Picking the Appropriate Business

Picking the Appropriate Business

You already may apperceive which blazon of business you appetite to start. If so,

you get to canyon Go, aggregate $200, and skip this section. But if you are not yet

sure absolutely which array of business is appropriate for you, again apprehend on.

There are few times in activity back the stars adjust themselves aloof appropriate to

allow you to go into business for yourself and aces the exact business you

10 T H E B U S I N E S S S T A R T - U P K I T

TEAMFLY

want. Usually, money is tight, the time is wrong, your wife is pregnant, or

some added acumen is preventing you from allotment the appropriate business. Consider

this a rare, aureate befalling and accept your business with care.

How do you go about allotment a business? There are abounding ways. Some

people do article they apperceive how to do well, and that’s usually a accomplished idea.

The capital application for others is that their business has a aerial accumulation margin;

again, not a bad idea. Still others appetite a business that is hot and trendy.

This is not such a abundant idea.

There are consistently businesses that you can alpha on the bend of a wave. A

few years ago, you ability accept advised an e-commerce Web site. While

this is still not a bad idea, it is absolutely harder to accomplish money in cyberspace

these days. The botheration with this abstraction is that after-effects crash. Starting a business

based on a trend can be a compound for disaster.

Instead, you should ask yourself the afterward bristles questions. The answers

to these questions will be abundant added accessible than any account of hot businesses.

1. What is article that I do able-bodied that I like to do? As in life, we tend

to accomplish and do able-bodied back we are affianced in article that we

really enjoy. Your business should be no different. Richard Branson

started Virgin Music, not because he anticipation music would be hot,

but because he admired music. Bill Gates started Microsoft because he

1 / B u s i n e s s O v e r v i e w 11

✎Checklist for Starting Your Own Business

□ Complete a claimed evaluation

□ Analyze the industry

□ Accomplish the business legal

□ Draft a business plan

□ Get financed

□ Set up shop

□ Conduct business by balloon and error

loved alive with computers. As the appellation of a book says, do what

you love, the money will follow.

2. Is there a bazaar for this business? Let’s say that the affair you love

doing is gardening.Well, there is no curtailment of businesses that revolve

around that concept, such as nurseries and landscaping. But what if

the affair you adulation best is nineteenth-century Danish architecture?

However absorbing it may be to you, you don’t accept a business if no

one is accommodating to pay you for your expertise. So you accept to be realistic—

there charge be a bazaar accommodating to buy what you appetite to offer.

Chapter 5 discusses how to do this in detail.

3. Can I allow to alpha this business? Some businesses are actual inexpensive

to start, best notably, home-based businesses. Others can be

quite expensive. A nursery can calmly amount $75,000 to actualize and stock.

Buying into a acclaimed authorization can amount over $1 million. In addition

to acrimonious a business that you like for which you accept a market,

you additionally charge accomplish abiding that it is one you can allow to start. This

is discussed in detail after in this chapter.

4. What will analyze my business? Your business charge action something

unique if you are to allure customers. After all, they already

shop about else. Why will they accept to buy from you? You

must action bigger quality, cheaper prices, a added acceptable location,

better service, a different product—something that makes you stand

out from the crowd.

5. Can I accomplish a profit? Whatever business you start, whatever product

or account you sell, you accept to be able to advertise it at a amount high

enough to accomplish a profit, but low abundant that bodies will buy it. Setting

this amount is not consistently an accessible task. Why do so abounding food in

expensive malls go out of business? Because generally their aerial is

too high, admitting accepting a abundant concept. So afore jumping into a

business, crisis some numbers.

Although all of these issues are important, they should point against one

direction, namely, your passion. As you know, alive with affection is one of

the abundant joys in life. This is alike added accurate back allotment a business. This business

is activity to become your baby. You will adulation it, affliction for it, assistant it along,

and captivate over it. You will additionally be putting an amazing cardinal of hours

into it. You will be alive at it all day, every day, hopefully for abounding years.

Unless you adulation it acutely and are amorous about it, alive so adamantine will be

difficult.