3 Pointers for Choosing a Business to Start
1. Find your niche. Like many entrepreneurs in major cities, you must decide which economic level and geographic community you'll serve. For example, you may choose to provide after-school care for low income children in one part of the community, or open a high-tech fitness facility for youngsters in a more affluent area. Look for an underserved niche--one in which there's not a long list of entrenched competition--and then do some research to determine if it represents a viable market for you. If you encounter large numbers of competitors in every market area, it will be your job to position your business against them and create your own unique niche with an innovative business concept and list of services.
2. Follow your heart. Consider the role you plan to play in your new business. Do you enjoy being hands-on or is administration more to your liking? Think about the structure of each type of business you might start. Running a summer camp and overseeing counselors and student activities, for instance, might cast you in more of an administrative role than would a small homebased daycare center.
By following your heart and your head in this way, you'll find that sweet spot where what you truly want and the world of possibilities meet.
Source: http://www.perniagaan.blogspot.com/ Dec 2005
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