How to Choose the Right Business to Start | #263

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How do you know which business is the right one to start?

If you've been thinking about starting a business but feel overwhelmed by all the online advice, you're not alone. Every day there seems to be a new business trend, side hustle, or entrepreneur claiming they made six figures overnight. But copying someone else's business isn't the path to building one you'll actually love.

In this episode of the Second Act Success Podcast, business coach Shannon Russell shares the five questions every aspiring entrepreneur should ask before starting a business. Learn how to choose a business idea that aligns with your skills, lifestyle, values, energy, and long-term goals instead of chasing shiny objects online.

If you're considering a career change, career transition, or starting a business after leaving corporate, this episode will help you confidently choose a business that fits your life and creates lasting freedom.

In this episode, you'll learn:

•  How to choose the right business idea 
•  Why shiny object syndrome keeps entrepreneurs stuck 
•  How to validate whether a business fits your lifestyle 
•  The importance of building a business around your strengths 
•  Why solving problems creates profitable businesses 
•  How to avoid burnout while starting a business 
•  Five questions every future entrepreneur should answer before launching

If you're ready to stop comparing yourself to everyone online and start building a business that's uniquely yours, this episode is for you.

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Transcript

Transcription:

Second Act Success Podcast

Season 1 – How to Choose the Right Business to Start

Episode - #263

Host: Shannon Russell

Transcription (*created by Descript and may not be perfectly accurate)

Shannon Russell: [00:00:00] Hey there. Welcome to the Second Act Success podcast. I'm Shannon Russell. As a business coach helping women start and scale businesses, I created this podcast to give you the advice and inspiration you need so that you can start your second act and create a business and life you love. Let's dive in.

Hey there, friend. Welcome back to the Second Act Success Podcast.

Today we're talking about a trap that so many aspiring entrepreneurs fall into, especially today, because business content is everywhere in the online space.

So it's tempting to chase that shiny object, "oh, this is what that person's doing. Maybe I should try it." You scroll on Instagram and suddenly you feel like you should be starting a drop shipping business, or you watch a YouTube video and you think, "Hmm, maybe I could do that. I'll start a YouTube channel."

Or you think, " Oh, that digital product is really cool. Maybe I'll start a digital product company tomorrow and create an Etsy shop." There are so many [00:01:00] ideas, and there are so many people especially claiming that they made six figures in 30 days. And you might wonder, "Well, what am I doing wrong?" Does this sound familiar?

Because I have been there, and honestly it's why I turn off social media half the time because there's just so many falsehoods floating around out there. So today I wanna focus on the truth. I want to share with you the idea that you cannot build a business that's right for you by copying someone else's highlight reel, by following what someone else is doing.

Especially when, you know, starting a second act and wanting to take your skills and experience from your past and use them to build a business is so personal. What someone else created is not what you are meant to create. You're meant to create something that speaks to you. And I think when we're talking about second acts and the bravery and the, confidence it takes to start a second act and launch into something new, it [00:02:00] is personal.

You want to be sure that what you're leaping into is what you truly want and not just a quick fix on this episode we're gonna talk about practical ways that you can choose the right business idea for you, one that aligns with your life, your goals, and your energy so that your vision of this next chapter is truly fitting

Now let's first start with why that shiny object syndrome is dangerous. We are living in an era of very created content that is curated, and curated to show success. People share their wins, their launch numbers, their monthly income in a very out there way, but it's all perfectly filtered.

It's not really what you or I might see on the back end People aren't showing the years it took them to get there, or the team or the money they have behind the scenes. They're not showing the burnout they might be having at their laptop or the fact that, you know, they don't have [00:03:00] any clients this month or customers this month.

When you choose your business based on an idea of what something looks like or what's trending or what this person that you look up to on Instagram or TikTok is doing, that is a business that could really burn you out if it doesn't align. So don't just leave your job and dream about leaving your job to feel miserable in your next chapter.

We really wanna make sure that you're choosing that right business with intention. So let's talk about building a business from the inside out, not the outside in. , I wrote down five questions to really help you get clear so that you can feel grounded in what's really right for you.

The first question I want you to ask is: What do I actually want my life to look like? Don't start with the business, start with your life. What do you want in this next act? Do you want flexible hours so you can be with your kids? Do you want potential for more income? Do you want to be able to travel and work from anywhere?

Let your life [00:04:00] drive your business model, not the other way around. We can be a little choosy when it comes to our second act. So I want you to be choosy. I want you to think and really be honest with yourself when you're choosing this next path.

Number two: What skills do I love using? You've got a whole career's worth of experience behind you, maybe many careers' worth. So what parts of it brought you joy? What do you enjoy doing? And what do you wanna bring with you into the business you're building?

