Best and Worst Businesses You Can Start
Choosing a Small Business Idea:
Sorting the Good Business Ideas from the Bad
One of the very most critical decisions you will ever make in starting your own business is, for all too many entrepreneurs, never really a decision at all. The Best and Worst Businesses to Start
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Many entrepreneurs never really think critically about what business to go into—they just do it. Maybe they have a little experience in one business. Or they read an article somewhere about someone who made a lot of money in a particular type of business. Maybe it sounded like a cool and interesting thing to do.
Related: Top 23 Online Business Ideas That Make Money Today
What business you decide to go into isn’t just going to end up being a decision about how you spend your workday.
In some businesses, you are going to be likely to make a lot more money with a lot less work. Furthermore, what I suggest you think about most is this: What business are you most likely to succeed in or even survive in? Some types of businesses are much, much more likely to be successful than others.
Choosing your business idea is your most important decision as a future business owner.
So at the risk of generalizing, I am going to paint some broad brushstrokes of what I think most people’s chances of success are in different businesses. The Best and Worst Businesses to Start
Before you think that my broad rules of thumb don’t apply to you, perhaps because you have some related experience or a good idea, I offer to you that, on average, the type of business you choose to go into will have more impact on your chances of success than even factors such as your experience or how unique you consider your idea to be.
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You’ll learn how to choose the best business idea, how to write a business plan, how to find customers, and everything else you need to know.
Here are the best and worst business ideas: The Best and Worst Businesses to Start
Retail Business Ideas: Difficult to Start
Retail is a lot tougher than ever before, and it’s getting more difficult every day! Why?
In addition to the huge discount department store chains like Walmart continuing to take market share, the so-called category-killer superstores or big box stores continue to threaten smaller retailers in all kinds of categories.
Then on top of that, you have the Internet companies, like Amazon, which are more than willing to run their business at a loss today in hopes of making it up at some point in the distant future.
Starting a retail business is very difficult. The competition is fierce!
It’s not impossible to compete with the mammoth retailers out there—the success of the various “Dollar” store chains shows this—but it is very, very difficult.
You especially need a very carefully developed strategy that clearly differentiates your business and gives shoppers a clear reason for choosing your store.
Related: Million-Dollar Business Ideas You Can Launch For Cheap – or even free
Don’t be tempted to start a retail store just because you find a cute, affordable space to rent. Location means everything in retail, and a good location usually costs a lot of money.
I would spend several days sitting in front of a potential retail location with a counting device, counting cars and pedestrians walking by, before I’d even think about signing a retail lease.
Then if you do get a great location, take full advantage of it with great signage and an enticing storefront.
At one point I tried to retail new Polish bicycles out of my house. They were decent bikes at a great price, but no matter how aggressively I advertised them or how low I went on price, I just couldn’t capture the sales levels that the local bicycle shops were enjoying.
E-commerce Business Ideas: Tougher Than It Looks
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