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7 Mistakes to Avoid When Choosing a New Business

Video Transcript

Hi, I’m Natalie Speakman, a certified franchise executive, and I’ve been helping people with new business opportunities for over 15 years. I am here with my father, Dr. Ken Gibson,  serial entrepreneur and author of the Purpose Directed Business. In the next few minutes, we are going to share with you the 7 mistakes to avoid when choosing a new business. We would like to also offer a free business profile to help you determine the best business type and opportunity that meets your natural skills and desires

So dad, what is the first mistake new business owners make?…

1) Offering what everyone else is offering. I agree, many times on the phone, I hear, “I want something unique and different, I don’t want to just make sandwiches” Were not suggesting a fad, that’s here today and gone tomorrow.

2) Limiting your business to a narrow customer base, for instance, one of the greatest issues with a child-focused business is that your customer is only available a couple of hours a day. And your business sits empty the rest of the time.

3) Choosing a business with an easy entry…or something a lot of people could do like tutoring…way too much competition and low-profit margins when you are competing with a highschooler that can offer the same service in your neighborhood for about $10 an hour.

4) Mediocrity…my dad and I love to visit new business and restaurants but very rarely are we impressed due to a poor product or customer service…we all know how rare it is to find that special and exceptional 5 star reviewed service.

5) is going to be crucial for your success. Please fill out the form and we will provide additional mistakes to avoid and as well as a profile that will help you select the right business for you and is valued at over $49.

If you haven’t already filled out the form, we will also be sending you a free digital copy of his book, The Purpose Directed Business as well as some upcoming courses on choosing the right business. Fill out the form below.



*Results may vary from person to person

(719) 955-6708