A business idea is a concept that can be used for financial gain that is usually centered on a product or service that can be offered for money. An idea is the base of the pyramid when it comes to the business as a whole.
The characteristics of a promising business idea are:
- Problem solving
For businesses this could mean; creating new ideas, new product development through research and development or improving existing services. Innovation can be the central focus of a business and this can help them to grow and become a market leader if they execute their ideas properly. Businesses that are focused on innovation are usually more efficient, cost effective and productive. Successful innovation should be built into the business strategy, where you can create a culture of innovation and drive forward creative problem solving.
nnovation in its modern meaning is a “new idea, creative thoughts, new imaginations in form of device or method”. Innovation is often also viewed as the application of better solutions that meet new requirements, unarticulated needs, or existing market needs. … The opposite of innovation is exnovation
Examples of innovation
Uber was founded in 2009 and has become a $50 billion company in just 6 years, with its simple yet unusual idea of getting a taxi with the press of a button that has completely revolutionized the way we trave
Apple was a $2 billion company in 1997, then it jumped to a $700 billion valuation in 2015 as a result of the innovation that came from the; Macbook, iPod, iPad, iPhone
Tesla built an electric car with exceptional aesthetics and efficiency, which has helped build the electric sports car company earn a market capitalization of $33 billion, with revenues up 54% since 2014
- Technology companies creating new markets / industries
1. Google – with ” Search, etc. ” for a much better online experience
– changed the Advertising world with Adwords
– impacting the mobile, car, utility, etc. industries
2. Facebook – established the ” social network ” market
3. WhatsApp – established the personal communications market
4. Steam – established the online market for licensing games
- Technology companies triggering a paradigm shift by impacting industries
1. Apple – changed music and consumer electronics
2. Uber – changing the taxi business
3. Airbnb – changing the accommodation industry
4. Amazon – changing retailing
- Companies making something old new again
The following brands have taken familiarity and made it relevant with modern technology to create a winning product / service –
GoPro effectively took an old product that everyone has, re-purposed it, and made a fortune. GoPro is nothing but a good-quality camera. However, they managed to make it attractive, target a large niche of passionate customers and create a new category for themselves. The beauty behind this brand is targeting a group of people who are tight-knit and large enough to build a sizable business.
As one of the cornerstones of the home entertainment industry, brick-and-mortar DVD rental stores seemed like they’d be around forever. Then along came Netflix. Not only did the brand reinvent the delivery of DVDs, they transformed movie rental altogether with streaming service. The brand’s success has come from not just embracing change, but seeing it as an opportunity for innovation.
Adidas benefited from people’s increased interest in sports gear that became athleisure wear. Rapper Kanye West, NHL Pittsburgh Penguins star Sidney Crosby, and NFL Green Bay Packers quarterback Aaron Rodgers helped put Adidas back on top. As Adidas says, “Americans like winners. We needed to not just have athletes but the best athletes.”
Nest successfully revolutionized a stagnant thermostat industry because they took something we all use and asked, “How can we make this (much) better?” They listened to people’s complaints (ex: energy use, comfort levels) and went about applying answers to these problems. When you’re in tune with public demands and you can create the appropriate solutions, you’ll be successful. — Nicolas Gremion, Free-eBooks.net
Pokemon Go is a world-class example of how Nintendo became relevant again by simply reinventing itself through a modern game that activated gamers of all ages and genders. Pokemon Go incorporates virtual reality elements, gamification, and commerce at scale in a way that has never been done with such precision. I believe the reason for the success was well-executed timing. — Kristopher Jones, LSEO.com
Snapchat brought photo sharing forward into the modern age and brought back a real interest in photos and communicating through photos. They were successful because they incorporated the social element and added ways to edit the pictures and add things to them that made it even more fun for their audience. They also brought the photo-sharing concept into the digital online age and made it interactive.
Chat rooms on the internet have always been around, and in the old days, asking someone for their age/sex/location was just what you did on them. Slack brought chat rooms back and made them more productive by highlighting their usefulness for teams. Today you would be hard-pressed to find a company not using Slack, or at least someone from the company not active in a Slack community.
Polaroid cameras used to be these ugly, old looking things that resembled View-Masters, and with everything going digital, Polaroid’s future didn’t seem very promising. But, they’ve found a way to make their cameras kitschy, cool and popular through unique branding and an engaging aesthetic. I doubt they’ll ever be seen as dated again.
9. Unwelcome Greetings
The team behind Unwelcome Greetings knew that traditional Hallmark cards were boring. At least, among Millennials, they felt that there was a better way to congratulate a friend or share a funny meme. And so far their outrageous greeting cards have been a hit among consumers who prefer to communicate in memes, emojis and pranks.
10. Dollar Shave Club
Dollar Shave Club made it easier and cheaper to buy razors, and they did it with style. They were successful, in part, because of their innovative approach to advertising. But the real key was taking on an established industry that had been overcharging for generations, and making the product cheaper and more convenient. Companies like Casper are doing the same for mattresses.
These successful companies were built on sheer innovation and we can see how valuable they have become in the short time they have been around or have been focusing on innovation. When we compare Tesla’s value to that of General Motors, we see that the market capitalization of General Motors is $53.98 billion today in which the company has been around since 1908 whereas Tesla was founded in 2003 and has achieved 50% of General Motors value within 12 years.
Unique selling proposition
A unique selling point (USP) is the factor that makes a company or a product stand out from its competitors, whether it is through; pricing, quality, customer service or innovation.
Each successful company has a unique selling proposition (USP). A USP can be created through the element of being first to a market, for example Uber was the first company to allow for taxicab hailing via mobile app.[ Because Uber had reached this market first, it had a USP and therefore it received loyal customers. However; with fierce competition copying Uber’s business model, Uber has had to develop its service through innovation.
Problem-solving – it’s a critical skill to have if you’re going to be a leader, an innovator, a game-changer. Some of today’s greatest and successful leaders are dedicated to solving problems – think Elon Musk, Richard Branson and Holly Ransom.
Problem-solving is critical to small business in two ways, says business strategist Stephen Barnes from Byronvale Advisors. Firstly, you need to ensure that your operation adequately solves a problem that your customers have, and you are able to find ways to fix issues or troubleshoot challenges within your own business. This could be anything from staffing to marketing channels, cash flow or legal issues.
“Everything in business is about providing a solution to a problem,”
Meet a proven problem solver
Curemark is a biotech company founded by Dr Joan Fallon, who noticed that a lot of the children she treated were low on an enzyme for processing protein and since then she has quit her job and has built Curemark to solve this problem. Curemark has now raised $50 million and is on its way to solving a problem that truly exists.She is a problem solver
Business ideas that solve problems are fundamental to developing our world and companies such as Curemark are one of many who do this.
Alexandra Tselios is the Founder and CEO of The Big Smoke, a consumer news and opinion platform and digital content agency. She describes herself as a “passionate problem solver” and recognises that her business model needs to be continually evolving to remain competitive, to keep her team happy and give clients results. Thus, she needs to overcome problems with logical thinking and quick reactions.
“All business is, is finding problems and coming up with solutions – it doesn’t matter if you are an SME or a global conglomerate,” she says.
Profitability is a business’s ability to generate earnings compared to its costs over a certain period of time. This is possibly the most important aspect of any business idea in the long term, as this is what makes a business survive in order to keep having the impact that it has. Profitable ideas need a strong revenue stream against its costs and this tends to create the success of the business, however some companies defy this and make losses to begin with, yet are still exceptional business ideas that are worth billions.
Profitability is one of four building blocks for analyzing financial statements and company performance as a whole. The other three are efficiency, solvency, and market prospects. Investors, creditors, and managers use these key concepts to analyze how well a company is doing and the future potential it could have if operations were managed properly.
