Starting a Business – Small Business Ideas

“build

Do you dream of owning and operating a small business? Have you struggled taking the first steps to make that dream a reality? Sometimes, getting started is the hardest part.

Before you can write your business plan or begin conceptualizing what your business looks like in practice, you have to have an idea of your offerings. Think about it – in many cases you can’t even come up with a name for your business without first knowing what the business is or does.

Start Somewhere
Some people know they want to be their own boss. You may know that you want to start a business, but you may be struggling with what kind of business to run. A good first look is internal. What skills do you have? How can those skills apply to other industries? What interests you? What bothers you about the way certain businesses do things? Do you have what it takes to be a small business owner? Looking inward is a great way to begin the outward goal of starting your own business.

Find your niche
Ask yourself these two questions: “what comes next?” and “how can I make it better?” Successful business owners don’t simply copy someone else. They find new ideas and new ways of thinking about their industry. They succeed by providing a better product or service than their competitors or they use money-saving ideas to make delivering the same product or service more efficient.

Once you have identified a few unique ways to use your skills, start putting your thoughts on paper. These ideas will help answer key questions that should be outlined in your business plan, like your basic concept and your market advantage.

Here are five small business ideas to get you started:

  1. Make an existing product or service cheaper
  2. Improve a traditional industry model that is lacking recent innovations
  3. Solve a customer frustration or problem
  4. Make an existing product or service easier to use or access
  5. Create a product or service around a popular hobby

For especially competitive industries or markets, you may have to combine some of these ideas to set your business apart.

Don’t Stop There
For a small business to continue to be successful, it must grow and evolve. Keep brainstorming after you come up with your initial business ideas to better define your business. Consider the factors that matter most for your business and how your product or service offerings will grow.

Ready to get started with these small business ideas? Look for more helpful small business resources.

Item #294400

Related Articles

04.27.2018

What is National Small Business Week?

National Small Business Week is a week hosted by the Small Business Administration (SBA) that’s dedicated to highlighting the impact of small businesses, their owners and their employees. Small businesses are responsible for 2 out of every 3 new jobs in the U.S. annually,1 making them a key piece of the U.S. economy. 2018’s National […]

Read Article

02.07.2018

How to Keep Your Best Employees

As the owner of a small business, you don’t have limitless resources to bring in new talent, making retention even more important. Wondering how to keep employees from looking elsewhere? 1. Get the compensation right. Your goal should be to provide a salary, based on parameters that you can explain to a key employee, so […]

Read Article

02.05.2018

Exit Planning: 3 Realistic Steps to Get You Started

You know you should do it. You’ve been meaning to get to it. It would protect your family in the event of your death, help ensure a comfortable retirement, allow others to begin to prepare to take over the business, and much more. But the fact is, you don’t have a clear succession or exit […]

Read Article