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What Type of Business to Start?

There are four main types of business that you could start. They are, to provide a service, retailing, wholesaling, and manufacturing. Your business could of course be a combination of two or more of these. For example, you could manufacture a product and sell it in your shop.

Service

Starting a service is usually the least expensive and risky type of business to start. You may even be able to run it from a room in your house and so save the expense of renting premises. For example, you could run a plumber service or a painting and decorating business from your house. You would need the minimum of equipment to start with.

Retail

This will require that you rent/lease suitable retail space. You will need retail equipment such as, display cabinets, cash registers etc. - these can either be bought or leased. Stock will have to be bought, but some suppliers may allow to have goods on credit.

Wholesale

You will need quite a large amount of capital as a small warehouse with office, plus delivery vans will need to be bought, rented or leased.

Manufacturing

Usually this will be the most expensive type of business to start and will require the most planning if it is to be done successfully.