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Diversification > Why Choose Mutual Funds? > Entrepreneurship Quiz > Evaluating Business Success > Identify Your Business

Identify Your Business 
Entrepreneurship 

If you’ve got a business plan ready to go, it’s time to create a budget for launching your venture.

If you’re still not sure about the kind of entrepreneur you’d like to be, you might find one of the start-ups listed below intriguing. Or one of these ideas might inspire you to create something entirely different.

A. You might plan for an online operation you initially run out of your bedroom. You don’t have to worry — at least yet — about a lease , renovations, or printed materials. But your hardware, software and website design costs could be significant. If you’re creating video games, you should count on a long start-up period without revenue. And if you’re selling a product, whether it's handmade clothing or used DVDs and CDs, you need inventory, a place to store it, and a process for shipping to customers.

B. You might plan for a service business, like a painting and refinishing business. Your kitchen table may be the only office you need, but a van, ladders, power washers, and sanders are big investments. You’ll also need an answering system to handle client calls, insurance to protect you and your business, and licensing or certification fees. If there are lots of local competitors, you’ll also need to advertise online and in print.

C. You might plan for a retail business, like a bakery café. You’ll need to rent a space that has enough room for the baking, a sales counter and display racks and space for customers to sit. You’ll probably have to renovate the space, so there will be building and decorating expenses. You’ll need ovens, a refrigerator, mixers and mixing bowls, baking pans, beverage machines, cold storage space, tables, chairs, plates, cups and paper goods. You’ll have to buy and store the baking ingredients and beverages. You’ll also need a license to operate, a certificate of occupancy, staff to bake or serve and insurance to protect yourself and the business.

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