best small business ideas?

[Skeptic]

we all know that paycheck-to-paycheck is not the best way to make a living ..

 

are there any folks here currently engaged in any businesses?

 

what are some business ideas that you have?

 

please share ...

 

thanks

[galbeedi]

Skeptic, working for someone else and going home after work without worry has some advantages. While job security is becoming rare and downsizing is becoming a normal part pf doing business, it is nice to work nine to five and leave the headache of the job behind to the owners. Of course your life becomes routine and constant. you must have financial plans since you have a fixed income. tHe most important aspect of this is you are free.

 

Having your own business has both advantages and real risk. You will be spending a great deal of your time in the business. You may even work seven days a week. If your family does not support for your adventure, it may even cause a great deal on your relationship. Success in the small business comes after hard work and a lot of headache. you must be have a backbone. Please check this small list before you start the business.

 

1- Starting from scratch is always hard. You should be patient in the first year of the business, since it takes time to build clients. you must have enough cash flow to sustain yourself while invoices from clients are delayed.

2- Avoid restaurants business, Especially one that caters to ethnic groups like Somalis,75% of them fail in the first year. If you want to involve in the food business, it must be a franchise or Donair shops.

3- Avoid any business that has high overhead costs, like expensive rents or utilities. It will constrain any of your efforts to spent money for advertising or employees.

4- your business must be one that targets for the main stream. By targeting all of the residents of the town your chances of increasing the customer base will be higher.

 

As a self employed for the last ten years, I will suggest you few business that might be

successful.

 

!- insurance broker. A large number of Somalis and others are using this business. All you need is small office and few trained people. You may need a three months course to run this business.

2-car rental franchisee. It is easy to recruit both young Somali sisters and other attendants. The franchise will help you to succeed.

3- If you are trained in any of the trades like, electrician, plumbing or carpentry, you may set up your own small shop and get contracts, especially in the hot booming economies of western Canada.

 

There could be many more. It is all depends what is your field of education and how deep your pockets are. Any way, good luck.

[Alpha Blondy]

http://www.somaliaonline.com/community/topic/ideas-for-business-thread/

 

Skeptic,

 

you ought to reply to people's suggestion. in case you missed this is what i wrote in your previous business ideas thread, see below...

 

 

a somali art cafe. awesome idea. this would work in the west. slogan….”giving you a taste of Somaliland/Somalia”

 

bespoke high end consulting firm – find something to consult people on.

 

matrimonial services and halal compliant dating (trained maxraams to monitor all successful ‘dates’)

 

administrative business services (to help people fill in application forms, registration service, notary, basic legal compliance services and stuff…)

 

somali alternative and herbal medical shop – Dr. Ali Mao-Aweys -the German-Somali doctor is making millions and he doesn’t cure anything.

 

one-stop-shop for ALL your German Medical treatment (organise flights, accommodation and a choice of hospitals for those ‘obsessed’ with german medicine…)

 

Somaliland souvenir shop. EXCELLENT -e.g - asli mills.

 

ethnic tourism (organised trips to miyaa and other specific places of interests in SL and Somalia)

 

[Skeptic]

Galbeedi and Alpha, I deeply appreciate your suggestions ...

 

I'm (to an extent) aware of the risks of starting a business and the advantages to just been employed by a company etc.

 

Just wanted to gather up ideas. i also wanted to seek suggestion and feedback from SOLers who might be operating their own businesses ...

 

the more ideas/feedback, the better