Are you looking for different types of business opportunities to start your own company? Do you have an entrepreneur mindset? Are you the kind of person who wants to go into business to be your own boss and succeed through your own decision making? Many people feel the call to become an entrepreneur, but are not sure what type of business opportunity to pursue.
Quick note: if you are thinking about starting a home based business, read our detailed list of 8 work from home ideas that you can start from your kitchen table.
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Types of Business Opportunities
There are many entrepreneur opportunities you could choose. Here is a brief look at different types of business opportunities available.
1. Buy a Franchise
Many entrepreneurs like to have a business going full speed right off the bat. Rather than spending time reinventing the proverbial wheel, an entrepreneur will buy a franchise opportunity. A franchise is an existing business with a solid business plan and process already in place.
An entrepreneur can operate a new business under a recognized business name. They can then receive support from the franchise headquarters with marketing, promotional materials, new business products or services, etc. Good examples of popular franchises are McDonalds and Subway restaurants, home cleaning businesses, Dollar Store, or fitness centers.
2. Distributorship or Dealership
Another place to find business opportunity leads is with distributorships and dealerships to sell other people’s products. A distributor is a person or business that has an agreement to sell products or services produced by another company. Think of an Amway distributor or Avon distributor as a good example.
A dealer is much like a distributor, but more focused on one product. An auto dealership may sell only Hondas, or an insurance agent might be considered a ‘dealer’ in life insurance.
3. Network Marketing
While an Avon lady might be considered a ‘distributor,’ there is much more to this type of business opportunity. In addition to distributing the products or services offered by the parent company, a network marketer also strives to recruit other distributors.
By creating a “network” of distributors, you can earn considerable income through residual commissions made from the distributors working under them. This entrepreneur opportunity is also known as Multilevel Marketing.
4. Licensing
You might also find highly profitable business opportunities through licensing. Licensing is where you can take a new or existing product and use your talents to market it. For example, you could take almost any product and try to get a license to a name brand, icon, or trademark of a widely recognized business.
Think of Disney products. An inventor may come up with a great idea for a child’s toy that would become a big seller if the famous Mickey Mouse was associated with the product. By getting a license from Disney, the inventor could produce his product and share the profits with the licensor (Disney).
5. Filling a Niche
While pre-made or other types of business opportunities can be lucrative through a parent or franchise company already enjoying great success, entrepreneur opportunities also exist for a person to simply find a consumer need and discover a way to solve it.
Perhaps you are a new mother who finds a need for a baby product not on the market. So, you create and distribute one of your own. Or you are a specialist who finds that other businesses will pay for your consultation and expertise in improving a business function.
Any entrepreneur who wants to make a business of his or her own has many types of business opportunities to explore. Find the one right for you and enjoy the success you can build on your own.
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