I’m confused about what type of business to start-up…

Hi Aunty B,

For so long I’ve wanted to open up a business but I just don’t know what.

I am currently working full-time as an accountant for a wonderful company, but I just feel I haven’t accomplished anything in my life.

I am a great pastry baker but I want to open up a funeral director business… What should I do and how do I get started?

Thanks,
Confused

Dear Confused,

Look. Don’t confuse business with accomplishment. You feel like you haven’t accomplished anything? Why? You have a degree and you work for a wonderful company. See a shrink and make sure you are not confusing feelings of emptiness and self-worth with the desire to go into business. Maybe you need a new lover, a hobby, a divorce or to volunteer, as the last thing you want to do is start a business because you are feeling unfulfilled.

The best businesses begin because people see an opportunity and they marry their skills and passion to that opportunity. Why does than make them more likely to succeed? Well, the skills gives them the know-how, the passion gets them through the agony of the first few years, and the opportunity means there is a chance there is demand for the product or service and maybe at the right price that will make a profit.

So the family has admired your baking. Do you have the skills to turn that into a commercial success? Is there demand from the market for your skills? Same goes for funeral director. I am sure the demand is there as all the baby boomers die off and it is an industry that is appallingly serviced. So much so in fact, that wherever I go I look for suitable venues to hold funerals because funeral homes should all be blown up and who wants to go to a funeral in a church and listen to Christian PR?

At least you are an accountant. That gives me hope. Firstly, make sure you do want to run a small business by talking to people who do. Second, look for a niche. What is being done badly? How would you do it better? Third, research the market thoroughly. Fourth, do a business plan and fifth, check you have the money to get through the first few years. I have seen some great businesses run by accountants so good luck!

Oh, and read StartupSmart every day.

Be smart.
Your Aunty B

To read more Aunty B advice, click here.

Email your questions, problems and issues to auntyb@smartcompany.com.au right now!