How do you decide what business to start?
Discussion
Genuine question, I'm close to 30 and I still don't know what business to start. I originally thought I would open my own pharmacy but after qualifying as a pharmacist, learning about the career and the change in legislation and funding it's not worth it.
So how do people decide what business to go into? Natural progression from their career? Or does it come from a hobby they do in their spare time?
For example I've heard of people local to me that have made their money from selling ice and another one that made their money from bricks, how on earth do you decide to go into something like that? (As a side note I highly rate both businesses).
So how do people decide what business to go into? Natural progression from their career? Or does it come from a hobby they do in their spare time?
For example I've heard of people local to me that have made their money from selling ice and another one that made their money from bricks, how on earth do you decide to go into something like that? (As a side note I highly rate both businesses).
I started one business because I missed a 'plane, went to a trade show near the airport to kill a few hours and met a chap from a German company who said they didn't trade in the UK because there was no demand.
I knew nothing at all about the industry.
Five years later he bought the company from me.
I cite this as an example of being in the right place at the right time and, probably most importantly, being flexible and brave/foolhardy. Starting up something in which you are already experienced is probably easier, but narrows down the opportunities considerably.
I knew nothing at all about the industry.
Five years later he bought the company from me.
I cite this as an example of being in the right place at the right time and, probably most importantly, being flexible and brave/foolhardy. Starting up something in which you are already experienced is probably easier, but narrows down the opportunities considerably.
I left a well paid job with a very large company, bought myself an E Class, well three in total, and got paid quite well to drive people around all over the country for 15 years, then sold the business to a colleague who worked with me and retired.
I love cars, love driving, got paid to do it, and met some very nice people along the way, and was my own boss, what more could you ask for.
I love cars, love driving, got paid to do it, and met some very nice people along the way, and was my own boss, what more could you ask for.
Doofus said:
I started one business because I missed a 'plane, went to a trade show near the airport to kill a few hours and met a chap from a German company who said they didn't trade in the UK because there was no demand.
I knew nothing at all about the industry.
Five years later he bought the company from me.
I cite this as an example of being in the right place at the right time and, probably most importantly, being flexible and brave/foolhardy. Starting up something in which you are already experienced is probably easier, but narrows down the opportunities considerably.
This sounds a very interesting tale, would you care to explain a little more ?I knew nothing at all about the industry.
Five years later he bought the company from me.
I cite this as an example of being in the right place at the right time and, probably most importantly, being flexible and brave/foolhardy. Starting up something in which you are already experienced is probably easier, but narrows down the opportunities considerably.
I think there are a few ways into business. I've tried a few things over the years with varying degrees of success and failure but in terms of seeding and germination:
1. Hobby business where passion/product quality is your USP
2. Take something you are interested in or identify and just work harder than anyone else does to deliver that product or service. Brute force.
3. Innovation and bringing something new to the market
People overthink trying for option 3 when the vast majority of successful businesses are actually 1 or 2. Most are probably 2.
1. Hobby business where passion/product quality is your USP
2. Take something you are interested in or identify and just work harder than anyone else does to deliver that product or service. Brute force.
3. Innovation and bringing something new to the market
People overthink trying for option 3 when the vast majority of successful businesses are actually 1 or 2. Most are probably 2.
I'm working on something at the moment which came about as I wanted something but it didn't exist in the form I wanted so I made my own. Can't class it as a business at the moment as i'm finalising designs to be able to productionise it before trying to get some prototypes made but hoping it becomes a business and a successful one at that 
vindaloo79 said:
Doofus said:
I started one business because I missed a 'plane, went to a trade show near the airport to kill a few hours and met a chap from a German company who said they didn't trade in the UK because there was no demand.
I knew nothing at all about the industry.
Five years later he bought the company from me.
I cite this as an example of being in the right place at the right time and, probably most importantly, being flexible and brave/foolhardy. Starting up something in which you are already experienced is probably easier, but narrows down the opportunities considerably.
This sounds a very interesting tale, would you care to explain a little more ?I knew nothing at all about the industry.
Five years later he bought the company from me.
