60 - Determining Which Business Type To Start (Part 1)

In this episode, I'll go through and explain, first off, what a business does at a very base level. (Solve a problem for profit). Then I break down the two types of business categories there are. 1. High Profit, Low Start Up Cost. 2. Low Profit, High Start Up Cost. We go through the pros and cons of both and why you most likely need to start with category #1. In doing my research for this one, I found an Alex Becker video that explains it well, so I'll reference that in the discussion. You can also find a link to it below in the show notes.