BUSINESS IDEA GENERATOR
New Ideas to Start Your Business Right
Need Inspiration and New Business Ideas?
Every new business starts with a good idea.
Attention entrepreneurs read on to get new startup business ideas, inspiration, questions and quizzes to help you find the right business ideas for you and the market. Try our tool Business Idea Generator for inspiration and ideas to start our own business.
The hardest part of starting a business can often be figuring out a good idea or choosing which of your ideas to develop into a startup business. Our team of serial entrepreneurs is here to help you.
20 Questions to ask yourself to determine your best new business idea:
- What need, that customers are willing to pay for solving, is your business fulfilling?
- Would you prefer to start a company selling services or products?
- Do you like people and serving customers?
- How many employees, if any, do you want to hire?
- Are you good working in teams or as the team leader?
- Want to interact with people face to face, by telephone or online?
- Which of your skills are the most valuable in the current market?
- Can any of these skills be the basis of a new entrepreneurial venture?
- Are you good at sales? Do you like selling people (B2C) or businesses (B2B)?
- What can you make that is markedly better than current market competitors?
- What is your Point of Difference? Is it price, quality, service or innovation?
- Who will be your main competitors in the market?
- What are those companies strengths and weaknesses?
- What is the potential market size for your new product or service?
- What customer needs will you fulfill that these existing businesses ignore?
- How much money do you have to start your new firm?
- What amount of funds will be needed to manufacture your product or purchase equipment and supplies to perform your service?
- How much time will it take to have goods to sell or services ready?
- How will you pay for your personal needs during the startup phase?
- Do you have adequate savings for the length of time required to turn a profit and pay your salary?
Two Routes to New Businesses: Passion or Job Situation
Many successful firms have been started by an entrepreneurs passion or their current job situation. Both can yield excellent results.
Your Passion = New Business Ideas
Make your avocation your vocation and turn your hobby into a business. To what you love every day and never work a day in your life is the dream of every wannabe new business owner. Proceed with caution. Using your interests as inspiration for business ideas can be helpful but can also blind you to the business realities of true market viability.
Your first step is to carefully and objectively, this is the hard part for passionate entrepreneurs, do research and plan. Study the current market and determine if your business idea in your hobby niche really fills a need – that needs to be solved and people will pay to get solved. Take time to write a business plan complete with marketing strategy, financial projections, and personnel plans. Better to see areas that need some clarification or won’t work on paper than after you invested your life savings and lose it.
Personally, I have purposely avoided starting a business around my hobby, fashion sewing, because when I am sewing I don’t want to think about money or profits. However, many successful entrepreneurs disagree with me. Creating a business borne of your unique passions and interests will give you the excitement and motivation needed to keep you going during the inevitable tough times every business faces.
Perhaps there is something that you are knowledgeable and passionate about, your hobby or interests, or you may you think you have found a way to fill a need in the marketplace. Wherever your interests, it is almost certain that there is a way to convert that passion into a new business.
Your Job = Company Creation
Bloom where you are planted and start your new business from the job you have currently. Perhaps your employer needs a consultant to perform the services your new firm will be offering. Your corporate employer could become the first customer of your new business – transitioning you smoothly from employee to business owner. Nobody knows your skills and work ethic better than your own boss. Use that leverage to sell your first client – your current employer.
Laid off employees are in the best negotiating position. Sure it is a shock when you learn that you have been “down-sized”. But don’t fret get busy starting that business you always wanted to. Chances are that your current employer will be short handed and need your expertise and would consider hiring you as an independent contractor. Sometimes offering your services as a freelancer can be a win-win for you and your ex-employer.
Remind the company of the many benefits of hiring you as a consultant. They do not need to pay for your health insurance, not other employee type benefits. Nor do they need to rent you an office nor buy your supplies and equipment as they had when you were an employee of theirs.Be smart and determine if your current employer has a policy against hiring ex-employees.
Remind the company of the many benefits of hiring you as a consultant. They do not need to pay for your health insurance, not other employee type benefits. Nor do they need to rent you an office nor buy you supplies and equipment as they had when you were an employee of theirs. Be smart and determine if your current employer has a policy against hiring ex-employees.
Be smart and determine if your current employer has a policy against hiring ex-employees. Also, check their rules about side businesses that could be considered competitive to their core business. Better to know than to be blindsided and fired after breaking a rule about side businesses in your current firm.
Need money to launch your new business?
There are many financing options available for startups – Now let’s determine what is best for you.
Business startups today are the beginning of small businesses that tomorrow will build our national economy and generate new jobs. Whether you are a one-person company, a solopreneur, or a larger firm with many employees the process of from business idea, business plan development to product or service launch is the startup phase of company growth.
Alternative ways to raise funds for your new business venture
1. Self Financing
Although self-financing your business can be relatively easy, it comes with a big drawback: You are absolutely on the hook if the company does not pan out. However, this may be an attractive option, but if you can obtain the necessary funds for your reserves, there are some ways you can go about it.
2. Friends and family
If you can not get a loan from your bank, or if your credit score is not sufficient to convince a bank to lend you money, you can always reach out to people who you are most acquainted. Family members and friends may be easier to convince than unnamed officials of the bank.
3. Venture Capital (VC)
Venture capital companies make direct investments in emerging companies in exchange for shares of the enterprise. Like most venture capital firms, these are partnerships that are investing money, and they are selective and usually invest in companies that are already established and have demonstrated the ability to generate profits.
4. Angel Investor
If you can not get enough money from the bank or your funds, and no rich uncle to help you with financing. Some rich people invest in startup businesses – often in exchange for a share in the new company. These investors are known as angel investors.
Companies are using the Internet to market and sell things since the 1990s. However, in the last ten years, the Web has become a new source of funding, as well.
How to start a business: Step by Step Guide
If you think you are ready to start your own business, here is a step by step what to do to make this a reality.
Build a Business Plan
A business plan helps you to know where your business is going, how will overcome the difficulties and what you will do to keep it.
Evaluate Your Finances
Since every business has its price, so you must determine how much will cover those costs.
Determine Your Legal Business Structure
Before you can start your business, you have to decide what type of entity. Structuring your business legally affects everything from how to file taxes on your responsibility in case of problems.
Register with the Government and the IRS
To become a commercial entity officially recognized, you must register with the state.
Select Your Technology
Almost all companies today need a robust set of technology tools work. Some technologies will be harder than others in the industry, but at least, you probably need a stable and reliable business laptop or smartphone that will help you keep things organized.
Acquisition of Insurance Policies
Buying insurance for your business is an important step that has to happen before you start officially. Dealing with incidents such as property damage, theft or even customer’s orders can be expensive, and you need to be sure that your business is adequately protected.
Choose Your Partners
Starting a business can be overwhelming, and probably you will not be able to do everything on your own, this is where third party suppliers come in. Companies of all sectors of human resources systems, business phone systems are there to work with you and help you better manage your business.
Build Your Team
Unless you intend to be your only employee, you will need to hire a team to get your business off the ground.
Check out my guide on how to start your business right with tons of useful tips I learned by successfully starting, building, and selling multiple companies.