You tend to face lots of competition, supply issues, branded
products and low startup capital. To get a clearer picture you need better
understanding of different types of businesses. Here are important things to
consider before making a choice.
Product
or Service
You need to determine the type of business. Are you
offering a service or selling a product.
Service oriented businesses are usually dominated by educated
professionals in specialized fields. Service
provider leverages on technical knowledge and deduction.
Such services include, provision of healthcare,
mechanics, teachers, realtors and bankers. Others include accountants, entertainers,
bookkeepers and consultants.
Business
Services
- Educators
- professionals in specialized fields
- technical knowledge
- healthcare services
- mechanics
- teachers
- realtors
- bankers
- accountants
- entertainers
- bookkeepers
- consultants
Products
Professionals can also offer products such as carpentry, making
furniture, selling of digital products. The key to finding the right business is
to offer either a service or sell a product.
The industry your level of education and talent would
determine the industry you operate. The only binding factor in products or
services is marketing. Irrespective of the industry you choose you need
effective marketing.
- Hand Crafts
- Manufactured products
- Crops
- Farm produce
- furniture
- selling of digital products
Online
or Terrestrial
Once your have chosen a product or service to offer your
customer you need an office. The office could be Homebased, dedicated store or
online.
You need to consider opening a storefront or not. A
products sale involves having a physical location for your goods.
Product sales have different variations such as using
third party merchants. Others are in-house stock or offering eCommerce
solutions.
Choose
Niche
Choose a niche based on your education, technical
knowledge and interest. Offer service or sell a product. Product sales involve
wholesale or retail structure. You might decide to go into manufacturing or the
creative arts.
What
you need to succeed
To succeed you need to have passion for the business.
Other requirements are good location, supply chain, qualified staff and tenacity.
Start by writing a business plan, studying your
competition and offering added value services. Always strive for quality and
professionalism. Don’t forget to put in place advertisement and marketing
strategies.
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