If you are thinking of starting your own business, it can often be difficult to know exactly what sector your business should operate in.
If you have a hobby or skill that you think that you may be able to turn into a profitable business, then you will already know what sector you will be operating in. However, many people know that they want to start and run their own business but are unsure exactly what sector they want to work in.
There are a huge number of different sectors available that you can work in, from the arts to aviation, media to manufacturing, tuition to technology.
Thankfully, there are plenty of things that you can do to narrow down the search and come to the best decision for you. In this article we will delve into the steps you can take to find the right sector or your business.
What you will read in this article:
Identify Your Hard Skills
“Hard skills” are skills that are technical and specialized, and usually able to be precisely measured and quantified. For example, computer programming, engine repair, and brain surgery are all “hard skills.”
Identifying the “hard skills” that you have is a good way to give you ideas on what kind of sector you could work in.
You can often identify your “hard skills” by looking at your previous work experience and qualifications. For example, if you have worked in a factory, using equipment such as conveyors, this skill may indicate that the manufacturing sector could be right for your business.
Identify Your Soft Skills
“Soft skills” are skills that are more abstract and difficult to measure and quantify than “hard skills”, but often have a broader range of applications. For example, “communication”, “teamwork”, and “sales” are all “soft skills”.
These often have overlap with your general personality traits, not just relating to the workplace specifically.
For example, if you are good at communication and building rapport with people, sales and retail could be a profitable sector.
Carry Out Market Research
Market research is essential when it comes to identifying which sectors may or may not be potentially profitable.
Carrying out market research can help you to identify which sectors and markets are overcrowded and which have more gaps that your business could fill.
Market research can be carried out in a variety of ways; from hiring professional researchers to creating research surveys to simply reading up online.
Work Out What You Enjoy Doing
One of the most important things to remember is to spend time thinking about what you actually enjoy doing.
A sector may appear profitable on paper, but if you dislike doing the actual work and struggle to find motivation, you are unlikely to succeed.
Vice versa; another sector may be considered overcrowded or simply not in demand, but if you have a real passion for it that is reflected in the quality of you work you may still be able to achieve success in that sector!