The two key aspects of profitability are revenues and expenses. Revenues are the business income. This is the amount of money earned from customers by selling products or providing services. Generating income isn’t free, however. Businesses must use their resources in order to produce these products and provide these services.
Resources, like cash, are used to pay for expenses like employee payroll, rent, utilities, and other necessities in the production process. Profitability looks at the relationship between the revenues and expenses to see how well a company is performing and the future potential growth a company might have.
High valued companies making a loss
- Snapchat is valued at $10 billion despite making a loss, because of the monetization potential it has based on the 100 million everyday users of the app.
- Uber is valued at $50 billion and is making a $417 million operating loss. Despite this; investors are still willing to offer large amounts of money to fund the company because of the potential the company has in the longer term.
Business Ideas for Couples.
For two people who love to do everything together, starting a business with your significant other might be your dream job. While it may seem like a bad idea to some, your bond may make you excellent business partners.
It’s true that working with your partner can distract you from your business or strain your relationship, but it could just as easily bring you closer together while doubling the passion to make it succeed. If you two handle conflict well and motivate each other, you should consider turning your passions into a business.
There are many startups that are well suited for a two-person team. As with any partnership, these nine business ideas work best when you each take on roles that best fit your skills and strengths. An entrepreneurial relationship, like all business ventures, is truly a labor of love.
Some couples fight over who should cook dinner, but for others, preparing a meal together is a bonding activity. If you and your partner fall into the latter category – and are good cooks – you may want to consider starting your own catering business. Let the resident gourmand cover most of the food prep, while the other serves as a customer service rep and sous chef. [
2. Food truck vendors
For those foodies who love to travel, consider opening up shop as a food truck vendor. Whether it’s music festivals, block parties or private events, food trucks are a great way to make extra money while traveling and meeting interesting people. For many food truck vendors, the freedom of the open road and the appeal of their favorite activities has led them to strike out on their own; doing exactly that with the person you love might be your chance to see the world together.
3. E-commerce retailers
Crafty couples with a passion for DIY projects can launch a suhccessful ecommerce business on platforms such as Etsy or Zibbet. One of you can handle marketing; the other can handle customer service, and both of you can fill orders. Not only does ecommerce represent a money-making opportunity, it also offers you and your partner a chance to be creative together. What’s better than having fun while turning a profit?
4. Fitness instruction
If you’re a couple that runs and hits the gym together, launching a fitness business could be right for you. Whether you’re interested in personal training or class instruction, you can become certified through organizations like the Aerobics and Fitness Association of America and begin taking on clients. If you both specialize in the same area, you can double the number of sessions or classes you book. Alternatively, if one of you is a personal trainer and the other teaches a class, you can expand your client base through your service variety.
5. Home cleaning service
For working parents with long hours, cleaning the house can fall to the bottom of the to-do list. Offer your weekends and evenings to these families, for everything from light housework like vacuuming and dusting to heavy-duty chores like scrubbing the kitchen and bathroom. With you and your partner working as a team, you’ll be able to get these tasks done twice as quickly.
6. Pet sitting
Do you and your partner love animals? Spread the word to friends and neighbors that you’re available to watch their pets while the owners go on a vacation or weekend trip. Pet owners often feel more comfortable leaving their furry friends in the care of a trusted homeowner rather than placing pets in a boarding facility, so getting referrals shouldn’t be too difficult. Offering two caretakers means more individualized attention for your clients’ pets, which can be a great selling point.
7. Landscape and garden consulting
Are you and your partner master gardeners? Take your talents on the road and help others do the same. There are plenty of homeowners willing to pay for advice on turning a hum-drum backyard garden into a real Eden. Beyond gardening, you can help homeowners create a more environmentally friendly backyard, by helping them install rain gardens, rain barrels, and compost piles. These types of services are becoming more popular as people increasingly become conscientious about their environmental footprint.
Yes, you too can be a YouTube star. Documenting your life might sound cheesy, but it can benefit you financially. If you’re a creative couple with stories and ideas, share them through a blog or vlog. You can turn your blog into a business by maintaining an interesting theme and posting content regularly. Whether it’s a collection of travels or entries of date ideas, your blog can boost your income and strengthen your bond.
9. House flipping
You can start a house-flipping business with your partner by buying existing homes or run-down properties for an affordable price and fixing them up to resell for a higher profit. If you have a knack for decorating, construction, architecture and the like, you can apply your skills to earn income through these projects. You and your loved one can inspire each other, bouncing ideas and fostering ingenuity.
50 Service Business Ideas
If you love serving others, you may be interested in starting your very own service business. There are opportunities in nearly every industry in niche, from tech to fashion. So no matter your interests or area of expertise, you can find a service business that is well suited to your strengths. Here are 50 service business ideas to consider.
Mobile App Development
An emerging business opportunity, those with the skills and training can work with businesses or individuals to help them create their own mobile applications.
Writers, offer your services to businesses looking for website, ad or marketing copy.
For those with advertising experience, offer to work with businesses to help them create ad campaigns, track progress and get results.
You could also go with a more generalized set of offerings, including content marketing, social media or online ads.
Service Business Ideas
If you have business experience, you could work with other entrepreneurs to provide guidance and expertise as a consultant.
For those who are visually inclined, you can offer services for designing logos, branding and paper products for businesses or individuals.
A bit more of a tech focused business, offer design and/or development services for those looking to create their own websites.
For sales professionals, offer to help businesses by gathering leads for potential sales.
If you have some printing equipment, you could offer to print flyers, invitations, posters or other custom paper goods for people in your area.
For tech focused entrepreneurs, offer your services to businesses on a contractual basis or just offer on-demand support for a small fee.
If you have strong organizational and planning skills, work with clients to create unique weddings or special events.
If you prefer working with people on an individual basis and offering a wide variety of tips and expertise, you could offer your services as a life coach.
Virtual Assistant Service
For those who would prefer to start a completely online business, virtual assistants can help business clients with everything from inbox cleanout to social media.
You could also help other business owners manage their financial books and documentation as a contract bookkeeping service.
If you have strong research skills, offer to work with clients who are looking to learn more about a particular subject.
Those who are fluent in more than one language can offer a service that translates books, transcripts or other types of content.
Handyman services can offer a wide array of services to property owners, from installing light fixtures to fixing broken equipment.
If you prefer working with automobiles, there are plenty of repair services you can offer for drivers in your area.
Car Washing and Detailing
You could also offer to wash and/or detail vehicles for a small fee. Do this out of your own space or as a mobile service business.
Another mobile business idea, offer to drive clients from place to place, either on a contractual or on-demand basis.
If you have the proper training and equipment, start a plumbing business where you provide maintenance, repair and installations services.
You also need some basic training to provide heating, cooling and ventilation service. But this can be another lucrative service business.
Another skilled trade, electricians can offer a wide array of services for both residential and commercial properties.
As a locksmith, you can help people who are locked out of their home or vehicle, and install locks, make copies of keys and offer a number of other lock related services.
Appliance repair professionals help people fix issues with refrigerators, washers, ovens and any other home appliance that may be broken but not worth replacing fully.
If you enjoy spending time outside, you could offer landscaping services like lawn mowing, flower bed installation and gardening.
Help homeowners transform their interior or exterior space by offering your services as a professional home painter.
People who are purchasing homes often have professional inspectors look over the property first to ensure there aren’t any unknown issues with the property.
You could also help people moving into new homes by packing and/or transporting their belongings.
For those who love designing interior spaces, work with home sellers or realtors to stage spaces so that they’re more attractive to potential buyers.
If you’re a health and fitness enthusiast, you might start a business as a personal trainer where you work with clients individually.
With the proper training, you could offer massage therapy services.
