Here are ten questions to ask yourself when trying to come up a business idea that will be realistic, sustainable, and profitable:
- Do I have any marketable skills or ideas for marketable products for which a demand exists or can be created?
- Do I have the money I need to start and develop a business, and, if not, can I borrow or otherwise raise the capital I need to get started?
- Do I possess the self discipline, motivation, organizational skills, temperament, and salesmanship skills needed to set up a business, handle setbacks, and persist until I succeed?
- Do I believe in myself and possess the ability to persuade others to believe in me?
- Have I proven to myself and others that I can start a project, enlist the help of other people if needed, and follow through on tasks that need to be performed until I’ve achieved my desired outcome?
- What am I passionate about and can I channel that passion into a money-making business, an online store, or a consultancy?
- Is there a particular group of people or set of needs that I can personally identify with and cater to?
- Do I have the ability, training, knowledge, credentials, or background to help people solve problems, achieve goals, discover more satisfaction in life, become safer or more secure, realize their potential, reduce or manage stress, improve their fitness or health, advance in their careers, start their own business, run a business more profitably and efficiently, enjoy life, have more fun, improve their relationships, or increase efficiency in any aspect of their lives?
- If I started a new business, would I be committed to providing superior service, quality, and customer satisfaction?
- Do I possess the experience and knowledge needed to effectively market and deliver products or services to a local or global marketplace?
In addition to doing a self assessment and determining whether the competitive climate would be conducive to offering a particular product or service, it can also be helpful to peruse lists of business ideas to explore possibilities, clarify your interests, open up your mind, and inspire yourself to learn more about different entrepreneurial options.
Books on Starting a Business
If you’d like to download step-by-step guides to starting a business, I’ve posted links to several small business startup guides* at my website Marketing Survival Kit. Startup guides are available for the following small businesses: office cleaning, janitorial services, handyman business, pest control services, import/export car business, window tinting, vending machine business, roofing, roof cleaning, lawn care, flea market business, gift basket business, kettle corn business, cupcake business, fruit bouquets, candy bouquets, event planning, party rental services, record label business plan, t-shirt business, bail bond service, freight broker business, professional organizing, Kindle book publishing, transcription business, computer repair business, farming, aquaculture, and ranching. These and other books on starting a business are available through my website*. More startup guides will be added in coming weeks.
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Best of luck in coming up with a winning business idea!
Business blogger, freelance writer, marketing strategist
Feel free to post a comment on this blog or email me if you have any questions.
*Disclaimer: I am a compensated affiliate of some of the websites, marketing software, digital products, templates, books on starting your own business, marketing services, and informational products features in this blog. With a couple possible exceptions, I am currently not endorsing specific products or services at this time.
Important: Starting a businesses of any kind involves an element of financial risk, so it’s always wise to thoroughly research a business idea before committing a lot of time, money, and other resources. It’s also advisable to consult a CPA, business insurance advisor, and a business attorney when setting up, expanding, or anticipating future needs for a new or existing business.