How To Pick The Right Kind Of Business For You
Starting your own business can be an exciting and rewarding endeavour as long as you choose the right type of business that you’re comfortable with. Since you’re starting your own business, it’s your decision to determine what the business does and how it works, so that leaves you with a number of choices to make, like, what type of business will work out best for you specifically.
While there are many types of businesses, many entrepreneurs find it difficult to discover the one that fits their skills and requirements perfectly. To ease this discovery process, I’ve outlined a few steps below to help you better determine the best kind of business for you:
1). Consider Franchising:
If starting entirely from scratch isn’t for you or you’ve tried it before and it didn’t work out as well as you’d hoped, then franchising could be your way out. If you’re willing to spend $10,000 to roughly $100,000 on purchasing a franchise, then you could be looking for a great business opportunity right out of the gate.
You’ll be given a number of instructional guidelines to follow in order to assist with the development and operation of the franchise, and you’ll also be expected to follow all of the relevant regulation.
Some of the more popular franchises around the world include Kentucky Fried Chicken, Dominos Pizza, 7Eleven, Anytime Fitness and Healthy Vending.
2). Do You Connect With A Certain Market?
Take the time to work out whether you vibe with a certain type of consumer and how you can use this to your advantage in your business operations. Catering exclusively to one type of consumer in a market is going to improve your business’ Return On Investment (ROI) within marketing, and this is mainly down to highly direct targeting rather than aiming for every consumer.
Analyse your current target market and strip out the underlying information and determine whether you will connect best with:
- Consumers in certain occupations
- Consumers with specific hobbies
- Consumers in a specific income bracket
- A certain age group
3). Pinpoint A Problem:
Selecting a market gap, like a supply problem offers amazing growth opportunities in almost every sense. Take some time and think about the things you, your family, and your colleagues get annoyed by or what they wish had an easier solution, and look into research and development to fix this problem in a bid to turn it into a business.
A good example of a breakout service designed to solve a problem is Netflix. When the company first started there were no easy ways to stream movies online, they fixed this issue by creating their own streaming service and now the company is worth more than $130 billion.
See Also: How To Spot A Million Dollar Idea
4). Your Hobbies:
Just because it’s a hobby doesn’t mean you can’t make a living off of it. Steve Wozniak’s hobby was tinkering with computer boards, and this hobby was the primary building block for Apple. If your hobby has a market to sell to, then look into how to reach that market.
Some good examples of home hobbies that can be transformed into profitable businesses are baking, cooking, cleaning, growing flowers, and smartphone tinkering and repairs.
The key to keeping a hobby-business under control and profitable is to grow with demand. You shouldn’t lock yourself to your home or a single space if the business expands and takes off, you should go with the flow. That means renting a larger space, hiring an employee and continuing expansion.
5). A Passion Business:
There is one thing that makes entrepreneurs push forward no matter how tough times are, and it’s a passion and devotion for the end goal of the business and its products and services. If there are things you’re really passionate about, love to do, or love to create, then you can transform them into a business and follow through with that.
Being already immersed and passionate about the idea doesn’t just give you an edge above others in the industry, but it also means you know the ins and outs of the product or service you’re offering and you’re able to do it better than anyone else.
Don’t underestimate your passion for providing a product or service. This will make you stand out and to appear more trustworthy to consumers, as well as make you love doing your job.
6). The Spotlight Is On You:
When you’re looking to start a business, copying everyone around you isn’t always going to work. You have different likes and dislikes, as well as different motivators that get you out of bed each day. So if you’re ready to start a business, make the central focus point around “you” and on what “you’re good at”. When you do this, consumers and investors will be able to see you’re knowledgeable and prepared to run this type of business and will be more likely to buy from you or invest in your ideas.
Uniqueness is also a key factor when focusing on your own individuality. People who copy other business ideas don’t make a splash in the market at all and are far more likely to fall in the shadow of the originals in the industry.
By using your passion and unique hobbies to build upon your business ideas, you’d eventually standout in the market.
About The Writer
This is a guest blog post written by Ellie Saunders, a young mother who’s passionate about digital marketing. She’s currently a marketer for eVoice, a place where businesses can get virtual toll-free numbers.
Note: This article has been edited for style and substance.
What are your thoughts on how to pick the right kind of business for you? Let me know by leaving a comment below.