Starting a business is exciting, but it is also a challenge. Not every idea has good odds for success. Barely two-thirds of small businesses make it to the two-year mark while only half make it to five years, according to the Small Business Administration. Numbers like these may sound disconcerting but remember — half of all small businesses do make it five years and some last for decades.
You can set yourself up for success by building a strong foundation. Start by understanding the different types of businesses out there so you can think about all of your options before committing to one concept.
Organize Your Options
The best small businesses serve a purpose. They answer problems and solve pain points. Begin figuring out what business to start by identifying needs that you can fulfill. As you explore these concepts, you may find that you do not have the expertise to solve the issues you’ve identified. That’s OK. You can eliminate these ideas or figure out how to hire professionals to do those activities for you.
For the pain points that you can solve, spend time breaking down the issue. Do people have a clear need for your idea or is it a novel approach? If you are offering something that is the same as another business, what is it that makes your concept better? Can you provide something unique? When you find a business idea that ticks all the boxes, you may have a concept that is viable.
Figure Out What Needs to be Done
Next, figure out what needs to be done. You need a plan. Actually, you need several. You need to develop a plan for how your business will function as well as one for how you will get the word out about your offerings and how you will afford it all. You also need to sketch out how you will differentiate yourself from competitors offering a similar solution.
Also, remember that you don’t have to reinvent the wheel. You could also open a franchise in a unique location or sell products for another company. It’s still your business, but the approach has already been tried and tested. Plus, it could be cheaper to stand on the shoulders of giants instead of starting from scratch.
Once you have identified the basic options you have available to you, start thinking creatively about how those business activities could make sense for you. According to Entrepreneur, more than 600,000 people start their own business in the U.S. every year and many more dream about it. For many of these people, the hope isn’t to sell a particular product or provide a specific service — it is the dream of being self-employed.
Spend time thinking about what you like to do and the sort of lifestyle you want to have. The answers to these questions will help guide you to the business idea that is right for you.
One option could be making money with Amway. The direct selling business could be a good fit for some people. Amway provides training and resources as well as a business structure that has been around for decades. Do your research to understand the different types of business opportunities available so you can think about all of your options before starting your own venture.
You can start your own business. It just takes some research and planning first. Take the time to do the work, and you will improve your odds of success. Start from scratch or choose an established business model to follow. Franchises and direct selling opportunities may be solid options, depending on your goals.