Most people have a somewhat mistaken idea of what it takes to start and run their own business. Rather than work for the man, they want to work for themselves and imagine that it will be easier, but this is seldom the case. The truth is that building a business from scratch takes a level of dedication and willingness to sacrifice that many people would not have chosen to undertake if they had only known in advance how hard it was going to be. If you want to take it easy, don’t quit your day job.
If, on the other hand, you want to work hard, achieve your dreams and make a lot more money than you would by laboring away 9-5, then starting a business may be the ticket for you. However, this begs the question of what sort of business to start. Many people do dream of being their own boss—but boss of what? Where does one find that single great idea that will lead to entrepreneurial success?
When looking around in search of ideas for small business, one should start by checking out the people around you. In order to be successful, new businesses need to identify a need that is not currently being filled and then provide it. One of the best ways of doing this is to see what sort of work needs to be done but few people enjoy doing it themselves.
Thousands of lawn care businesses have gotten off the ground simply because people love beautiful yards but don’t have the time or the interest in caring for them. Here is a great example of a need and an opportunity of filling that need.
Perhaps you come from a distant part of the country or world and really miss some exceptional ethnic dish that is not anywhere to be found in your current locale. Again, this would seem to indicate an unfulfilled need that leads to an opportunity of success. Of course this is an area that calls for some careful research.
Unless there is a large community of like-minded people living nearby, starting up a restaurant that specializes in, say, boiled frog’s eyes may be a bit of a risk. It should be kept in mind, however, that now-common items such as pizza, tacos, or buffalo wings were once unheard of except in very narrow circles.
Other ideas for small business startups do not revolve around finding something that is not being done but working out a way of doing something that is already being done but at a cheaper rate. Uber is a great example of someone who figured out a way of harnessing individuals as a competitor to local high-cost taxi monopolies.
One important factor is to find something that hopefully requires continuous patronage. A lawn care client, for example, generates cash every week from a list of established customers whereas a wedding cake baker is going to be on a constant hunt for new customers.
Pick your niche carefully and then give it everything you’ve got. Most successful individuals will always give you one important piece of advice above all others: never give up.