Setting up a new business can be a daunting task. This is especially true when you make a decision to work for yourself. Many people just don’t know where to start when it comes to deciding on what products or service to sell and where to source these products from reliably.
As an experienced Business Coach, I am constantly approached by people who have a desire to get into business but who are a little lost in the task of where & how to source the quality products that sit behind every good business.
Nowadays, the good news is that there is an avalanche of “work from home” business opportunities that people can easily find via the Internet.
However, there is a note of caution. I have always said:
“it’s not the quantity of the opportunities, it’s more about the quality of the products, the track record and ethics of the provider and the prospects for taking the opportunity to a profitable business”
As I do a simple Google search using the words “work from home opportunities” I can see why people are confused about where to start.
There is an overwhelming variety of options that would take a serious minded and cautious person weeks to properly sift through and evaluate.
If you are seeking a self-employed opportunity or you want to start a new business, here are some of the key pointers to consider:
- Look for unique products that bring repeat purchases and recurring profit
Our supermarkets now sell virtually everything. Considering this, my advice to clients is to look for unique products that cannot be obtained as like for like from the supermarkets or other sources.
It is also wise to look at products that I refer to as consumable.
The term consumable means that people will use the product on a weekly, monthly or on a regular basis.
Once the product is consumed, the customer then needs to buy more product from you. Examples of products that fall into this consumable category are: homecare, animal care, health, nutrition and beauty. Try not to forget that good consumable products, give you recurring revenues.
- Look at industries that have seen year on year growth
There are some very useful websites that reveal which industry sectors have seen consistent growth. Some of these websites share the biggest emerging industries in various countries from around the world.
Here in the UK, I have chosen the health & nutrition industry as the base for my business operation. As this very useful independent article reveals, this is a sector that has seen growth every single year since 2011. In fact, the statistics show that the health & wellness sector in the UK will top €28 billion Euros in revenues by the end of this year – 2016.
- Consider start-up costs
With most new businesses, there are investable start-up costs. I feel sure that it’s impossible to set up a business for absolutely zero cost.
As well as the amount of money you will need to spend to set up your business, you need to consider the ongoing costs. You should also take great care about where and who you choose to send your money to.
Please do take time to ensure that the people and places where you send your hard earned money are real and credible.
Here is a very useful website article about checking that a company is real and legitimate.
- Franchise Opportunities
One popular method of setting up new businesses is via the franchise model. There is a comprehensive UK website that allows you to search for various franchise opportunities.
A franchise is a type of license that allows you to become a franchisee. This gives you access to a business’s (the franchiser) proprietary knowledge, processes and trademarks in order to sell a product or provide a service under the main franchisers business’s name.
Two good examples of well-known brands that operate franchises are McDonalds Restaurants and the fast food outlet Subway. However, these two specific franchise opportunities require significant initial investment.
The UK Franchise website is awash with franchise business opportunities that cross dozens of different industry sectors. One example of a good and growing industry sector is the UK Coffee Shops niche, where the Cafe2U brand can give you a franchise opportunity with a minimum investment of £26,650.
After spending ten minutes on the UK Franchise site, the average initial franchise cost appears to average out at between £12,000 to £15,000. Some of the franchise opportunities are extended by well-known brands such as Marstons, the pub company, where the minimum investment is £25,000.
Often, this initial franchise payment is just one part of the cost. Some franchises create the need for significant additional money – e.g. the requirement for staff, minimum immediate product orders, as well as the need for premises, insurances and additional equipment.
- Network Marketing
If you are looking to start a business on a tiny budget but where you still have high revenue and profit expectations, the Network Marketing Industry is a very credible place to consider and explore.
If you are going to look at Network Marketing, my recommendation is to focus on brands that are part of the Direct Selling Association, as these are companies who have agreed to abide by a strict code of conduct .
These ethical practices are something that protect both you as the new business owner and the end consumer who buys products from you.
Companies in Network Marketing (who are DSA members) tend to charge a maximum joining fee of just £200. Often this modest fee includes a substantial box of sample products and the necessary instructions to get your business underway.
The best part about the ethical Network Marketing companies out there revolves around the immediate and ongoing support that is available to you.
With Network Marketing, the people you work with often have a vested interested in helping to get your business started, operating smoothly and progressing towards the objectives that you set. This usually means creating a plan that is specific to your personal circumstances, needs and desires.
The other good news is that you can run most Network Marketing companies from home and around another job. This means you don’t need to take the risk of leaving employment… until you know the new business can support your income expectations and needs. In many cases, people hold down a full-time job and still generate a worthwhile income from Network Marketing
Network Marketing has something for every type of ambition and there is now overwhelming evidence to prove that the industry can consistently support those who require a substantial family income, as well as those who only seek some spare money each month to help with the family expenditure.
- Other types of businesses
Franchises and Network Marketing may not appeal to you. It may be that you have a product of your own but you just need somewhere to go to for that essential initial knowledge and support.
The Princes Trust website has some superb business planning tools to help you plan for your new business. You can find the website here.
About the Author
Julianna Beavan is one of the world’s most respected Business Coaches and Network Marketers. With a proven track record in helping people to take better control of their financial and lifestyle circumstances via exciting options that exist in the health & wellness sector, Julianna is often commended for her inspiring coaching style – never neglecting the important human aspects of being warm, supportive and humble towards all those who approach her with a serious business appetite and the discipline to succeed.
If you would like a totally free and no strings attached personal consultation with Julianna, please make direct contact via the link below. Julianna guarantees you will have an opportunity to consider working directly and personally with her.