Starting a Business: Step 3 – Choosing a product and type of business

Now you can choose which product you would like to sell or kind of service you want to offer. It helps to consider what industry are you most comfortable using your interest, skill or experience.

The following are some of the products and services you can turn into business:

1. Creating products (product industries)
If you want, you can create your own product to sell to bigger markets or to specialized markets. Other examples of products being sold to bigger markets are canned goods, toys and clothes. Examples of products catering the specialized markets are industrial stuffs like machines ad spare parts needed to create other products.

2. Offering service (service industries)
You can offer service like printing, catering, beauty parlor, dress shop, tailoring shop, badminton courts, videoke, movie theater etc. The fast growing It industry is included in this criteria – like internet cafes, call centers, computer service shops and business programming for other companies.

3. Processing or preparing o creating the product (process industries)
You’re not really the manufacturer here. All you need is to work on some steps of the whole process. Example, you will be the one to work on the first aspect of preparing on raw materials.

4. Being a subcontractor (subcontracting industries)
This means that you will be the one giving services or products needed by other businesses for producing their products. Most of the time, businesses who needs subcontractors are already the big businesses. You should see to it that you have one or two businesses that will get your service for your business to live.

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