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    9 Replies Latest reply on Jan 5, 2011 6:43 PM by steven_ucf

    What are the good business opportunities ?

    lilytan1 Newbie

      Intended to go for bubble tea business, have done the background search including comparing franchise package & other alternatives of getting the supply. Before entering the last steps, notice there are just too many competitors & the entry barrier level is low.
      What suggestion on business to go for year 2010 & forward ?
        • Re: What are the good business opportunities ?
          KathleenF Scout
          Boy lily, that is one tough question. You really should be finding a niche in the market.

          What exactly is a bubble tea business? I've never heard that term before.

          Kathleen
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          • Re: What are the good business opportunities ?
            Newbie

            lf the quality of ur product is okey,u have to look into ur marketing strategy and skills,because u may have a better product but when there is no skills to promote everything becomes zero.

            • What are the good business opportunities ?
              Newbie

              You are going to have to do something you love, otherwise forget about it.  Secondly someone mentioned a niche market; I tend to disagree with going with niche markets ideas for the average person trying to start a business.  I would recommend going with something that is tried and true, that way you know there is a demand for it and that it will be around for a while.  Plus it is a lot easier to do market research on a product that has been around for a while.  Then you just have to put your twist on it.

               

               

              Niche markets, I believe are better started with existing profitable companies that can explore untapped markets and can better absorb potential losses or can fund the marketing efforts to educate the public about what this new product is.

               

              Here are some valuable business lessons I learned so far

               

              1) Don't go into debt - Start Small and work  Big; if you cannot make a profit being small; you probably will not be able to  make a profit being large.

               

              2) If you do your business plan and your  calculations show you making massive amounts of money in the first few years;  realize that you probably are way off in your calculations and need to do more  research. There is way too much competition out there to make super high profits  on just about anything. Competition brings prices down, so don't expect making  $100,000 profit in your first few years. In fact if you think you are going to  make this much, I would bet you are ill prepared to start a business.

               

              3)  Starting a business is easy money. This could not be further from the truth.  When starting a business you have to do something you love because you need to  spend every minute working on the business, thinking about the business,  dreaming about the business. You need to make your business your passion and  your obsession. If it is not, then you are probably not going to make it. To  make it succeed, it takes just too much effort to do if you are not passionate  about it.

               

              4) Take it slow; just like a new girlfriend sometimes you  become infatuated. You don't marry your girlfriend after one month of knowing  her; take some time to do some research. In fact, I would recommend spending at  least year doing research on the business plan before spending any money on it.  Then after a year, if you are still interested in it, spend a little money and  do it on the side until you learned enough and become profitable enough to do it  on your own.

               

              5) Everything takes twice as long and costs three times as  much as you thought it would.

               

              6) If there are no barriers to entry "such  as lawn care or painting"; expect small profit margins - especially now in the  recession

               

              7) Save up money prior to starting, not only do I recommend not  going in debt. I also recommend at least having a year worth of disposable  income in savings as a buffer; incase things don't go as planned. The other  option is to find a sugar momma or daddy so that you can rely on their income to  support you when things don't go as planned.

               

              8) Get the "buy in" of your  family; you will need their support. It's too hard to do it alone.

               

              9) If  you think you cannot lose money, run away from the business idea and don't look  back!