After your decision has been reached about whether or not to become self-employed, it is certainly not a time to relax. Finding the right business idea is just as important as deciding to run your own business.
There are many ideas, business types, and industry niches to choose from. While some people start out with an exact idea of what they want to do, others have no specific agenda except for the push of their entrepreneurial spirit. Still others may start out with specific ideas but gradually move in a completely different direction.
There are generally 3 categories of business-types to consider:
Start-Up From Scratch
These businesses require start up from scratch, including finances, business planning, marketing, and operation duties resting on the owner.
Some professions allow you to work on an as-needed contract basis. Typically, freelancers can work from home with low overhead depending on the nature of the business.
Franchises come in all different sizes and industries. They usually require an investment of cash (often large amounts) but offer full support, assistance, templates, and marketing resources for the franchise owner.
There are thousands of business ideas already on the market but there is always room for new ideas and business concepts. Exploring these different ideas can be eye-opening and allow you to consider possibilities you hadn’t been aware of before.
The key to success is taking the heaps of information available to you and narrowing down what’s right for you. In part Two of What to Do, we’ll get into more detail about how to find the right self-employment opportunity for you.