What Business Path is Best for You?
There are A LOT
Are You Ready to be Entrefied?
“Success is not final; failure is not fatal: It is the courage to continue that counts.”
— Winston S. Churchill
There are SO MANY different types of business to choose from in a variety of different industries. It may be difficult up front to decide what kind of business you want to start. If you already have a business of some type then you definitely need to not put all your eggs in one basket. Having a solid backup plan is CRUCIAL.
A lot of people ask me what type of business they should start. What will be the most successful?
The answer is that it varies, depending on YOU. All businesses are unique as are all business owners. What if you’re in business already and you don’t like it? You need to reevaluate your choice.
To decide what kind of business you want to start or simply reevaluate your previous business, you should consider these things…
What are you interested in?
Your business should align with your interests. If you are really into MMA, music, and sports then you probably don’t care about fashion. A women’s dressy shoe store probably isn’t right for you.
Sure, certain types of businesses are going to take on more risk. An MMA gym, for instance, can be a pretty risky business, but if you really love it, you can make it work.
Online businesses tend to have way less risk because you don’t need brick and mortar stores. You don’t need inventory either really. It depends on how much money you have to work with.
If you pick the right location, hire the right trainers and staff and advertise correctly, you can make any business work as long as you believe in it.
Folks sell toilet paper, I mean come on.
Go with something you love, not what you think is the most profitable. Anything can turn a profit if you do it right.
What are you good at and have knowledge of?
At the same time, you may be interested in something but may know nothing about it. A lot of restaurant owners fail because they enter the business with ZERO prior knowledge of the industry.
If you’ve been a roofer all your life and you decide to start a restaurant on a whim, you will fail.
You need to be acutely aware of the industry that you are trying to break into before you jump into it. Try and stick with what you’re good at or take the time to learn about what you are interested in before you sink a ton of money and time into a business.
What is profitable?
While this shouldn’t be your main incentive, it is something you should consider. If your interests are too niche, you may run the risk of failure, especially in the wrong area.
Let’s say you’re really interested in fantasy card games. If you live in a small town, your chances of success may be low because it isn’t profitable where you are at and it’s too niche.
In order to be profitable, you may need to expand to fit other interests or you may have to go with something else entirely.
I want you to do what you love, but you still have to make money.
Starting a business is difficult and what type of business you want to start is an individual decision. Take these three things into consideration before planning out what kind of business you want to start and your chances of success will improve dramatically!
“If you don’t prioritize your life, someone else will”
Gary McKeown, He is in Control of His Life
You need to act NOW.
The Path to Becoming an Entrepreneur is riddled with failures and potholes. Finding someone that can help you avoid those potholes is very crucial in life. I created a list to help. Check it out below.
If you want to be unstoppable and be in control of your life, check out my list of tips.
You’ve been Entrefied.