WHAT BUSINESS SHOULD I START?

WHAT BUSINESS SHOULD I START?

You have the money, special skills and with that you think you are ready to start a successful business, right? Now the question is “What is the best business to start?”
You cannot make it big working for someone else. Working from pay check to pay check waiting for retirement is playing safe, but a real entrepreneur knows that taking that step in creating their own and being their own boss is better. With that it leaves a world of possibilities out there of the best business. Figuring out what type of business you want is a great starting point. Once you have worked your way through this five decision making questions, you will have a better answer to “What business should I start”.

  1. RETAIL OR WHOLESALE TYPE OF BUSINESS.
    Retail business involves selling of products directly to consumers mostly in small quantity. Wholesalers on the other hand buy products (often in large quantities) from manufactures and importers and then sell them to retailers and other distributors.
  2. PRODUCT OR SERVICE TYPE OF BUSINESS.
    If you are a professional like an accountant, doctor etc. your business will mostly revolve around the services you will be offering. But there are many professionals that also have the opportunity to offer related products if they choose to do so. For example if you are a doctor you could opt to mix both the service and product. The product will be drugs.
    If you’re not a trained professional, the key to deciding whether to focus on products or services when you’re thinking about starting a business is determining where your true talents lie and what you most enjoy doing.
  3. FRANCHICE OR INDEPENDENT TYPE OF BUSINESS.
    Example of a franchisor in Kenya is Safaricom. Safaricom offers franchises like MPESA. If you buy an MPESA line you are buying the right to sell the parent company which is safaricom goods such a credits and services that is the mpesa services in a specific area.
    Starting an independent business allows you the control and freedom that you won’t get from a franchise operation.
  4. STOREFRONT OR NON STOREFRONT.
    If you have decided to start a business selling products, you need a storefront of some kind such as a retail store. Many successful businesses “borrow” a storefront, so to speak, by getting their products distributed by other businesses. (Selling on Jumia is one example of this.)
    If you have decided to start a business selling services, you may or may not want a storefront. Many different services are actually performed at a customer’s home, from cleaning through landscaping. While you would still need an office (either in your home or elsewhere), an actual storefront is unnecessary.
  5. WHICH INDUSTRY?
    To make it easier on yourself, choose an industry or topic that you are not only interested in but have some expertise or experience.

Let’s suppose, for instance, that you’ve decided that you want to start a business that’s retail, independent, product based, has a storefront and is related to fashion. Then the businesses that you might start (or look to buy) would include clothes, clothing displays or a business specializing in fashion related products, such as tailoring shop or sewing equipment.
You can see that it has narrowed down to some of the business opportunities you can venture in.

Contact us when you are not sure and we can always advise
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