The idea of starting a business seems to be embedded in people around the world. It’s not uncommon to hear people say “You should just start your own business,” in response to good ideas, complaints about a current job, or even issues with scheduling. It can seem that “starting a business” is as simple as hanging an “open” sign in the window. While that’s clearly not the case, more than 600,000 small businesses open their doors every single year for a variety of different motivations.
Here are the three most common:
1. A Belief They Can “Do It Better”
Ever thought “I could do this, and it would be better if . . .” Many people do, and whether you’re talking about improving on a product you just bought or changing the atmosphere of your favorite store, it’s a huge catalyst for many people. This can be a solid motivation for opening a store, but you have to know your target market and your competition well if you’re really going to improve on an existing model.
2. A Need for Self-Fulfillment
Some of the best businesses have started after a fight with the boss. It can be tough to toil under the direction of others, knowing that you have ideas and talents that are being constantly under-utilized. While this may help you create a great organization, it can also be a harbinger of disaster for a small business. It takes quite a bit to get products in place and customers at your door while still keeping employees happy, and if you can’t find the right level of balance, you’re not going to be fulfilling anyone’s dreams of success.
3. Recognizing a Need
This is perhaps the best motivation to open a company. If you see a need for a product or service, you already know a bit about your target market, and that’s the kind of information required to move forward. There are many examples of success using this motivation. Ben and Jerry’s, for example, noticed a single college town in the state of Vermont without an ice cream store. These days, they’re pulling in $237 million in revenue each year. This could be your company if you see that need for your products or services at the outset.
There are thousands of motivations to open a business, and the simple truth is that you need only one reason that will work for you and that is to build something of value you can sell. Before you go out on a limb, though, make certain you spend at least a bit of time creating your business plan or chatting with a business consultant to help make yours a big success story.