When I mention to people that I am a business consultant and strategist, then tend to tell me the million and one ideas they have. Then say how they are struggling with which one to start because all of them are great and money makers. To be honest, not every business is a money maker especially if you’re only starting it to make quick money. Those tend to be the fastest money drainers because of the amount of time, money, and more that needs to be invested.
What Is Your Passion
The best ideas for business come from your passion or a struggle you are currently having. You might wear Spanx and think it’s a fantastic solution to what you’re having, but you don’t have problems like that. You’re wrong. You see Sara founder of Spanx had an issue and decided to find a solution for the problem. The founders of Mailchimp created their email marketing provider to help their clients send a newsletter to their audience. So, what do you need to go from having 99 business ideas down to one or two that can be profitable?
- Find two hours of quiet time where you are only focused on this.
- Write down all your ideas down on paper.
- Weigh the pros and cons.
- List what you need to start the business.
- Determine the level entry into the market.
- Research average income/revenue is starting this business.
- What makes your heart sing and you’re willing to wake up each day to do.
- Reach out to people in that industry regarding honest feedback about starting a company.
You might think no one will answer my questions; I will be competition. Do you know how many business consultants or strategies I have talked to or consulted? People loved to be tapped as an expert. After you have done this, you will have narrow your list drastically.
Easiest To Launch
To be completely honest, launching a company or even starting a blog is not for the faint of heart. There is a lot of blood, sweat, and tears most people don’t see because it’s all behind the scenes. What business could you launch in the next week that is on your list? I know this is a little harder for product based companies, but you can at least get your landing page, LLC, social media and financials (bank account, stripe & etc.) set up? The more complicated it is, the more excuses you will come up with and become frustrated. Starting a new industry and niche is extremely hard. Look at business models that have been proven and have a great track record and easy to enter the market.
Low Startup Cost
If you are watching a service business, they are fairly easiest to launch all you need is a website and to run some Facebook ads. A product based company can be very costly and stressful if you add you want to open a store front. A business can launch on less than $2,000 that includes merchandise if you’re a product based company. It’s all about allocating your startup funds correctly. In some states, you can get your LLC for as low as $25! So, it’s truly all about managing the funds you are using to start. You can build your own website, automate your social media and set up your email marketing for less than $300 with Kick Start Your eCommerce session. What business idea are you in love with that wont hurt or damage your pockets.
Trust me, great business ideas come to me constantly. I tend to pass them onto friends and family with a detailed plan on how they can win in this area.