If education is your specialty, work with students one-on-one as a tutor. You could even specialize in a particular subject or test prep focus.
Help individuals get their dream job by offering to write or edit their resumes and/or cover letters.
You could very easily offer cleaning services to homeowners or businesses. Get on a regular schedule and visit each client weekly or monthly.
If you’re interested in the beauty industry, you can attend a short training program and offer hair cutting, coloring and styling services.
Or you could specialize in makeup artistry, helping those who are preparing for various special events.
If you’re interested in fashion or shopping, offer your services as a personal shopper or stylist.
To offer more a more wide ranging list of services, you can start an errand business where you shop for groceries, finish laundry or complete other various tasks.
Food delivery is always an in-demand service. Pick up carryout orders or groceries for people and deliver them right to their doorstep.
If you prefer actually preparing food for people, start a catering service for special events or corporate gatherings.
Personal Chef Service
For a more personalized service, you can work as a personal chef to prepare individual meals.
Photographers can sell their work to create a product based business. But if you prefer a service model, you could offer to take portraits or cover special events.
Similarly, you can create custom video content for events or business video marketing.
Valet services work with businesses or event hosts to provide convenient parking services for guests.
If you’d like to work with pets, start a grooming service in your own location or even offer a mobile service where you go directly to your customers.
Or you could get outside and take dogs in your neighborhood for walks in exchange for a small fee.
To help homeowners who are traveling, offer house sitting services where you look after their property while they’re away.
If you have the experience, you could also offer babysitting or child care services.
Tailoring and Alterations
Tailoring and alterations are also popular services that you can easily offer to customers in your area.
7 Businesses You Can Start With Your Kids
We live in a time where the entrepreneurial spirit is accepted and praised. People are starting businesses all the time, and kids should not be excluded from that. There are so many business ideas that let kids express their imagination, wonder and skills. Here are seven ideas to help get you and your kids started.
1. Children’s book author
Reading stories with kids is a time-honored tradition, so why not write one? It can be based on your child’s life and the funny things they do or say, or the book can be used as an opportunity to teach a life lesson like sharing or respect. Get your child’s input on how they would like to develop the story. Bonus points if your child draws the artwork for the book.
This is a great business to start with older kids. If they excel at a certain subject, let others know. Parents are always looking for ways to help their kids, and often that can mean finding a tutor. As the parent, you can help your child with things like driving them to and from tutoring locations or supervising tutoring sessions in your home. Parents can also help with advertising by taking flyers to work or by posting them around town.
3. Babysitting and pet sitting
Babysitting and pet sitting teach kids responsibility. In the digital age, getting jobs like this is simple. Websites like Care.com and Rover.com are great resources to not only post your kid’s babysitting service (Care.com) or pet-sitting services (Rover.com), but they are also places to find jobs.
4. Lawn care
When kids are out of school, jobs like lawn care are a perfect way for them to spend their summer. Not only do they make some extra money, but they learn valuable skills for the future such as attention to detail, timeliness and respect for others’ property.
5. Computer repair
Let’s face it, some kids are better at working with computers than others. Growing up in the digital age has allowed kids to live and breathe technology, making them experts in many areas. If this sounds like your child, help them turn their skill into a business by creating flyers, publicizing their services on social media platforms and getting the word out. If your child has helped you with your computer, you can provide a firsthand testimonial about the quality of their work.
6. Marketplace seller
Imagination allows kids to create art, jewelry and other crafts that appeal to the whims of potential customers. If your refrigerator is covered with artwork, take it to the internet. There are so many options these days for selling handmade goods; Etsy is no longer the only option. With many online marketplaces, you get unlimited listings, can set your prices, and get community support from other sellers.
7. Cleaning service
Put years of chores to good use and encourage your kids to market their cleaning skills to others. Things like vacuuming, dusting and washing dishes are all things your child can do for neighbors or family members. If your kids are older, you can include tasks like cleaning bathrooms and mopping floors. You can advertise on community boards online or at local places like grocery stores and libraries.
All of these businesses can be started with your child and can teach them viable skills for the future. Encourage your young entrepreneurs to try their best and seek success with their new business.
Even if it doesn’t turn out as planned, you can show them that adversity is a part of life, and that failure is an opportunity to retool an idea or a door to a new opportunity. The work experience also looks great when it comes time to apply for college and scholarship opportunities.
Some small scale business ideas
I assume by small scale you mean low cost. You could also mean something with limited revenue potential, but many low cost businesses have a high revenue potential, so why not go for it!
I’ve run multiple businesses over the past few years and have generated six figure revenues year-on-year. Here’s a few ideas taken from thing’s I’ve been creating:
- A food business. I was still studying when I started my hotdog stand, which was in the garden area of a night club. I found the owner (after a lot of research) and convinced him to let me try the stand for a few nights. I built a very cheap stand using reclaimed wood with very little experience. I bought some cheap grills from amazon which I plugged into the wall. And I made over £600 on my first night. Not bad.
I gradually began to take this more seriously, getting full food licensing, upgrading the stand, and serving regularly 3 nights a week. Sure I had to sacrifice a lot of time and never went out with my friends, but I was making a lot of cash and it was rewarding.
I upgraded again and started selling waffles at posh events, like balls. In 10 summer events during my first year I made over £20k.
My initial costs were probably £300 (made back on the first night). I then reinvested where needed and made a chunk of money before I left Uni. It was awesome. See a picture of my stand below.
- Software. I plunged into the software world straight out of Uni. I can’t go into specifics here but I had very little experience and with a friend we learned a whole lot, paid a few friends, managed to get a software product to market within 6 months.
The great thing about software is that the main cost is your time, assuming you are a developer. And the ongoing costs are very low. If you can find a product that people want or need, and you can use a subscription model, you are onto a goldmine.
We did really well with marketing. Things were good. It is no longer and we are now working on our next software product.
- E-commerce. Its fairly easy to set up an online store using Shopify or some other similar service, and its also really cheap. Finding a niche product that has sales potential is hard, but I have spent hours just scouring the internet and come up with product ideas that we resold.
On that note, its also worth remembering that you don’t need to reinvent the wheel. It’s perfectly fine to start a business in the same space as another person. Just make your product better or cheaper, better explained, or marketed better. Too many people try to start something revolutionary rather than starting something simple.
Drop shipping is a great way to keep initial costs down.
I hope that gives you some ideas – feel free to ask me anything in the comments and I’ll try respond!!
5 Tech Trends That Will Influence Your Marketing Strategies.
While many of the principles of marketing remain the same each year, the tools businesses use to achieve marketing success vary greatly from year to year. Newspaper advertising used to be commonplace; now digital advertising and artificial intelligence play critical roles in the marketing tactics of businesses.
Some of these technological advances are more commonly used among larger corporations, but small businesses can still learn quite a bit from the developing marketing strategies of bigger firms. Business News Daily spoke with marketing experts to get a better idea of the marketing trends small businesses can capitalize on in 2019. Here are five trends we believe make sense for small businesses to take advantage of this coming year:
- A rise in authentic content marketing
- An increased demand for chatbots
- More widespread use of voice search
- Continued value of data analytics
- Time-saving benefits courtesy of artificial intelligence
Editor’s note: If you’re looking for information to help you choose the online marketing service that’s right for you, visit this site we will provide you with information from a variety of vendors for free.
What’s A Good Business To Start?
It is always a good time to start a business. In fact, highly successful businesses have been started in both the best and worst of economic times.
The question that arises, though, is what business to start. Interestingly, my criteria (listed below) for the right choice of business is pretty much the same as my checklist for creating a winning business plan. So, make sure you stack up well against these criteria. If you do, you should be able to both develop a business plan worthy of investment capital and to grow a successful business.
