When people read my book, Start Winning With Money, one of the questions I always get is what kind of business should I start? Below are a couple quick rules and guidelines to consider before you find your profitable business niche.
First, when starting your business venture you will want to have another form of income. It can take months or even years to get a business up and running depending on the industry. It will also take some serious work.
Second, you need to look at the investment of money that you are willing to put into your new business. Not all businesses are expensive to start. Many inexpensive businesses can be done online. Those businesses are usually just a small investment in hosting and domain costs. Other kinds of businesses that are offering services and/or products can cost more to start.
Regardless of what you are trying to get off the ground, remember to ask yourself the following questions:
* Who will your customers be?
* Will my customers be satisfied with my product?
* Will they use what I am offering repeatedly?
* Who are your competitors and what do they charge for similar products/services?
* What do you need to charge so you can still remain competitively priced?
Next, you will need to know about your competition in detail. It's important to find a market that is popular, interesting to you, offers needed products/services, and easy to do repeatedly. Also consider that starting from scratch will offer you the cheapest investment option but it can take many months if not years to establish your name and reputation. Buying into a franchise or an already established business name will cost much more in the beginning, but it will usually generate an immediate income from day one.
Once you have finally decided what kind of business you are going to open and how much it will cost, then the real work begins. It takes more than just an idea to make money. You will have to dedicate your time and effort. This may mean many long days or hiring others to do the work that you don’t have time for.
Remember, most people who start their own business are looking to work for themselves and are willing to go that extra mile in order to succeed. Are you that person?
Until next time,