5 Types of Business Opportunities
Deciding to become an entrepreneur certainly provides many with a liberating feeling. The emotions you first feel, however, can quickly turn to consternation. It can be incredibly difficult, for example, to choose the right business opportunity for you. There are so many types of business opportunities!
There certainly are quite a few options to choose from, but they generally fall into one of a few different categories. Here is a brief summary of the most popular types of business opportunities available to prospective entrepreneurs today.
Buying a Franchise
While you’ll need to pay a franchise fee up front, a franchise comes with the benefit of an already-established brand. Many franchises are well known and respected in the marketplace.
Buying a franchise enables you to make use of that name from day one. You can also take advantage of a well established business plan and a stable structure. Some examples of common franchises are fast food restaurants such as McDonald’s or Subway, home or business cleaning services, or fitness centers. There are many more types of franchises. If any of these appeal to you, make sure that you conduct some in-depth Internet research.
Consider a Distributorship and Dealership
A distributor involves a person establishing an agreement with another company to sell their products or services on the open market. A dealer is similar to a distributor, but such an individual would focus on only selling one particular brand of product or service. Some examples are a Toyota dealership, or an insurance agency that only sells products offered by one particular company.
Someone involved in a network marketing type of business agrees to distribute the products and services offered by the head company, but they also work to recruit other distributors into the business as well. This creates a residual income by establishing a network of distributors selling products. Once you have distributors working under you, then you get a commission based on their sales. Some refer to this type of business as multilevel marketing.
Licensing is another popular opportunity available today that enables entrepreneurs to be inventive. You get to develop your product or service, license it and then retain the name brand or trademark to that business. You would then be entitled to a percentage of all sales from that point on in many cases.
Find Your Niche and Fulfill a Need
Another way to narrow the field is to assess your strengths and abilities. What special product or service can you offer that others around you are in need of? You can begin your business by offering that service to others. The advent of the Internet has made this type of business even easier today, as you can truly market yourself globally.
These and many other types of business opportunities await you. Do your research, home in on your interests, and then set the wheels in motion.