Do you love writing? Do you love public speaking? Do you love connecting with others? Do you love organizing? Do you love math and the number aspect of a business? The best business for you will be built around your zone of genius, your skills that you love and what lights you up. The rest we can figure out how to get done or how to outsource those skills or how to, find someone else that can join your team eventually to pick up that slack that you don't enjoy.[00:05:00] 

But right now, focus on what it is that you do enjoy, those skills that you are good at.

Next, ask yourself what problems can I solve that people will pay for? Business is really just about solving problems.

think about who you want to help, what they might be struggling with, and how you can help them faster or easier than someone else. Then think about how your skills can serve that solution, whether it's through coaching or products or services or content, think about that.

If you can think of something that will solve someone's problem and they will pay you to do that, that's a business.

Number four: ask yourself, "What energy do I have to give right now?" You are most likely in a unique season of life, and maybe you're raising kids, maybe you're caring for aging parents, maybe you're managing your full-time job, or you're in the thick of a life or career transition.

All of that is okay, [00:06:00] so this question is really a question of getting to your honest side and to, again, choose a path that works for you. So I want you to think about the energy you have right now to give to starting and scaling a business. choose a business that honors that energy. Not one that requires you to burn out in order to start or keep this business going.

Ideally, you want to start small and just grow from there, and your energy should be able to keep up with this business, and so it can grow and scale and succeed. Number five, ask yourself, "Does this business align with my long-term vision of my life?"

earlier we said, "What do you want your life to look like?" Now it's thinking about this business and how it aligns with that life. Be honest again with yourself And think about if this business will still feel aligned a year or even five years from [00:07:00] now.

does this business feel like your long-term vision? Can you be working in this business in five, 10 years, even longer? If the answer is no right off the bat, actually even if you have an I'm not sure, I want you to pause and do some more thinking. Do some more research. Because you don't want to start chasing this business and building it and putting all of your energy and time into it for it just to be a short-term success.

You want to think about that long-term fulfillment. think about a business that you can start now or soon that will give you that long-term alignment

So those are my five questions, Now let's talk about a quick note on comparison, like I said earlier, just because something worked for someone else doesn't mean it's going to work for you or that it's the right fit for you. you might see some businesses that look popular online, or you see lots of people talking about starting this new MLM or this Etsy shop or creating these [00:08:00] digital products or getting into this type of coaching, I want you to stop, put that aside, and think about what will make you feel good in your real life now and in the future.

Because you're not building a business for someone else. You're not building a business to post about it and have that clout online. You're building a business to give you more freedom and more purpose than you have currently, you're going from what you know and what you're used to and what might be a stable career right now to pivot, try something new and ultimately build something that will fulfill you more down the road.

It's so easy to fall in that comparison trap and just start doing what you think looks easy because someone else just did it.

So beware of that. Now, to build your business, as we recap, build your business with intention. Start thinking about: What do I want my life to look like? What skills do I enjoy? What [00:09:00] problems can I solve for others? What energy do I have right now to give? Does this fit in my long-term vision?

Those are the five questions I want you to start thinking about, and you don't have to rush. This is all the research that is important to do, that pausing and talking to yourself and turning inward. When you do this, you are making a decision.

You're making a plan from a place of confidence rather than a place of feeling frazzled and just unhappy, and you want to just jump to anything other than what you're doing now. So let these questions be your guide, and let the answers inform what will be that ultimate business that will bring you happiness, joy, freedom, and fulfillment.

I hope that this episode has left you with some thoughts, some inspiration, and some advice that you can take with you as you do have those quiet moments and you find those pockets in your day where you can sit and think and really examine your life how it is now and how you want [00:10:00] it to be. And if you are struggling to choose that right business, you are not alone, if you need more help, go over to my website, 2ndactsuccess.co. The link is down in the show notes below. 

I have created a free training, and it's called How to Start a Business: 3 Secrets to Create Your Dream Business in 3 Months.

You can watch it anytime you want, You will also be able to download my free business startup checklist. So just head down to secondactsuccess.co and you'll see a button to sign up. And of course, as a business coach, business strategist, I am here to help you. So if you have any questions, feel free to reach out.

I'm always here to help you figure out what's next for you. And remember, your second act doesn't have to look like anyone else's. In fact, I don't want it to. I want it to look like yours. Because when you build a business that aligns with you and who you really are, you don't just create income, you create impact, freedom, and you start [00:11:00] producing your best life.

Until next time, I am your business coach, Shannon Russell, cheering you on as you start your second act with purpose and power. I will chat with you on the next episode of the Second Act Success podcast. Talk to you soon

Speaker 5: Thank you for joining me for another episode of the Second Act Success podcast. If this episode has you thinking about starting a business or growing the one that you already have, I offer free Second Act strategy calls. This is where we map out what makes sense for your business and your life. You can book yours now at secondactsuccess.co/strategy or grab the link in the show notes below.

As always, thank you for being here. Until next time, I'm your host, Shannon Russell, wishing you the best day ahead as you plan your second act. I'll see you on the next episode.