Starting your Own Small Business IDEAS
ave you always wanted to start your own business?
Do you have a lot of business ideas but don’t know which one to pursue?
Don’t worry because you’re not alone. According to Gallup, Inc, 25% of American adults have dreamed of starting their own business but have not yet taken the plunge.
Step 1: Make a list of what you’re passionate and committed to
This step is all about identifying how you can combine something your passionate about and turn it into a successful business. It’s important not to list general one word answers in this step. Instead write out each one in a full sentence by writing what you’re committed to doing with that passion. For example, if you’re passionate about fitness then you may write down something such as “I am committed to helping people reach their fitness goals.”
Don’t take this step lightly, come up with at least ten areas that you’re truly passionate about. Now your passion may be something that solves a problem or stems from a challenge you’ve overcome or a complaint that you have.
The whole purpose of this step is to get you brainstorming about what you love to do and then in the next step determining if there is a profitable need in the marketplace for it.
Step 2: Determine if there is a profitable need for your idea
Next, use Google search, EBay, Amazon & Clickbank to search for products or terms used to describe your idea. Look for ads, products, top sellers and affiliate programs surrounding your idea and look for what’s missing that you can add that will add value to a marketplace that’s already buying. You’ll come up with several more product ideas and possible niche markets after doing this research. Although this step will get your wheels turning, keep going and research some more.
Step 3: Define your value proposition and target market
Once you identify which idea has the greatest profitable need the next step is deciding what problem you want to solve for your market and who your target market will be. It’s extremely important to be clear on finding a solution that your customers are willing to pay for.