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?
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.
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.
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.
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.
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?
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...
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.
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.
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.
I have a free e-guide on lulu.com http://www.lulu.com/shop/c-k-yap/1-million-business-ideas/ebook/product-21920607.html which I wrote to help startups generate ideas and failing businesses make the right corrections. It should help everyone interested in venturing into business or innovation.
First Question...What is your passion? What is it that you find joy in and its not like work? What are you good at? Count the money last? NO matter your passion, if it strong, it breeds the success of a strong bottom line. It's time for self reflection and inventory of yourself.
Perhaps a visit with a Score Mentor would help you---Do u know your strengths and weaknesses...
Serge, you need to do a lot more homework before starting a new business that you don't have any idea about. Asking what type of market to enter is a wide open question. Open your eyes, and brainstorm with your mentors and experienced friends who own businesses. Then develop a solid business plan.
I would say like you need to be clear about whether you are going to start a product based or services based business and if so which category and then comes area where you are interested to run this business.
I shall start from your last words ,What type of market to enter , I would say & ask you to start with any product you know well , So that you can deal with your clients profissionally , otherwise you can choose any other products which do not requre technical experience - or you can hire one with good experience to help you carry on the business under your control .
Deciding to start a business will be the most important decision you ever make. With that said, you must be clear about a few things:
1. What is your calling? What do you do better than anyone else? What value would others pay for if they knew you provided it? You must feel a real sense of purpose if you are to succeed. Hint- the purpose can't be to make money. No one else but you benefits and its not attractive feature for others to enbrace.
2. What are you particularly strong at? If you are unsure, seek out professionals who can provide assessments to help you get clear about what business to consider. I did this and it was a game changer for me!
3. Research industries you are interested in. Get to know the players, what they do and what unmet needs still remain. Just becasue you are passionate about coffee, doesn't mean its a good idea to open a coffee place. Understand what it takes to build a market presence and acquire customers.
4. Think long and hard about whether you want to go down this road. It takes a certain level of commitment, risk taking, belief and fortitude to make it. Many times, it's the competitor who can outlast the rest of the field that wins. From a financial standpoint, evaluate what it will cost and be prepared to support yourself for at least 24 months. The number one reason most new businesses fail is becasue they run out of money.
5. Finally, get help early. Don't wait until you are real trouble to reach out. The real challenges faced by most new business owners involves understanding how to market the business and how to run it through the start up phase.
I hope this helps. Good luck deciding. I hope you will consider jumping in. Its exciting and liberating when you do it right!
You have had some good advice here including the suggestion not to listen to a lot of people you don't know. We don't know enough about you, your talents, your interests and your abilities to give a really good answer.
I would agree with those who said to look inside yourself first. Make a list of the things you enjoy. I believe you are in the food business now. If you like that it may be a field to pursue. Think about your education. What has that qualified you for. Think about your hobbies and interests. Can some of those guide you in your planning. Think about the things you enjoy. Do you like working with your hands. Are you handy with things. One thing to be very careful about is to pick something you will enjoy. There is nothing worse than working in a field you don't enjoy.
Be realistic in thinking about this. Being your own boss isn't always as profitable as some would think. Being in business can demand long hours and hard work. You can have more worries than you ever expected.
If you have nothing in particular that gives you a path to operating your own business perhaps being a franchisee may be the path to take. Some take a lot of capital and some don't. The nice think is that you don't need the knowledge that operating your own business can require.
I agree with the others to that finding a need can be a way to decide what business you want to be in. However, that is not always that easy and if for example your passion would be to open a pizza place even though there may be no shortage of them now it doesn't mean there isn't room for one more. That is just an example.
In the US, there are several options of consultants/coaches who help determine franchised businesses you would be a fit for. Most do not cost anything.
If such is available for you, it might be a place to start, even if you do not intend to acquire a franchise.
Hi Serge, in my opinion, it is too early to think about markets for you right now. It is more important for you to find out what interests you, and what is it that you are good at. Once you've identified this, you are ready to find out how you can offer it to others - as a product or as a service (depending on what you have identified as your field of work). Once these basics are covered, you can think about markets, demands, business model, potential customers and how to reach them. Hope this helps. Feel free to reach out any time if you want any help with an analysis.