If you have enough time on your hands and some money, launching a business could be a good idea. But don’t do it out of passion. Mark Cuban once said he had a passion for basketball but what he was good at was business. He didn’t get rich by doing what he was passionate about; he got rich by doing what he was good at.
If there is also a demand for what you can offer, you are on the right track. Not sure what to do yet? Check these options for an inspiration.
Start a Social Enterprise
Social businesses focus on improving people’s lives and protecting the environment rather than making a profit. The business model of social enterprise is all about doing something for a good cause. These nonprofit businesses are changing the world for the better by tackling issues such as poverty, social injustice, and unemployment.
If causes such as these motivate you more than the desire for profit, this could be a perfect option for you. According to Forbes, social entrepreneurship is the new business model because of its beneficial impact on the world. Many entrepreneurs choose it because it gives their life a deeper meaning.
Fill a Need in the Community
Image via Flickr by InstructionalSolutions
Filling a need is at the core of many successful businesses. Airbnb and Hipmunk, for instance, became startup superstars by offering a solution to painful problems of their users. Airbnb, for instance, solved two different problems with a single solution. The platform caters to the need of travelers for affordable short-term accommodation as well as the homeowners’ need for an additional source of income.
Do you see a pressing problem in your community? You can improve products and services or come up with new ones. Often people don’t realize things could be better until someone shows them the solution. You can build a successful business if you are good at problem-solving.
Turn Trading With Stocks Into Business
Trading with stocks as a business can be a good idea if you plan on trading a lot. As an individual or sole proprietor, you are subject to higher taxes and cannot protect your assets as efficiently as businesses. By creating a limited liability company (LLC) for trading, you’ll have the same tax benefits as qualified traders.
To minimize the risk, try trading with penny stocks first. If you are already good at that, you could become a consultant. Why not create a business to teach others how to make money with penny stocks, too?
When making a decision on what kind of business to start, consider the skills you have and what you are good at. Without the right motivation, however, just having skills won’t be enough. Ask yourself what makes you tick — the desire for profit and problem-solving, helping others and changing the world, or teaching and taking risks? With the combination of expertise, the right business idea, and motivation, you can become a successful business owner while also doing something good for others.