Do you think you have what it takes to run a small business? Have you got entrepreneurial flair which can help you make your business a success? If you are ready to step into the world of small business, then here are some ideas to get you started on your business venture.
To get you started, mindmap and write down all the potential ideas that you have, no matter how out of depth they are. Once you have your initial list, you will need to start an elimination process. Ask yourself the following questions to narrow down potential ideas.
- What is your budget? Do you have the funds you need to start your own business? Think about the ideas you have and see which ones are financially realistic.
- What are you good at? Use your skill set. If you are good at something, perhaps create a business from it. For example, if you have a knack for photography, then start a photography business.
- What are you passionate about? Passion may be the key to the success of your business. The business process can be tiresome and long, but your passion may be what carries you through and pushes you to carry on.
- What does your community want or need? Is there a space for a new café or a restaurant in your area? Does your community need a dessert parlour? Do your market research and give people what they want.
Here are some startup ideas for you to consider. Take inspiration from them to help you take the first step to entrepreneurial success.
From matcha tea to flavoured teas, the tea industry is booming. In the next eight years, tea sales will rise by approximately £7billion. With matcha tea being a trend, and flavoured teas becoming increasingly popular, investing in a tea business could be a good idea.
Men’s beard oil
This is a niche business idea. You will have to market your idea really well, however, it is encouraging that the men’s grooming industry is worth £4.5 billion.
A unique café or restaurant
If you have a bigger budget, then you may opt to provide your local community with a new unique café. Make sure you have a good USP to get yourself noticed; perhaps a cat café?
This is again a bigger budget project. Market research can help you figure out if your area needs a daycare business.
The biggest advantage of a hair salon is that you can start small, even from your home. Having unique selling points such as only using natural or cruelty-free products will help you stand out from the crowd.
This a new phenomenon taking the world by storm. Co-living is becoming popular within most major cities, especially those who are happy to network around the dinner table. Freelancers and business owners are opting for this new way of living as it allows them to cut costs of rent as well as live with like-minded people. This new trend is sure to gain in popularity.
If you have a skill, put it to use. From designing Snapchat filters to creating logos for businesses, a graphic design business can make you successful if you find the right clients.
If you have a passion for reading, photography, fashion or just about anything, create a blog. Blogs are relatively easy and cheap to set up. You can have sponsored posts and ads on your blog to generate an income. However, it may be worth noting that it will be time-consuming building traffic and an audience for your blog.
If you are good at writing, then perhaps start a proofreading, editing or copywriting business. If you are an expert in a specific industry, you can get paid to write for different publications.
Creating an app
Phones have become an extension of the human body. Keep that in mind and create a business through an app. The app world provides you with endless opportunities from addictive games to step counters.
Do you run a small business or startup? If so, we’d love to hear more about your business venture in the comments below.
About the author: Noor Khan writes for Company Bug, providing small business owners, entrepreneurs, contractors and consultants with the information they need to set up and run a business in the UK.