6 Key Factors that You should Consider, Before Deciding which Business to Start this 2024

before deciding

Wouldn’t you like to make the decision to be your own boss in 2024? People are often tired of the pressures, the schedules, the mistreatment, and even the traffic they go through to be able to sustain themselves economically and have our basic needs covered. Well, in this article we will help you to make things clear before making the decision or looking for alternatives of which business to start in the middle of 2024. Do not miss the opportunity to succeed in your venture! Continue reading the post and discover the key factors before embarking on this new adventure.

1.- Financing before choosing which business to start

Surely it has already crossed your mind that to start a business you will need to have a certain amount of capital to start, maybe you already did some numbers, and maybe you heard from some internet guru that you can start selling thousands of pesos simply investing in the “right product or market”, however, rarely does it look beyond that first investment. What business to start? It is important to make this very clear.

It is true, perhaps in order to start selling sportswear in a store, you should consider the investment in the products, the rent, and the light, but you must also understand that in most cases opening a business or selling a product in line that turns out as you want is something that will take time and that will complicate it when determining which business to undertake.

Do not go crazy, if the amount of money you have is just enough to keep your venture operating for 3 or 4 months, it is most likely that you will fail and have invested your savings in vain. When investing, you should always think that the recognition of your brand, business or product is something that will take time, it could be a few months, maybe even a few years. And this does not mean that without money you cannot do something to try to achieve your dreams, however, it is important to consider that adequate financing will allow you to go step by step without having to feel strangled or overwhelmed by expenses.

Do not think that it is only about choosing a good product, or a good niche, or using the correct tools, in reality, being able to determine what business to start in Mexico from the perspective of a person with “average income” is about perseverance, time, dedication, effort and even suffering. Because let’s be honest, most people don’t know a “friend of a friend” who has the contacts or the open market by the time we go out and start.

Financing is a completely important factor when choosing which business to undertake, taking into account the estimated operating expenses that starting in that niche will entail, and if there is additional income to that of your new venture during the time it begins to operate. generate your first profits, this could also be considered a great help to be able to pursue your long-awaited business dream.

2.- Market Research to correctly choose which business to undertake

Once you understand that you have the necessary resources to set up the business that you have come up with, you will also have to carry out good market research for that business.

It is crucial to do a market study to understand the needs and preferences of potential customers. Without this information, you could be launching something that does not have a real demand in the market, the people, or the sector that you seek to attack, which would result in loss of resources and time.

For example, imagine that an ice cream company makes the decision to launch a new flavor on the market without first having carried out a pertinent market study, at the time of the launch, neither the advertising, nor the discounts, nor the ideas that they hoped would work are successful. , and the new flavor of ice cream does not generate sales. This could represent a terrible decision that could have been foreseen if you had done a market study.

Data provided by the Internet is not necessarily needed, in a neighborhood environment it could even be carried out through surveys, data on the number of equal businesses open in the area, demand or recurrence in those businesses, and if it is a digital or online business You will surely be able to discover tools that provide you with data such as sales volume or average queries made in a search engine or an ecommerce store. As you will see, market research is essential to make informed decisions and maximize the chances of success in your business once you have decided which business to start.

3.- What business to start and what are my experiences and skills?

In some cases, one seeks to find a business to start in a very natural way, and hopes that what he dreamed of will give him the expected results, because unconsciously that is what he wants to make it work. But one of the big mistakes that is made and leads to failure has to do with a zero ability to identify your own abilities and the experience in doing something that you have.

It would be too good to think that someone who is terrible with hand tools decides to open a carpentry shop, or someone who has never tried himself in the kitchen decides to start a taco shop. Something important and that will be better for you is to try to start a business that you know or in which you can exploit your knowledge and skills. It is sensible to recognize when something is not given to you, and if, on top of that, by taking or recognizing those shortcomings you can save months or years of sacrifice in vain, it is best that you follow your instinct or heart.

Sticking to something for which we are not suitable does not necessarily mean that you should give up your dream for life, but it could become a complication when embarking decisively on a business. If it is too difficult for you to understand what your best abilities or talents are, many times we can find the answer to that crossroads in relatives or acquaintances.

If even so you decide to undertake something that you have never done or for which you do not already have a born virtue, remember to work on your talents, knowledge and abilities with solid foundations and safe steps. Fortunately, today it is much easier to find resources, classes, information and everything you need to continue preparing yourself professionally. This preparation will help you to be able to take your business on the right path.

4.- Have Legal and Tax Advice when choosing which business to undertake

Another important point that you should consider is whether your business is going to need to keep accounts and clear papers. Having tax and legal advice is crucial for any venture. By having an expert advisor in these areas, you can be sure that you are complying with all the laws and regulations necessary for your business, allowing you to operate legally and avoid potential problems or fines in the future.

Also, a good tax advisor can help you maximize your profits and reduce your tax expenses over time. Having someone capable of keeping these matters transparent guarantees you additional protection in case of disagreements or legal conflicts that may arise in the future. Perhaps you think that it is not necessary, or that you can omit this factor, but a large part of your potential competitors have probably thought that way, and we believe that it will always be better to be one step ahead of your rivals.

So now you know, being prepared with this kind of help is a smart investment that will help you succeed in your business and avoid problems in the long run.

5.- Having a Support and Mentoring Network will make it easier for you to decide which business to start and will shelter you in the face of adversity

Something that can go unnoticed by many people before starting a venture is ignoring whether or not they have a support or mentoring network. A support network means being surrounded by or close to a group of people who support you in your goals and give you different perspectives on your ideas and challenges. You can receive advice from them, and guidance from people who have been through similar situations and who can share their experience with you. On top of all that, having a support network helps keep you motivated and gives you a safe space to discuss your fears and doubts.

Be very careful not to confuse a support network, to choose which business to start together with your acquaintances or friends, because that is a completely different decision for which we will soon also have a complete note on our blog full of tips and important information to consider before forming a team or joint venture.

Also consider if you have a mentor among your acquaintances when choosing which business to invest in. A mentor is someone who has experience in your industry and can provide advice and guidance based on their experience. You can learn from their mistakes and successes, and gain valuable perspective on how to address specific challenges in your business. Do not forget to ask yourself if you have a support circle or network, and how you could take advantage of them to maintain the enthusiasm of your venture, to the fullest.

6.- Passion, Commitment, and Patience

Undertaking with passion, commitment and patience is key to success when deciding how to start your own business. Passion, on the one hand, keeps you motivated and helps you stay focused on your long-term goals. Commitment will drive you to work hard, not to stop stepping on the accelerator, and to overcome any obstacle that arises along the way. Patience is equally important, as results often don’t come overnight, but with patience and a constant focus on your goals, you will eventually see the fruits of your hard work.

These 3 factors are practically impossible to leave aside, and it is likely that if you do not have just one of them, you will lose your way, the rhythm, or the desire to wait to see the fruits of your venture. It is evident that these 3 factors are important, but they are not sufficient by themselves, as we have already seen, it will take much more than work and preparation to bring your business to a successful conclusion.

It is true that starting a business is not easy, and it is not a path that can be taken without first having made a thorough assessment of the risks and proper planning. However, when things are done well, you study, work, prepare, and have all the factors in your favour, the results can be truly impressive.

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