1. Make sure you have unique qualifications
When developing a business plan, I always say the most important question to answer is “why are you uniquely qualified to succeed?” If you have no unique qualifications, then it’s hard to succeed, and easy for others to copy you. Unique qualifications can include your experience, intellectual property, relationships, etc.
In choosing a good business to start, think about your unique qualifications. What can you do better than anyone else? What do you have great experience and expertise doing? Interestingly, this is why so many restaurants fail. Oftentimes, new restaurant owners have no experience and expertise managing a restaurant. As a result, failure is likely. Conversely, when a restaurant owner launches a second, third, etc., restaurant, because of their experience, they are much more likely to succeed.
2. Make sure there is a “pain”
Always look for a market pain or need. Because that’s why people tend to spend their money on. For example, if people in your town have to travel 20 minutes to the nearest dry cleaner, then there might be a significant need for a dry cleaner there.
In general, the greater the pain, the greater the chances your business will succeed. Importantly, not all new ventures solve massive pains. For example, many internet and mobile app ventures solve an entertainment need rather than a pain. However, while some of these ventures become multi-billion dollar enterprises, the vast, vast majority of them fail.
3. Make sure the business is fundable
No matter how good your business idea is, if it requires funding and you can’t raise it, it doesn’t matter.
The ideal business is one that you can at least start with finance your provide yourself, or with a reasonable amount of financing. Conversely, if you have a great idea, but it requires $100 million in initial funding, you’re not going to raise it. Large investors will not bet on an unproven startup, unless the founder of that startup has a long track record of taking companies public and/or returning sizable returns for investors.
Likewise, if you require outside funding, make sure the business fundamentals are such that investors will receive a sizable return on investment (ROI). Because, no matter how solid the opportunity, if investors don’t feel they will earn a fair return, they won’t invest.
Keep these three factors in mind when choosing a new business to start and when developing your business plan. When all three are in your favor, the sky is the limit to your success.
The difference between a startup and a business idea.
Business ideas are a dime a dozen. Most people confuse them with true startup ideas. But there is differences.
Two of the key traits of startups are:
- They can afford to develop their business model after launching, sometimes a couple years later.
- They can do so because of their rapid growth, which keeps money from investors pouring in.
This makes startups well-suited to solve big, important problems, by doing things in an entirely new way, instead of making incremental progress.
According to Thiel, one is horizontal (like globalization, which scales and extends what exists already), the other vertical (like technology, which gives us a new way of doing things).
The benefit of building a startup in Thiel’s sense is that it will, if successful, turn into a monopoly, which ensures profits for a long time, that can then be used to created further vertical progress.
Here are the 4 key traits of a monopoly:
- Proprietary technology. This doesn’t have to be software or hardware, it can also be a result of great, integrated design (like the iPad), but whatever you do should be at least 10x better than the existing solution or replace it altogether.
- Network effects. With every additional user, products like WhatsApp, Facebook, Instagram, Xbox Live, Reddit etc. become a little more attractive to those, who aren’t users yet. The greater the network, the larger the value to the individual.
- Economies of scale. Keep scale in mind from day 1. Your startup must get stronger as it gets bigger, because fixed cost goes down. A pizza restaurant chain is hard to scale. Software is easy.
- Branding. A strong brand amplifies the effects of a monopoly, because it makes its unique standpoint visible to the masses. However, brand alone is meaningless without a product that’s up to the task.
Google was a startup. Before Google, no other search engine had developed a proper, proprietary technology it bases its results on (Yahoo had just gobbled together something from all the companies they had acquired), and so Google won. It’s been a monopoly since pretty much 2000, when it indexed more sites than anyone and Yahoo started using Google’s technology. Google still reaps the profits of that monopoly 16 years later.
DuckDuckGo is a business. It doesn’t replace or succeed search the way we do it now, but instead is another player in the search engine industry. DuckDuckGo creates competition. It’s carved out a niche for itself (focus on privacy) and it’s successful, but it’s not a “startup” in Peter Thiel’s sense.
2. Which questions to ask.
Based on this definition, you can use a variety of questions to pinpoint whether what you’re about to embark on fits the idea of a startup. Here are the most important ones from the book:
- What important truth do very few people agree with you on?
- What valuable company is nobody building?
- Can you create breakthrough technology instead of incremental improvements?
- Is now the right time to start your particular business?
- Are you starting with a big share of a small market?
- Do you have the right team?
- Do you have a way to not just create but deliver your product?
- Will your market position be defensible 10 and 20 years into the future?
- Have you identified a unique opportunity that others don’t see?
A lot of startups fail. At least 80%. And that’s 80% of those, which have received funding already. I’m not going to start a startup for the foreseeable future, but if I ever, this is the setup I’ll use.
When you use these questions to find your idea, run it through Thiel’s filter and it passes, I think you’ll have a decent shot.
Then it’s just years of failing, uphill battles and hard work and who knows, maybe, one day, the world will look back and think of you as someone who invented the future.
PS: I’ve written a summary of the book here.
Six Steps For Planning Your Startup Business
Two of the main elements that help create a successful startup are the optimism and enthusiasm of its founders. The same two elements, if not kept in check, can also work toward the detriment of a startup. Excessive enthusiasm and optimism can cause the founders to start working on their ideas without doing proper planning and due diligence. A lack of proper organization and planning can manifest itself as severe roadblocks in raising funds, applying for grants, employing talent and even planning an exit.
In the many years that I have consulted for various startups, and as an entrepreneur myself, I’ve realized that starting with the right plan in place is one of the most important steps for building a successful company in the tech industry and beyond.
Here is a high-level planning guide with some of the tips I’ve employed during my time advising in the startup space.
Don’t Start Product Development Too Early
Start with your idea — but before you jump into product development, have an action plan in place that maps your entire journey from incorporation to the exit. This action plan should, of course, start with a customer discovery and then move to a business plan. It should also take a deep look into funding, pricing and financial modeling. In my experience, this is almost always the most difficult part of the process for the founders because they may have to criticize their own ideas and come up with a feasible analysis of their strengths, weaknesses, opportunities and threats (also known as a SWOT analysis). The rest of the action plan will probably change as your company takes form, but it’s good to have a clear vision to work with at the offset.
Get Legal And Financial Advice
Once you have your path mapped out, you should start gathering advice on proper legal and tax-planning strategies. There are law firms that have special services for startups, but make sure you interview a few before choosing one. I also recommend making sure you choose a CPA for tax advice because they tend to have the highest level of expertise in tax planning. Your business strategy should take into account insurance, permits, intellectual property (IP) strategy, patents, company structure and — last but not least — your documentation. The documentation should have all necessary contracts for employees, outsourcing, IP protection, nondisclosure agreements (NDAs), client agreements, sales or lease contracts, and advisory and board positions. There should also be a carefully drafted articles document (or constitution) for your company.
At this point you are ready to start looking at the corporate structure, planning your grants and tax incentives, creating relationships with other stakeholders in the industry, connecting with universities and working on your product development. I will expand on these steps in my next article and give you some pointers.
I highly recommend that you subscribe to a data room service and electronically file and organize every document you create along the way. Using a project- and task-management software such as Jira or Trello can also be instrumental to keep you organized.
Form An Advisory Board
Now is the time to look for people who can contribute by joining your advisory board. It is important to choose people who have core expertise in areas where you most need advice. Additionally, I recommend that you avoid choosing people who can’t provide constructive criticism and are “yay” people. People who are good choices for an advisory board are those who have direct knowledge about your industry and who are well-connected within that industry. You should also make sure your advisors have complementary skills rather than similar ones. For example, you may want advisors who can contribute to product development, distribution, business governance, compliance and other areas — but they should generally all be within your industry.
