the person your neighbors turn to for installing electronic equipment or decorating their homes. Is that a business opportunity for you?
• Your opportunity. Look around. What's missing in your community, industry or profession! that you! might be able to provide?
Usually, many services or products still need to be provided. Maybe a service is available elsewhere but not locally. Perhaps a big company is neglecting or leaving a line of business that you could serve.
• Your lifelong learning. Believe it or not, one good way to learn something is to start a business doing it.
Yes, you may need to get some additional training or education, and at first you won't be able to charge as much as those who already know more. But you can learn a lot while you're on the job.
If you're not exactly certain what business you want to start, just stay open and flexible.
When I started my business in 1986, my idea for my company was completely different than what it has evolved into today. But when new opportunities came my way, I jumped.
I'm still self-employed all these years later.
Tweets about "#6WkStartup"Rhonda Abrams is president of The Planning Shop and publisher of books for entrepreneurs. Her most recent book is Entrepreneurship: A Real-World Approach. Register for Rhonda's free newsletter at PlanningShop.com. Twitter: @RhondaAbrams. Facebook: facebook.com/RhondaAbramsSmallBusiness.Copyright Rhonda Abrams 2014.
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