What kind of business should I start?
So you know you want to start a business - but do you know what
type of business? There's so much more out there than just setting
up an office or a shop. Of course, one of those could be the
perfect choice for you.
Before you decide, you might like to take a look at this guide,
which will provide you with an introduction of different ways of
starting up. You may find some categories overlap, or that two of
three apply to the way you want to run your business. This just
gives you an introduction to the different options out there.
- Selling through your own website is good for those
working part-time or who can't afford premises but can
afford to set up a website.
- It can be difficult to get people onto your site
- Selling through an established site, such as eBay, may be a
better way to attract business and will cut out the costs and
hassle of setting up a secure payment system and site.
- The merits of setting up a business that operates from a
premises - such as an office or a shop - very much depend on
what kind of business you want and on what scale.
- Premises are typically expensive to buy, rent and
- But if you have the money, premises can be a good way to
draw customers to your business and give them a real
experience and chance to try out your product.
- A home-based business can be anything from a website to a
delivery service to holding yoga classes in your front room.
- Many entrepreneurs start from home, as you save loads
money on premises, travel and costs.
- Make sure you discuss things in depth with whoever you
live with, as you need you own area and will inevitably have
stacks of paperwork.
- Consider noise, space, distractions and insurance too, and if
you have a coffee shop nearby suitable for any meetings.
- You may be joining parents or siblings by taking on the family
business - this can be advantageous in that the business is already
established, but may not give you much scope for taking things in a
- You may also be setting up a business with other members of
your family - this can work very well, but be careful not to end up
owing each other thousands of pounds and falling out.
- Read more in our guide on how to
start a family business.
- A social enterprise is a business where the majority of
profit is invested in helping either an environmental or social
- If you want to run a business which is more about charity than
making a personal profit, this could be a good choice for you.
- If you want to earn big bucks, this isn't really the
right choice as the idea is that you put most profit towards
Business with a partner
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