So you want to start your own business – and you’ve got an idea. Where do you go from here?
Kim Saxton, clinical associate professor of marketing, explains one important issue is deciding whether you want to build what’s called a “lifestyle” business (or small business) or whether you want to focus on expanding into a scalable business.
“If you want to earn an income, a small business is a great way to go. You’re your own boss; you find your own customers, and you’re selling customers one on one,” explained Saxton. “Remember, the opportunity for growth isn’t very high because it’s all dependent on you. But you also don’t need any money, or you’ll only need a limited amount of money.”
On the other end of the spectrum, you may want to look into starting a “scalable business.” You’ll create something that could multiply revenue with little incremental cost.