One of our major goals is to have a stable business of our own because of two reasons: (1) to help increase our savings for the kids, and (2) to help stabilize their future through a steady income.
As we are scouting for possible business to get into, we considered several options; from food, clothing, service, even franchise. As we are making our business plan for each, options are slowly narrowing and what ended up in our final list are the ones we are familiar and passionate about. Why? Because those are the ones that we can plan from end to end. We know the ropes, we are familiar with how it goes. We create realistic expectations on the major purchases, monthly expenses, and possible returns for each.
I have known a number of people whose business fail because they simply followed a fad. They had little knowledge of it and yet because 2 or more establishments became successful, they decided to join the bandwagon. Dangerous. When the fad dies, the ones with the strongest foundation and knowledge of the business survives.
One thing that we exploring on is a music studio. It is not a very common establishment to build but Daddy H is a musician, a rock guitarist for the matter, and that makes him very knowledgeable of the equipment that we will be needing, the ideal location and the reasonable amount to charge the guests. I am clueless when it comes to this.
If not for Daddy H, I will not know the best equipment to buy. One thing important about a music studio is the quality of the sound, that and speakers will make our break our business. Tannoy is one most trusted brand in speakers for music studios as not only does it gives high quality sounds, it also works well with effects. The sound quality is the major selling factor in recording studios.
If on me alone, I will not be able to know all these.
And just like in anything, remember that your desire to know more about something depends on your interest in it.
How about you, what business you think you are most likely to succeed?