3 ways to choose the best business startup for you
Well, that’s a good question. Let’s take an example like an engineer who has had a long professional career and has done quite well but is now tired of the industry. He or she wants to make a change and do something different in a completely new industry, but isn’t sure where to start. There are 3 places I can suggest for you to start.
1. Startup and Entrepreneur Magazines and Websites
I think it’s important to get some general ideas about where to start a business and what types of business you can start. A good place that has some information is an entrepreneur magazine or small business startup or franchise magazines. There are various articles here about some of the experiences and challenges faced by people in these industries. More importantly, what businesses you could start and the current trends happening that have more business to develop are currently desired by consumers.
2. State and industrial resources and statistics
Once you have a few, say 2-3 different businesses you are considering starting, do your research. Check your local government and industry websites for statistics on these businesses. Get some insight into the technology, expertise and partnerships you’ll need to start these businesses. Also start thinking about developing a business plan for your particular business and how you will make it successful.
3. Local community and friends
A third thing to think about is your local community. If you can’t find a business to start. Ask around and see what’s missing in your local community. Talk to friends and other people in your community and start thinking about a possible business and whether it is viable. Is it a need that people want, or is there actually a viable financial business that can be started to meet that need in the community. You may also want to go back to step 2 and see if there is any funding available for this business in your community. Maybe someone else has already started this business recently and you don’t know about it. Also, maybe another or larger business is coming to your community and you don’t know about it yet. It’s a good idea to check with your local government or city council to see if business license applications have been filed or if any development is underway for a larger business of the same type to come to your community. Hope this helps, nice research.
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