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Thread: Choosing The Right Business

  1. #1
    Join Date
    Apr 2005
    Posts
    46,704

    Default Choosing The Right Business

    For the beginning entrepreneur, choosing that first business can be a bit daunting. Whether itís an internet home based operation or a bricks and mortar plan, itís vital to have a beginning business checklist that lists the essentials for beginning a business.

    One of the main reasons why new businesses never get off the ground or fail within their first two years, is because of a lack of pre-planning and goal setting.

    The first consideration that must be looked at and embraced is exactly WHAT kind of business you are going to get into, and why. So many people pick a business or franchise solely on what theyíve heard in promises for a large income pay off. If money is your only reason for picking a certain business, you will probably crash and burn within the first six months. Pick a business that you feel comfortable with. Donít become a carpenter if the thought of using a hammer and saw scares the daylights out of you. Donít buy into a pest control franchise if youíre squeamish about bugs and mice. You need to find that special match up between your own strengths and enjoyments and what will also yield an income. There is no get rich business. Success takes time to build, and if youíre going to invest the sweat, you should be investing it in something you donít have to talk yourself into getting up to, each morning.

    Once youíve picked your business, decide on the investment youíre comfortable with, and then do your homework to see if thatís a realistic dollar amount. If it is, thatís great. If not, are you willing to go higher? If your comfort level starts screaming at you, you may want to reconsider your choice. Every business start up holds risks. There is no guarantee. You can stack the odds in your favor, to a certain degree, but itís still a gamble. If youíre not prepared to accept the gamble and the possible loss, then you may want to give this a good second thought.

    Do your homework and your due diligence as to who you wish to affiliate yourself with. Going it alone can be a daunting challenge. If you opt for a franchise or to buy into an internet opportunity, make sure you do as much objective research as is possible to learn about the company, the industry, the support, the training, and all other questions you have, regarding this endeavor. Donít be afraid to ask those tough questions. Even though you are excited and eager to move ahead, always look to find possible reasons NOT to partner up with a certain business. Remember, any business opportunity that is being sold to you, is going to always spotlight and emphasize the great benefits. Find out what the not-so-great aspects are, and then weigh the WHOLE PICTURE, before handing over your hard earned money.

  2. #2
    Join Date
    Dec 2010
    Location
    India
    Posts
    42

    Thumbs up How To Chose The Right Business

    According to my experience, I can suggest you the path that how can we chose the right business.
    1) first, mind set:- you should have plan where to go or which business do you like to open.
    2)Always remember the requirement of the customers:- when you open the business, then you should have update from the customer's demands.
    3)Take the advantage of Meetings and conferencing call.
    4)Cheap Entry Cost:- When you enter in the market, you should remember that the cost of your product should be cheap.

  3. #3
    Join Date
    Jan 2011
    Posts
    5

    Default

    It will never be easy... I've started a few here in Portugal... Get ready!

  4. #4
    Join Date
    Jun 2012
    Posts
    1

    Default

    The best business to start varies from person to person. It is subject matter of personal interest. Choosing a wrong business as a startup can be a reason of loss if you do not know about that business how to grow. Strategy planning and market analysis are two big factors that can be reasons for fall in your business if selected randomly. So, It is suggested to choose the business that is prospective and your personally have some knowledge about it.
    Last edited by rehna85; 11-28-2013 at 10:10 AM.

  5. #5
    Join Date
    Mar 2013
    Posts
    5

    Default

    Yes preparation knowledge and goal setting are the basic and important component to run the successful business. Every trader must learn some knowledge and information before started a business.
    Last edited by rehna85; 11-28-2013 at 10:10 AM.

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