The First Step in Starting the Right Business for You

right_business

When starting out on your entrepreneurial journey you have hundreds, if not thousands, of business options to choose from. It can be overwhelming to try to narrow down the type of business that’s best for you.

In Entrepreneurial Leap, I discuss the importance of determining which business options you’re drawn to. There are three main factors that will determine the business you ultimately choose.

  1. Industry
  2. Type of Business
  3. Size of Business

In this article, we are going to focus on the first of those factors, Industry.

First Factor: Industry

An internet search of industries will produce a list of hundreds of industries available to you. To expand the scope of your imagination, go ahead and do a search. And to get your gears turning, below is a list of about fifty industries that I’ve worked with. Simply glancing over them will give you a sense of all the possibilities available to you.

Accounting
Agriculture
Architectural/Engineering
Asphalt/Paving
Auto Dealer
Auto Repair
Cell Phone Retailer
Concrete
Contracting
Conveyors/Belting
Database Security
Diamond Brokerage
Distribution
Equipment Dealer
Electrical Real
Estate Brokerage
Event Planning
Financial Services
Gen. Contractor/Construction
Hearing Clinics
Real Estate Title Services
Restaurants
Retail Service Providers
Retirement Plans Software Development

Heating and Cooling (HVAC)
Home & Business Security
Hotels Staffing
Insurance Agency
IT (Information Technology)
Landscaping
Legal
Logistics
Manufacturing/Fabrication
Mechanical
Medical/Dental/Chiropractic
Mortgage Company
Nonprofits
Online Retail
Pest Control
Physical Therapy
Plumbing
PR/Marketing
Printing
Real Estate Property Management
Sports Facilities
Third-Party Administrator (TPA)
Trucking Web Application Developer

As you can see, you can choose from many more options than just tech companies. In fact, most aren’t high tech, although you may decide to apply high-tech innovations to them.

Once you’ve narrowed down the industry that suits you, you’ll dig a level deeper because, within each industry, there are many different types of businesses. We will cover the different types of businesses in the next Leap Lesson.

NEXT STEPS

Watch this video to learn how Steven Carse, CEO of King of Pops, found the inspiration for his business. You never know when or where passion will strike!

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