You want to start a business – but what type? Your business must have a solid opportunity with profits – but also must match your specific skills and strength. One of the most common questions requested by potential business owners is this: What business should I start? The answer is always the same – start the business that you already know intimately. There is no business that is very easy so anyone can enter and get a sure profit. On the other hand, skilled and dedicated owners can often make business successful when others fail. Remember, your potential customers will only exchange their money just for the belief that you give them the value of their money. And that means you need to know what you are doing. Even though this point must be clear, unfortunately – no.
Do you choose a risky business?
When considering a business you know, it is very helpful to know how well they usually cost. For example, this business has a failure rate higher than the average:
Laundry and Flower Cleaners Flower Shop
Used Car Dealer Gas Station
Restaurant truck firm
Baby clothing store
Grocery store and meat.
If your business idea is on this list, that doesn’t mean you have to ignore it automatically. However, it must remind you to be very important and careful when preparing your plan. There are many business people in every registered category, just as there are people who fail in each. Many people enter business, they don’t know a little or nothing. For example, Mike opened a car tune-up shop at the time, apparently, such a shop could not be missed. He knows a lot about running a small business, has a personality that is suitable for that and can borrow enough money to start. The end of what was turned out to be a very sad story was that he needed two years and $ 30,000 to get rid of business. Why? Because in a hurry to get a profit, Mike ignored some important facts.
The most important of this is that he doesn’t know anything about the car and he doesn’t really want to learn. Not only did he not roll the arms of clothes and pitch when needed, he didn’t even know enough to rent and supervise mechanics. In short, Mike made a classic mistake – he started a business in the “hot” field because someone was stupid enough to lend money.
How can you apply this lesson with your situation? Say you’ve heard pasta shops make a lot of money and you want to start one. First, if possible, get work works in one, even if you work for free. Learn everything you can about every aspect of business. After a few months, you must be an expert in every aspect of making pasta, from mixing eggs and flour, flatten the mixture and slice it into a strip.
Ask yourself whether you enjoy your job and are you good at it. If you answer “Yes,” Go to the second important question: Is the business of potential money makers?
You must have a pretty good answer for this question after working in the field for several months. If you can’t find a job in the pasta business, make a food store tour and shop that makes their own pasta. Owner interview. To get a reliable answer, it is best to do this on a different local than you planned to be found.
Small business owners are often quite willing to share their knowledge so they are sure you will not compete with them. There is a management philosophy that says that good managers don’t need to know every job, just how to make other people do it. The approach can work well in a large company but for small businesses, it’s very naive. In short, don’t start your small business until you find out from the bottom up.