Washington State Department of Services for the Blind

The Concept: Choosing a Business

Beyond motivation, desire, and talent, starting and managing a business also requires careful research and planning. Success in self-employment begins with moves that are decisive and soundly justified. Thus, those who spend the time to explore and evaluate their business and personal goals at the onset of this venture will decrease the risks in self-employment and increase their chances of success.

To begin, emerging entrepreneurs must determine what type of business is best suited for them. They must develop a business concept or idea. In order to do so, they might answer the following questions about themselves:

What do I like to do with my time?

What technical skills have I learned or developed?

What do others say I am good at?

Do I have any hobbies or interests that are marketable?

Next, they should test out their business concept. To this end, they might answer the following questions:

What business am I interested in starting?

What services or products will I sell?

Is my idea practical and will it fill a need in the community?

What is my competition?

What is my business’ advantage over existing firms?

Can I provide a better quality product or service?

Can I create a demand for my business?

Addressing these issues adequately takes time and research. Prospective business owners might begin their research by looking in the Yellow Pages, or other business directories and newspaper ads, for an indication of how much demand and potential competition already exists. They may read books predicting future trends in the marketplace, search online and in magazines for new products and marketing schemes, or visit a store to observe what people are buying.

By this point, the business concept has been fitted (and, perhaps, refitted) to match the entrepreneur’s experience, values, and ambitions. It has shown itself to have reasonable market potential; that is, it has a competitive foothold within the marketplace. To complete its development, a beginning business owner must contemplate the administrative and logistical aspects of the business concept. These aspects detail how the business will be operated, managed and capitalized.

Again, answering a list of questions, such as the one below, may be helpful.

What skills and experience do I bring to the business?

What will be my legal structure?

How will my company’s business records be maintained?

What insurance coverage will be needed?

What equipment or supplies will I need?

How will I compensate myself?

What are my resources?

What financing will I need?

Where will my business be located?

What will I name my business?

A well-prepared and honest business concept is the foundation for any successful business. Equipped with it, a prospective business owner is better prepared for the next step in the self-employment process– the creation of a Self-Employment Proposal.