If you have determined that the time is right to start up your own small business, your next decision should be what specific type of business you will start. There are tons of possibilities with regards to business types and knowing which type is best for you will depend on several factors.
First, you need to decide if you want a retail or wholesale type of business. Take the time to determine if you want to sell products or if services are more up your alley. If you have skills in writing, editing, marketing or accounting for instance, one of these service related businesses may be best. If you do not have skills and experience in the service sector, then you may want to think about a retail type of business.
You will also want to explore the possibilities of franchises versus independent businesses. A franchise is simply buying the rights to sell goods or services for another company. Franchise costs vary depending on the business as well as the company and there are many possibilities with regards to purchasing a franchise. And independent business is created by you and nurtured by you to success. Independent businesses give you much more freedom with regards to planning and running the business. Either of these are good choices depending on how quickly and easily you want the start up process to be and your personal preferences.
You will need to determine if you are going to have a traditional storefront or if you are going to offer your products or services solely online. Digital businesses have grown substantially over the past few years and offer lower start up costs than traditional storefronts. Many begin their small businesses at home and then move into a storefront after the business has reached a certain level of success. It makes sense that if you are selling products you would consider a storefront. Unless you are providing a drop shipping service or making your own products and starting off small, a storefront may be needed.
There are many choices regarding starting your own small business. Ask yourself what you are good at and what you enjoy doing. This will help you to choose the type of business that you should start. If you are not yet ready to invest a lot of money into your new business, a home based business can help you to get started without a lot of capital and you can move into a storefront once you begin seeing a profit.