FAQ: What is a Good Business to Start?

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A frequently asked question on the Internet is “What is a good business to start?”

My short answer to that question is: “It depends.”

Here are ten variables (in the form of questions) that could impact your ability to start and succeed in your own business:

  1. Do you possess marketable skills, experience, degrees, certifications, training, and strengths?
  2. Do you have passions, interests, talents, and abilities that could be applied to a business?
  3. What is the competitive environment in your local area?
  4. Is there capital and other resources you have access to (or can get access to)?
  5. How much time, energy, and attention are you willing to devote to a business?
  6. What previous business management skills and experience do you have?
  7. Do you possess any sales and marketing experience or ability? (Most businesses require it.)
  8. How much savings or other income do you have to meet your needs until you’re able to generate enough income from a business to cover your expenses, personal requirements, and business development goals?
  9. What is your tolerance for financial risk? All businesses entail a degree of risk.
  10. Do you possess a strong work ethic and the ability to consistently motivate yourself and others to take action, follow through, and provide superior customer service?

The above list contains many of the requirements and conditions needed to launch, sustain, and build a small business. It can also be used as a self-assessment checklist to see if you have the basic traits and characteristics to be your own boss.

Finding Good Business Ideas

Once you’ve determined your strengths, weaknesses, and potential opportunities, the next step in finding a good business idea is to peruse money-making ideas that have worked for others.

One of my earlier blog posts features a list of 250 businesses that may help you discover the best entrepreneurial ideas for your personality, level of ambition, skills, talents, startup funds, tolerance for risk, and competitive environment.

I also invite you to visit my website, Marketing Survival Kit, for more information on how to start, run, and market your own business.

Stay tuned to this blog for more business startup ideas, marketing tactics, and resources.

–Joel
Business blogger, Internet marketer, Freelance writer
email: prowriter30years@yahoo.com

Marketing Tools…

Software for Writing Persuasive Business Proposals*:

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Order and download Proposal Kit business proposal software here.*

 

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Thanks for checking out my entrepreneurial blog. Feel free to contact me if you have any questions!

*FYI: I am a compensated affiliate of some of the websites, products, and services I link to on this blog, as well as on Marketing Survival Kit.com

How to Find Good Small Business Ideas

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There’s no magic formula to finding a good small business idea. Whether a small business idea has the potential to be lucrative or even profitable depends on the answer to these questions:

  1. Is there a sufficient demand for your product or service? In other words, do you have reason to believe that there’s an abundant supply of available customers or clients  for your products or services? One of the first steps to evaluating a potentially great business idea would be to clearly identify your target market and create a list of reasons that your prospective customers would want to do business with you instead of the competition. (And speaking of competition…)
  2. Is the marketplace already saturated with other businesses and entrepreneurs offering the same or similar services that you’re considering marketing? If the competition is too imposing or well-entrenched, then it may prove to be an uphill battle (or a losing battle) to try to penetrate that market or carve out a profitable niche. On the other hand… If your research and first-hand experience indicates that needs in the local (or global) marketplace are not being adequately met, then that might represent an untapped business opportunity for you. Even if there are other existing businesses that are already offering what you want to offer, there still may be the opportunity to effectively compete — based on factors like lower prices, more attractive payment terms, delivery options, wider selection, superior quality, better customer support and service, convenient locations, flexible business hours, or other features that can get you noticed and give you a competitive advantage. If the competition is coming up short in the all-important areas of customer satisfaction, convenience, quality, and value, then that might present an opportunity for you to step in and meet or exceed those unfulfilled expectations.
  3. Do you have the expertise, experience, and “people skills” to set up a business, market it, and consistently deliver a high-quality level of service? Evaluating your readiness to be your own boss hinges on a variety of factors, including your motivational intensity, your work ethic, your financial resources, and your organizational skills. Note: It’s always a good idea to consult with a CPA, an insurance advisor, and a business lawyer when setting up a startup business and anticipating future needs.

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What Business To Start

Choosing the best business to start for your particular situation depends on your own personal strengths, skills, passions, and available opportunities. Taking the time to sit down and do a thorough self assessment can often clarity where you’re strengths lie and what products, services, or self-employment situation you’d be best suited for.

Here’s a list of 25 service business ideas and categories which may help you zero in on the startup business ideas that would best suited to your interests, qualifications, and competitive environment:

  1. Information technology
  2. Web development or graphic design
  3. Photography or video production
  4. Advertising and marketing
  5. Event planning
  6. Wedding planning
  7. Hospitality business
  8. Travel and tourism
  9. Catering business, restaurant, or food truck operation
  10. Farming, agriculture, and ranching
  11. Fashion-related or clothing business
  12. Vending business
  13. Janitorial or residential cleaning service
  14. Home care service
  15. Security business
  16. Building construction and contracting
  17. Real estate sales, investing, development, property management
  18. Business training services
  19. Employment or staffing services
  20. Financial services
  21. Legal services
  22. Transportation and logistics business
  23. Medical or healthcare practice
  24. Insurance sales
  25. Personal care services

If you’re considering starting any of the above service business ideas, one key to success (besides having relevant experience and personal contacts) is to have the ability to prepare a business proposal — one that highlights your professionalism, credibility, and qualifications.

To learn more winning competitive bids and presenting a convincing case for choosing you over the competition, read the article “It’s All About Trust”.*

Thanks for checking out my latest blog posts on startup business ideas and potentially good businesses to start.

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Stay tuned to this blog for more tips, ideas, and resources on how to start a business.

–Joel
Business blogger, freelance writer, marketing strategist
Email: prowriter30years@yahoo.com
*compensated affiliate