What Type of Business Should I Start?
Written by Trina Newby
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One of the most common questions that women ask when they are thinking about starting a business is "what type of business should I start?" Before you decide what type of business you want to start, it will be important to evaluate the following factors:
- How much money do you have to invest in your own business?
- How much time you can invest?
- How much work you can handle by yourself?
- If you are still working, how will your employment affect your schedule?
- How much of your time will your family require?
- How many hours would you prefer to work on a daily basis?
- Waht are your reasons for wanting to start a business?
Evaluating your answers to the above questions will help you to be better prepared in choosing a business that will fit your lifestyle and needs. Many individuals don't take the time to do this and end up wasting money and becoming wishful thinkers instead of business owners.
Choosing a business category
Determine which of the categories (full-time, part-time transitional, part-time or moonlighting) best fit your current time schedule and needs from the Business Category Chart found below. By focusing on a specific business category you fit in from the category descriptions, you will be able to properly choose the type of business to start. If a business idea you have requires your full-time attention and you have placed yourself in the part-time or moonlighting category, you know that you'll have to cross the idea off of your list.
For example: You would not want to start a Medical Billing service if you have placed yourself in the part-time category, because this business requires that you be available during business hours to speak with patients and answer any questions your clients may have. In addition, you would have to be willing to become extremely knowledgeable in the field, which would require you to put this type of business into priority. Knowing your category beforehand would save you thousands of dollars and countless hours of wasted time.
Business Category Chart
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Full-time Business |
This is for the individual who is not working a full-time job and is seeking a business opportunity or idea that they will be running on an average of 35 to 50 hours per week. Usually an individual in this category only runs one business and is willing to become extremely knowledgeable in their particular business industry. This individual will eventually depend on sales form the full-time business for their sole income. Note: It is important not to depend on having a full-time income from a new full-time business. It normally takes between one to two years before a full-time income can be achieved. If you are needing an immediate income, it is best to consider getting a part-time or full-time job. |
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Part-time Transitioning Business |
This category best suits an individual who is not working a full-time job and maybe has another source of income, such as a spouse, pension or other financial support. This individual wants to be serious about their business and may even go to the full-time category later, but wants to only work between 20 and 30 hours per week. ** If you want to transition into a full-time business, make sure the business will has growth potential. |
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Part-time Business |
This is for the individual who is working a part-time job or has small children, but an additional income source is needed. Usually a business idea or opportunity that requires less time and attention is sought. Such businesses include direct sales, mail order, certain service businesses and network marketing businesses. This category requires that you devote at least 10-20 hours per week. |
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Moonlighting |
Moonlighting is for individuals whose main need at the time is to bring in additional income. Starting a full-time business is usually not the goal. Most moonlighters are working a full or part-time job or they are taking care of children or in school and don't have a large amount of time to put into a business. This category requires that you devote at least 5-10 hours per week. |
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