Small Business Ideas – How to Pick the Right Idea for You


Starting a small business is an exciting challenge,
one that can lead to a rewarding personal and financial future. However, it is not without risk. You must be able to sustain your business
long enough to learn from your mistakes and generate consistent revenue. Research and reflection are critical if you
want to achieve success and happiness. Before you invest time and money in a new
business venture it is wise to ask certain questions and find a business idea that fits
you. The ideal entrepreneur has a balance of passion
and professionalism. If you are not passionate about your business,
you won’t be able to sustain your personal interest. If you are not professional, you won’t be
able to focus your energies and your passion will eventually be exhausted. Success depends on your experience and background. What are your skill sets? Are you a visionary, a technician, a conductor? What are your points of leverage? Do you have a unique idea, a great location,
or market expertise? Determine both what you like to do, and what
you are actually good at, and you can narrow in on a successful business idea. If you have a degree or a strong professional
network, you might want to consider starting a consulting business. If you are artistic, you might research starting
a t-shirt business or a web design company. Are you working alone, or with a partner? Giving music lessons is great for certain
individuals, whereas having a partner might make starting a catering company that much
more achievable. Running a business is like a marathon, not
a sprint. For your business idea to be sustainable,
you have to be well suited for the specific tasks and responsibilities that will occur
daily, and which have the potential to last for years. If your chosen business is not congruent with
your personal needs and desires, there is little chance for success. The daily activities of a tattoo shop owner
or a snowplow service operator might be different than you first imagine: talk with people who
are successful in the industry you are considering. Determine their daily tasks, their responsibilities,
and the length of time it typically takes to start making money. Don’t just imagine the best days and big
payoffs, but the things that can go wrong and the challenges you will face. If a dose of harsh reality doesn’t deter
you, you are on your way to figuring out a great business idea for yourself. Keep in mind that there are many ways to approach
a new business, and it need not be an all or nothing affair. Side-hustles are increasingly common these
days: rather than quit your day job, work in the evenings and weekends and see what
kind of results you get. If your idea takes off, you can decide when
it makes financial sense to devote your attention full-time. Many states and cities provide incentives
for entrepreneurs, and the internet has created a world of small-business opportunities. You don’t necessarily need to drain your
savings: many home-based businesses start with a low investment and evolve into substantial
money-making enterprises. In Summary: If you feel that you are ready to start a
business, ask yourself the following questions: Do you know your strengths and weaknesses?
Are you being realistic? Are your personality and business compatible?
Have you considered different approaches? These answers will help you take the next
steps. We have a set of tools and resources to help
you find the right business idea. Visit us online at HowtostartanLLC.com/business-ideas Our Business Ideas tool has hundreds of start-up
suggestions based on your unique criteria. Find popular business ideas, owner interviews,
and many other resources for entrepreneurs at HowtoStartanLLC.com.

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2 thoughts on “Small Business Ideas – How to Pick the Right Idea for You

  1. I just want to say I love and appreciate your videos they are helping me tremendously with getting my business started. Is there a video on how to write a business plan?

  2. I saw the other Business Idea video, and found this one too after asking about making a sustainable business vs just jumping on trends.

    At 2:08 , you talk about the challenges of businesses a little which I appreciate. I'd love to see more videos that go into detail about specific ideas and the challenges/traits of them, and how to make them sustainable and strong. Too many hype people on YT that'd rather pretend to be successful, and show you cheap tricks or trends. There's gotta be better resources for making actual businesses, especially for those who didn't go to school.

    All that to say, keep up the good work! And I'd love to see more videos. I see you guys are just getting started and are changing things up which is cool. Always interested in hearing genuine voices that aren't trying to just blow smoke.

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