I cite this as an example of being in the right place at the right time and, probably most importantly, being flexible and brave/foolhardy. Starting up something in which you are already experienced is probably easier, but narrows down the opportunities considerably.
Many anecdotes gathered along the way, but I do think some of them would contribute to an interesting book, given the people I was (inadvertently) in business with, so I keep those to myself.
MrManual said:
Genuine question, I'm close to 30 and I still don't know what business to start. I originally thought I would open my own pharmacy but after qualifying as a pharmacist, learning about the career and the change in legislation and funding it's not worth it.
So how do people decide what business to go into? Natural progression from their career? Or does it come from a hobby they do in their spare time?
For example I've heard of people local to me that have made their money from selling ice and another one that made their money from bricks, how on earth do you decide to go into something like that? (As a side note I highly rate both businesses).
What you're good at.So how do people decide what business to go into? Natural progression from their career? Or does it come from a hobby they do in their spare time?
For example I've heard of people local to me that have made their money from selling ice and another one that made their money from bricks, how on earth do you decide to go into something like that? (As a side note I highly rate both businesses).
What you're interested in.
What you can make money out of.
Preferably all three.
But it seems a shame to walk away from your skilled profession at only 30 to sell ice or bricks. Anybody with sales ability can do that.
Can you practice pharmacy as a 'partnership' like dentists and doctors? That might make it more viable.
Take a look around the employers operation. Have you observed any links in the chain which you like spin off into a business? It doesn’t have to be directly related to your job. Just something you have exposure to and could potentially learn enough about to provide yourself.
This is how many businesses start.
This is how many businesses start.
Here's my starter for 10
1 There's DEMAND for it
2 And a LACK of supply of it
3 You're INTERESTED in it
4 You've the SKILLS to do it
5 There's SUPPORT locally to enable you to deliver it (materials, staffing etc.)
6 Enough MARGIN can be made doing it (turnover is vanity, profit is sanity etc.)
7 It's SUSTAINABLE as a business (gardening over the winter?)
8 Or EXPANDABLE in realistic proportions (can you make a living alone?)
9 There are no TIME issues in establishing it (marketing)
10 You've the BACKING to get it going (money, people, support)
1 There's DEMAND for it
2 And a LACK of supply of it
3 You're INTERESTED in it
4 You've the SKILLS to do it
5 There's SUPPORT locally to enable you to deliver it (materials, staffing etc.)
6 Enough MARGIN can be made doing it (turnover is vanity, profit is sanity etc.)
7 It's SUSTAINABLE as a business (gardening over the winter?)
8 Or EXPANDABLE in realistic proportions (can you make a living alone?)
9 There are no TIME issues in establishing it (marketing)
10 You've the BACKING to get it going (money, people, support)
Simpo Two said:
What you're good at.
What you're interested in.
What you can make money out of.
Preferably all three.
But it seems a shame to walk away from your skilled profession at only 30 to sell ice or bricks. Anybody with sales ability can do that.
Can you practice pharmacy as a 'partnership' like dentists and doctors? That might make it more viable.
What can I say? The profession lacks direction and leadership. You hear about Doctors and Nurses going on strike, when was the last time you heard of pharmacists going on strike?What you're interested in.
What you can make money out of.
Preferably all three.
But it seems a shame to walk away from your skilled profession at only 30 to sell ice or bricks. Anybody with sales ability can do that.
Can you practice pharmacy as a 'partnership' like dentists and doctors? That might make it more viable.
Most people don't even know it takes 5 years to become a pharmacist (4 being university), I've met so many pharmacists that did not know they could negotiate their wage when employed or even their hourly rate when they are locuming!
I have asked some people that have done well out of owning a pharmacy/chemist and they've all sold up now (it was a gold mine back in the day).
I would avoid the business based on a hobby - did that once and it became a pain when you went to a race and everyone was asking questions or complaining or wanting a discount or sponsorship etc etc.
A 2nd tip would be not to get into something you dont know anything about - as soon as a client realises you dont know your stuff they will be off!
A 2nd tip would be not to get into something you dont know anything about - as soon as a client realises you dont know your stuff they will be off!
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