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Starting a Small Business 

Q  What are some good businesses to start?

A Some of the factors that go into making a business a "good" one to start have to do with what might be suitable for you:

  • Your skills: your experience, interests, and talents. A good business to start is in a field you love. You may be working 60 hours a week; so it should be something you enjoy doing. Start with an inventory of your skills, your interests, what you have enjoyed doing in the past. What you will be doing all day. Is this how you want to spend your days? For example, do you like working with people? Consider your potential customers and employees, would you like working with them?
  • Is it feasible? Some things to consider and topics you will work on in your Business Plan are:
    • Cash to start the business. Do you have enough money to start it without going into debt? If you need to borrow money, how is your credit? Do you have assets to pledge as collateral for the loan amount? Are you willing to risk losing these assets to borrow money? If you have no collateral, do you have some one who will co-sign the loan?
    • How easy will it be to find good employees?
    • Is there really a demand for your product or service? Is there any competition (if not, think twice, there may not be sufficient demand)? How will you set yourself apart from the competition?
  • There are two types of philosophies in starting a business. The first type is much harder to do than the second. Which category are you in?
    • Build it and they will come
    • Meeting a demand that is identified, and not being adequately met. See our special section on Marketing.

 


 

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Page last updated: October 11 2013

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