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?
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.
The first question to answer is this:
What are you most passionate about? What do you love to do? Then think about business opportunities related to your passion.
When I started doing what I do it was for one reason: I needed to hire someone several times over the years in a previous job who could provide the service I now provide, and couldn't find someone. I therefore unknowingly identified a gap in the market, which eventually I decided I would try to fill. Jeff's answer is a good one. Perhaps your best plan would be a combination of the two, if that makes sense?
Totally agree with Jeff. Starting your own business is a lot of work and passion will keep you going through the tough times. Also, think about problems that you personally deal with. Are there ways to solve that problem that others are not doing or that you could do better? Once you come up with some ideas, talk to people that have the same problem and get their feedback on your solution. Good luck and have some fun with it!
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!
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.
Youre the only one who can answer these questions. Everyone 'wants to make money' but theres an enormous difference between 'I think owning a business would be good' and being passionate about a craft/service/product whatever. If you cant decide on what business interests you, you shouldn't be in business in the first place.
Owning or running a business is the hardest thing you will ever do - it takes tremendous dedication and a willingness to go without sleep for extended periods of time. When you say you want to enter the market with no direction thats like going to a used car lot and saying you want a car. - OK what kind of car do you want a truck or a race car?
The first problem you have is that you think there's such a thing as a profitable business from the jump. Anything can be profitable - and YES you're going to need to take risks. So this 'market' you're talking about isn't real. Supply and demand dictates that the market fluctuates, its econ 101.
Secondly - You need direction. Right now you are in a ocean with no compass. No one can tell you "Oh go into computers I hear the market is really good" Don't base your future on phony empty BS from people you don't know. That's like betting your life savings on the horse from some guy at the horse track with a 'hot tip'And there are planty of people out there willing to sell you snake oil. Be wary of crooks with silver tongues and phony smiles.
So whats the answer? RESEARCH. Sit down and think about what really inspires you, what youre interested in and what apeeals to you. Start by considering partnering with someone in that feild, or industry and get a feel for what its like. Then gain some experience, and THEN consider doing it yourself. You cant go into something blind. If you need help - feel free to connect I'm always available.
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.
I can't pretend to know what the good markets to enter into for Lebanon would be. I will say this, successful business startups come from an idea to solve a need. I am sorry to say that the idea of following your passion is not a reason people will do business with you. I could no more tell you to burn your cash in a fire pit than to say just follow your passion.
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.
Perhaps a visit with a Score Mentor would help you---Do u know your strengths and weaknesses...
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.
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?
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.
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.
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.
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 .
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.
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.
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.