Which of these three types of business should you start?

Entrepreneurship is sexy right now. The lure of quitting the 9-5 and being in charge of your own destiny is strong. The quote from Tony Gaskins “If you don’t build your dream someone else will” is doing the rounds and we are almost made to feel boring if we aren’t starting our own business. If you’ve been dreaming of becoming an entrepreneur the first question to think about is what kind of business should you start? In order to answer that question the real question to answer for yourself is what kind of lifestyle do you want? So, what kind of life are you hoping the business will give you? Anyone who starts a business is doing it because they want to live a certain way. They may want to create something new, run things in a particular way, be in a certain kind of environment or maybe they want to just want to be able to earn money from anywhere. What is it for you? I find through my experience as a Business Startup Coach that generally people want one of these three options. The three types of businesses people want to start: 1. An innovation-centered business funded startup. 2. A brick and mortar business and often this has been a dream of theirs for some time, a restaurant for example. 3. A location-independent minimal staff business that they can run from anywhere. Let’s look at the pros and cons of each model. Innovation-based Startup This is the most glamorous and has the highest stakes. Shows like Shark Tank perpetuate the idea that this is how businesses are started or helped to grow. Personally this is my least favorite option for almost everyone I speak to through my business for two main reasons. Firstly, when you accept money from a third party it isn’t your money, you have to give it back or, more accurately, earn it back through the business. So while you get money to put into your business, which is flattering and exciting, you are immediately under pressure to make it work and make money for your investors. Secondly, the more stakeholders who have an interest in your business the more people you have to please and essentially the more bosses you have. Which usually is exactly the situation you were trying to avoid in the first place. If you have a business idea that you definitely want to go ahead with and it can’t be started on a shoestring budget then go this route, otherwise consider your other options. Bricks and Mortar Many people grow up thinking they would love to own their own bakery or restaurant or boutique. It’s a personal dream as well as a money making venture. It also feels like a real business – there is a premises, potentially with staff and you get to spend your time running things exactly how you want to. If this is your dream – wonderful! Start looking into how you can make it happen. […]

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