As a startup entrepreneur, starting your own business can be a bit of a challenge. The world is a vast place filled with anything, including myriads of business opportunities. Don’t just stand there and wait for a miracle, do something and fulfill your dreams. If you can’t decide what to do just yet, listed below are business opportunities that are tailored just for you. Let’s have a look at them.
There are some entrepreneurs that takes business at full speed ahead right in the beginning instead of gradually building it from the ground up. What we meant here is a franchising business. Franchising is a type of business where everything has already been laid out. In franchising, you operate a new business under an already recognized business name. Such example of franchised businesses are fast food chains such as McDonald’s, Burger King, and among others.
You can also start business by selling other people’s products which is called Distributorship. The work of a distributor is by making agreements with customers to sell products/services by the company he/she is under. Such example of this is Avon. A dealer, on the other hand, is more like a distributor. The only difference is that a dealer is only focused on a single product only.
Along with a distributor is a networker. Both of the two work together to make their business grow. A network marketer is the one who hires a distributor to market his/her products. And since we’re talking about networks, think of it as a tree of different distributors with different branches in them. The people who are under a distributor will gain income through residual commissions. This technique is also called multilevel marketing.
Licensing is a type of business where you take an existing product and market it in your own creative style. This can range from any kind of product you want to acquire maybe a brand, icon, or even a trademark. Such an example of licensing is the recent deal with Nokia. HMD became the official licensee of the brand and had been making smartphones under the Nokia name since 2017.
If you think that the market isn’t saturated enough, then you can file a niche to create your own product and distribute it to the people. This is essential if you have the skill to create something unique and share it with others. However, it can be a daunting task to do and will require time and patience in order to be successful in this field.