When it comes to starting a business, most people either have a pretty good idea of what they are interested in and what field they want to go in. Other people have so many interests (like myself) that they have some trouble narrowing it down. Instead of looking at subject matter and what kind of things interest you, one thing that is even more important, is to look at the business models and structures first.
I always recommend looking at business types and models as a way to create the right business that will fit into your lifestyle, and the lifestyle that you want to create for your family. For example, if you want to stay home with your newborn, it may be in your best interest to avoid getting a brick and mortar store that will draw your attention out of the house. Another example is if you aren’t that computer savvy, then starting an online business wouldn’t be for you.
Brick and Mortar Business
Starting a traditional business may be something you’ve always dreamed about doing. It can be a great way to establish yourself outside of the home, hire a team of employees, lease a space and start your new business. This is also a good option for someone who is more hands on and wants to spend more time in the business then behind a computer screen.
Example: Consignment Store
Online Businesses
There are many benefits to starting your own online business. Not only are you able to keep costs down low, but you can work on your business virtually, from any location. This works for many people who want to start a blog, sell items online to anyone across the world.
Example: Etsy Store
Service Based Business
A service business is perfect for people who still want to be based at home, but still provide a service to people outside of the home. A majority of the work can be done from a home office, while still going out and interacting with the community.
Example: Professional Organizing Services
Membership Based Business
A membership business is an ideal business for someone who can create packages or services that can benefit a group of people. This is also a great business model for someone who can provide a service that can grow with people and their needs.
Example: Associations
When starting a new business or when you are re-evaluating your business, take a look at these business models and see which ones can fit into your ideal lifestyle.
What business types interest you?
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