What Business Should I Start? 5 Popular Startup Models Compared

business tips Feb 10, 2020

If you're interested in creating freedom in your life, then you need to create sources of income that aren't dependant on your time. 
 
So you might be asking, what business should I start?
 
Well, to try and help, I've put together for you a list of the most popular business models when it comes to starting a new business along with the pros and cons of each model.
 
I am involved in several of these business models and enjoy them all. My aim isn't to steer you towards one, just to let you know some of the things to consider when thinking about starting your own business. Let's dive in.

#1: Services

Examples:
Financial Advisor, Graphic & Website Design, Marketing, Coaching, Plumber, Electrician
 
PROS
  • Highly Profitable
  • Low Startup Costs
  • In Demand
CONS
  • You need skills
  • May need certifications
  • Trading time for money

#2: Property

PROS
  • Huge income potential
  • Highly passive
CONS
  • Massive startup capital
  • Inherent risk
  • Potentially slow growth

#3: Franchising

PROS
  • Proven business model
  • Take advantage of an existing brand
CONS
  • Massive startup capital
  • Little freedom in decision making

#4: Product Sales

PROS
  • Low startup costs
  • Global market accessible
  • Generate revenue quickly

CONS
  • Low profit margins
  • Vast competition
  • No assets

#5: Product Brand

PROS
  • Low startup costs
  • Global market accessible
  • Scalable allowing for more freedom
  • Building an asset to sell
CONS
  • Some startup capital needed
  • Can be competitive
 
If you want to chat about getting started in business, either enrol in my FREE Brand Builder Bootcamp (link to the side) or feel free to get in touch. 
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