How to choose the right business for YOU!
Now that you’ve diarised the dates, it’s time to plan how to get the maximum mileage out of your visit to South Africa’s leading expo for entrepreneurs and investors.
It’s easy to get swept up in the excitement of the expo, and the sheer number of options to choose from. A little preparation will go a long way to keeping a clear head and charting a steady course through the expo to achieve the best result for you.
So you know you want to own your own business, but do you have something specific in mind? It’s okay if you don’t. All great things have to start somewhere! Start by giving some thought to your ambitions, goals and expectations of your future business. It’s time to ask yourself these and other questions:
Skills & Aptitude
Do you have a qualification, skill, talent or experience in a line of work that you want to pursue or put to use? If so, use that to identify the types of businesses that would be a good match for you. For e.g. if you’re a trained chef and food is your passion, then it’s quite obvious that owning a restaurant will be a good fit for you.
What type of person are you? Do you like dealing with people? Are you outgoing? Do you have a thick skin and don’t mind dealing with complaints or criticism, even if it’s undeserved? If you answered yes, then a business in the retail or service industry might be a good fit. If no, then rather look for something with less customer contact.
Do you have family obligations that require flexible work hours? Or maybe you can’t bear to be tied down to a bricks and mortar business with set operating hours, or to work more than five days a week. Perhaps you’re looking for an opportunity that you can pursue on the side, while keeping your current job. Consider all of this and mentally eliminate the types of businesses that would limit you in this manner.
Are you a money-motivated, risk-taker who is determined to grow your business as fast and as big as possible? Or are you highly motivated but risk-averse and less comfortable with the idea of running an empire? Your answers will determine the type of businesses you should investigate at the expo. Make a mental note to keep the long-term in mind when discussing opportunities with exhibitors and decide if you’ll still be comfortable running the business five years from now.
Some business opportunities require a bigger financial investment than others and pursuing them may mean taking a bank loan or borrowing money. While financial institutions will naturally consider the potential returns from the business you’re buying in addition to your own finances and credit record, knowing where you stand and how much financial risk you’re willing and able to take, will influence the size and scope of the business opportunities you should consider.
Online visitor registrations now open. Visit www.bofe.co.za to pre-register for complimentary access.