Small Business Ideas – How to Find the Perfect Business for You to Start

Many people who want to start their own small business have yet to do so because they simply cannot decide on what business to start. The reasons for this indecision are many. However the main culprit may very well be that the individual has yet to find an idea that truly sparks his interest. While finding a concept upon which to build a business is a very unique and highly personalized endeavor, a simple method does exist that makes this discovery process easier.

It is a well known fact that people are consistently more successful in their business endeavors when they enjoy what they do. This enjoyment can come from many aspects of the business. Perhaps the business owner likes working with the products he sells. Maybe he enjoys having the freedom to make quick decisions. Often times simply the business environment or atmosphere plays a key role in positively driving business enjoyment. Regardless of the reasons, the first and most important step in finding a business to start is figuring out what it truly is that you want to get out of your business.

To start, set aside an hour or two of time where you can do some serious, uninterrupted thinking. The goal and outcome of this mental jam session is to define a list of desired criteria for your business. In other words, how do you want to define the nature of your business? Note that your business criteria are not the same thing as your business! Rather, your business criteria will help you filter business ideas to determine the best one for you to start.

To help walk through the process, assume that Samantha is thinking of starting her own small business. Samantha is in her mid-20’s and has always dreamed of starting her own company. She struggles, however, with finding a business idea that really excites her. Using the process outlined in this article, Samantha first sets aside some personal time where she will define the criteria for her ideal business. While your criteria should include 15-20 items, we will narrow Samantha’s list to five. Here is her criteria list:

“I want my business to be involved with children”
“In my business, I want to work outdoors”
“I want to start my business with less than $5,000”
“I want to run my business out of my apartment”
“I want my business to be service-oriented”

Once you have established your own set of criteria, the next step is to prioritize each item. Priority values should be high, medium and low. These priorities correspond to how relatively important each criteria is to you. Your initial inclination may likely be to rank all of the items with a “high” priority. Unfortunately this approach will not help you when it comes time to narrow down business ideas. Your goal should be to have approximately 30% high priority items, 50% medium priority items and 20% low priority items. We will now revisit Samantha and her example. After thinking carefully about her priorities and interests, Samantha segmented her business criteria into the following brackets:

High Priority

“I want to start my business with less than $5,000”
“I want to run my business out of my apartment”

Medium Priority

“I want my business to be service-oriented”
“I want my business to be involved with children”

Low Priority

“In my business, I want to work outdoors”

Priorities are crucial for this process since they are used to score and rank potential business ideas. While you can certainly apply your own scoring values to the priorities, the following values are good guidelines:

High Priority = 10 points
Medium Priority = 5 points
Low Priority = 1 point

The final step in the process is to list out and rank all business ideas that interest you. The priorities you just defined are used to score and rank the business ideas. Going back to Samantha’s example, she has identified the following business ideas that pique her interest:

Day care operations
Swim lessons
Limousine service
Graphic artist
Public relations

Samantha applies her criteria to each business idea and then scores accordingly. She uses the priorities and scoring values she defined above. A zero value indicates that the business idea does not meet a certain criteria.

Day care operations (0 + 0 + 5 + 0 + 0) = 5 points
Swim lessons (10 + 10 + 5 + 5 + 1) = 31 points
Limousine service (0 + 10 + 5 + 0 + 1) = 16 points
Graphic artist (10 + 10 + 5 + 0 + 0) = 25 points
Public relations (10 + 10 + 5 + 0 + 0) = 25 points

To help clarify the scoring, take the Graphic Artist business idea as an example.

Can I start this business with less than $5,000? Yes, +10 points
Can I run this business out of my apartment? Yes, +10 points
Is this business service oriented? Yes, +5 points
Is this business involved with children? No, +0 points
Do I work outdoors in this business? No, +0 points

As you can see from the scoring above, Samantha’s best business bet based on her criteria and priorities is Swim Lessons (31 points). While this may very well not be the exact business she chooses to start, she can certainly identify other business ideas that are similar in nature to those that scored highly.

The process outlined above provides a logical, repeatable and customizable process for evaluating potential business ideas. Applying unique business criteria and priorities, prospective business owners can use this process to come up with business ideas that best fit their personal and professional preferences and goals.

