What unique business should I start?

Is a very common question many people ask!

Many people come to Facebook and post amounts of money they have, and ask what business they can do using that money.

Well, first and foremost, ‘the general rule' is that all businesses are profitable. It's just a matter of choosing which one suits you best, based on the following brief points: [In no particular order]

1. Passion:

Remember Business is not for everyone. Something in you needs to trigger an Entrepreneurial spirit if you want that business to prosper. Don't do business solely based on need to survive. Do it because you love what you want to do. With that spirit, money will follow you.

2. Availability of time:

Will you run it part time or full time; due to work, school, family etc.?

3. Target market:

Who are your potential buyers based on what you feel you would like to venture in, are they High, Medium or low income earners? Are they the type that are likely to pay cash or on credit?

4. Location:

Is it a busy area? Is it in an urban area or not?

5. Cost of production:

What does it take for you to produce what you want to sell, does it require lots of Capital?

6. Production process:

Is it just buying and reselling or its value addition hence making changes by converting a product from its raw form into a finished product? E.g. Raw T-bone into grilled one or Mealie meal into Nshima etc. This will guide you on knowing what equipment you will need.

7. Labour:

Will the nature of the picked business need lots of employees or you’ll rather just do it from home and offer delivery services?

8. Frequency of product need or service:

Is it the once off purchase type or re-occurring? E.g. is it Computers where it will take time for the same customer to buy from you or maybe food where the same customers can buy from you every day? This will guide you on the design of your business premises.

9. Is the money that you have to start the business also enough to carter for logistics and other indirect costs?

These are some of the most critical factors you need to consider before deciding which business to go into.

Feel free to add or subtract!!

- Nancy Yikona

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