Not sure what type of business to start? Read this!

If you’ve decided to start a business, chances are that you’ve also probably thought about what kind of business (product or service wise) you would want to start. However, you may not have thought about the TYPE of business you’ll like to run. Would you want to start a business from the scratch? Would you want to buy one? Would you want to go into some sort of partnership?

Here is a guide to help you in your decision making :

Starting from the Scratch

This is often the most common method for new entrepreneurs. This works if the product or service you want to offer is new to the market. It also works if the barrier to entry in your intended business field is relatively low- cost-wise.

Buying an Existing Business

While this option may not be as cheap as the first option, it works if you have enough money and the business already has specialized equipment, a trained workforce and/or if the industry you want to do business in requires intellectual property which would take you some while to build. Find a business which ticks all the boxes and which- in addition, is profitable and buy.

Purchasing a Franchise

Another option which will take the best of both options listed above would be to purchase a franchise. With this option, you find a profitable business with a strong brand and market presence and start a franchise. You would, typically, be provided with a lot of the tools and resources necessary to getting your business started. Your focus will then be to successfully run and manage the business.

Whichever type of business you choose, there are financial implications to consider.

Starting a Home Business

If what you want to start does not need a lot of capital and is something relatively easy to do from home, then there is really no reason why you must absolutely get an office space; at least, not just yet. If you bake or make dresses, are a free-lancer or a consultant, this option would work just fine for you.

Opening a Part-time Business

Some of the time, while it sounds exciting to start your business, it would be smart not to jump out of your day job until you are able to gain sufficient customers and relevant experience. If you are thinking of making a business out of your hobbies, this is most likely the best method for you. You already love doing it; So do it and earn extra cash. Gradually, if done right, you would soon be earning enough to wean yourslf out of your paid employment.

Joining a Family Business

Finally, there is the option of joining a family business. While this may not appeal to everyone, for various reasons, if this is something you have thought deeply about and concluded will work just fine for you, get on with it. You will be in a supportive environment and mentored by people who truly love and care about you as much as they care about the business. That’s a win-win.


Whichever option- or combination of options you choose, a whole lot depends on your will to succeed and commitment to excellence and never-ending improvement.

 

April 24, 2018

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