Entrepreneurs have a number of important business decisions to make before investing in a new opportunity. Finding the right small business idea takes research, financial forecasting, and sometimes a reality check.
How to Decide What Type of Small Business Opportunity to Invest In
Depending on the start-up budget, business skill level and desired time investment, an entrepreneur might choose to search for a turnkey operation, franchise, established small business, or new business idea.
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Turnkey operations allow the entrepreneur to buy a ready-to-launch physical or online business. A business plan, marketing strategy, and inventory are already in place. Similarly, established small business opportunities may require training from the previous owner, but should be ready to operate immediately.
Franchises are a good choice for small business entrepreneurs who want to take advantage of a larger company’s marketing, inventory or services, and business experience. Examples of franchises include restaurant chains, optical stores, and automotive repair businesses. While there are several advantages to opening a franchise, the corporation also expects franchisees to adhere to their standards of operation.
Forming an LLC
Starting a new small business or an anonymous LLC from the ground up is a dream for many. Unfortunately, approximately 50% of small business fail in the first five years, according to the U.S. Small Business Administration, who cite lack of experience, insufficient start-up capital, and poor location as the top reasons new small business ideas don’t take off.
Where to Find New Small Business Opportunities
Entrepreneurs interested in local small business opportunities can visit an area small business center for advice and access to business listings. Network with local business owners to stay abreast of trends, events, and small business sales.
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While the internet is an excellent resource for entrepreneurs, it is also rife with small business opportunity and loan scams. Use a reputable business opportunity search engine to browse franchise and home-based business ideas.
Entrepreneur.com, a popular business magazine, offers a Business Opportunities Marketplace to match entrepreneurs with small business opportunities in business services, health care, cleaning, retail, and more.
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6 Steps to Finding and Evaluating New Small Business Opportunities
Use these six steps to decide if a new business opportunity is really as great as it sounds before investing time and money to ensure a successful launch.
1. Take a skills assessment test to see if there are entrepreneurial skills in need of improvement before starting a new business.
2. Set a realistic start-up budget based on available personal capital, seed money, and available loans or grants.
3. Search for business opportunities online or in the community.
4. Evaluate each idea by first comparing start-up costs with the set start-up budget.
5. Prepare a business plan for each idea before investing a penny. Use financial forecasting and research the target market and competition to see if it really is a feasible business idea.
6. Get legal, accounting, and any other required professional advice before signing up or launching any new business idea. The expense of these services should be included in the start-up budget.
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Take the time to work through these steps carefully to avoid making a rash decision destined for failure. Work on any areas of concern, such as a poor personal credit history or lack of practical business skills, before jumping in with both feet.
For more information on choosing an e-commerce business, see Best Online Business Opportunities. If you find a valuable business idea, consider forming a cheapest limited liability company to get started.
God’s Best Kept Secret – Who Built the Stairway to Heaven?
Only God knows 130 years later, who built the Miraculous Staircase inside the Loretto Chapel of Santa Fe, New Mexico. Each year, hundreds of thousands of visitors flock to marvel at the mysterious structure, and many more come in pilgrimage to celebrate the miracle. The people of Santa Fe in 1898 believe it was St. Joseph, himself, who was sent by God to help the Sisters of Loretto. The story is so mysterious that it has been reported on Unsolved Mysteries and in a television movie titled The Staircase, with Barbara Hershey. The first time I saw the movie Lillies of the Field with Sidney Poitier, I thought of the Loretto Chapel.
- The Miracles of the 1898 Staircase Built in the Loretta Chapel.
- The 33-step spiral staircase has no center support.
- It has two 360-degree spirals with no visible support.
- There are no nails, screws or glue used in the construction, only wooden pegs.
- Nobody has ever been able to identify the type of wood used to build the staircase.
- Each piece of hardwood is spliced in seven inside places and nine outside places to form a perfect curve.
- Every lumberyard in New Mexico was questioned, and none found invoices.
- The builder’s identity has never been known.
- The builder left after completing the project without waiting for his pay.
The Story of the Miraculous Staircase
In 1852, seven Sisters of Loretto crossed the plains from the Kentucky home to reach the southwest Land of Enchantment. Along the way, one of the sisters died and was buried in Kansas. Another of the sisters fell ill and returned to Kentucky. After several months, the five remaining sisters arrived in Santa Fe, New Mexico and opened their first academy for girls in 1853. For twenty years, the sisters served their mission and in 1873, the Archbishop suggested a chapel be built. “Our Lady of the Light” chapel took almost five years to complete. But, the builders made a drastic error in the chapels design.
The chapel is very small, 25 feet by 75 feet and stands 85 feet tall. The sisters realized that there was no way to get from the bottom floor to the choir loft overlooking the worship area. The architect, P. Mouly, intended to put an outside hallway joining the two areas, but that never happened. Mouly did not want a staircase inside the small chapel. The Superior Mother Magdalene consulted other builders for help and the only conclusion was to put a ladder along the wall for sisters to climb. This did not seem feasible, so the sisters decided to pray to St. Joseph for nine days.
On the ninth day, a man appeared at the chapel with a donkey and a toolbox. The man needed work, and the sisters were happy to accommodate. He announced that he could provide a suitable means of access to the loft, and all he needed was permission and a couple of water tubs. The mysterious man would soak the wood in the water and leave the chapel when the sisters prayed. Months later, the staircase was complete. The sisters were overjoyed and planned a big celebration to honor the carpenter.
The sisters were perplexed when the man disappeared without a trace, and without his pay. They ran ads in local newspapers asking for his return and his identity. In the meantime, builders, architects, and engineers marveled over the magnificent construction that appeared impossible to withstand any weight. When the unknown builder failed to return, the Sisters of Loretto declared it a miracle from God, and believed God sent St. Joseph himself, to help them fix their problem. They believed the 33 steps had significance because it was what many believe was the age of Jesus when he was crucified.
The design continues to baffle scientists, architects and engineers. None can understand how the staircase continued for 85 years to safely carry sisters to their heaven in the loft. I have visited the structure about six times while growing up in Albuquerque. I am not Catholic, but know that they view St. Joseph as the Master Builder. I am Christian, and as I stood and stared at the Miraculous Staircase, I was overcome with reverence and knew I was witnessing my first miracle.
While I feel God has given me my own special miracles in life, I continue to wonder in awe – who was it that built the Stairway to Heaven?