How to Uncover the Best Home Business Ideas

Ideas are a dime a dozen. But some ideas are truly the best home business ideas. These ideas are ideas as big as Microsoft, and some others are a little more modest. Ideas come in all shapes and sizes, but the truth is that you could be sitting on the best home business ideas. In this article, you will uncover them!

Your mind is a rich reservoir, and in this reservoir can be found ideas which can make you your fortune. Not all ideas are alike, and some truly are ideas that can be the best home business ideas, while others are not. You will need to be realistic when looking at these ideas.

Often people will mistake ideas. They will think that all ideas are the best home business ideas. But the truth is that we need to analyze them properly. One thing is for certain, you have the best home business ideas.

So, what happens when you don’t have an idea? The truth is that now you can look for other peoples home business ideas, also called home business opportunities, and from there go on to make money.

There are many routes, but if you have your own idea, how do you know if it really is the best home business idea? The answer is supply and demand. Any product that is in demand and has a supply is needed.

For example Microsoft did not create something new, he just supplied something differently. When IBM made personal computers, they were just modeling other types of computers.

The biggest problem that makes ideas less than the best home business ideas is that the person who thinks these ideas will usually try to reinvent the wheel. The best home business ideas are those that are an improvement of the wheel, rather than a new invention.

The internet may seem like a new idea, however, the truth is that it took paper and made it digital! NASA put satellites into space earlier than satellite television became available to the masses.

This is how the best home business ideas are found. These are home based business ideas that have been thought through, and seen to have already existing appeal.

Sometimes these ideas don’t bare fruit. This is part of life, and we can’t expect every idea to be a hit. However, in searching, you can find your own idea which is an improvement over an existing one.

So, why aren’t I telling you to be a trend setter, an innovator, a pioneer? Because history tells us the statistics. People who become pioneers often don’t get that invention of the planning stage into major success.

New Home Based Business Idea

So, you have a new home based business idea rolling around in your head and you are bursting to get started. It is time to harness that energy and create the business you have been dreaming about. Starting a business is fairly simple as long as you know the basics. Once you know what you need to do to start a business for the long term, then you can create the business of your dreams?

The first thing you should consider when you get that new home based business idea is its marketability. Are you going to be able to sell what you have in mind? Are people going to buy your item or service? Take a close look at the market for your new home based business idea to see what competition is out there and if people are willing to buy what you have to offer. If you find that your new home based business idea is not all that new, you may need to narrow your idea to a certain niche. Find the area that needs what you have to offer the most and that is the right area for your new home based business idea.

Then check the laws in your state. Depending on your new home based business idea, you want to make sure you have the right licenses and certification to offer your product or service. For instance, if you are opening a day care center from your home, you may need the state to come out and do an inspection. You may need to fill out special paperwork. In many areas you are required to obtain a business license for your new home based business idea. Check with your municipality to see what is required. A business license is usually inexpensive.

Another good idea is to create a business plan for your new home based business idea. Why would you need to put it on paper? A business plan allows you to create goals and values for your new home based business idea. It sets down on paper the concepts that you may find useful in the future. It allows you to see how you want to run your business and how you are going to make it grow. It does not take long to write a business plan, but it is usually one of your most useful tools for making your new home based business idea a reality.

As you are creating your business plan for your new home based business idea, you will be taking some time to assess your financial needs. You need to determine your operating costs and if you will need to obtain a business loan to get your new home based business idea up and running. If you apply for loans or look for investors you will definitely need a business plan. Take a look in the long and short term to decide what your new home based business plan will require.

Advertising is also an important part of making your new home based business idea a reality. You may not think it is important, but how will anyone know you exist if you do not advertise your products or services? One of the most inexpensive and easiest ways to advertise your business is to create a website. The internet is quickly becoming the primary way people find out about services and products, so a website is no longer an option for your new home based business idea. If you are operating on a budget you can create a minimal website for very little money. If you want a top-notch website for your new home based business idea you can go so far as to hire designers for your site.

Advertising also means putting yourself out there and marketing your business all the time. Join networking groups and send out flyers. If it is affordable, you can place advertisements in newspapers and magazines. You do not need to do everything at once, as you need to stay within your budget, but always keep your eye on expanding your new home based business idea.

Take your time to build up your new home based business idea right. You are probably fairly excited over the prospect of this new business venture, and you need to take that excitement and turn it into productivity to create the business you have in mind.