Business start up

A wealthy man entertained me with his thoughts on how we can make our millions. This prospect intrigued me, so I listened intently. The concepts to becoming wealthy are quite simple, buy low and sell high, surround yourself with like minded people, take action, be confident and decisive, know your stuff, do your research, and the list goes on. I wish to share the starting of a business from his perspective.
Where to start when you don’t have a desired product or service
His first recommendation is to reach out to a business development center in your area. I know of these, there are many, and I believe that most cities and towns have them. Some towns and cities have multiple types of these resources. Meet with the business development center and ask what is the most needed business or ask them if there is a clear gap in the marketplace for services offered in the city. Asking this identifies what buyers need or want. The center will have a large database to draw from. Alternatively, determine the fastest growing segment in the area and see if that is something that would interest you.
Once you determine the top 3 potential business types, meet with them to see what is involved. Whatever it is, you’ll have to master the business even if you hire someone to fill the knowledge gaps. For example, if you believe opening a Vietnamese restaurant is in high demand, make sure you understand how to run a restaurant even though you won’t be cooking or perhaps have someone manage it. Surround yourself with people who understand your new business venture.
Gather the needed information to start this new venture. Yes, do the research; there is no way around this if you wish to start your own business. Once you collect the necessary information, raise the capital if you don’t already have it. Some businesses, such as a variety store, only need the cost of inventory and rent. Ventures like this are the easiest to start but not very profitable.
Have fun! Brought to you by your friendly neighbourhood accountant.
Keep it simple!