What kind of business is right for you?

Determine what type of business you want to start. Product based or Service based. The businesses with highest success rates are ones that solve a problem that your target market has. Starbucks found their niche by accident. They just wanted to sell stuff but they ultimately gave people a place to meet that wasn’t a bar.
Just opening a business and then trying to convince people they need to buy from you is a losing proposition. Look for a need that is not being met and you’ll have customers looking for you before you even open. All successful businesses are solving peoples problems, big or small. Find a problem to solve.

Lets talk about two main types of business; product based and service based:

Product retail based business resell physical things directly to the consumer in a relatively small quantities. Product wholesale based businesses are a bigger part of that same supply chain and sell directly to other businesses in large quantities.

If you have some schooling to become a trained professional you will probably be looking to open a service based business such as a dentist or physical therapist.

Many savvy business owners realize the potential of being both. If I was a photographer I would sell frames too. Hair salons sell hair products, get it?

The best advice I’ve ever heard was “When starting a new business take the path of least resistance!” This simply means to choose a field you can already consider yourself an expert in. If you have 10% more knowledge of a particular subject than the person you are selling to, you are an expert to them.