The summer is coming to an end – it’s a perfect time to reflect not only on past successes and achievements, but also on aspirations for the future, and for many people the question is often what is the best business to start now?
Of course the question of starting your own business and taking control isn’t specific to now. You may have thought about it last year, the year before or even 10 years earlier. Many people do.
It’s simply that at the time of writing this article , we are in the second year of a new decade, and one that has changed the views, perspectives and shopping habits of people worldwide.
Psychologically though, what better time to finally commit and get on with it. A fresh start after Covid 19, changes in the world of commerce, supply and demand happening like we’ve never seen since the industrial revolution – the opportunity is everywhere.
Many business owners and entrepreneurs will tell you that no one time is better than any other to start a business as it’s all down to the resolve of the individual to get up, get going and power through, but some situations present themselves more obviously than others, and this is one of those situations.
Covid19 – An event that changed the world.
Back in December 2019 the Corona Virus had been detected in China. Who was to know that it would so quickly turn into the world wide pandemic that it was.
Like millions of people around the globe I was on lockdown. Yet thankfully through the power of the internet and the amazing technology we now have I could still communicate with you even though you might be on the opposite side of the world to me.
You could even be living on the same street as me, who is to know?
The point is this. Opportunity these days is global at the touch of a button. Who is to know whether you are operating a multi-million pound empire from a nice office, or a six figure side hustle from your kitchen table?
Is now the right time?
As you read through this article you may have dreams of opening your own business, be it a coffee shop, restaurant, consultancy, a trade of some sort. You may be wondering if it’s the right time to even consider starting a business given the horrendous situation in Ukraine, the energy crisis, and the cost of living generally spiralling upwards.
There are thousands of types of businesses and all are important and worthy in a modern society. However, whatever type of business you choose (and there will come a time when normality returns), I want you to remember this.
The businesses that survived and thrived through this crisis were either totally online, or had an element of online service where they could reach out to their customers offering goods, niche info products, or local services that people wanted!
This article will hopefully help you choose the business best suited to you and your circumstances or aspirations.
Please read thoroughly and enjoy the content.
Above all, TAKE ACTION on what you decide to do.
To start a business now or not? (or any other time)
There’s a lot more to this question than Yes or No.
Have you heard the old riddle about the three frogs sat on a log?
Two frogs decide to jump off. How many frogs are left sitting on the log?
The answer is still 3, because there’s a big difference between deciding to jump and actually doing it….
Have you achieved what you wanted to achieve?
If like most people, your life probably hasn’t turned out the way you wanted, or even expected. And maybe your ambitions have been put on the back burner while family and J.O.B (just over broke) have taken over your priorities.
Whatever the outcome today, life doesn’t have to be the same as it’s always been.
If you’re thoughts are in the past thinking ‘I should have done this’, or ‘I should have made that decision’ then you will never move forward.
If your thoughts are in the future thinking ‘someday I’ll do this or someday that’, then that day will never arrive.
The only time to make a difference is now, in the present. The past has gone. You can’t change it so let it go.
The future is no more than a promissory note, and promises are more often broken than not. Therefore, you can’t rely on a promise to wake you up one day to a life of wealth and abundance.
We can only live in the present, and what we do in the present is the only way to change our future.
Change your thoughts to change your life…
You didn’t suddenly wake up this morning in a mountain of debt, or hating your job, or wishing you had your own business, or desiring a work at home lifestyle. Your reality today is basically a reflection of your past thoughts and beliefs
In other words, you are where you are now because of the past, but the present will change your future if that’s what you decide you want it to do…
The point I’m trying to drive home here is that you are the only person who can change your life. And only you can do that by taking action in the present which will change your future.
Every little piece of action taken everyday will create a chain reaction, or have a snowball effect until you wake up one day and actually realize that your life is different to what it was twelve months ago.
And what better time to do it than NOW!
What is the best business to start now?
It’s probably fair to say that there is nothing that you can’t build a business around given enthusiasm, time and energy (plus monetary investment of course). There’s no such thing as a free business.
But are all businesses built equal?
No, definitely not…
Some are definitely a lot more expensive to set up and recoup the investment than others.
