What Kind of Business Should You Open If You’re Looking to Go Out on Your Own
Many people dream of starting their own business. Some people know exactly what type of business they want to establish, but others have to really contemplate what avenues to explore. PennyGem’s Johana Restrepo has more.
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00:00Many people dream of starting their own business. Some people know exactly what
00:08type of business they want to establish, but others have to really contemplate
00:12what avenues to explore. NerdWallet recommends asking yourself, what
00:17experience do you have? Not just work experience, but have you ever been in a
00:22situation where you wish there was more help out there and had to go out of your
00:27way to research something important? Maybe you can fill that void with
00:31knowledge you gain through your own research and provide a service. Build a
00:35business model around your lifestyle or one that supports the way you want to
00:40live. Do you need a flexible business that won't require space or inventory or
00:45would you like to open an actual location and build roots? Consider if
00:50your idea or ideas will be easy and inexpensive to test out. Forbes suggests
00:56taking inventory of resources you already have to see what you will need
01:00as well as researching your competitors to see how you'll stand out.