2.
Determine Your Business Type
You don't have to reinvent the wheel. The best idea for you may be tried and true with your personal twist. When I started Women For Hire 12 years ago, career fairs were a dime a dozen -- still are. I put my spin on the category by focusing on women and I created a very successful business. Today I'm doing the same thing with my new venture -- Spark & Hustle. I'm putting my twist based on my experiences on helping current and aspiring small business owners to launch and grow their businesses. Take a look around and you'll see no shortage of repeatable ideas: People buy cupcakes, we all get haircuts, everyone likes some kind of jewelry, at some point plenty of homes need plumbers. Competitors can co-exist quite successfully. You just have to execute your version really well. So nail your idea -- and keep in mind that a service business (a service you provide based on your expertise) is much less expensive to launch than a product business where it costs money to create a tangible good. (For basic business advice on the legalities of getting started, click here for a Q&A with Rocket Lawyer.)