Create A Patent Strategy
Companies with high levels of IP and patents should also plan for a patent strategy that is well-balanced between keeping their trade secrets and filing an adequate number of patents. A strong patent strategy looks at the competitive landscape and also which IP should be patented in which jurisdictions. A patent strategist is different from a patent lawyer, so make sure you have them both on your team.
Plan Your Potential Exit
It is never too early to engage an investment banker who can help you raise funds or a professional who can help you plan an exit from your company. An exit of some sort may be necessary to create liquidity in the company if you don’t anticipate being able to pay dividends to your investors in the first five years or so after you start raising funds. Exits can include mergers, acquisitions, initial public offerings (IPOs) and reverse takeovers (RTOs). It is important to choose the right exit, as the wrong approach to an exit could be a pitfall in taking your company to the next growth stage. For example, I’ve found that IPOs can give a company great exposure and access to funds while creating liquidity, but in an IPO a company could be subject to investor speculation. There are also compliance requirements for which you may need to engage a team of lawyers and accountants on an ongoing basis. A private transaction such as a merger or acquisition can be beneficial to companies that need to create liquidity, and companies can also benefit from the expertise of a more mature corporation.
Some founders have sufficient financial means and choose to stay in full control and grow their businesses rather than exit. This is also great.
All things considered, there is no definite foolproof formula for starting a business. But by following these guidelines, you can help improve your chances for success.
Reason why new businesses fail.
When you’re starting a new business, the last thing you want to focus on is failure. But if you address the common reasons for failure up front, you’ll be much less likely to fall victim to them yourself.
Here are the reasons why businesses fail are:
1.You start your business for the wrong reason.
Would the sole reason you would be starting your own business be that you would want to make a lot of money? do you think that if you had your own business that you’d have more time with your family? Or maybe that you wouldn’t have to answer to anyone else ? if so, you’d better think again.
Many a report on business failures cites poor management as the number one reason for failure. New business owners frequently lack relevant business and management expertise in areas such as finance, purchasing, selling, production,
and hiring and managing employees. Unless they recognize what they don’t do well, and seek help, business owners may soon face disaster. they must also be educated and alert to fraud, and put into place measures to avoid it.
Neglect of a business can also be its downfall. Care must be taken to regularly study, organize, plan and control all activities of its operations. This includes the continuing study of market research and customer data, an area which may be more prone to disregard once a business has been established.
A successful manager is also a good leader who creates a work climate that encourages productivity. He or She has a skill at hiring competent people, training them and is able to delegate. A good leader is also skilled at strategic thinking, able to make vision a reality, and able to confront change, make transitions, and envision new possibilities for the future.
A common fatal mistake for many failed businesses is having insufficient operating funds.Business owners underestimate how much money is needed and they are forced to close before they even have had a fair change to succeed. they also may
have an unrealistic expectation of incoming revenues from sales.
Your college professor was right- location is critical to the success of your business. whereas a good business location may enable a struggling business to ultimately survive and thrive, a bad location could spell disaster to even the best-managed enterprise.
Some factors to consider:
- Where your customers are
- Traffic, accessibility, parking and lighting
- Location of competitors
- Condition and safety of building
- Local incentive programs for business start-ups in specific targeted areas
- The history, community flavor and receptiveness to a new business at a prospective site
5.Lack of planning
Anyone who has ever been in charge of a successful major event knows that were it not for their careful, methodical, strategic planning and hard work success would not have followed. The same could be said of most business successes.
It is critical for all businesses to have a business plan.Many small businesses fail because of fundamental shortcomings in their business planning. It must be realistic and based on accurate, current information and educated projections for the future.
Components may include:
- Description of the business, vision, goals, and keys to success
- Work force needs
- Potential problems and solutions
- Financial: capital equipment and supply list, balance sheet, income statement and cash flow analysis, sales and expense forecast
- Analysis of competition
- Marketing, advertising and promotional activities
- Budgeting and managing company growth
A leading cause of business failure, over expansion often happens when business owners confuse success with how fast they can expand their business. A focus on slow and steady growth is optimum. Many a bankruptcy has been caused by rapidly expanding companies.
At the same time, you do not want to repress growth. Once you have an established solid customer base and a good cash flow, let your success help you set the right measured pace. Some indications that an expansion may be warranted include the inability to fill customer needs in a timely basis, and employees having difficulty keeping up with production demands.
Simply put, if you have a business today, you need a website.
Remember, if you don’t have a website, you’ll most likely be losing business to those that do. And make sure that website makes your business look good, not bad you want to increase revenues, not decrease them.
When it comes to the success of any new business , you the business owner are ultimately the “secret” to your success. For many successful business owners, failure was never an option. Armed with drive, determination, and a positive mindset, these individuals view any setback as only an opportunity to learn and grow. Most self-made millionaires possess average intelligence. What sets them apart is their openness to new knowledge and their willingness to learn what is new and implement them.
Difference between a business plan a business model and business revenue .
A business model is a collection of decisions (or choices) about the key components of the business. Typical business decisions being:
- Which customers to target? Should we target customers based on age, sex, region, etc.?
- How do we distinguish our product to attract and retain customers?
- How to get the message to the customers; how do we promote the product?
- What kind of sales force do we need?
- Who will make the product – our company or a supplier? Which supplier?
- Should we use distributors, retailers, drop-shippers, or other intermediaries?
- How do we deliver the product to the customers?
- How do we take orders from customers?
- How quickly do we fill customer orders?
- How do we price the product?
- What will be the target profit margins?
- Should we sell or lease our product, or both?
- How do we handle product returns and warranties, if any?
- How to protect our market and customers from competitors?
- etc., etc.
The business plan is a document that describes and justifies all the above decisions, and includes anticipated financial result of the above business model implemented and functioning over a five-year period. It would show estimated units sold each year, costs incurred each year, total revenue each year (yearly revenue is the selling price per unit times the number of units sold each year) investment needed, estimated profits or losses each year,
Note: A business plan that shows no profits in five years, or shows very small profits over the five years will NOT attract investors. To improve the profit picture over the five years, you may have go back and revise your business model; thus the business model and business plan are complementary.
The business plan serves as a written document to communicate to outsiders and potential future stakeholders such as investors, partners and managers. This document is a living document; it can be frequently improved and refined. It can serve as a road map in the initial Execution phase of the business.
A complete business plan document may be several pages long, therefore include a one-page Executive Summary. Potential investors, who are busy, would read the Executive Summary and decide if they want to read the detailed business plan.
How do you turn an idea into a business?
Some people are very good with execution and some others with ideation. To create a great business you need both skill sets. Though some people emerge with awesome and fascinating ideas, most of these ideas lack validation and people lack the ability to execute. It is an exciting, tedious and long journey to take an idea, add details and amend it to make it a full-fledged business.
So let’s take you through a process that dives deeper into answering “how to turn an innovative idea into a business?” –
● STEP 1 – Even before you know what the final idea is, you’ll have some variations to the idea. You will be speculating among those. To eliminate the speculation, you need to eliminate your options and boil down to the final one idea. The way you should eliminate is based on a few elements that you are ready to trade-off with. You won’t be ready to forego a few things in order to execute an idea. Evaluate your strengths, weaknesses and passion area. Match them with the ideas on table. Start eliminating them and working towards that one idea we can commit to. Pick that one idea, which fits your needs and skill sets.
● STEP 2 – Then, run customer surveys, know your customers and see how mature your idea is.
Though everything looks green on paper, you will discover pitfalls and get introduced to real-time fumbles when you meet potential clients. You could create a prototype case of your offering and approach people to discover their opinion. This will help you fix your offering before you hit the market hard.
