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Great reply Leela, I agree and fully concur with choosing something you’re interested in.
This may sound silly but I also think it’s very important to be in a business where the product margins are decent! In my role as an external CFO I have worked with lots of business and some are always going to struggle simply because their margins are soo small. This can be a problem with franchises as the franchisor takes the juicy margin that you may otherwise have received. In other businesses the products haven’t been clearly differentiated or the pricing structures are out of whack with the value provided and what is needed to make a decent profit. On many occassions these problems have been able to be addressed, but if you are thinking of starting a business, make sure you are not going to fall into this trap.
Angus Morrison
Lift Business Growth Systems
[email protected]