Month: January 2020

Best Industries For Startups

Best Industries For Startups

In this post we will be giving you the top industries that you can get into as a startup. Barrier to entry can be a real issue if you don’t have much capital or a unique business plan. There are industries that are only really suitable for someone with a large investor such as the oil industry. Unless you have developed a new technology or unique product it can be daunting going up against business with Billions in their cash flow.

  1. Consumer Retail

While retail is a crowded market if you are manufacturing your own products then there has never been a better time to get into ecommerce. With social media and the chance to go viral and get your products seen by millions of people all you need is a good idea and a head for marketing to break into this space.

2. Technology

One for the programmers and web developers of the world. If you can develop software that can help improve lifes or businesses you can be onto something big. With many investors looking for the next big software company to invest in if you have a good idea then now is the time to put pen to paper and start your dream.

3. Media

Do you remember flappy bird? Candy Crush? these gaming sensations were originally small apps that were developed and took the world by storm. If you have a good idea that you think may be the next candy crush you will have little barrier to entry for your start up.

4. Contractor

If you have developed a skill working for someone else but really want to go your own way then why not think about becoming a contractor, it can be a great way to get into the world of self employment. Build your network and in no time you could be winning your own contracts and making your own profit.

With more and more people each year wanting to break away from the 9-5 and start their own dream every industry is getting more and more crowded but that does not mean that you cannot make it. If you work hard and don’t give up your startup could be the next big thing.

Best times to start a business

If your wondering when the right time is to start a business, there usually isn’t one. Even if you have a rock solid business plan and plenty of funding, taking the plunge can be daunting. If you are employed you are giving up your steady income to chase your dream. If you have a family you may have to sacrifice some family time to follow your dream.

despite the above there are definitely certain points in your life where it can be less risky to go it on your own. Below is a list of some of those times.

  1. When you are young

One of the most common regrets amoungst entrepreneurs is they wish they had followed their dreams earlier. When you are young you generally have less responsibilities and a higher tolerance for risk. You can afford to fail! There is no shame in failing on the way to follow your dreams. Once you have a family to support it becomes harder to get out of the 9-5 world of a steady income.

2. Being made redundant

Althought this can come as a blow, it could be the best thing to ever happen to you. Being made redundant will make you re evaluate your life. Sure you can continue looking for another job and with experience you will likely get one sooner rather than later but is that what you really want? If you have an entrepreneurial spirit this can be one of the best times to follow your dreams and see what happens. You can always go back to employment if it doesn’t work out.

3. You dont like your job

If your job is making you miserable then leave. Life is too short and we spend most of it working. Pursue something that makes you happy. Many businesses have been born out of employees leaving to go it on their own. Use your time wisely to plan and build the foundations of your business before you jump in. Sacrificing the odd evening and weekend to plan is key. If you have a good idea or the skills and knowledge to go on your own and your miserable at work now is the perfect time to start planning and building for your future.

4. You have no responsibilities

Many people dream of starting there business but then life gets in the way, mortgage payments, school fees, family expenses. The more responsibilities that you have the less likely you are to go it on your own. So if your free from responsibilities it is the best time to start.

As i said at the beginning there is always going to be doubt and its rarely an easy path to success but if your driven and motivated to make your business a success there is every chance that you will.