Types of business.
Let’s take a look at different types of business.
- # High street retail
- # Office or workshop based.
- # Service business from home.
- # Franchise
- # On-line home based
1. High Street Business.
Your skills or interest in business might be based around some sort of high street retail or service business such as a coffee shop, restaurant, hairdressing or beauty business etc.
This of course is absolutely fine. We all like to see our high streets filled with a variety of bustling shops and services.
Unfortunately though there is a very high failure rate within the first 2 or 3 years with this type of business, and it’s not to do with the business owner or their enthusiasm for the business, but rather with the upfront cost and overheads involved.
Attracting customers into a retail establishment is a complex mix of curiosity, perceived value for money, desire, comfort, openness, and of course attractiveness of the premises.
To achieve this fine balance, a business owner must invest a lot of money upfront in order to bring the premises up to a standard that customers both want and expect.
In the case of a restaurant for example, that can run into the hundreds of thousands!
In addition there is stock, rent, utilities, staff to consider, insurances and so on. And all of this has to happen before the first penny ever hits the till.
2. Office or Workshop Based Business.
This could typically be an office or consultancy covering anything from legal services to dentistry, to a repair workshop.
Although not necessarily based on the high street and not requiring the same refurbishment as a fashion store or coffee shop, there is still a substantial investment involved in making the premises a professional and comfortable place to work and visit.
Plus there is still the overhead of rent, service charges, staff, insurances etc.
3. Service Business From Home.
One of the safer and cheaper options for setting up in business.
Works great if you have a skill involved in the trades such as a plumber, electrician, heating/cooling engineer. Or you have a skill in beauty, aromatherapy, chiropractor or any other service where you can be mobile operating from home.
The great advantage to this is because you are mobile, you go to the customer. Therefore you’re not location dependent.
Plus, a great looking website can act as your shop window and really showcase your services.
Being a sole trader definitely has its advantages when it comes to what the customer is charged.
Small overheads running a home enterprise, the vehicle becomes your mobile office, minimal stock. This lack of upfront investment and ongoing cost makes a home based service business a great way to get started, and one of the safest. Plus it can also be very profitable while giving you a lifestyle that can free you up from the rigors of 9 to 5 allowing flexibility for home life.
However, the big downside is when you stop working you stop earning. This can be for many reasons including taking a vacation, illness, injury caused by work, family emergencies etc.
There is only you running this operation so you can’t expect any support from anywhere else, or any reoccurring income that keeps you going while you down tools. (more about reoccurring income later).
4. Franchise Business
Other than the obvious high ticket franchises such as McDonalds, KFC and subway for example, there are many home based franchise opportunities that are designed as work from home “Mom and Pop” type enterprises. Often these are also service based home businesses such as oven cleaning, pet grooming, car bodywork repairs, driver hire etc.
They are generally a proven business model whereby you pay a licence fee to work the business in a designated postal or zip code area.
Banks and finance companies like the franchise model because the franchisee works for him or herself but not by themselves, and the franchisor assists with a professional business plan.
A good franchise will offer the business owner ongoing support, training and advertising that creates a national brand at a local level in return for a monthly fee, often based as a percentage of turnover.
There is generally healthy competition among franchisees who will often get together annually for a mastermind group meeting in a holiday type resort, allowing the master franchisor to hold training sessions and offer awards and presentations to the top performing franchisee’s.
The failure rate for a franchise type business is generally lower than a traditional business. When a franchise operation does fail it is often down to the franchisee not following the proven business system and avoiding the elements of the business plan they feel uncomfortable with, such as marketing or after sales service.
Despite the lower failure rate and the opportunity to base the business from home, there is still the large up front investment for purchasing the licence, corporate branding such as uniform and vehicle livery, advertising in the franchisor’s preferred media, plus the ongoing management fees.
As most franchises are service based there has to be an argument as to why you would need to heavily invest in a national franchise business carrying out drain cleaning or chauffeur hire for example only to be restricted to operating within a set area?
After all, if you have a specialized skill to offer and provide a good service at a fair price, then obtaining sufficient business shouldn’t be an issue, irrespective of whether you share a national brand name, or trade as an independent operator.
