It’s not always easy figuring out what kind of business to start up, especially if you hear all the doom and gloom stats about how many businesses fail shortly after hanging the “open for business” sign. For some perspective on how to choose a business that has legs, we spent an hour with Norm Brodsky on StartupNation Radio . He’s a columnist for Inc. Magazine, and founder of several multi-million-dollar ventures that are worth bragging about.
Norm offers his wisdom on 3 criteria you should consider before starting a business.
1. The business concept needs to be well established
According to Norm, the first criterion for starting a business is that the business concept needs to be well established. “At least 100 years old,” says Norm. “You don’t want to spend a lot of money educating people about how to use your business. It’s to your advantage that people know that the business concept exists, how to use it, and where to find it.”
Example – Norm and his wife were in Paris one day and walked by an area that sold nothing but cashmere sweaters. She said that the area would be a terrible place to open up a new shop (selling cashmere), but he thought that it would be perfect. As Norm sees it, if someone is looking to buy a cashmere sweater, that’s the block they’d go to. He wants to be located where everyone will already be looking for that kind of product or service.
2. Industry standard needs to be antiquated
The second criterion is that the industry stan...
Author: The Sloan Brothers
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