Of course everyone with the entrepreneurial spirit asks this question. What can I start a business in? I will look at several ideas here.
As a business owner I get asked this question all the time. If you are one of the many people who are unhappy with their current job or career, or if you just need to make more money, then you have probably asked yourself “What can I start a business in?”
What can I start a business in, now?
You can start a business of your own, if you have a talent to do something. You could start a business in that area. If you are a good photographer, you could become a professional photographer. Perhaps you are an excellent cook. You can start your own catering business. Starting a business in an area that you have a natural talent is a good place to start!
If you are going to Build a business from the ground up, you will need a lot of money to invest in equipment, advertising and a place to conduct your business. It also entails a lot of risk. Maybe you are able to pony up the money to start your business. Maybe you aren’t able to come up with that kind of cash. If you need to borrow the start up money, you are taking a huge risk that you will not be one of the 95% of people who go out of business in the first 5 years and lose all of your money.
Starting and conducting a profitable business can be done. I’ve done it myself. It’s not easy and takes all of your time to do it, but if you can make it, it is a pretty good life! Being your own boss is okay. You have employees, to try to keep happy and working. You have customers to answer to as well. You’ll spend a lot of time trying to keep them happy, too. You can set your own hours, as long as they are from sunrise to sunset and maybe a little longer. If you can do that then you should be okay. That’s the life of a business owner. You are kind of middle management. I wonder why anyone would want that kind of life.
Well, owning your own business is tough, but it is still better than working for someone else. You are on your own. You make all of the decisions. It’s like not knowing how to swim and then being thrown in the deep end of the pool and asked to swim like an Olympic star.
It is a tough life but your are at least in charge of your own destiny. Or so it seems. A downturn in the economy or any other of a million other things can sabotage your success.
What can I start a business in during hard times?
You could try a more traditional approach and look to an existing franchise. They are very expensive to get involved with, but they have less risk involved in them. They come with a tried and true marketing system. In fact they have a system and an answer for just about any situation you can possibly think up. For the most part, the business plan is so simple even a zit faced high schooler could run it. Many times they do just that. Go to any McDonald’s and you may see a high schooler managing the business.
Owning a franchise is being an entrepreneur. You usually are not involved in the day to day running of the business, or at least you shouldn’t be. If you are going to pay the prices they franchisors are asking these days, you should be able to afford to have someone else manage your business for you. Although, you can find some franchises that cost as little as $20,000 to get involved in, most are in the $1-$3 million range or higher.
In this business model you always have help. The franchisor has a vested interest in your success. They get a small percentage of your profits as well as their franchise fees.
What can I start a business in that doesn’t cost too much?
There is a business model that combines both the self start up and the franchise. That business model is called the network marketing model.
The start up prices are usually low enough for anyone to get involved in. (Just an aside, no price is too high for someone who is going to build a big MLM business and no price is low enough for someone who isn’t going to build a business.) Most network marketing business cost about $300.00 to get involved. Everyone should be able to come up with that amount of money.
The only real skill you need is to be able to invite people to see your company’s business plan. You probably don’t even need to give the business presentation yourself. You should be able to get help from someone in your upline! You should be able to find some relatives or friends who will support your business by buying your company’s products or services.
Like a franchise, your sponsor has a vested interest in your success and should be more than happy to answer your questions and providing you with the help you need to be successful. Your sponsor gets a small percentage of your sales. There is that incentive for them to help you!
As far as the success in the 3 different business models is concerned, the franchise model has the greatest chance of success. With $1,000,000+ price tag they should be offering you the best chance of success.
Comparing the self start up and the network marketing, the odds are about the same. The start up costs are lower in network marketing and you should be able to find someone in your upline to help you, as you go. If you can’t find someone who is willing to give you the help you need, you may need a new upline or even a new business. The self start up can be very expensive to get going, to advertise and you probably stand a slightly better of a chance at success in your own start up business, but don’t forget you’re going to be on your own.
Hopefully, that answers the question, “What can I start a business in?”
At the least, you should have some things to think about. If you have any questions about starting a business please feel free to contact me at richard [at] richardbrokenshire.com. I’d be happy to help you in any way that I can!
Best of luck to you, in whatever business you decide to start. You’re going to need it!!
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