It’s a more common conundrum than you might think. You have a good business head on your shoulders, a decent understanding of money, and very strong organizational and marketing skills. You might have everything you need to start a business except for the business itself. Industry-specific experience is, of course, going to be essential but that may be something you can develop. You may still be able to get into owning a business even if you have no ideas to build it from.
Go the franchise route
Opening up a franchise is one of the most traditional routes of starting up a business when you have no particular attachment to what kind of business it is. There are a lot of franchising opportunities you can look into. However, with a franchised business comes a certain loss of freedom. There are things that you’re going to have to do in accordance with the corporation you are franchising from and you are always going to be accountable to them.
Start it with a partner
You might not have the seed of an idea that can grow into a great big business, but perhaps someone you know does. If you have been networking or you are ingrained in business communities, you will have heard your fair share of ideas. However, if someone is able to provide a specific plan on how they can take capital and turn it into profit, then starting a partnership with them, as you can see here, could be the right approach. You have to make sure that you are on the same page in terms of business goals and management philosophies, however. You don’t want the partnership to go sour, as many do.
Buy someone else’s business
It might sound like a simple approach, but it can be an effective one. Simply buying someone else’s business can help you take a shortcut past the initial startup stage. Of course, you need to closely investigate any businesses being sold and you can read more here on some of the businesses you might be able to buy. Many business owners will sell up simply because they want an exit strategy and to do something different with their time, so don’t make any assumptions about businesses that are being sold. They may be perfectly viable.
Take an investment role, instead
If you’re looking to own a business solely for the financial benefit and you might not be as interested in getting hands-on with the day-to-day running of it, then perhaps a direct ownership role might not be the approach that suits you the best. Instead, you might want to look at one of the angel investment platforms on the internet. This way, you can put up the capital to help someone start a business and then applicants come to you, allowing you to choose which business to invest in and for how much of the business or the profits.
Whatever the business, you’re going to need to make sure that you’re taking the right approach to maximizing its success. Getting the business up and running is only the start, after all.