Jared Hecht is the CEO & Founder of Fundera, a leading online marketplace that matches small business owners to the best possible lender. He previously founded GroupMe, which was acquired by Microsoft. What matters more than your passions is what lifestyle you want to have. If you want to get investors and make millions, be prepared to work long hours under intense pressure. Read more about seo mean here. If you want a lifestyle business, focus on an idea that you can execute on your own, then use technology to automate processes. When I was at university, I had the idea for a fridge gadget that would scan food for expiry dates and provide reminders, thereby reducing waste.
Building a loyal audience requires patience, consistency, and focus. You can also explore becoming an affiliate—selling other products or services for a commission—or accepting payment for sponsored posts to give brands a chance to connect with your audience.
Tap into your instinct and ask yourself what you “feel” confident about doing. This one may seem tricky because you don’t need specific evidence. Find five (5) people who somewhat know you (acquaintances, friends of friends, colleagues). Ask them for one or two things they think you are good at (or have “heard” that you are good at).
Of course, someone whom you trust may like your idea so much that they may disregard ethics
and go ahead and try to claim your ideas as theirs. For more on this topic, take a look at a full
article about protecting business ideas. Many entrepreneurs think about the problems their business will solve but not how they intend to market their company to their target customers. Jesse Lipson, founder and CEO of Real Magic, said that your small business marketing strategy can determine if your business idea is good. While your own personal experiences or anecdotes from friends and family can help you identify underserved needs, not all niche ideas are created equal. Before going all-in on a niche business idea, you should conduct keyword research to validate its potential. To explore this concept further, the Natfluence team interviewed several successful startup founders and industry experts.
Our easy online application is free, and no special documentation is required. All applicants must be at least 18 years of age, proficient in English, and committed to learning and engaging with fellow participants throughout the program. This need for notarized documents seemed to be a common, but overlooked, need for many professionals. By thinking outside the box, Notarize seized a business opportunity and brought it to its fullest potential. If there’s an opportunity to improve the experience of a specific group of people, act on it and see where the opportunity leads. One of the simplest improvements to a product or service is bringing it to a new location.
How to Come Up With a Good Business Idea
So, if the business fails, the owner is personally and financially responsible for all business debts. LLCs can be owned by one or more people or companies and must include a registered agent. The public often hears about overnight successes because they make for a great headline.
The great thing about being a property manager is you don’t need a lot of collateral to start off, and there’s no qualification or degree you need to have. But as a freelance bookkeeper, you stand to earn more as you increase your rates and build your customer base.
Consider How You Present Yourself, Not Simply Your Idea
And you can leverage your network to find your first handful of customers. Chances are you know a pet owner or two who could benefit from the services you offer. To make a living selling NFTs, it’s key to stay active on social platforms where NFT communities gather. As you get your name out there with your own social media presence, making connections with like-minded sellers and collectors is key to ongoing success. You can cater to your current customer base or even find a new target customer in the same space.
One strategy is to implement low-end disruption, which positions your product at the bottom of the market with a low-priced product or service. Meaning your idea needs to, at a minimum, solve a real-world problem for your target customers. You just need to determine how to monetize your skills or the products you create.
How To Come Up With Good Business Ideas
If you’re unsure how take it slow and start with a side hustle. You’ll still need to consider pricing, expenses, and how much time to invest—but you’ll have less risk and more time to adapt your hobby into a business. This guide will teach you how to generate hundreds of business ideas and identify what makes a good idea.