Any successful businessman knows how much planning and consideration it entails to start a new business. As the old saying goes, if you fail to plan then you plan to fail. Most people see a successful business person and think, “that person is so lucky.” Being in the right place at the right time always helps, but the majority of success a person has comes from making a plan and then working the plan.
Would-be-entrepreneurs are advised to think through various essential aspects of any business before embarking on one that they think will be successful. Also, don’t just say to yourself that you will work hard enough to make your business a success. If you don’t have a plan that shows with realistic terms how you will make money, then you are only hoping and most of the time these types of situations turn out very badly. An example of this is very evident near my home.
There is a corner at an intersection with quite a lot of traffic. On one corner is a small store building. Three people have tried to run a mini mart type business out of this location and all three have failed. Now, I see that a new person has reopened the operation.
Check Out Your Business Ideas
This is a prime example of not learning from others mistakes. The new owners have the same products that all three of the previous owners did. So what plan showed the new people that they would be successful? It really is quite sad to see people put there time, money, and heart into a business that will probably fail. These new owners would have been ahead of the game with some planning and learning from the failures of the previous tenants.
I am betting it was more of a hope than a plan. I read somewhere that if you take over a failing business and you don’t have a radical plan in order to make money where the other person failed, then you are going to fail also no matter how much you want to make money or how much you hope you can make money.
So, if you want even a snowball’s chance at starting a successful business, you must look at the possibilities honestly. Do you actually have a plan that shows who your customers are, how much they are willing to spend, what products or services they want and what concrete steps you will take to make a profit where the previous owners failed.
Deciding On A Business Idea
When someone is looking for a new business, one of the most important things they should consider is their specialty. People who focus in their field of expertise are more likely to do well in their business. Or, they should focus on their strengths. A guy who is good at fixing things and doesn’t like to talk should run a repair business and not be a salesman. But it is completely different for someone who has the gift of gab.
Start Slow With A Business For Beginners
When starting a new business, it is better to go slowly and put in only a small amount of money. Only when the business displays signs of success should the entrepreneurs think of a bigger investment. Another important factor to consider is the availability of inventories. Businessmen must ensure that there would not be any lack in inventories all through the course of their business. To know more about lucrative business ideas for beginners, I’ve compiled the following list.
1. Be a direct sales consultant. The best thing about direct selling is that it is a tailor-made business. The direct sales company has done all the difficult tasks for you from sales plan to promotional materials. Marketing experts have invented a workable system that they’re willing to teach you to help you succeed.
2. Make a business out of your craft. You can sell your crafts either online or in your local community. If your homemade crafts never fail to impress friends and relatives, then most likely it is a product worth selling on online marketplaces such as eBay and Etsy. There are also local craft fairs and shows where you can showcase your ingenuity.
3. Go through the items in your house and sell those that you no longer need. You might not be able to earn a full-time income out of this, but selling your unwanted stuff either through virtual auction sites such as Amazon or eBay or by having a yard sale can earn you a good sum of money. Once you start to understand what people will buy on these auction sites and how much the items are worth you can expand into buying stuff from other people and then selling it online. You can buy items as garage sales, estate sales, junk shops, storage sales and many other places. Who know, you may get your own TV show like Pawn Shop or American Pickers.
4. Sell a service in your community. You might not know it, but there are many people in your community looking for someone to do all kinds of services for them, such as baby sitting, lawn mowing, painting, home repair, organizing, dog walking, and academic tutoring. As long as you have a special skill or you can perform duties that can save other people’s time then you have something that is marketable.
5. Sell an online service. There are many people making a living by providing services to companies and small businesses who can’t effectively do them themselves. Those who are experts in a certain field can establish a service based business that offers their skills to others. Here are some of the best business ideas for starters who might not realize how much they can earn from their expertise:
- Web design. The advent of the internet age has brought with it a high demand for people who know how to design websites. Most businesses depend on their websites to bring in more consumers and sales to their company. However, most business owners either don’t know how to set up their own website or they don’t have enough time to do it so they seek for experts to do it for them.
- Writing. This may include web writing, copywriting, ghostwriting and grant writing. If you’re someone with a flair for writing then there could be a pile of jobs waiting for you as most web owners rely on good writers to produce quality and SEO articles for their websites.
- Virtual Assistance. Duties of virtual assistants include all the administrative tasks and marketing help needed by business owners. They basically perform the same duties that an administrative assistant does in a traditional office. The only difference is that virtual assistants do all his duties in their own homes with their own computer. They are highly demanded by small business owners whose offices are also in their own homes.
- Life or Business Tutoring. Tutors or coaches are those who help others achieve something in their personal life or in their business. Areas that they often tackle are business planning, goal setting, mentorship, or any topic that can help people find success. This can be a good business idea for novices with a patient and supportive personality.
Thus far, I’ve shared to you some of the best ideas for business beginners. You can embark in any of them or you can use any of these business ideas for starters as a foundation for your own idea. With just a little imagination you can transform just about any expertise or interest into a merchandise or service, which other people might want to purchase.
Remember to have a plan on how you are going to turn your new business into an enterprise that actually pays you well.