5. Online Home Based Business.
This type of business is based around selling products or information to a very large worldwide audience that currently is booming and growing at an exponential rate, including online shopping and an unquenchable thirst for information and training.
Any subject you can think of can be turned into a digital information product and downloaded instantly, satisfying the insatiable demand for info products and home based infopreneurs.
The amazing thing about this business model is that you only need to do the work once and your product is there forever. This allows the potential for sales to come in at any time, even when you sleep or take a vacation.
It’s called reoccurring or residual income and is the fastest way to wealth.
Some people might be put off at this point thinking that they have to become product creators, but this couldn’t be further from the truth as the easiest way to get started with any online business is through affiliate sales. This is a business model whereby you promote somebody else’s high selling product through your website and take a commission from each sale.
You can get involved in sales of physical products which can be your own or somebody else’s, or digital information style products such as ‘How To’ information, e-learning courses, qualifications, advice, travel, hobbies etc.
What is the failure rate for online business?
The biggest problem that I find with people who start an online business is that they don’t actually treat it as a business to start with.
Instead they have a hobbyist mentality towards it and often come out with statements like ‘I’ll give it a go’ or ‘I’ve got nothing to lose’. And unfortunately that is actually their downfall because at the end of the day they have got very little to lose by giving it a go!
Whether you realize it or not, we are living in an extraordinary period in trading history where more millionaires are being made daily than at any point in time since the industrial revolution. And it’s all down to the power of the internet and the accessibility the world wide web gives us to a global market place.
Unlike any other period in mankind, we can instantly reach billions of potential customers at the touch of a keyboard without actually having to meet a single one of them… Something nobody has ever had the power to do before, and it can be done with so little investment it’s almost throwaway.
Unfortunately, because of the ease and relative cheapness to get online, people are suckered into the idea that they can gain instant riches just by setting up a website, and this is where it all starts to unravel for most people who try the “On-Line thing”.
There’s no doubt about it that a well run online business can give you freedom, choices, an envious lifestyle and a great income.
This is because it has:
- Low overheads.
- High margin.
- Requires only a small amount of investment.
- Tiny running costs compared to an offline business.
- Positive cash-flow as everything is purchased upfront (no credit)
So how can I start a successful On-Line business ?
The purpose of this post isn’t to try to sell you onto some sort of business opportunity. That’s for you to do your due diligence and decide what’s right for you and your niche.
However, this I can tell you.
There’s only two ways to start a business , and one-way to success.
The tough route or the enlightened route
The tough route is for the go it alone types. The ‘I know everything and there’s nothing you can teach me’ type.
This is fine as long as you know the basics such as how to build a website, search engine optimization (SEO), how to make it Google friendly, the best hosting platform to use, how to get your site ranked in the search engines, how to drive traffic, how to build a list, how to take secure payments, getting customers to trust you enough to part with their cash etc.
THE LIST SEEMS ENDLESS…
On the other hand you could follow the enlightened path of people using a system that is already successful, who are smashing it online and more than willing to show you how to be successful as well.
Welcome to enlightenment…
The purpose of The Mature Preneur is provide solid and helpful information to mature people looking to start a business of some kind or side hustle that will give them greater wealth, freedom of choice and flexibility in later years.
I know people say that money can’t buy you happiness, and it’s true. However, what it does buy you is choices, flexibility and freedom.
Most people are killing themselves for a job that would replace you in a week if you dropped dead. Don’t waste any more time putting it off or trying to work it out for yourself.
Become a part of The Mature Preneur band of like-minded entrepreneurs making a massive difference to how older people enjoy semi-retirement. Not sat around in a chair wondering whether to switch the heating on, but actively generating income that changes their lives.
If you’re wondering where to start, I have written a guide that will open your eyes to the possibilities out there to start a side hustle for a bit of extra cash, or a full blown business.
It’s called NICHE INTELLIGENCE, and a copy is waiting for you totally free of charge.
Grab your copy and find out what is the best business to start now…
Any questions? I’d love to hear from you.
Please get in touch with your comments, thoughts or questions HERE
Good Luck and Enjoy!