More than ever before, self-employment is evident in every aspect of society. Starting a business has been identified as the only way to create real wealth (other than real estate and other investment). But WHAT type of business should you start?
Selecting, creating, choosing, developing the right small business model takes patience, diligence and an open mind. It's a matter of examining your small business ideas under a microscope and looking for the possible areas that could trip you up along the way.
Your "natural market" consists of the people who know you right now: family, friends, colleagues, suppliers. They will often be happy to support you by offering feedback as you explore alternatives.
These are also the people who could feel envious or even threatened by your desire for change and your risky ambitions. One rule of thumb might be that unless that person is already successful in the area you're asking about, their comments are interesting, but may not be realistic. (And if they are already successful in that area, hopefully they won't perceive you as a threat!)
Keep an open mind as you solicit opinions about your small business ideas and types of businesses you are interested in starting. Everyone is entitled to their own opinion - and depending on where your interests lie, everyone's opinion is valid, whether it agrees with yours or not.
Most people fall in love with their own ideas - if you do, it could prove fatal. Remain open and flexible as you explore all of the possibilities.
We've all had our share of small business ideas. Hasn't it ever happened that you've seen a new invention, only to recall "inventing" it several years earlier? The only difference is that someone else actually DID something about it.
As you compile your list of options for the type of small businesses you might start up, look carefully at what small business ideas you can actually turn into a viable business.
Do you have particular hobbies? Passions? Specialties? Skills?
Are you a natural born leader, a manager, work well with your hands, enjoy dealing with the public? Is a home based business a good fit for you?
Get a notebook and keep it near you at all times so you can jot down ideas as they come up.
Is there a product you can improve with just one little idea of yours? Do you see yourself behind a sandwich counter training your staff? Or are you a consultant type?
Small business ideas abound. They could be extensions of what you're doing now, or something totally different. In fact, they could be someone else's idea and you might become an active partner to bring the idea to market.
In summary, types of small businesses can include a retail, bricks-and-mortar business, a home-based internet business, network marketing, mail order, party/demonstration businesses and more.
All of these types of small businesses have their strengths and their weaknesses. Your task is to sift through the information and narrow down your preferences, your business growth ideas, and your vision for your own work life. It's also important to know yourself and to figure out which type of small business will be the best fit for you.
If you take your time, you will refine your small business ideas and come up with the very best business type for you.
Explore a couple of the options here:
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