How to identify a profitable business to start your own?
By itsack
@itsack (83)
Philippines
June 6, 2011 4:22am CST
I'd like to know your opinion regarding how I can identify what's a good business I can start on my own that will be profitable these days. How much would be the required capital for your suggested business?
3 responses
@snjay20 (13)
• India
7 Jun 11
Hi itsack,
As per my knowledge before starting any business you need to learn basics of the business, first decide one business of your interest and abilities, then do some internship for the same , then make one good team with the same goal and start at small level and grow step by step, i know its easy to write but hard to implement , but not impossible....best of luck....!!!
@itsack (83)
• Philippines
7 Jun 11
You're absolutely right. Understanding the basics of business is a necessity in starting a business and having some internship is a good avenue of experiencing the INs and OUTs of a business.
A good feasibility study will surely be a strong tool in determining a profitable and promising business.
@jordan29bc (254)
• Philippines
6 Jun 11
If you want to start a business that just need a small capital. I would suggest, try network marketing (AKA networking business).
This is a good type of business if you have good communication skills, you have the ability to convince and persuade people.
But in order for you to be successful in this business, you have to have a good mentor (your upline). Your upline will be the one to guide you in everything you need to know. If your upline does not care about you, he/she does not help you, too bad for you.
If you would like to join in my network marketing company, send me a private message.
@itsack (83)
• Philippines
8 Jun 11
I've considered your suggestion of indulging into network marketing. Right now, I'm studying a credit cooperative which offers a nice set of income opportunities through dividends, referrals, and commissions on loans.
Can you please send me some details regarding your network marketing company via private message?
Thanks jordan!
@smacksman (6053)
•
6 Jun 11
A very broad subject and will vary from country to country but I will try to reply based on my experience of running my own businesses on and off for 40 years.
Play to your strengths and run a business that you know a lot about.
The type of business must give you pleasure.
Be honest in your dealings. You may not get rich quick but you will sleep at night.
You need to have a flair for sales to get the business in and as you grow you need a flair for man management to motivate your staff.
A good UK website for start-ups has a flow chart showing the sequence of events to start and grow a company -
http://www.startinbusiness.co.uk/flowchart/3flowchart.htm
Hope this helps.
