Starting a small business in today's economy has more benefits than most people would ever think. In this article, I will discuss some of the hidden secrets behind a profitable small business.
I owned a small business ten years ago in the staffing and recruiting industry. Ten years ago looks like a different life, especially with the changes and transformations we have ended since then. Starting a business now vs ten years ago requires guts and tenacity. Most of us would think this is a risky proposition. It's not ….
Researching and filtering through business opportunities starts with the person. What does the person like to do? Sell, Market, Delegate? These are important variables to understand before starting a business. If one does not enjoy their small business opportunity then nothing else will feel good. If sales and talking on the phone is not someone's forte or passion then why pursue these elements? Figure out which business model makes the most sense and creates a fire in your gut.
A friend of mine owned a business 5 years ago. He owned a mortgage company during the real estate boom. The crash came and he did not know where to turn. My friend loved being an entrepreneur and thoroughly enjoyed owning a small business and being his own boss. So, he searched for trends in the market place. And, what he found turned out to be a home run!
What do people need and what are people struggling with? Money. Roughly 2.5 million households filed for foreclosure in 2009 and thousands of small businesses went under. Banks stopped loaning money and people ran up their credit cards. There's got to be a market here? There's got to be a way to start a small business and make insane profits while this wave lasts active. So, he started a Debt Consolidation. Genius!
In summary, there are diamonds in the rough if one truly does proper research and due diligence. Pick a niche or an industry ahead of the trend. Owning a small business has so many benefits and perks. Time freedom and unlimited income. Can not put a price tag on time freedom.