● STEP 3 – Create a 12-month plan with pros and cons about your idea. Include financial and other resources that get consumed into the idea. This plan needs to be reviewed and accordingly revised every month, once you begin your action plan. This plan is not sacrosanct, but will be your bench-marking mirror that speaks about your true performance.
● STEP 4 – All ideas don’t succeed and all ideas don’t fail. You could end up in either of the cases, for a lot of unknown reasons. Think through and give yourself ‘the time-frame’ you give yourself for this and how long would you stay committed to this idea. Pen down your responses to, how long would you stay wedded to this idea? What will you take home from this experience? How would you see yourself five years from the time you start? Why are you pushing yourself to execute it?
● STEP 5 – Chalk out a goal chart and target time-frame. Either of it independently doesn’t show you a path. Add deadlines to your to-dos and stick to it. This will take you through a path that is more known than unknown.
● STEP 6 – Keep measuring your targets and get as close to it as possible and you will see your business blossom by itself. Measuring benchmarks and continuous feedback are imperative to see your idea evolve into a successful business.
Having shared this 6-step process, feel free to share your thoughts and ideas on how you succeeded in creating an awesome business with a tiny spark on a lonely day at your coworking space. Please share your innovative business idea story with us.
If you want such a business that has a low investment, but very large profits, then you should consider the following Low Investment High Profit Business Ideas:
1. ==> Make Overs
Looking for a high profit low investment business? Make overs such as face make ups, manicure and pedicure, gele tying etc, is a lucrative low capital investment business. Many young ladies go into this business even from school. If you have the expertise to give unique touches and beauty make up, you will always get clients through referrals.
This is because ladies often ask questions when they see cute makeups on their friends. Anybody can start this business after going through the training even without necessary looking for loans as beauty makeup is a business with low capital start-up.
2. ==> Snacks
Commercial baking of snacks from home is a good example of a low capital high profit business. You can bake and sell to either targeted customers like school children, office workers during breaks or open an outlet/shop where people can come to buy. The materials for this less investment more profit business are not costly to acquire.
Nevertheless you need a decent level of baking skills. If you are interested in low investment high return business ideas, making snacks like doughnuts, scotch eggs, chinchin, mince pies, fish pies, sausage roll etc, is a very nice opportunity to grab.
See: Start Internet Business Ideas Online Free At Home With No Capital Money
3. ==> Security Outfit
You don’t need much money to set up a security guard company that would be involved in the training of able bodied young men and women for supply to companies and banks as security agents.
This low capital high return business is what has build wealth empires for many people across the world especially retired military and paramilitary personnel like man o war, police, civil defence, customs, immigration, army etc.
Most establishments do not have time to start recruiting and training security personnel. They contract this service out to private security outfits. With a good business plan, business management skills and military experience, you will succeed in this low investment high return business.
4. ==> Pet Care
I have shared three low cost business opportunities so far and I’m moving to the fourth one: PET CARE. Do you know you can make money when you care after other people’s pets? Most busy workers are afraid to leave their dogs or cats alone at home especially when these pets are sick.
Some other persons are looking for animal care homes to put their rabbit, hamster, pig etc for the meantime while they are away on holidays.
With a knowledge of animal care, veterinary medicine or animal management (behaviour and handing), you can set up a pet care home. People who share great affection with pets are willing to pay much to ensure their pets’ welfare and safety.
Child care or babysitting is another related business with low capital and high profit that you can start if you have the necessary experience and are located in areas where pet care is not blooming at present such as in Nigeria and most parts of Africa.
5. ==> Business Consulting
Have you managed a business successfully in the past? Do you have the require experience to start a business or manage one profitably? I’m delighted to inform you that you can repackage that knowledge ans set up a consulting service.
For instance, of you are knowledgeable about agribusiness such as poultry business or fish farming, you can start consulting for people who are interested in going into this line of business. The sweet thing is you don’t need to invest millions of dollars to become a business consultant in a chosen field.
My only recommendation is don’t preach or recommend what you have not practiced. That’s sheer dishonesty. Indeed, business consulting is a low investment business with high profit. I’m a living witness to this fact.
6. ==> Online Business:
Online business has overtaken normal business to unbelievable extent. There are several instances where a person can start from low to no investment but can get ultimately very large profits. Provided that you train yourself properly for this business . You can get more guidance HERE: Top Businesses to Start in 2019 for Beginners – Tested and Proven to work
53 business ideas to start at university
Running low on cash and inspiration? Have a look at our low-investment yet profitable startup ideas for businesses you can run from your uni room with little money!
Setting up your own business and working for yourself is a great way to earn some extra cash at uni without being tied down to shift work – but finding a great idea can be quite tricky!
These business ideas should get your entrepreneurial juices flowing and set you off on your merry way to small-business success.
How to come up with a business idea:
- If you’re big on social media, make money (and get freebies) by advertising products for brands. See our guide to making money from social media
- Start a website. Pick a subject you’re passionate about, get blogging and start earning. We’ve identified 20 ways to monetise your website
- Earn money from YouTube videos by sharing a slice of the ad revenue. Pick any topic that interests you (games, comedy and music do particularly well) and put together simple guides or reviews
- Become a pet sitter or dog walker! Busy people with 9-5 jobs are often willing to pay someone to look after their beloved pets – plus you get to hang out with animals
- Buy second-hand in-demand textbooks at the end of term and sell them on to new students at the start of the new term (simple supply and demand)
- Cash in on your creativity by selling designs, music and even recipes on sites like Fiverr andGumroad
- Start a magazine (or blog) about your degree subject and get other students, tutors and experts to contribute. You could then place adverts – but aside from the money such a project will look great on your CV
- Sell your unwanted clothes on Depop – or snap up gems in charity shops for bargain prices and sell them on for a profit
- Set yourself an unusual goal and blog or write a book about it – just like student Ken Ilgunas who self-published a book about living in a van
- Hunt around in charity shops, and on sites like Gumtree and Freecycle, for stuff you can upcycle and sell on for a profit
- Run a delivery service. Evenings and weekends could see you delivering McDonald’s/beer combos, while early mornings could be coffees, newspapers or train tickets
- Create an alternative yearbook using a print-on-demand publisher and sell copies and advertising space
- Start a film screening club
- ‘I queue for you’: stand in-line or hang on the phone so someone else doesn’t have to
- Convert someone’s entire CD catalogue into MP3 files they can play on their phone. It’s easy enough to do using software like iTunes but can take hours… which is where you come in!
- Start an accommodation reviews website for your campus or town
- Set up a Skype language course or conversational practice for learners around the world
- Buy packets of seeds cheaply and sell pot plants or fresh fruit/veg. You can grow lots of things without tons of equipment – some veg will even thrive in old wellies or grown indoors. Just keep it legal!
