What Small Business Should I Start?
Before we get into the nitty gritty of answering the question “what small business should I start?” I feel the need to clarify that I am not an oracle, I am not in a position to give you career guidance and I am not trained to give small business advice.
That being said I started my own small business and therefore asked myself the question what small business should I start and spent a lot of time soul searching and browsing through endless listings on the internet to find a solution that would work for me.
So without further ado the answer to the question “what small business Should I start?” is:
Honestly, I can’t give you a definitive answer. In my opinion there is no small business that I found out there in the marketplace that is suitable for everyone. Period!
Everybody’s circumstances are different, people’s experiences vary and individuals goals for the businesses are incomparable. What you need to do is take a step back and discover what would make a perfect business model for you.
What Small Business should I start - The Perfect Model
There is no point looking for a small business to start if you don’t know what you are looking for. Think of it like when you are looking to buy a house. Before you contact a realtor or search the internet you know what you are looking for.
Your Ideal house has 6 Bedrooms, detached, off road parking, gardens to front and rear, a conservatory, swimming pool and has good transport links.
So why waste your time looking at a one bedroom apartment on the thirtieth floor?
When it comes to the characteristics that make up small businesses then the following, a list that I used myself, could help.
- Provide a product or service that has a niche and high value, or has mass market appeal with low price.
- The business needs to be scalable.
- Overheads/fixed costs need to be low so you can break even on a fairly low turnover.
- The product should not be impacted by laws or regulations that will change quickly
- Recession proof
- Multiple Streams of income
- Low start-up costs -(inevitably this also means low barriers to entry)
- Future Proof
Your ideal small business model could have hundreds of items on it, possibly even thousands, if you find that you are not able to satisfy all the criteria then broaden your search by either decreasing the importance of a certain item or removing it all together. It is likely that you will have to make a compromise somewhere - even if you are building your small business from the ground up.
Whittle down the list to only include the core components of what is really important to you and your business. When that is clearly defined you will identify the business model that is right for you and ultimately reveal the answer the question “what small business should I start?”