What is the best business to start in 2020? What is the best small business ideas to start from home with little money? Which business opportunity has the potential for rapid growth?
Do you have the capital and passion to start a business but you can’t seem to decide what business to start? If any of these questions best describe your thoughts, then please read on.
Most aspiring entrepreneurs are usually confused when it comes to starting a business because they can’t figure out the best business to start. Just recently, I got an email from a reader on this business blog and this was the reader’s message.
“Respected Sir, how are you? This is (name withheld) from London, United Kingdom. Now I am doing MBA and ACA as well. Sir, I am very interested in business but I am very confused about field. Which field is more suitable for business, for growth? Would you like to suggest me something? Thanking you.”
I receive such emails on a daily basis so I decided to do a piece in reply to this email.Now what is the best business to start from home with little money? My answer to the question above is this:
“The best business to start this year that can yield the highest returns on investment is non-existent.”
Are you surprised? Please don’t be. I know you might be expecting me to make a list of businesses ranging from oil and gas to web based businesses. I am sorry to disappoint you because there is no stipulated best business opportunity with respect to the illustrations I cited above
However, there’s a contradictory twist to my answer. I believe the best business opportunity exists but you have to create it or make it a reality yourself. Now what am I trying to stress?
The point I am trying to stress is that becoming a successful entrepreneur does not depend on the business opportunity; it depends on you. So if you are going to successfully go through the entrepreneurial process, you will have to find your own best business opportunity.
Well, rather than tell you to start an oil and gas supply business or an internet business; I am going to reveal to you five criterion to creating your own best business opportunity. If you are still willing to learn, then below are five questions that will help you decide the best business to start this year.
5 Questions to Help You Choose the Best Business to Start in 2020
1. What is your level of preparedness?
The first key to finding the best business to start is you; and the reason is because building a successful business starts with you, the entrepreneur. Are you in the right mindset? Do you have what it takes to build a successful business?
I listed the entrepreneurial mindset here because it the fundamental key to starting, building and growing a business. The state of your mindset will determine how far you will go in the entrepreneurial process of building a business. Choosing the best business to start begins with you answering the following personal questions:
- What is your risk bearing capacity?
- Are you prepared to face business challenges?
- Are you prepared to handle business failures?
- What’s you perception towards making mistakes in business and life?
These are the type of questions you need to ask yourself before even deciding what business to start. These questions will reveal your mental preparedness for the entrepreneurial journey at hand.
2. How much Capital do you have?
The start-up capital you have access to, is another factor that will determine the best business for you to start. The best business opportunity for an entrepreneur with access to a $1,000 start-up capital will be quite different from that of an entrepreneur with a million dollars in start-up capital.
The best business to start for an entrepreneur with a $1,000 start-up capital may be an online niche store while the entrepreneur with the million dollar capital will feel that starting a gas distribution business or a manufacturing firm will be the best bet. So take note that your start-up capital is a predominant factor when deciding what business to start.
3. Who is on your Team?
The competence of the management team you have on board will determine the kind of business opportunity to pursue. If your business team has a track record of successes; then raising capital to pursue big projects will be a piece of cake. But if you are a solo entrepreneur, then your best business opportunity will be quite different.
4. How Strong is your Business Plan?
If you have the right plan, coupled with the right team and the right mindset; then you can pursue mega projects. But an entrepreneur who lacks the orientation of the use of a business plan will just bootstrapped his or her business on a shoestring budget. The extensiveness of both your personal and business plan will determine the kind of business opportunity you will pursue.
5. What Business idea do you have in mind?
Lastly, the best business ideas for beginners to start varies from entrepreneur to entrepreneur based on the ideology of the entrepreneur and the prevailing circumstances. Your best business opportunity may differ from mine based on prevailing circumstances such as local trend, your passion, hobby, skill, geographical terrain, demographics, psychographics, demand, supply, economic policy, etc.
The best business to start for someone in Nigeria, South Africa or China will differ from that of someone in United States, Canada, Australia, UK or India. And most importantly, I listed the “business idea” last because it is the least important necessity to starting a business.
Remember, the world is filled with brilliant, million dollar ideas but the world lack savvy entrepreneurs. An average business idea with the right mindset, a strong business management team, and the right business plan will outperform an excellent million dollar idea with a poor mindset and a weak management team.
So when deciding what business to start, make sure you do your preliminary feasibility study. You can check out ProfitableVenture.com for in-depth business opportunities analysis. Also make sure that the right combinations are in place and when contemplating on the best business to start; be sure to take into consideration the five questions above and I will see you at the top.
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