- Sell original work on Etsy – think greetings cards, stickers, badges and illustrations
- Make and sell audio or e-book versions of out-of-copyright set texts, particularly if they’re hard to find (think medieval literature or 18th-century science tomes)
- Be the go-to finder for folk who’ve lost something irreplaceable or want to buy something hard to find. Use the web as well as local contacts and retail knowledge to track down the impossible… for a commission
- Freelance: Whether it’s related to your current course or your dream career, offer your skills to people who need web design, illustration, writing or admin support. You’ll also get CV-pimpingexperience to boot
- Create food hampers that parents can order and have delivered to their kids – think student essentials in long-life eats or healthy stuff they’re probably not getting enough of
- Run a couple of matchmaker events for your campus and charge a small joining fee
- Make bespoke photo albums: use a site like Lulu.com to produce professionally printed books or magazines and add hand-crafted touches or notes to make each one unique
- Offer a transcription service that types up lecture recordings, or use your graphic design skills to produce handouts for tutors
- Create a swaps site that matches owners with borrowers: think clothes, services, bikes or books – or maybe one that matches students who want to see the UK with those who live in other towns
You’ll also like: 39 weird ways students have made money
- If you’re good with kids, offer your services as a babysitter. Parents always need someone to watch their brood when they go out in the evening
- Organise student event trips to other cities or to visit festivals – get a good deal on a coach and double your money on the tickets
- Help friends and family with matched betting and take a cut of their profits
- Offer to sit for stock photographers or source models for them. Or just grab a camera and have a go at shooting and selling your own snaps. Try newcomer Picfair, which allows you set your own prices
- Produce a campus e-newsletter and take paid advertising from local businesses, or do deals to offer readers discounts and competitions
- Start an annual gift or card service where you post out cards and presents to subscribers so they never forget important birthdays or anniversaries
- Be a market research consultant and sell your services to local or national businesses who want to know what students think about their stuff
- Pay a flat rate to a freelance graphic designer to create popular web graphics or icons, and sell them on a marketplace like GraphicRiver for recurring income
- If there’s one thing we all seem to have lurking in a spare bedroom, it’s unused home gymequipment and a pile of good intentions. Buy or beg the kit at bargain rates to re-sell or re-home with local schools, gyms, offices or personal trainers
- Offer to collect or wait for deliveries for a fee (saving someone else the time or cost of rearranging a missed package)
- Create a portfolio website that bands and musicians can use to connect with local events or businesses
- Start a home-made smoothie or sandwich business for local firms: they phone you their orders in the morning and you deliver on the dot at lunchtime
- Turn your best photos or artwork into posters (good sellers at the start of term as students move into new homes) – check out Truprint
- Start an essay or thesis proofreading business
- Create a local guide – think magazine, website or app – that helps freshers make the most of their new town: the best cafés, cheapest deals, or hidden gems. You can sell these on and even ask businesses to pay a small fee to be included
- Start your own travel exchange: put together packages of budget flights, accommodation and events and co-ordinate it between a uni abroad and your own
- Sell a uni essentials welcome package – stationery, kitchen kit, discount vouchers – that can be delivered to freshers’ rooms ahead of their first day. See our what to take to university checklist
- Start a tutoring service for school students struggling with the subjects you’re acing at. Offer online courses or webinars to reach more folk
- If you have an unused parking space outside your house, see if you can rent it out for some extra cash (but always check with your landlord first)
- Be a sports coach for local or uni teams
- Collect other students dirty laundry and take it to the launderette for a markup
- Design a motivational app that logs lecture/seminar/gym attendance and awards points, vouchers or gifts for achievements or penalties for slacking
- Start an outdoor fitness trail on MeetUp.com, leading groups of people to different/unusual locations to work out without equipment while seeing the sights
- Offer a CV design or review service. Check out our guide to CV writing for a bit of inspiration
- Design cases that disguise gadgets and make them less attractive to thieves. Think phone covers that look like pencil cases, or a laptop case that looks like a ring-binder. Recycled materials get you bonus points!
- Run your own subscription service where customers get a study survival kit delivered to them at their homes or libraries during high stress periods – think Berocca, teabags, de-stress scented candles, cans of redbull, etc.
For more casual money-making ideas head over to our easy ways to make money
HOW CAN YOU GROW YOUR BUSINESS?
IF YOUR BUSINESS IS LOCAL, ONE WAY TO ADVERTISE YOUR BUSINESS IS TO LIST IT ON GOOGLE MAPS, AND MAKE SURE IT IS HIGHLY RANKED USING THE STEPS SHOWN BELOW.
Of course, there are several different ways in which you can get more leads, but if you own a local business, Google Maps is a very powerful tool for drawing in new customers.
The reason for this is that many people who seek your services will search on Google for people in your profession in your local area. For instance, suppose that someone wants to find a dentist in Livingston, Tennessee. Such a person could easily search “dentist livingston tn” as in the picture displayed below.
I use a Google Chrome add-on called “Keywords Everywhere”, which displays the number people who type in this search into Google every month. This “search volume” is displayed in the above image below the search bar.
In this case, the average number of people who search dentists in the Livingston area every month is approximately 140/month. That is the number of people who not only might want to get regular dental exams, but also need other procedures such as root canals, dental implants, and periodontal surgery, which can cost up to SEVERAL THOUSANDS OF DOLLARS per procedure.
The Google Maps business listings visible in the above image are often called the “three-pack”, and because it is often the first thing that is noticed by Google users searching for local businesses, the businesses in the three-pack are typically the ones most often contacted by the prospective customers, who ultimately choose to use their services, as opposed to those not listed in the three-pack.
Therefore, for a business to not utilize this Google Maps feature and ensure that its name is listed in the three-pack will often leave huge amounts of money on the table.
In order for you to be listed in the three-pack, here are some tips that are very important to follow:
- SET UP YOUR LISTING ON GOOGLE MAPS (IF YOUR BUSINESS IS NOT ALREADY LISTED) .
- IF YOU HAVE A LISTING THAT IS NOT CLAIMED, CLAIM IT IMMEDIATELY.
- Doing this will assure prospective customers that your business is legitimate, and often this alone will boost the ranking of your listing. The image displayed below is an example of a business listing that is not claimed, as indicated by the “Own this business?” link on the right side of the Google page. To claim your listing, click on that link, which may take you to a page where you will need to sign in to your Gmail account. Upon logging in, you will be taken to your “Google My Business” page, where you can look at the listing’s information regarding your business, such as hours, street address, and phone number. If any of the information presented is incorrect, make sure you correct it at once.
- Once you have made sure that your listing information is correct, you will need to choose whether you want Google to send you a verification code by either phone or mail. Upon receiving the verification code, you are to log back in to your Google My Business account, and type in the verification code. Once this is done, you will have claimed your listing.
- FILL OUT ANY LISTINGS ON RELEVANT DIRECTORY SITES.
- Google likes to reward businesses who fill out their listings on sites such as Yelp.com. Many professions also have their own specific directories that will help their Google Maps rankings. If you are a dentist, for example, you may wish to have your business listed in healthgrades.com. ONE THING THAT IS VERY IMPORTANT: You must exactly match your directory site listing to those listed on Google Maps. For instance, if your street address is listed on Google Maps as “123 N Picard Avenue”, then you cannot list your address on a directory site as “123 North Picard Avenue” with “North” spelled out.
- REMOVE ANY DUPLICATE BUSINESS LISTING.
- Google tends to penalize businesses who have more than one Google Maps listing for the same area. To remove the unwanted listing, simply claim that listing in the procedure as discussed above. Once you are verified, change your listing status for the duplicate to “Permanently Closed”. This will get rid of your unwanted listing and will greatly improve your chances of getting the listing that you do want listed into the three-pack.
So there you have it, a very effective way for many small local businesses to generate leads (and ultimately more revenue).
What are the good startup ideas?
1. Making Chatbots
I am quoted on Entrepreneur – Start, run and grow your business. as “ChatBot expert Murray Newlands commented that “Where 10 years ago every company needed a website and five years ago every company needed an app, now every company needs to embrace messaging with AI and chatbots.” That brings opportunity and jobs. You can learn to make them for free without coding for companies.
