It’s not just diet and exercise regimes that tend to get started in January.
More people set up businesses in January than any other month of the year. Data from 123-Reg shows that British entrepreneurs are up to 10% more likely to start a business in January than any other month.
If you’re hankering to run your own business, the beginning of the calendar year is as good a time as any to make a start. You may have a fully-fledged plan or you may have an idea of the kind of business you’d like to create but you need more information to take the next step.
If you know you want to be your own boss but you aren’t sure about the kind of business you want to start up, you’re not alone; there are many would-be entrepreneurs that are looking for the right opportunity in a growing sector.
What’s your business?
Of course every business is different. For some, it’s a completely new start; for others it’s a side business or a way to make some money from a hobby.
Whatever you want to do, it’s essential to know what’s involved when you are setting up a specific type of business. This is where Sectors Donut comes in. Our latest Donut website has in-depth information on over 200 different types of business.
There are far too many to list here so it’s well worth browsing through this extensive new business resource. The breadth and depth of information that Sectors Donut offers in one place is unique.
If you want to set up as a childminder, for instance, Sectors Donut can tell you how big this market is, what kind of fees you could charge and how to advertise your business.
If, on the other hand, you are thinking of establishing a photography business, Sectors Donut can tell you about recent developments – including the new trend for people to get professional shots taken to use on their social media profiles.
Perhaps you want to open a carpet shop or a toy shop or a record shop or even a surf shop. Whatever your dream, there’s market intelligence and insights that will help get your business off the ground.
Finding opportunities, understanding threats
Many new businesses start with a SWOT analysis – and this is certainly best practice as far as start-ups are concerned. You may well know your own strengths and weaknesses but what do you know about the opportunities and threats in your sector? This kind of in-depth and up-to-date sector analysis is essential when you are planning a business launch.
Whatever sector you are in, Sectors Donut can tell you what the demand is in that market, what the latest developments are and how to price your product or service. It can tell you how to buy an existing business and it can even provide detailed customer profiles so that you can understand your target audience.
When it comes to starting up a business, there’s no place for one-size-fits-all advice. Sectors Donut can help you understand the realities of the specific business you are about to get into.
Best of all Sectors Donut can give you inspiration as well as information – have a browse and see what’s possible. It could take you one step closer to starting up a new business in 2017.
Rachel Miller is the editor of Marketing Donut.