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What Business Should I Start in 2021?

What business should I start in 2021? That is the question that every entrepreneur should ask themselves, and all prospective employees in the same manner. As a former franchise, I found that one of the best answers to that question was, “Your business needs to be wildly profitable in its first year.” That might not sound like it is that important of a consideration in the short term, but in the long term you will look back on that decision with absolute reverence, as you will have achieved one of the most important decisions of your life.

Of course, in order for that business to become wildly profitable, there are several other requirements. The first requirement is having an exceptionally attractive product or service. That may seem self-explanatory, but too many people fall into the trap of thinking about what they would like to do, rather than focusing on what they need to do. When you think about starting a business you need to ask yourself, “What business will my customer buy?”

If your answer is not the product or service, you are going to have difficulty surviving in the marketplace. That is why the focus must always be on the end result. In order for that result to be satisfactory, you must be able to deliver a superior level of service. That takes skill and requires an owner who has the confidence that their business is the best there is.

Second, you must be prepared to work hard. There is no such thing as a business that does not require effort. To succeed you have to work hard. You cannot just put in a few hours and expect to be immediately rewarded. All of the rewards in the world mean nothing if you do not work hard.

You should always have an exit strategy. When you get involved in a venture that you do not believe in you will spend all of your waking hours trying to figure out how to get out. That is never a good way to spend your time. As a matter of fact it can become quite expensive. Asking the question “what business should I start in 2021?”

Finally, you must have a strategic plan. A strategic plan is simply a map that guides you through the obstacles and hurdles that you will face along the way. It will help you avoid many of the mistakes that are made by most businesses. The best part is that a good strategic plan is not very different from a good business plan.