‘What business can I start’ – is a question on many young minds. A recent study* highlighted that 63 per cent of 20-year-olds want to start a business and of those who were not already entrepreneurs, 55 per cent hoped to be in the future. However, there is a huge misconception that you always have to come up with a new idea when starting a new business. You don't. All you have to do is decide how you can better what is already out there and try to modify it to meet/cater to another audience’s needs.
Starting a new business is a huge responsibility. Because your first step out into the entrepreneurial world is already a big one, it is of prime importance to decide what type of business to start early on. Some entrepreneurs are guided by their instinct and they are very clear about the nature of the business they want to start. For others, a little soul searching and research might help. Because so much is dependent on this decision, it makes sense to consider and scrutinise all the possibilities to arrive at a business model that is best suited for your skills and life goals.
If you fall into the latter category, here’re some broad areas you can delve into.1. Start an offline business
To start a traditional or brick-and-mortar business; you need a physical space (preferably in a prime location so you have a lot of footfall), products to sell and people to help you at your store. Your decision on what to sell or manufacture will be decided by your access to skill, resources, manpower and capital. But, these days, having an online presence for your business seems almost mandatory. Once you have started your offline business, you can always take the online route to expand. All you need to do is look for an online marketplace like Amazon and register yourself. After registering and submitting all the required documents, you can launch your online store. Many sellers have done this on their own, however, if you need any assistance, Amazon is always there to help you
.2. Start a franchise
Starting your own business from scratch is not the only thing you could do to be an entrepreneur. Instead, you could find a successful business and take it forward as your own by opening replicable stores or a franchise. The advantage of using the brand name and credibility of an already successful business might motivate you to give this model a try. Since the business is already established and successful, all you need to do is, find other effective ways to improve the profitability of the business. One of the many ways could be – taking the same product to a newer, wider audience such as those who shop online. You can become a seller on Amazon and give your business the visibility to crores of customers.3. Buy an existing business
For those who would rather not start with a new idea, or just don’t have a new idea worth starting, may think about buying an existing business instead. Buying an already established business involves more initial investment but comes with lesser risk than starting everything from scratch. You can look at the past records rather than making rough estimates, and drive a business to take it to the next level. After buying an existing business, you can go online and drive a stagnant business with your expertise. As a business owner, you must be looking for ways to make better profits from your business and an online business may be the much-required boost you are looking for. Having an online presence is very easy. All you have to do is register on Amazon, list your products and start selling. Online selling not only makes it easier for customers to reach you but also improves the chances of sales by providing visibility 24*7.4. Start an online business
Last but not least, at any point, if you feel that the above three options are just not for you, you can directly take the online route. Neither you require a huge investment, a physical store, nor take the hassles of marketing and storing your products in a warehouse. When you sell online, you get the benefit of reaching out to the masses and unlimited selling hours. The flexibility of being 24*7 available to your customer definitely gives online selling an edge over offline selling.
In order to protect your business against current and emerging cyberthreats, you can use antivirus and security software
. We hope this article would help you decide what business you can start. Also, if you want to start your online business now, register with Amazon
. In case you want to learn more about online selling, go through our Start Selling Guide
.*Inc. - Survey: 63% of 20-Somethings Want to Start a Business