Top 5 Tips for Choosing the Right Business Opportunity for You
South Africa’s most innovative franchise operations and sources of business opportunities and support services will be showcased at the most valuable entrepreneurial expo of the year, for your express benefit – The Business Opportunities & Franchise Expo (BOFE) in partnership with platinum sponsor, Eskom.
You want to be the captain of your own destiny, but with so many options on the table, how do you choose the right business opportunity for you?
Here are our Top 5 Tips to Choose the Right Business Opportunity for You.
- Match Business Potential to Your Passion & Aptitude. The greatest business idea on earth will fail if you have no passion or aptitude for the business. Marry your passion, talent and skills to a business opportunity and you’ll improve your chances of success exponentially.
- Find a Gap and Fill the Need. What’s missing in your town, city or neighbourhood? Where is the lack, what is the one thing that everyone complains about not having? When you provide a solution to real and pressing needs, you have a better chance at succeeding. BOFE exhibitors present a wide cross-section of businesses that provide essential services and products, from home décor to education, jewellery, a variety of restaurants, business support services, automotive products and more besides. Which of these fills the needs in your neighbourhood?
- Track Trends and Find Opportunities. New technologies, fashions and changing circumstances create new needs and new business opportunities. By following the news, chat forums and bloggers with their fingers on the collective pulse, you could predict a need before it becomes apparent to your future customers. Yes it’s risky and many trends fizzle out before achieving critical mass, but if you’re thorough and have good instincts, the rewards can be enormous for entrepreneurs who get in on the ground floor. What is your big idea? Among the exhibitors at BOFE are financial institutions; business incubators; and providers of business support services, who can help turn an idea into a viable business.
- Money Matters. Yes it does! How much, if any, start-up capital do you have? How comfortable are you with borrowing money and how much? These are questions you must know the answers to before pursuing a business opportunity. Know your mind on this subject and let that help you determine whether to pursue a business that can grow organically without outside financing or one that will require outside investment or necessitate that you take a loan. Speak to the financial service providers at BOFE and get the facts on financing, before making up your mind.
- What’s the Plan? Before starting a business, know how you want it to end. Do you want to build an enterprise that you can sell for a profit in the middle to long-term? Do you want a family business to pass on to your heirs? Are you content with a business that depends on you and has little resale value without your personal involvement?
When evaluating the business opportunities at BOFE, consider how each business will potentially end and how that fits in with your plans and expectations.
Our top tips are sound advice, but sometimes destiny has other ideas. So with that said, our final tip is that you keep an open mind when exploring the 2013 Business Opportunities & Franchise Expo!
If you want to be a business owner, or grow your business investment portfolio, don’t miss the 20th anniversary edition of BOFE.
Need more information on the Business Opportunities & Franchise Expo? Visit the website www.bofe.co.za to get all the info you need and to pre-register for the expo.