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Starting a Small Business


If you could start any small business of your choice what would it be?

Why did you choose this business?

What would you do before you opened your chosen business?


 Methods of Choosing a Business Opportunity





Identifying a business suited to your own skills, e.g., after redundancy.

You will have an excellent knowledge of the marketplace.

You may ignore the needs of the marketplace, by relying on your own qualities.

Analysing gaps in the local market.

The chances of success should be increased due to the market research that has been undertaken.

There maybe a gap due to the lack of demand, or if successful rivals will enter the market.

An innovative idea based upon a strong knowledge of the market.

A differentiated product based upon market knowledge.

Danger of rivals entering if market is sufficiently large.

Opening a franchise with a proven track record.

Relatively low risk.

Careful research necessary to determine viability of franchise.




E-mail Steve Margetts