Deciding to become an entrepreneur certainly provides many with a liberating feeling. The emotions that are first felt, however, can quickly turn to amazement at how difficult it is to choose the one right business opportunity out there for you to get involved in.
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 a franchise does involve considerable expenses to be paid up front in the form of a franchise fee, it comes with the benefit of brand establishment. Many franchises are well known and respected in the marketplace already. Buying a franchise enables you to make use of that name from day one. You can also take advantage of a business plan and structure that is already well established and in place. Some examples of common franchises would be fast food restaurants, such as McDonalds or Subway, home or business cleaning services, or fitness centers. There are many more types of franchises, so 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. Such an example would be a Toyota dealership, or establishing 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, and then you getting a commission based on those sales. Some refer to this type of business as multilevel marketing.
Licensing is another popular opportunity available today that enables entrepreneurs to be inventive and develop their 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 find a business that you are interested in starting is to first 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 and fill that niche need that has developed. With the advent of the Internet, this is made even easier today as you can truly market yourself globally.
These and many other types of business opportunities await you. Begin by doing your research, find out what you are interested in, and then set the wheels in motion.
follow us @HIPSOUNDYWC