Which startup to choose can be one of the hardest decisions when opening a new business. AOL’s small business blog recently covered a few great idea for choosing the best possible business.
* It’s a business they already know. The hairdresser opens a salon, the lawyer his or her own practice and so on. Generally, a huge mistake. They’re thinking about the job–not the business. Just because you’re a good chef doesn’t mean you know how to run a restaurant. More important, it doesn’t mean a restaurant would be successful in your market.
* It’s a product or service they’ve fallen in love with. Again, just because you love something doesn’t mean a profitable business will come of it.
* Make sure the product or service has a repeat buy. This is by far the most important aspect of long-term business success. You have to have a product or service that people will keep buying.
* Be certain you have a high profit margin. There are very few companies that can compete long term on a “we are cheaper” marketing platform.
* Build a strong support team because a good idea isn’t enough. The idea counts most, yet a quality idea must still have a great team of people behind it to give it wings.
nmartin on March 14th, 2008 at 7:41 am
I saw your posting and thought you would be interested in some advice from my client, Wireless Toyz if you are thinking about starting a business or purchasing a franchise. “Make sure you select a business about which and about whose products you are truly passionate. Like any business you choose to run, it is a marriage. You’ll be living, breathing, nurturing and growing it for a long time and nothing is worse than a marriage without love,” advises Richard Simtob, president of finance and franchise development at Wireless Toyz. Simtob has been managing the expansion of its franchise network through the opening of 66 new stores in 2006 to a total of 180 locations. Learn more about how to choose a franchise or determine whether a franchise business is right for you by contacting Richard Simtob at 866-2FRANCHISE or email him at franchise@wirelesstoyz.com. You may also visit http://www.wirelesstoyz.com/franchise for more information.