So, you want to join the exciting world of small business, be your own boss and shape your own career? All it takes is a great idea and you can get started. The trick is to find this great idea and run with it.
Some ideas are crazy, and others are boring, but they still work. There are no rules for finding a good business idea, just find something that is a good fit for your personality and skills. Here is how you can find a great business idea.
Your ideas are allowed to be crazy. Some of the largest businesses started with a crazy idea. Airbnb started when their founders let out their home to complete strangers, and then encouraged others to do the same. Often, the crazy ideas are exactly what people are looking for, and so, are successful.
At the same time, your idea is allowed to be mundane. There is nothing wrong with taking an existing service and doing it better, cheaper, or in a new location. You could even find a little niche that has remained unexplored, creating a unique business with a loyal following.
Tips for finding the best business ideas
As you begin brainstorming ideas there are 3 key tips you should consider. They will make your future business a lot more enjoyable and fulfilling for yourself and will offer a great reward for your hard work. These 3 tips are:
- Find an idea you are passionate about. The idea should excite you, or you should feel strongly about it. Having passion for an idea and your business will improve your drive, energise you, and allow you to focus on the business.
- Choose an idea which suits your skills. Do you have a special talent or skill, or qualifications that you enjoy using? You can build a business around it. The more you can do the less you have to pay someone else to do it.
- Make sure you can make money. This is a key part of any successful business is the ability to make money. This way you can pay for the expenses required to run the business and you can pay yourself for all the work you put into the business.
Find an idea you are passionate about
Passion is essential when starting your own business. Of all the ideas circling in your mind, ask yourself, which ones stand out most as something you would love to try? These ideas should be at the top of your list. When brainstorming further ideas, consider your passions and what you love doing.
By putting an idea you are passionate about into practice, running your business will be a lot more fun. You will enjoy what you do, not minding late hours and early mornings. Battling obstacles will become easier with a higher drive to beat them.
Go for an idea that works with your skills
You will have a much easier time getting your business off the ground if you can do more of the early work yourself. It is important that you can develop a minimum viable product on your own or have industry knowledge to assist you. Otherwise, you will have to hire someone and that could get expensive.
Relevant skills will also make getting finance easier. Lenders are more likely to back you if your skills or qualifications are related to the business you are starting.
You don’t have to be an expert at what you want to do when you start. Often you will learn on the job. It is important that you at least have the skills to get the business started yourself.
Tips for making money from your small business idea
After you have decided on your best business idea it is time to figure out how to make money from it. This is where a business model is created. It is a plan to turn your idea into cash. There are a wide variety of business models, and they generally follow three rules:
- What customers are charged for
- Average markups on products or services
- Reasonable operating costs.
Your business model could be selling goods to customers, selling goods to shops, or leasing goods. It could also be client focused, charging hourly fees, flat fees, and more. Mixing business models is also possible if you find that just one does not suit your business. Whatever you chose just ask yourself:
- Can I realistically make money from this idea?
- Do I need special expertise to make the business work?
When pursuing a new business idea the best thing you can do is talk to an experienced accountant like Link advisors. We can help advise you on the best model for your business to help you make money. Our team can also help set-up your business to ensure you remain compliant with all your obligations. Talk to us today.