3 Great Businesses for New Entrepreneurs
The art of successfully launching a business requires a dynamic personality who has mastered a range of task management skills that are not only rare, but that are also in high demand in other professions. That’s why it’s so rare for investors to choose this path. It’s also why the ones who do have some of the biggest financial success stories you will find. The key to any successful entrepreneurial career is to make sure each successive business learns from your experiences running your earlier companies. For beginners, this means choosing a business model that has a good chance of succeeding because of a built-in customer base or an existing brand you can lean on. Here are a few ideas that tend to be friendly toward first-time business owners.
Gas Stations and Convenience Stores
Small storefronts serving snacks, alcohol, and a limited range of household necessities are straightforward operations that help you put your bookkeeping and personnel management skills to use while gaining the benefit of foot traffic and a high demand for the products you carry. Upgrading to a gas station takes a little more cash up front and a lot more attention to detail because of the environmental laws and other regulations around fuel stations. The best way to make sure you have a solid investment in a property that will stay in compliance is by talking to a builder about fuel station construction costs in your area.
Fast Food Franchises
Franchise businesses are very beginner-friendly, because they let you buy into an established brand. With enough investment money to start, you can even buy an established, profitable branch so you don’t have to go through a full launch. It’s a great way to reach a return faster if you can raise the money, but they are capital intensive.
Mobile Food Service
Food trucks are versatile, and they generally have lower overhead than a brick and mortar restaurant. The demand for food preparation and service at a reasonable price is constant even in an economic downturn because they provide staple foods to working people in urban areas around the country.
It’s never easy to make a company successful, but some businesses have gentler learning curves than others. Remember to do your research before deciding on the best fit for your investment.