Dig deeper for small business ideas
If you really want to start a business, the first thing you need to do is take the time to understand what really motivates you. Where do you get your record from? What puts you in a “zone”?
However, there is much more to discovering the BEST business idea that will make you more money and give you more freedom to enjoy more success in your life.
And success for you may be different than success for someone else. It may not be just about money. It may not be about finding something that you are completely passionate about. It may not be about having a “cool” business: the latest fad or a unique niche.
Success is how you define it.
Finding the right idea to bring you that success requires a willingness to be patient, good timing, and a lot of research.
And there’s nothing wrong with taking your time, being careful when trying to figure out which small business ideas are the best.
If you speed up this process, you will surely find a business that does not excite you at all.
You will be bored.
You won’t reach the goals and it will become more like a job…maybe even more difficult!
You will feel like you are working for someone else. (You don’t want that again, do you?)
First, find out what you really want
Starting off, you really have to force yourself to relax. I know what it’s like to be very, very unhappy in a job. And I can tell you from my own experience that leaving a high-paying job and launching into your own business is stressful.
But if you plan your “escape” carefully, you’ll do much better!
Set your short-term goals
Maybe you want to make a lot of money and drive a BMW.
Or maybe you just want the freedom to enjoy your family or friends. Or maybe it’s just about being in control of your life, being able to do what you want, when you want.
Whatever your long-term goals are, you need to focus on short-term goals first before you can begin to see that “big picture.”
Up to you.
But understand that the type of business you start will influence whether or not you meet your goals, both short-term and long-term.
If you’re trying to start a business part-time while working full-time for someone else, you’ll need to set daily goals to try to get in a few hours of work every day, often before and after work! (I got up at 4:30 in the morning, went to my full-time job at 8:30, got home at 5 or 6, and went back to work at my new business… and I loved it!)
But if it’s a small business idea you came up with on the way home and doesn’t really “motivate” you, it will make reaching your short-term goals, often the hard part, that much harder. .
What are your long-term plans?
That big picture includes, more than anything, something you can see yourself doing every day. Something that, even on weekends, you love to do.
And while it’s something you love to do, make sure it will fuel your long-term plan. And you won’t know until you know what your long-term plan really is!
For example, if your plan is to make a lot of money and retire early, you will obviously need to look for small business ideas that are highly profitable.
This would primarily include business-to-business models. There is usually more profit from selling to businesses (a product or service) unless it is successful in the consumer market.
Why would the business-to-business market be more profitable? Because a company would be more willing to invest in a product or service (which may even be a write-off) versus the consumer market, which is more “luxury” driven. That is, consumers base many of their purchasing decisions on wants rather than needs.
It is also a financial issue.
A larger business may pay a $300 bill without thinking about it, while a consumer receiving a $300 bill may sweat a little more.
This is just one example of how to understand your long-term goals so you can take a closer look at a finite number of business ideas to get closer to where you want to be.
And if you go ahead and put up your “open for business” sign and then realize, “Oh, I can’t make that much money doing this!”, you’re only taking one step forward and two steps back.
Take a notebook… Ideas will come and go
Because, like all entrepreneurs, you are a thinker, you always come up with ideas. Probably more than you can handle (the brain has a lot of space, right?).
That is why you should always have a notebook by your side.
Sure, some of the best ideas are written on a cocktail napkin. But you better try to give these ideas more permanence. And having a notebook dedicated to your small business ideas will give you a growing, buildable “journal” to use when you’re ready to!
And once you start putting your ideas in writing, you’ll get used to using your notebook more and more. It’s like anything else that takes practice.
The more you do, the better you’ll be at finding the best small business ideas. And each idea will help you develop more specific or “niche” ideas.
Become a private investigator!
What you want to do is really learn to research. You have to dig, and dig deep, to determine what business could actually work best for your success.
Not only do you have to know who you are and what will drive your personality the most, but you also have to think about what sells.
What kind of business can be profitable?
Too many people make the mistake of looking at just one aspect of starting a small business. If you love parakeets and are passionate about them, it doesn’t mean that you can open a store in your city without knowing if someone else likes them!
As a side note, starting an internet business gives you a greater opportunity to build a business around something you are passionate about. If it’s parakeets you love, you’ll find more people online with your same passion than in your own backyard. For great information on how to find your passion on the internet, click here
Your research should include looking at what other businesses are doing (successful and not so successful) in your city or town.
Look at small businesses and even what the “big” ones are doing.
Maybe you could create a smaller business with a personal touch that the “big guys” are usually missing out on (no matter how hard they try).
Find out more about what makes you tick…
What kind of hobbies do you have, if any?
What kind of magazines do you like?
What is your favorite thing to do in your “free” time?
What was the best job you’ve ever had? Even if it’s one you had as a kid, you can find a business in something you know and love, but don’t even realize it yet!
Business ideas are everywhere
Start thinking about the needs of your town or city. Something is missing? Is there a need or a product or some kind of service that people would use that they “want”?
What is the majority population in your city or town? Are they mostly older people? (a big market because they are more active and live longer than ever). Or is your community made up of younger families?
Check the local sections in your newspaper. Read the Lifestyle and Arts section. (I always find articles about local entrepreneurs who have started businesses).
Look at local and state companies. Look at consumer trends and what people “want.”
Is there something that other businesses in your area need? Don’t be afraid to go out there and ask!
Think of the concerns we all have in the world today.
There are so many opportunities out there, just waiting for you to step up and start a new business!
Don’t be afraid to ask!
This is where your friends, family and neighbors come in. Ask them to give you their number one need. A product or service that is “hard to find.” A complaint about what is missing in their lives.
How many times have you searched for something, a product or service, and had to travel a long distance to get it?
Answering questions will give you a lot to think about and good material for your notebook.
And if you’re interested in the business-to-business market, you can always prepare a survey and mail it to local businesses. Offer them an incentive (a low-cost, high-value gift) and find out what they really need to help them improve their business.
All the local businesses in your area may need someone to take care of local deliveries. Or someone to help them write or use their computer more effectively.
Just remember, starting a small business is a process and it takes time. The more planning and research you do in advance, the better chance you have of being successful and having a little fun too.