Most new businesses fail within the first few years of existence; however, there are many ways to start a business that will increase your chances of success. In addition to this, some of these businesses can be started quickly. The following are three general ways you can start a business and reduce the chances of failure.
Start an online business
There are different ways to do this, but an online business keeps your overhead to a minimum because you can work out of your home. For that matter, you can work part time and keep your day job. You can purchase products for resale and keep the inventory in your home. Another option is to sell for a company and have them drop ship the product to your customers. This eliminates the need for inventory storage space. You can also start an affiliate sales company. This means you will direct people to your affiliate company, and when they buy a product, you will earn a commission.
Start a local service business
This is something that you can do directly from your home because you will be going to your customers location to perform a service. Many of these services are for the homeowner. Examples are landscaping, painting, plumbing, roofing and house cleaning to name only a few. If you don’t have room for your supplies and equipment, you can rent a local storage space to keep everything you need handy. The overhead is low, and you can do this part time as well.
Buy a franchise
There are many good franchises available, and there are likely several to choose from in the area where you live. When you buy a franchise, there are rules that you must adhere to according to the franchise agreement, but your business will have name recognition from the moment you open the doors on your first day of operations. Having a brand name takes a lot of risk away from the early stages of your business, and your sales are likely to be much higher. You still need to work hard at success like a business you start on your own, but you can hit the ground running.
Many people want to start their own business, and you may be one of them. However, becoming a business owner carries with it great risks. Using the three approaches listed above will help reduce many of these risks.