Entrepreneurial people aren’t typically hard pressed to come up with good ideas for making money or starting small businesses. Choosing start up business ideas that will be successful is a whole different ball game than just comming up with new business ideas though. I’ve had some experience myself with successful startup ideas and I’ve been researching and studying the small business niche for quite a few years now so I thought I’d offer some tips in choosing the best start up business ideas.
What’s the Best Small Business to Start?
Choosing the best Start-up idea has a lot more to do with you, the entrepreneur, than the business concept itself. Over the years I’ve seen hundreds of businesses start. Some have succeeded, but most failed. I’ve had some businesses do better than others but I’ve been fortunate enough to now lose a ton of cash on a start up, mainly because of the businesses I’ve choosen to start. I’ve learned that you can start a lot of businesses without a lot of start up capital and I think these can be the best options when it comes to picking the best business to start.
Startup Business Ideas
Here are a few ideas to consider when evaluating different start ups. It’s easy to forget to think about what happens if it all goes wrong. What if you business fails? I really think that is one of the best quesitons to ask yourself when considering any start up business idea. Positive thinking is crucial to your success, I get that, but whats the plan if the business doesn’t pan out? What position will that put you and your family in? These questions are the ones you want to have solid answers to. Having a good idea of what you will have to do should your business fail is a big part of having the confidence to really succeed at you start up.
If the answers to these tough questions scare you then find ways to make the answers less scary. Often times making small changes to your business start up plan can greatly reduce risk and exposure, maybe even keep you from loosing your shirt, know what I mean?
I have yet to start a business or evaluate a business that couldn’t be tested to the extent you could have a pretty good idea of it’s success. Growing businesses present challenges but those are the challenges you want to be dealing with, not a deeply indebted business that really never gets of the ground.
So think about the downside when evalutatin the best business for you to start. Expect the best, plan for the worse.
Most successful small businesses have some tough times around year 2 or 3 and being in a decent financial position may mean the difference between success and failure during these valley times.
Home Based Business Ideas
Home based business ideas are a very popular start up business model these days and for good reason. Many home based businesses require much less start up capital than brick and mortar type business and franchise ideas. Homebased business ideas tend to be popular because they:
- Don’t always require employees.
- Have lower operating expenses.
- Have low start up costs.
- Don’t require leases or purchasing real estate.
Home based businesses are much cheaper if they fail and many times the business idea will simply morph into something that does work. Guessing the market wrong with a brick and mortar business is expensive, a small home based business can be more easily modified to serve the market in a successful way.
Online Business Ideas
Online business ideas or Internet start ups can be very profitable startup ideas too. You don’t have to create the next Face Book to make a good income online, you just have to find something that works and do it well. Some of the benifits to starting and online business idea are:
- Very low initial investment.
- Large geographical market area.
- Inexpensive to Text.
- More scalable than most businesses.
- Outsourcing is available and at a low cost.
I hope you were able to learn something from these tips on evaluating good start up business ideas. Starting a small business or another small business is a great way to invest your time and money. If you can learn from your mistakes along the way you should realise a good return on your money and your time.