Choosing the right company to start with is not easy.
Follow the 6 steps below when selecting the right company:
- Follow your passion: The best option is always to make or sell a product or service that you know about and love. If you're looking to start a business for the long haul that suits your best than you must choose a business that you love.
- Keep it real: Take a good look at the relevant marketplace. Is there a trend for the product, a real need or even a collective desire for the business that you want to start?
- Review your competition: Survey the landscape for established competition. You really need to know if someone has beaten you to your brilliant idea or not.
But if you find that some one else has already started the same business, don't be discouraged. This could be a good indicator of a business opportunity that makes sense. Also, if others are already doing well at it, that could be a good sign for you too.
- Does it fit your lifestyle: If you love the service and products, make sure it would not require 24x7 commitment. But, do acknowledge that it will take your time and effort to turn it into something wonderful. Don't let your business become a job you despise. If you make it a fun and joyful experience, then you will never think of your business as a job.
- Consider your risk: With great risks, come great rewards. Just be sure the one you do select meets your other criteria, demonstrated here in the other 5 examples.
- Use the Internet: Will you be able to run your business via the internet? This is a powerful resource for running and promoting your business. It can help you turn a small business into something bigger before you know it.
Note: Always consult with an attorney and a CPA before selecting a business.
Jerome Ratliff
To find out what business I am in, click here
Get Healthy & Wealthy
4 comments:
Great article. Those are good steps, and I think they're all very important. I'm looking to buy a business, but I can't find the right one. Some are out reach and others just don't seem interesting enough. Would you happen to know any websites that might have businesses for sale? Thanks.
@Alex-- Check your local Chamber of Commerce and/or SBA. They should be able to help you. I would also check out BizTrader.com to see what's available for sale. It's a global marketplace for small business. There's a wide variety of businesses for sale, and I'm sure you'll be able to find something you like. Good luck.
Alex - Thanks for your input on this article, I always appreciate feedback. It's great to see your interest in buying a business. There are plenty of resources out there via the internet. I prefer using the SBA. They will help you in designing your business and/or finding one for purchase. I've personally used them and was extremely pleased with their service. One thing to think about is start-up capital. Most businesses require a substantial amount of money to start-up. For example, franchises. Also, what is your why? Why do you want to own a business? Do you want a better life for you and/or your family? Something I think you need to truly think about. For me, network marketing was for us. It offered low start-up costs, reputable products or services (depending on which you choose), and the ability to partner up with other successful business owners. For some that may mean buying a franchise or starting up a business from stratch. Regardless, there are a lot of things to consider. This is to not discourage you, because it's apparent you have a great interest, but rather keep you aware of the opportunities. Good luck Alex, I'm sure you'll find something.
Thanks for your help, Jerome. I really appreciate the advice. I checked out the SBA, and I like the help they were able to provide. I just some inheritance money, so that's my start up. It's going to be a challenge, but I'm up and ready for it.
Also, thanks, Nick. I checked out BizTrader.com, and I really like what it had to offer. I like the big selection of businesses for sale. Great suggestion!
Thanks guys!
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