Exploring Opportunities

Part 1: Exploring Opportunities

Deciding to start a new business can be a difficult decision. While there are many popular reasons to start a business, such as flexibility, independence, and potential growth, there are also many challenges that come with business ownership. 

You do not need to be a business expert to pursue entrepreneurship.  By outsourcing some of the technical aspects of partnering with someone with business acumen, you will have no issue with succeeding.  A great idea can take a life of its own and the resulting business will flourish.

If you like the idea of being your own boss and the perks of owning a business but are struggling with deciding what idea to pursue, consider options like franchising or purchasing an existing business. Learn more about franchising or buying an existing business here.

• Determine why you want to start a business.
  • Learn about some of the pros and cons that come with owning a small business.
  • See what other entrepreneurs think the pros and cons are.  You can also reach out to the Chamber of Commerce to be connected with small business owners in your area.

• Identify your strengths and weaknesses to help see if your skill-set will provide value for this particular business.
  • Learn more about SWOT at the Georgia SBDC website

• Assess how much capital (money) you have available to invest into the business and how long it will last. More information regarding capital can be found in Part 3.

• Make a list of business ideas that fit your strengths and interests.
  • Read about how to determine the right business idea for you.  During this step, it is important to be honest with yourself and pick a model that you will be able to stick with for the long haul.

For guidance on exploring opportunities and planning for a small business, the Small Business Administration provides online courses, and the Small Business Development Center provides training programs.