Start a new business or buy one?
You might not want or need to come up with your own business idea. You could decide it’s easier and less risky to buy a business, something that could still generate a good return on investment.
Buying a business can be very successful, providing the ingredients are already in place – maybe good products that aren’t being marketed effectively, for example. Perhaps the added drive, ability and fresh perspective you bring will inspire others and take the business forward to new heights.
Buying a franchise could make you more confident of success. Pick the right franchise and get other key decisions right and you will benefit from operating under an established brand, while still making good money and enjoying the challenges of being your own boss.
Starting an online business
To limit your costs and maximize your returns, you might decide to start an online business.
Growth in online sales in recent years has been phenomenal. And why pay out for premises and associated costs if you can run a lucrative small business from a laptop or home-based PC, maybe without having to work as many hours? If you start an online business, you might even be able to make sales while you sleep.
You might be driven by a desire to turn your business idea into a successful venture. The urge to create something new when starting a business and shape it can be irresistible. The sense of independence really dawns when it comes time to think of a name for your new ‘baby’ – a very important, yet fun, task.