3 Ways To Choose the Best Business Start-Up for You

Well that is a good question. Let’s take an example as an engineer that had a long professional career and did fairly well but is now tired of the industry. He or she wants to make a change and do something different in a totally new industry but is unsure of where to start. There are 3 places I can suggest to get you started.

1. Start up and Entrepreneurial Magazines and Websites

I think it is important that you get some general ideas on where to start a business and what types of businesses you can start. A good place that has some information is entrepreneur magazine or small business start-ups or franchise magazines. This have a variety of articles on some of the experience and challenges people face in these industries. More importantly what businesses you could start and current trends that are happening that have more business to develop are currently wanted by consumers.

2. Government and Industry Resources and Statistics

Once you have a few, say 2-3 different businesses you are thinking about starting do some research. Check your local government and industry websites for statistics about those businesses. Get some information on the technology, expertise and partnerships you are going to have to make to start those businesses. Also start to think about developing a business plan for your specific business and how you are going to make it succeed.

3. Local Community and Friends

A third thing you should think about is your local community. If you can’t find a business to start. Ask around and see what is missing in your local community. Talk to friends and other people in your community and begin to think about a possible business and is it viable. Is it a need that people want or is there actually a viable financial business that can be started to meet this need in the community. You may also want to think 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 someone else or a larger business is coming to your community and you don’t know about it yet. You will want to check with your local government or town council to see if any applications have been made for licences for such as business or any development are taking place for a larger business of the same type to come to your community. Hope this help, happy researching.

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