If starting a business from scratch today. What sector would you choose and why?

[LSS2021]

If you were starting a business in our current climate, what industry would you choose and why?

 

[MOIC]

An industry you have experience in, or a passion for.

What industry would you choose and why?

 

[fisicx]

Probably similar to what I do already.

 

[Paul Norman]

I would still start up a software business.

Although, if am completely honest, at my current great age, I might just spend the money on travel!

 

[WaveJumper]

Software business for me too. Trying to explain to my sons we never had access to computers when I was a school until the six form, then we actually shared some time on the Ford computer and spent days writing code just so we could play naughts and cross's seems a little tame these days but it makes em laugh.

 

[The Byre]

Sex toys and other 'adult' products. Fabulous mark-up!

 

[JEREMY HAWKE]

If I was starting a business now it would be in money like @Ian J and @Mark T Jones

They dont get the agro I get They need a small office ,no breakdowns , no vehicle damage ,no fines , nobody gets lost ,loads dont get refused and no night time cover

 

[WaveJumper]

If I was starting a business now it would be in money like @Ian J and @Mark T Jones

They dont get the agro I get They need a small office ,no breakdowns , no vehicle damage ,no fines , nobody gets lost ,loads dont get refused and no night time cover

You could of course just be a trader you only have to worry about the candles then ??

 

[Deleted member 59730]

I might just spend the money on travel!

I did and made it pay!

 

[Tomas Tovey]

I was set up my current business again
A good Business marketer is needed whatever the situation!

 

[Mark T Jones]

If I was starting a business now it would be in money like @Ian J and @Mark T Jones

They dont get the agro I get They need a small office ,no breakdowns , no vehicle damage ,no fines , nobody gets lost ,loads dont get refused and no night time cover

True
.but we do have to break their arms up they don't pay

 

[Alan]

Well, it if were 10 years ago, I should have listened to my son and started mining bitcoin. Oh the wonder of 20-20 hind sight.

Unfortunately I have no imagination, so if I were to start a business it today it would be in what I know and interests me and that is software or finance. I do have an interest in sailing, but they have a saying - how to get a small fortune in the marine industry - start with a large one. I did try that for 18 months a good few years ago until I realised the saying was true.

 

[JEREMY HAWKE]

Well, it if were 10 years ago, I should have listened to my son and started mining bitcoin. Oh the wonder of 20-20 hind sight.

Unfortunately I have no imagination, so if I were to start a business it today it would be in what I know and interests me and that is software or finance. I do have an interest in sailing, but they have a saying - how to get a small fortune in the marine industry - start with a large one. I did try that for 18 months a good few years ago until I realised the saying was true.

If you still want to do mining Alan I have some shovels you can borrow

 

[Kitsunae]

My sister's father-in-law shared this wisdom on his 80th birthday - don't invest in airplanes!

 

[Mark T Jones]

Well, it if were 10 years ago, I should have listened to my son and started mining bitcoin. Oh the wonder of 20-20 hind sight.

I'm told there is going to be good money in time machines

 

[UKSBD]

Producing licensable material/products/services.

Investing in people who produce anything and having 100% watertight contracts so your company benefits from everything they produce.

 

[Mitch3473]

Niche cleaning...repeat business and loyal customer base. If you do a good job that is.

 

[MBE2017]

True
.but we do have to break their arms up they don't pay

You are doing it wrong, you should sub contract that bit out.

 

[Your 3PL Guy]

2 factors.

1) Your own personal interests. Why be in a sector if you have no interest in it?
2) If you really don't care about personal interest then it simply comes down to supply and demand.

If you can mix points 1 & 2 then that is the Holy Grail. Being in a sector that you are passionate about that happens to be highly sort after is a great start.

Me personally if I was starting my own business solely for profit and the life style it brings I would set up a cleaning business. Hugely in demand and commands a high hourly fee. Other than that I would look into a highly targeted drop shipping business. Again, nothing fancy, just the bog standard goods that people find themselves purchasing all the time.

 

[fisicx]

Stopped chasing money years ago. Once I did that I worked out I could pay the bills by doing almost nothing. Today I did about an hour’s productive work then went up shed and did man stuff. That’s the sort of work/life balance I like.

 

[Ozzy]

1) Your own personal interests. Why be in a sector if you have no interest in it?

I originally started replying to this quoting that every business I've started I had no personal interest in; and then I deleted everything I wrote when it dawned on me that I'm actually interested in the growing of the business and learning new things. What the business does itself doesn't really matter.

My first proper legit business was building websites and hosting services. I wasn't particular interested in it, but I saw a market in the late 1990's and ran it for a couple of years before selling it.
My next venture was Limited company formations, and when I started that I didn't really know what a Limited company even was. I just saw a tech opportunity so built a platform to deliver it before selling the business years later.
I setup a telecoms reseller business, no interest in working in telecoms but I knew a bit about it. Just did it because I saw an opportunity to upsell off the back of my company formation service. Sold that to my upstream provider.
Company credit check business; no interest in it but it seemed intriguing. That wasn't much of a success, sold it.
UKBF, well, when I bought it back again everyone called me mad ?.
What BDG does now; data analysis and selling advertising. Never started the business because I like data analysis or selling advertising but I do now find researching data findings intriguing.

When I was younger I wanted to be a naval air force pilot.

 

[Your 3PL Guy]

I originally started replying to this quoting that every business I've started I had no personal interest in; and then I deleted everything I wrote when it dawned on me that I'm actually interested in the growing of the business and learning new things. What the business does itself doesn't really matter.

My first proper legit business was building websites and hosting services. I wasn't particular interested in it, but I saw a market in the late 1990's and ran it for a couple of years before selling it.
My next venture was Limited company formations, and when I started that I didn't really know what a Limited company even was. I just saw a tech opportunity so built a platform to deliver it before selling the business years later.
I setup a telecoms reseller business, no interest in working in telecoms but I knew a bit about it. Just did it because I saw an opportunity to upsell off the back of my company formation service. Sold that to my upstream provider.
Company credit check business; no interest in it but it seemed intriguing. That wasn't much of a success, sold it.
UKBF, well, when I bought it back again everyone called me mad ?.
What BDG does now; data analysis and selling advertising. Never started the business because I like data analysis or selling advertising but I do now find researching data findings intriguing.

When I was younger I wanted to be a naval air force pilot.

Interesting way to look at things and I actually like your theory of doing stuff because you're intrigued rather than actually having an interest in it. I suppose it is a similar concept for the majority of people who work in things like sales or project managing. Most of the time the person likely isn't overly fussed about what they're selling or managing. They just like the process and the skills involved.

 

[TeaRoomLady]

It depends where you are in your life cycle. When I was young, money and avoiding poverty was a big driver. In my forties, I wanted to be successful and buy lots of stuff and go on exotic holidays. Now I’m older, my ideas have changed. I value my family and friends and my good health. I’m more interested in other people. So my answer would be ‘do what makes you happy’.

 

[mers]

i want to start a farm or a wholesale business