How do I start with my new business?
I am eager to start my own business and enter the market, but I am facing a problem in deciding what kind of business would that be.
I can't decide what type of market interests me or what types of market are the most profitable and are worthy for me to take the risk and enter them.
can I please get a clarification on how to find what type of market to enter?
Thank You
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Dec 22, 2015
Let me qualify what I am about to say with the fact that I am not familiar with the business atmospherics of Lebanon. Having said that, when I am approached by someone who wants to go into business for themselves the first suggestion I give is to seriously consider buying an established business that is already generating a net profit and whose owner is willing to finance the sale themselves. You then pay them out of the revenue the business is already generating. Often you can figure out a way to purchase a business with little to no financial capital if the seller likes you, trusts you to continue to grow the business, and is willing to be creative. When you do your due diligence and buy an established business, you are in a position to work ON your business and not IN your business from Day One. And it is SO much easier to grow a business that already has a solid foundation and working capital then building from scratch. You can afford to do proper marketing, you can bring in consultants as needed, etc. And if you still have the itch to do something from scratch, cut your teeth on your first business that you buy, grow it, learn from it and sell it in 3-5 years and use that financial capital and your newly gained business savvy to help make your new venture a success. There are some good books out there on buying and selling businesses. One of my favorites is "Buying and Selling a Business" by Garret Sutton.
P.S. So if your desire is to truly be a business owner and RUN a business that can afford you the income and time to do the things you are passionate about, collapse time by finding a way to acquire a business that already beat the odds and one you can continue to grow. It is possible.
Dec 21, 2015
Hi Serge,
It is quite difficult to answer something like this, especially when you are not particular about any business idea. Since others have tried to address your query as it is, in the best possible manner, I am not going to repeat their advices in my own words. However, I can help you in choosing the right business idea.
Here is an article that features 5 most potential online business ideas. https://top10websiteslist.wordpress.com/2015/12/19/top-5-online-marketplace-business-ideas-and-ready-solutions-to-get-started/
I hope reading about these business ideas will help you step further in your quest.
Aug 21, 2015
Going through your timeline of questions it appears that you have been pondering this for a few months now. While I agree you don't have to start in an industry you are not familiar with (e.g., the electrical shop you looked at), but it is very difficult in my experiences as the learning curve for the industry combined with a new set of players to market to got me frustrated when I tried it. If you like what you do today, then how can you grow your work into something you get excited about and remain passionate. The most successful entrepreneurs are extremely passionate about their businesses.
Aug 11, 2015
At the risk of sounding repetitive - because I haven't read the other comments in this thread - the first step is to ask yourself, "What do I feel the most passionate about?" Next, identify within this area of passion the one thing you really do well. Start with that - and don't deviate from it. Focus, determination, and perseverance will be the fuel for your engine. Preparation, research, and marketing will be the vehicle that gives your engine (you) the other pieces you need to reach your goals. Constant evaluate your actions to ensure that each one is a step towards reaching your goals. Eliminate the unnecessary - working hard without working smart accomplishes nothing.
Aug 10, 2015
I would avoid going into business with no experience of that industry. Volunteer, work part time to see if it is a good 'fit." Is there a company your admire? Is there an industry that you admire? who are the leaders in that industry making money?
Aug 9, 2015
hi, to resolve your quest for business you have to introspect what you love to do...? No one will be able to help you till you know the product your self...my brother its difficult to guide a boat without a radar...
Aug 8, 2015
Start by deciding product or service, then venue, then worry about profit. After all if you have no idea yet what you want to accomplish, you really should research what sort of effort it takes to be in each of the possible avenues available to you. Try a microbusiness selling something you can make or buy wholesale for 3-6 months and see how it feels, then you'll have a much better idea of what you want.
Aug 7, 2015
Food industry is very lucrative business. But we all know putting up a business is not easy. It will take you on a roller roaster ride. Knowing what you love to do or what interest you, will help you to decide what kind of business will you going to pursue. Doing what you love will help you not to quit in rough times hence will make you strive hard to get your goal.
I'm not a pro business man nor business planner but one of the things you should consider in putting up a business is what product/service will you going to offer, identify you target market, site a strategically location, set a goal and find a trustworthy partners or people.
Online business is also a boom today, but this kind of business requires you a big social network. It also entail a lot of efforts to build their trust to patronize your product or service you are offering and prove to them that your not one of those pyramiding scam or illicit MLM.
We can throw you a lot of ideas on what is the best market to enter but at the end of the day final decision would still be yours. Meditate, list all the things you love to do, list your skills, talents and capabilites and match it. Knowing what you love to do and what your best at, will help you to have a strong foundation to start up a business.
Aug 7, 2015
Product + Market + Passion + Business Idea.
You started off your new business with which one above?
I would advise you to have at least 2 the above of which 1 will be passion.