What Keeps YOU Awake At Night?
Is it happening to you… a million small business ideas swimming around in your head.
Then when you think you are on to a really good one, it all starts again. Is my idea viable… can I get it to work… how will I get it to work?
When you are finally confident that your idea is a goer, start reading everything that you can get your hands on about small businesses. Join local business groups and talk to other small business owners and do not let them go until you find out what you want to know. Find out how THEY did it. Try & squeeze as much information from them as you possibly can. Being members of business group & like-minded they will be more than happy to help you.
IDEA #1: Know Thy Strengths & Thy Enemy.
Conducting a SWOT analysis is an excellent small business idea.
Great… so what is it?
It is a technique for discovering:
o Your own strong points & weak points
o The opportunities that are available to you
o The strength of your competition
You will discover the areas of your business that require improving, equipment or infrastructure that you may need for specific opportunities and the best way to compete against your competitors.
IDEA #2: Who Are My Customers?
Including a target marketing strategy in your small business marketing mix is a great idea, particularly if you will be doing business to business marketing. Once you discover who your customers are, it is then a simple matter to adjust you marketing to suit.
Business is so much easier if you know where your customers are and what their concerns are. Other beneficial small business ideas include a budget which will help you to stay on track & not over spend on your marketing efforts. This can be a very simple document such as an XL spreadsheet, where you can record & compare actual costs and successes with your estimated figures.
IDEA #3: Be It Ever So Humble, There is No Place Like Home.
I now work from home, it is terrific. I was renting a 290 square foot office for years. I would drive to the office every morning, sit there all day on my own & drive home… madness. It took me a while to catch on until one day… a blinding flash of the obvious. “Hang on… I don’t have to do this”
So I cleared out the spare bedroom at my home & moved the office in. Customers do not care, I tell them it is a cost saving exercise so that I can keep my prices low plus, I can access my network 24/7 so my response time is quicker. What a fabulous idea Peter they said.
IDEA #4: What Type of Business Venture?
What small business idea takes your fancy? Whatever it is, I suggest you consider writing a business plan so you can figure out where you are going & the best way to get there. Depending on your type of business you may need some small business software. Many businesses can be started in a spare bedroom, a spare corner or even the kitchen table with very little money and… you can use the family PC.
IDEA #5: The Web is a Must To Consider.
It is just way too big not to. This possibly has the most potential of all small business ideas in terms of near zero entry cost, almost no infrastructure and the amount of money that can generated. Never before has there been a marketing option with virtually unlimited potential, which can be established & run from the kitchen table.
“We need to think about that for a moment”
You can have a web site up & running literally within hours. And… you can do it sitting at the kitchen table while you are shelling the peas for dinner tonight. You can sell your own goods & services or receive a commission for selling the products & services of other people. You can set up a Google AdWords account and, believe it or not, be on the front page within one hour.
Or… you can spend more time on an organic growth strategy and pay nothing for your traffic.
“So… the world is your oyster”
The sooner you get those creative juices flowing the better because those that dream up the best small business ideas are the ones eating at the better restaurants.