You’ve decided to start a business. Now you’re asking yourself, “What is the best business to start?”
Retail or Wholesale Type of Business?
Where do you want to be on the supply chain? Retail businesses sell goods directly to consumers, typically in small quantities. Wholesalers buy goods, typically in big quantities, from importers or manufacturers. They then sell them to retailers and other distributors. Check out these business models to help you in deciding.
Franchise or Independent Type of Business?
Many established businesses offer franchises, which are really copies of their companies. If you purchase a franchise, you are purchasing the right to sell the parent company’s services and goods in a certain area. Besides paying a franchise fee, you must pay royalties and maybe additional fees to the franchisor.
An independent business is one that you establish and nurture by yourself. Establishing an independent company gives you the freedom and control you won’t get from a franchise. Is a franchise or an independent business the best business for you to start?
Product or Service (or Mix of Both) Type of Business?
If you are a skilled professional, like a realtor or accountant, your business is going to be about the services you can offer.
But there are many professionals that also get the chance to provide related products if they decide to do so. For example, if you’re a photographer, you could open a camera business, selling cameras, photo paper, and picture frames.
Storefront or Non-Storefront Type of Business Operation?
Thinking about business opportunities and discovering the right business for you to start gets easier when you know precisely what you’re looking for.
If you have decided to start a business selling products, you need a storefront, regardless if it’s bricks-and-mortar or virtual, like an ecommerce site. Many successful businesses have both, increasing their customer base beyond their location.