Starting your own business from scratch is not as difficult as it seems, but most start-up entrepreneurs do not know where to start and what kind of business to choose. Even in a crisis, you can find and implement a profitable strategy.
Thus, the current economic situation, which has caused a decrease in the share of imported goods in the domestic market and their strong appreciation, provides good opportunities for a new start. In our review, we will talk about where to start a small business and what business strategies will be potentially profitable in 2020. You can simply click here for the best choices.
What business to start: choose a direction
What criteria should be relied upon when choosing a niche for developing a business from scratch? First of all, you need to build on the knowledge and experience that you personally have, or at least interests. Secondly, it is important to determine the geolocation a metropolis, a regional city or a small town. Thirdly, it is worth thinking about “gender” there are purely male and purely female business areas. In addition, do not forget about online technologies modern business can be conducted both offline and online.
For example, a typical business option from scratch for men that does not require sky-high investments is a car workshop or a car wash, repair and configuration of computers and telephones, and services of the “husband for an hour” category. Women, in turn, can open an agency for the provision of cleaning services, housekeeping or babysitter services, organize a manicure studio at home, and make cakes and pastries to order. The services of hairdressers and tailors are always relevant.
When choosing a niche, you should know that a business is mainly divided into 3 areas, production, trade and services. Choose what is closer to you. Also navigate what income you plan to receive.
Decree of the Government of the Russian Federation of April 4, 2016 No. 265 defines the values of permissible annual income:
- Microenterprises – 120 million dollars.
- Small enterprises – 800 million dollars.
- Medium-sized enterprises – 2 billion dollars.
In this article, we will consider microenterprises and small businesses as the most affordable option for beginners.
What statistics say: effective business strategies
According to the Forbes financial and economic magazine, the top 10 most profitable and promising segments of small business included:
- Private auditors.
- Specialized clinics.
- Accounting services.
- Services of dentists and orthodontists.
- Tax calculations.
- Legal services.
- Small business lending.
- Private financial managers (traders).
By the way, all of the above types of business do not lose their relevance in times of crisis, and small-scale lending to enterprises and trading in exchange trading became especially relevant just in times of economic turbulence.