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What Type of Business Should I Start?
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Article Overview: Many people struggle with what kind of business to start. There is no “one size fits all” business that can be recommended. Starting a new business is fraught with problems and complicated. You need to find a business that fits the following criteria:
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What Type of Business Should I Start?
Many people struggle with what kind of business to start. There is no “one size fits all” business that
can be recommended. Starting a new
business is fraught with problems and complicated. You need to find a business
that fits the following criteria:
1) You are interested in the subject matter of the business.
If you have no interest in what you are selling and/or making, then you are
unlikely to sustain your business through the difficult times.
2) You have some skills in the subject area - be it a consultancy
or a craft based business. You will always need some skills in order to make a
success of your business. Of course you
will also need administrative, marketing and selling skills as well so if these
are not the kind of skills that you have or want to learn then your own
business is probably not for you.
3) You need to be able to afford to start and maintain the
business whilst you are waiting for the cash flow to become positive. You can usually only borrow to a maximum of
3x times your own investment. The fewer debts
your company has on its start-up the better.
Heavily leveraged companies are usually the ones that go into bankruptcy
first, and who wants the stress of trying to manage a difficult and tight cash
flow?
4) You need to have the right equipment, stocks and premises
available. Without these essential
components of a successful company, your business is doomed to failure before
it gets started.
5) The most important criteria. People must want to buy what you are selling
where you are selling it from, in the format you are selling and at a price
that will enable you to make enough profit in order to sustain your business.
Get a piece of paper and start making lists and notes. Start with items 1 and 2 on the list and
sketch down some ideas. Then, for each
business idea that you have, investigate the most important factors in item
number 5. Once you have some ideas of
what kind of business you want to start, ensure that items 3 and 4 are met
before you start investing.
Now you are ready to start planning out your new venture. Remember
start slow, invest as little as you can before you fully commit, be prepared
for some set backs and problems and enjoy your new business.
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Article Tags: business consultant, business marketing, business plan, business planning, business services, business start up, entrepreneur, New business, small business, start business
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