Where to start a business? – with an idea. The good news: 90% of the solutions you are looking for already exist! Someone must have already looked for them before you, which means you can either go all the way to finding a solution yourself or collect information about an existing solution. Copy other people’s ideas, use them, apply them. Everything that can benefit your business is worthy of application. As the legendary inventor Thomas Edison said, “If you want to come up with great ideas, know the best of them you can borrow.” An invaluable source of information in this case is the Internet.
Determine for yourself the criteria by which you will celebrate the most interesting: personal predisposition, the amount of starting capital, quick payback, low level of competition, and more. The main thing is not to try to immediately run every option through a set of criteria – in this case, not one can reach the final. I would advise you to choose one or two (necessarily personal interest and prior knowledge of the business sector – do not open the meat business if you are a vegetarian) – you will still have time to weed out questionable directions.
At one time, the National Federation of Independent Businesses of the United States conducted a survey on where entrepreneurs who decided to start a business get ideas for. The results were as follows: Previous place of work – 42% Personal interest – 18% Accident – 10% Received proposal – 8% Friends or relatives – 6% Family business – 6% Education – 6% Other factors – 6% (source: N. Siropolis “Small Business Management”)
But back to the selection of options. Now that you have in your hands an impressive list of seemingly interesting options, it is time to start collecting more specific information about each of them. And here the Internet is no longer so convenient. However, you can still find the necessary information in it. This time you will have to deliberately search for such characteristics as: profitability of each of the selected types of business, average payback period, minimum size of initial investments, industry prospects, main competitors (in your city). Already at the stage of collecting this material, the favorites will be determined.
When you have only one or two possible directions to start a business, go to the last stage of collecting preliminary information.