How to Choose the Right Type of Business for You

choose-business, choose-the-right-type-of-business

Are you tired of living from paycheck to paycheck and always finding that your salary cannot cover your full monthly expenses?

Are you tired of being bossed around and want to experience being the boss? Then you must try to have a business, but what kind of business?

Here are some tips on how you can choose the right type of business for you:

CONSIDER THE 3 FORMS OF BUSINESS

Think: are you good in creating a product, provide a service, or trading? You can choose from these three forms of business:

Service-Oriented Business. This business provides intangible products such as expertise, advice, technical and professional skills and other similar products, where you can exercise your creativity.

Examples are auto repair shop, barber shop, laundry shop, internet café which all offers creativity and technical skills. Other examples are derma clinic, dental clinic, law firm, the accounting firm which all offers professional skills.

Manufacturing Business. This business involves creating a product which combines raw materials, labor and factory overhead. The manufactured products are sold to customers such as bags, shoes, meat products, soaps, etc.

Trading Business. This business is also known as buy and sell or merchandising. It involves buying wholesale products and selling it at a retail price such as grocery stores, convenience stores, and resellers.

choose business-body

CONSIDER CHOOSING A BUSINESS COMBINATION

Hybrid Business. This is a company that provides more than one type of business. An example is a restaurant business that sells a meal (manufacturing), serves the customers (service) and sells soft drinks or wine (merchandising).

FRANCHISE BUSINESS

If you don’t want to start from scratch, you can choose a franchise business that involves buying the right to sell the parent company’s goods or services in a specific area.

OTHER TIPS

  • Know your business.
  • Get some experience. Try to volunteer at a restaurant, a grocery store or any type of business that you want to try. Learn everything that you can. Experiencing how the business runs will help you choose the type of business that you want to start with.
  • Talk to entrepreneurs.
  • Last but not the least; evaluate yourself, your behavior and your attitude toward business.

CONCLUSION

Nothing is a sure thing; even your employment is not a sure thing. Same is true with business. There is no sure formula for success.

But there is a sure formula for failure: not trying anything and being afraid to make mistakes. So in the end, it was all about you. Only you can determine the success and failure of your business and your life as a whole.

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