Once you have decided that you are willing to do whatever it takes to build a business, you need to decide what kind of business you want. Here are more questions to consider:
•Will you offer training, mow lawns, have a pool service, sell a product, write books, manufacture something? What about a making cupcakes or salad dressing? Running errands for your neighbors, handling their recycling?
•Will you require a storefront, an office, a warehouse or will you work online and have an internet business?
•Will you work alone or have employees?
There are three main forms of business:
Internet: This is a business where your office is literally in your computer. There are many things you do as a business on the internet. You can sell products on Ebay or Etsy, you can sell your art or things you produce from your hobby, you can earn money blogging if you can writer, you can build a coaching or training business, be a virtual assistant, be a graphic designer, sell your books or recipes or even food items that come from you kitchen.
The thing to remember is that this takes time. The average business takes two years to build on the internet from start up to beginning to earn money. It is very unusual for someone to hit it big and make a ton of money right away. Most of those stories are not true.
Also, having an internet business is not easy. You are working alone a lot of the time, you have to be a self-starter, motivate yourself and have a lot of patience.
The benefits are that you can work on your schedule, you are your own boss, you can be really creative. However, even these benefits have a down side. Working alone can make you feel isolated, you aren’t accountable to anyone and unless you seek them out and ask for assistance, there is no one to help you and you might have to pay for whatever help you need. There is also a large learning curve where new systems, social media sites and other things are a part of your business.
This is a business option you need to give a lot of thought to and brainstorm some options for working around these downsides and moving forward.
Service: A service business would include mowing lawns, pet or housesitting, running errands, home care provider, pool service, house/office cleaner and any kind of construction or contractor business, even a lunch business run from a catering truck. You must be aware of the sort of knowledge and skills that you need, what kind of equipment/tools will you need, and whether or not you need a more formal education and a certificate of license. This will require some research on your part.
Brick and Mortar: Within this category are retail stores, restaurants, and manufacturing. Brick and mortar literally describes a business at some physical location.
There will be some cross overs within the categories, for example, if you have a construction business, you will likely have a physical location where you park your truck, store your tools and have a showroom to engage with clients.
Another option for business is to own a franchise. This can be expensive because you have to pay the parent company for the franchise license. Some businesses that are franchises include fast food businesses and service businesses like Molly Maids. You have to sign a contract with the parent company, they will provide some training about the business and you need to agree to operate within their guidelines and maintain the level of quality they demand. Owning a franchise isn’t for everyone and there is no guarantee of success even though the parent is a well-known business. And it can be very expensive and require a loan and lines of credit. Do you have a relationship with a bank?
So, as you can see, there are many questions to consider each step of the way to building an entrepreneurial business. Are you still committed to doing what it takes to build your business.
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