07 Sep Business Ideas for Novice Entrepreneurs
In this post, I want to discuss business ideas for entrepreneurs who are just starting their first business. It is important as a first-time entrepreneur, choose the best business idea. I am going to explain the businesses that as entrepreneurs have the best chance of success. And which ones as a first business you have to avoid.
Here are some tips that can help you when starting out for the first time:
The best entrepreneurial business idea that I recommend is franchising. These are business models that have already succeeded, and somehow, they found the recipe for success. With a franchise, you can increase your probability of success by up to 80%, as opposed to starting a business without experience. You can go to franchise shows to get an idea of how they work and the prices.
Well located businesses
In our thoughts for entrepreneurs, we have to consider having an excellent location. For example, in the last post on business ideas for Mexico, I commented that a bad business idea is to set up a grocery store or little store. However, well located, it can be a successful business. Preferably, it has
to be next to (or less than 50 meters) from a neighborhood, residential, or subdivision. So, as a beginning entrepreneur, think carefully about your business location.
Starting an online business means putting up a website. Generating income by selling a tangible or intangible product (such as an ebook) or by advertising. This business idea for entrepreneurs is recommended for the following reasons:
1) the investment costs are very low. Just by investing in a hosting service to store your information on the internet and buying a domain, in total per year, it can cost up to $ 60 dollars
2) learn how to sell, and how to serve customers, either by mail, phone, or chat, and
3) learn the characteristics of the entrepreneur such as being persistent, not giving up, getting up to problems, etc.
Business in which you already have experience
There are many people who have worked in a company for years, and now that they are retiring, they need to generate new sources of income. Therefore, in entrepreneurial business ideas, we must consider that all that experience is invaluable to start a company. For example, a person who worked his entire working career as a sales agent has these strengths: he has contacts, social relationships, knows the industry, knows who the suppliers are, knows how to negotiate, etc. Also don’t think you need to retire to do so. With 3-5 years of experience, you will have enough skills to understand how that line of business works and open your business.
Business with partners
Starting a business is only difficult, due to the number of tasks to be carried out, the time, and the motivation to keep going. Business ideas for entrepreneurs are to get a partner. It can be a friend, relative, or acquaintance who is interested in starting a business and/or who has the necessary experience to implement it. Before working with a partner, limit each other’s roles, responsibilities, and investment. Have a clear definition of what you are going to contribute to the company, and how you are going to work as a team.
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