What kind of business can I do?

If you decide to do business, identify a niche in which you would like to open your own business. There are many opportunities in the market, there are a large number of attractive ideas, but you should think about which business is right for you.

How to choose a niche

First, decide whether you plan to engage in retail or wholesale. By choosing retail, you will sell products in small quantities directly to consumers. Wholesalers buy goods from manufacturers and sell them to enterprises and other distributors.

Secondly, decide how you plan to work - on a franchise or organizing an independent business. If you buy a franchise, you buy the right to sell the goods or services of the parent company in a specific area. In addition to franchise fees, royalties must also be paid. You must comply with the terms of the franchise agreement, which often accurately describes how to manage a business.

An independent business, unlike a franchise business, will have to be organized and developed on its own. Starting work, you can get the freedom to make decisions that you can’t get by doing franchising.

Thirdly, decide what you are going to offer - a product, service, or both together. If you are a professional in a specific field, your business can grow around the services that you provide. In addition, many specialists also have the opportunity to sell products related to their activities. For example, a photographer can implement photo paper, frames, and cameras.

If you do not have professional skills, open your own business in the field in which you are talented. You can start a business by selling information materials, train people in certain skills. It does not matter which type of business you choose, you will have to deal with sales in any case.

Fourth, you need to decide if you need a display case. This may not necessarily be a store, a good "showcase" will be a site. To increase the number of sales, it is recommended to use both tools - open a website and put goods for sale in a store.

For consultants and coaches, just open a website with a description of the services. There is another option - to organize your business so that your goods are sold in other stores. If you decide to provide services, they can be provided at home. The range of possible activities is wide - from cleaning the premises to landscaping the adjacent areas.

Fifth, you need to choose an industry. It’s good to open a business in a niche that you not only like, but in which you have work experience.