Chatbots are in and it has reached the point where every business needs one. Chatbots have become a huge opportunity for companies to engage with their customers, gather data, and improve their marketing and customer care efforts. You can start your own chatbot creation business easily and quickly without needing to code. I created the free to use tool Chattypeople.com but there are lots of others out there. All you need to do is:
- Read about bots and their functions
- Create an account
- Learn about the company who needs a chatbot
- Create their bot through
- Launch it through Facebook Messenger
- No coding or long courses needed
The platform is great, as it:
- Works with Facebook Messenger and comments
- Can push promotions to customers on demand
- Recognizes variations on trigger words
- Can process orders from Facebook
- Integrates with all main payment processing platforms
2. Bookkeeping Services
Are you great with numbers and want to work from the comforts of home? To become a freelance bookkeeper, you do not need to be a Certified Public Accountant, but you do need to be good with numbers. There are lots of free to use online invoicing tools such as Sighted.com and online payments tools like Due.com. Some services you could offer include:
- Creating balance sheets
- Providing income statements
- Creating various monthly, quarterly, or annual financial reports
3. Personal or Virtual Assistant
Although personal and virtual assistant jobs do not sound glamorous, they do pay well. If you have already held this job in an office, you will find the digital version allows for a lot more freedom. Use services like Upwork.com to find clients. You can choose:
- Your clients
- Your hours
- Your hourly, daily, or monthly pay rate
4. Marketing Services
Marketing does involve a certain level of background knowledge. That said, if you are not experienced, investing in an online course is not only cheap but will equip you with the adequate tools to start a solo digital marketing agency you could expand in the future. There are lots of new marketing fields opening up such as influencer marketing.
Companies are always looking for freelancers able to provide marketing copy that is SEO-friendly and can transform website visitors into leads and, eventually, customers. In addition to offering optimized copy, you could offer to upload the content to their websites and improve their SEO further with:
- Meta descriptions
- The right titles
- The correct keyword density
- Tags and categories
- Relevant images with SEO captions and alt tags
5. Social Media Consultant
Who doesn’t love Facebook, Twitter, and Instagram? Fancy yourself to be a bit of whiz but don’t have any formal training? Twitter and Google, among other platforms, offer complete professional courses with recognized certifications that require little to no money. Social media is also a business that has unlimited potential with a client base that can span across the world. This trend is unlikely to die soon, if ever, and new platforms are being released every year, making the possibilities for expansion limitless. You can use social media management tools to make your job easy.
6. Affiliate Marketing
Affiliate marketing is extremely easy to get into and involves you earning a commission by promoting other companies’ products and services. Basically, you choose a product you like, promote it, and make a profit on each sale that stems from your marketing efforts. An affiliate marketing business is especially easy to start if:
- You have a blog or website of your own
- You can prove your success through visitor statistics
- You have already successfully undertaken affiliate marketing and can show this to your potential clients
7. Tester or Reviewer
Individuals or startups often look for people to review their products to encourage others to buy them. You can either get started with a profile on freelancing websites or approach companies directly, offering them a review in exchange for a monetary reward by becoming an influencer. Even better, if you have your own website or blog, you could write entire posts about their products, thus allowing you to charge more money in the long run and build a portfolio with tangible results to show future clients.
8. Secretarial Services
Similar to virtual assisting, remote secretarial services require little to no experience. All you need is:
- Strong organizational skills
- Good communication skills
- Good time management
- A high level of autonomy
Your day-to-day tasks as a freelancing secretary will typically include:
- Booking meetings
- Organizing calendars
- Replying to emails
- Putting together presentations
- Answering phone calls
9. Online Dating Consultant
Have you got a way with words? Or have you found your Mr. or Mrs. Right and want to share how you got there? You can become someone’s wingman or woman and help them find love by becoming an online dating consultant. This type of consulting comes with a large level of responsibility, as you will be guiding someone’s love life. Daily tasks include:
- Acting as an account manager on dating sites
- Writing profiles
- Offering telephone updates on their matchmaking status
10. Ebay Assistant or Seller
An Ebay assistant or seller is similar to being a marketing affiliate. The key difference is that instead of marketing the product, you are selling it directly to the customer. When selling for others on Ebay or any other platform, you will sell the product and keep a commission as compensation.
Unfortunately, this type of job comes with risks. Commonly, scam artists attract Ebay sellers and use fake shipping papers to convince them to send payments. Unfortunately, even if you are scammed, you will be held responsible for your customers not receiving their items. Always remember to:
- Get to know the distributor
- Keep all payments in your e-wallet until the customer confirms having received the parcel
- Report any suspicious activity
- Do not share any of your banking details
You must have genuine idea or money and time in order to make startup. It will be better if you submit a business proposal to big companies like Angel Investment Network or can find proposals that meets your business credentials.
If you’re an entrepreneur and need funding for your startup or an investor looking to invest in an innovative startup project, Angel Investment Network can connect you.
Angel Investment Network is an online platform connecting startup companies with angel investors. Every day entrepreneurs think of great business ideas, but until the AIN platform was built, these entrepreneurs struggled to get the funding their businesses needed to grow and succeed. Equally, investors had no way of finding the hottest startup ideas to invest in.
The AIN platform easily connects the two: entrepreneurs use a simple form to submit a short, business proposal in order to attract investors; investors can browse through the proposals and contact the businesses which they’re interested in funding. So do visit the site and try to contact the supporters.
What are the best startups ideas right now?
For those brainstorming the best startups ideas right now (when you want to invest your own money into the development of some promising software), check the following resources:
- Research of 500+ software categories on Capterra showing which software niches are on the rise
- Gartner predictions for cloud services market
- SaaS transformation playbook for 2018 by Forrester
Let`s see what they are doing and who is behind these wonders:
1). TransferWise is the clever new way to convert money to send abroad. The idea is very simple.
Banks have been treating people unfairly for decades.
They charge you huge fees when you convert your money to abroad. Then they hide more fees in unfair exchange rates.
TransferWise has found a simple way to bypass the banks and make international money transfers transparent and fair. Like they should be.
The pricing is transparent. The exchange rate is the real one. The small fee is easy to spot.
Incubator: ICE .
2). Spire is a satellite-powered data company that tackles the world’s most unpredictable business challenges with truly global data solutions.
By providing unique data from any point on Earth, every hour, Spire offers a competitive advantage for organizations that require insight into areas such as global trade, weather, shipping and supply chain, illegal fishing, and maritime domain awareness.
Incubator: Lemnos Lab.
3). Catalia Health bring together artificial intelligence, psychology, and medicine to deliver lasting change. They create effective patient engagement and generate unique data of value to their customers.
Their cloud-based platform delivers unique conversations to patients to help address their ongoing healthcare issues in an effective way. These messages are delivered through mobile apps, a web interface, and our uniquely engaging (and patented) interactive robotic coach.
Their customers are healthcare companies who are searching for effective behavior change solutions, including pharmaceutical manufacturers and distributors, home health agencies, and healthcare providers.
4). Roomi makes it safe & easy to search for flexible, affordable shared housing.
Secure in-app messaging to instantly and safely connect users
Provides all of the details needed to make an informed decision on where to live and who to live with
Ability to instantly book online and set up automatic, online rent payments
Browse individualized search results based on income, location and budget
Proprietary algorithms help users save time and money while searching for an apartment and roommate.
Founders: Ajay Yadav
5). Kano is a tech startup that closed on a $15m round of funding led by Breyer Capital and Index Ventures. We’re a new type of computing platform, built for creativity. Our mission is to make it simple and fun for anyone, anywhere to make, play, and take control of the world around them.
Kano is for kids of all ages, the creative and curious, those who want to make technology, not just consume it. Simple stories and playful projects show you how to build and code – powerups in Pong, mountains in Minecraft, Snake boards, beats and songs, servers, radios, and more.
6) Décor Matters, an Augmented Reality startup that helps users visualize furniture and interior designs for their homes/offices without actually buying the products.
DecorMatters is the #1 user-centric tech-driven home design community, where millions of users feel free to DIY create and share their interior design ideas and social network with ease. Our community offers unique values to home design addicts, furniture shoppers, interior designers and decorators, and home decor & furniture brands, who are leveraging our inspirations, mini blogs, moodboard, interior design and AR visualization, and AR furniture shopping features to create, share and gain values instantly.