If you are thinking about starting up a business, but you are not quite sure which kind you might want to get involved in, that is a very common experience that a lot of people have, and one which you are probably going to want to think about. The fact is that there are so many kinds of businesses out there that you might want to consider running, and which to go for depends on a number of factors. Here are some of those factors you might want to consider when you are trying to make this decision.

Different Models

Firstly, bear in mind that there are all sorts of different models for businesses out there that you might want to be aware of, and it is essential to make sure that you are doing all you can to choose the right one. In fact, you might say that there are infinite models to try out, because you can always think up a new one that nobody has tried before. In any case, research the many models available and see whether any of them seem particularly well-suited to what you are passionate about. This is a very strong start to any business.

Nonprofits

Of course, it might be that you want to start up a nonprofit business. If you have a particular cause that you care about, then this is going to be something to consider, and it can be a very rewarding kind of business to run. You might want to look into how to start a nonprofit, however, as it can differ quite a lot from running and starting a profit business. In any case, if you do go down this route, it has the potential to be a very exciting kind of company to run.

Size

The matter of size is also relevant here. You might think that businesses usually start from a small size and grow over time, which is certainly common, but it’s not the only possibility. If you have a lot of capital to invest right away, it’s possible to set up a large business in the first instance. There are actually many occasions when that is the preferred option, in fact, so it is something that you may want to consider if you have the means available, or the right support to hand. In any case, the matter of size is one you will need to consider.

Legal Structures

There are also a few different legal structures to be aware of, and you need to make sure that you are aware of how they differ and what it means for you in terms of tax and so on. Whether you have a limited liability company or a corporation will make an enormous difference to so many aspects of the business, so it’s essential that you are thinking about this and getting it right. Do your research and make your decision wisely, and that will help you a lot.

Originally Published on https://www.breakfastleadership.com/

Michael Levitt Chief Burnout Officer

Michael D. Levitt is the founder & Chief Burnout Officer of The Breakfast Leadership Network, a San Diego and Toronto-based burnout consulting firm. He is a Keynote speaker on The Great Resignation, Quiet Quitting and Burnout. He is the host of the Breakfast Leadership show, a Certified NLP and CBT Therapist, a Fortune 500 consultant, and author of his latest book BURNOUT PROOF.