While it's true, there are thousands of businesses for you to choose from, in order to choose the right business type; you must do your research. Why? You want to make sure that you choose a business type that you are passionate about. If you lack true passion for your business, you will not give your business the proper time, energy or creativity required, in order to make it successful. Also, while nothing is guaranteed, you want to choose a business that is financially viable for the long term.
You can obtain information on your prospective business type through web searches, industry books, current business owners, and industry professionals. I strongly suggest you do your own research, by doing your own research; you will gain invaluable knowledge about your particular business type industry and the business market as a whole. Your research will absolutely tell you that your chosen business type is the right business for you or no, throw it back and make another selection. Enhance your research by factoring in the type of company you want to have and the types of customers you want to target.
Other things to consider when choosing / researching a business type:
Low Startup Cost: You must be realistic about the amount of resources you have. I can not tell you how many people contact me wanting small business development support services and are moving towards business ownership with absolutely no idea about the type of finances that are going to be required for their startup. No matter what you may want, some businesses require start up money in order to start off on a successful note.
Beware of Business Trends: Be mindful of the “trendy” business – business opportunity. There are several business opportunities out there that are simply over-saturated. This industry over-saturation usually means that there will be a lot of salespeople / consultants in your general area. Industry over-saturation can draw you into some ugly business practices and can many to use cutthroat business tactics in order to get ahead. What would be a red flag for me? When I introduce my business to someone and they have already heard about the business opportunity and go on to tell all about the business. Also, with 'trendy' business models, you run the risk of the novelty wearing off.
CAUTION: Too many “newpreneurs” desiring to be their own boss often get caught up in scams and schemes. Be careful of the business opportunities that lead off with promising you “riches”. You've heard it all before, “If the deal looks too good to be true, it is.” The odds of you making $ 50K a month is slim to beyond none. Unless you are selling dollar bills for fifteen cents, building and growing a successful business takes time.
Sometimes It's Good To Be Alone: Focus on creating an industry / market niche. Niche entails creating and being able to offer your target market the most unique products or services.
Where Can I Get the Biggest Payoff: Of course, you want to choose the business type that will afford you the best financial opportunity. However, be mindful that you always do business with integrity at the forefront and not money.
Lastly, be mindful, the best approach to business ownership is to be methodical, systematic and disciplined. By taking your time in selecting your business type, this approach can help you avoid mistakes, which in the end, can be very expensive.
So, which business type is right for you?