Small Business Industries: Where to Get an Idea?

It often happens that we have a desire for self-realization and development of our own source of income. But when choosing a direction, questions multiply in our heads. And, instead of finding answers to solve them, the resulting chaos only creates panic. Thoughts about your own incompetence and lack of “entrepreneurial streak” arise. Not knowing in what area to implement itself, stops more than the lack of seed money. In fact, everything is much easier if there is a clear plan for the search.

Types of business industries are like this. There are many ways to classify small business industries, but most have the following areas:

  • IT business
  • Home services, repair (service)
  • Pets
  • Innovation
  • Internet
  • Consulting
  • Beauty, Health
  • Education
  • Catering
  • Production
  • Entertainment, Leisure, Sports
  • Seasonal business
  • Agriculture
  • Construction
  • Trade
  • Transportation
  • Tourism

So how do you know which industry to apply your skills to?

The first step is to make a list of your skills and knowledge. You don’t have to limit yourself, just write down everything you can remember. It won’t be superfluous to ask your relatives, friends, acquaintances – in case of what problems they would turn to you for advice or help, in what situations you have already helped them. Collective intelligence will not be superfluous here, your own memory is often very selective. Business entity types are customized for each business separately.

The second step—the allocation of the resulting list of items that you really like to do. This will be the master list. Options that are not on it, do not throw out of life, they will make up the reserve.

Now the master list is scattered by classification and look at the sectors of small businesses, which will require the application of your skills. Types of business structures set an example of where to move a businessman.

The third step is perhaps the most creative of all. In a particular industry, you need to go over every conceivable business option, regardless of personal skills. At this stage, the first insights may appear. Most likely, you will see that your knowledge in a particular field resonates with other areas. Don’t forget to write them out! Different business types are run differently. Therefore, you will need to study them.

The fourth step is to work through related options. What does this look like in practice? Let’s take the not-so-common example of iron casting. You’re a metal artist and can easily handle both creating gates for a private plot and designer candlesticks. Possible directions – to pay attention to small businesses in construction, household services and trade. Online business types also have their own characteristics.

Competitiveness testing is the fifth and very important step. A balance is very important: the most sought-after small business sectors tend to have a lot of offerings. And if there are no competitors in the niche, it is quite likely that there is no demand in your area.

Of course, there are exceptions. Therefore, it is necessary to test not only the number of competitors, but also the potential demand of the population.

Going through all the steps consistently, you can discover enough areas in which you can find and self-realization with growing incomes, and see your way to further development.