Ultimate Guide to Great Small Business Ideas

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I love to think up and discuss new business ideas. If you're like me, they just pop into your head. It happens when I'm traveling, when I'm walking my dog, when I'm shopping, even when I'm sleeping.

People like us, entrepreneurs, find enjoyment in solving problems. We are fulfilled and satisfied by filling a need in our community. And, it feels good to be needed. And, if we're being honest, people like us are slightly addicted to that 'spark' we get by discovering a new idea that could change the world. It fuels our imagination and ignites our special ability to refine and innovate. For us, a new business idea with the potential to make money, serve a need, and solve a problem is the ultimate great small business idea.

Over the past 30 years, I've started multiple businesses. I've connected and collaborated with hundreds of very intelligent small business owners in that time, and here are the most common factors I have learned that make a business idea great.

Passion matters

• Pick something you love and enjoy. What's the old saying? "Work at something you love, and you'll never work a day in your life." It's true. Money is important, but it won't sustain you and your business long term.

Location, Location, Location

• You MUST give careful consideration to business location. And, that includes home based and mobile businesses. I guarantee you will NOT be able to spend enough money on marketing, or energy on networking to compensate for an ill-planned location. Visibility is only part of the equation. Take into consideration if the community you plan to serve has the population and the economy to support your business idea product or service.

Fill a need, solve a problem

• Successful business owners are adept problem solvers. Filling a missing need or fixing something broken is their passion. Also, they put themselves into a position to act when the right opportunity presents itself. Be ready when yours comes.

Be unique, find a niche.

• Does your business idea stand out? If it does, chances are good that customers will be waiting in line when you open. Think outside the box. It's one of the reasons you love being an entrepreneur, right? Conventional wisdom and bankers have their role to play, for sure. But, only you can be you... So be you, and create something unique, offer something different and make it the best you can make it.

Consistent demand

• Offer something that is needed more than once in a lifetime. Even life insurance agents schedule yearly "policy reviews" with their clients. Try to imagine you are the business client or customer...now ask yourself, "How often will I need to purchase, or upgrade this service/product?" If the answer comes back 'only once' or 'never', brainstorm a new business idea.

Last, but certainly not least, is Money.

Money

In order to turn any great business idea into reality takes money. Money is required for any successful business to continue serving the community which trusts and depends upon it. Make sure to consider if your idea has the ability to turn a profit and keep the doors open. Ask yourself the following, "Can your great business idea be monetized?", "What is the potential net profit after all expenses and taxes are paid? And, "What is the potential for growth into the future?"

There is no set formula for coming up with a great new business idea. You just know it when you see it. It's based on experience, being able to recognize an opportunity and being in a position to act when opportunity knocks.

Solutions Business Consulting is here to offer help with any business need or question you have. The initial consultation is always free! Contact us today.