Starting your own business can be an exciting and rewarding endeavour, as long as you choose a business type that you’re comfortable with. Since you’re starting your own business, it’s your choice what the business does, and how it works, so that leaves you with a number of choices to make, like, which business type will work out best for you specifically.
Of course, there are so many different types of businesses that it’s almost a certainty you’ll find a business to fit your skill and requirements perfectly. We’ve outlined a few steps below to help you better determine the best kind of business for you.
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 the holy grail. 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 include McDonald’s, 7Eleven, Anytime Fitness and Healthy Vending.
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 businesses ROI within marketing, and this is mainly down to highly direct targeting rather than aiming for every consumer.
Analyze 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
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 and form it into a business.
A good example of a breakout service designed to solve a problem is Netflix. When the company first started there was no truly simple way to stream movies online, they fixed this issue by creating their own streaming service and now the company is worth more than $130 billion.
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 at-home hobbies that can transform into profitable businesses are home baking, 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.
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 and love to do, or love to create, then you can transform this into your own business an follow through with that.
Being already immersed and passionate about the idea doesn’t just give you a leg up above others in the space, 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 standout and more trustworthy to consumers, as well as make you love doing your job.
The spotlight is on you
When you’re looking to start a business, copying everyone around you isn’t 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 you and on what you’re good at. Consumers and investors will be able to see you’re knowledgeable and prepared for running 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 space.
Use your passion and unique hobby and business ideas to push you to standout in the market.
About Author: Jade Anderson is an experienced In-house Editor at Upskilled. With a background in online marketing, Jade runs some successful websites of her own. Her passion for the education industry and content is displayed through the quality of work she offers.