I want to start my own business and have no idea as to what type. Does anyone have any good ideas.?

Question

I have about $5000 to start but i want to get into maybe sometype od selling or distrubuting. Does anyone have any good ideas? Your help will be greatly appreciated.

Answer 1

Are you sure you have the right temperament and skill set to be an entrepreneur?

Starting from ground zero many would advise that you take stock of your interests, skills, hobbies, and things you like to do. Are you a self-starter or do you need a push? Can you work alone or are you better and more comfortable in a group? What are your strengths and weaknesses? What is the appeal of starting your own business? I have read that about 1 in 10 ventures succeeds the rest fail.

I would strongly advise that you look for something you are familiar with that plays on your strengths. If you are selling a service $5,000 is plenty. If you are retailing products it most likely will need to be supplemented by loans.

I strongly advise against network marketing schemes unless you are prepared to sell to your family and friends. They sound great but the reality is that like a chain letter you need more and more people to sell to and to work for you to make a decent living. Some people do succeed but it takes the right kind of person with sales skills, loads of connections plus the right product.

We have such a business (Nikken) but determined a while ago that it would never by more than a side-line for us because we did not want to aggressively push people to buy. The products work for us and we will sell them to others who are geniuenly interested in using them. But to really make the big bucks you need to sign-up others to market the products as well and that is harder.

I have been a very successful consultant for the last 10 years. It suits my lifestyle and persona but I worked for more than 20 years for a large corporation to learn the skills that I use every day. Providing advise does not require a lot of overhead. Give me a computer and internet connection and I am in business.

Once you get out into brick and mortar businesses the capital requirements rise dramatically with rents, stock and equiment required. Franchises are good because you get training and a business model to follow. Buying an existing business can be equally rewarding for the same reasons. Building from scratch is a formidable challenge. Check real estate and newspaper listing as well as the internet for ideas.

Trying to start small and work up what about reselling products on e-Bay? Keeps the overhead down.

Vending machines are a possibility. You can get a good start for $5,000.

Good luck to you in what ever you decide

Answer 2

This is a question that no one else can answer for you. The only way you will stand a chance at success is if you enjoy what you do. So answer your own question but thinking about things you enjoy, and then start researching companies.

Good luck!