Many people are faced with the challenge of developing genuine business ideas. I realize that a lot of entrepreneurs don’t know where to start when it comes to business ideas. Trust me, the most confusing part about starting a business is to figure out which business you should start and what proper action plan you should take for the business to achieve the set goal. Are you here because you want to start a business, but you are not sure of the type of business to launch? All you have to do is to relax because you are about to learn how to develop genuine business ideas so that you can make your new business more profitable and successful.
You don’t have to be the smartest to start a business
A girl failed her exams, and the school invited her parent over to discuss their girl’s education. In the principal office, the principal, and the teacher advised the girl’s parent to let her repeat her class, and if possible, should get her a home tutor. However, the girl started crying, and told her parent that she doesn’t want to repeat the class, after all, she won’t even need the certificate.
Hearing what she said, everyone in the office was shocked, so they asked her, “what do you mean that you don’t need the school certificate?” She said, “I don’t need it because I will be starting my own business.” They all laughed, thinking about how can a girl who has failed be able to start a successful business. Knowing their thoughts, she said “you all think I am so dumb, right? To prove to you that I am not dumb, I can start a business right now, and make a lot of money.” They all looked at her as if she was going crazy already. Clearly, no one believed her. She left the office, and they went on with their discussion.
She made her point
Twenty minutes after, the school fire alarm went off, and everybody started running to escape, but they found out that the main door was locked and they began to panic. Capitalizing on their fear, the girl told them that she knows a way out, but each person will have to pay her $5. After everyone hurried to give her the money, she surprised them by walking towards the door and opened the lock for them to leave the building. Apparently, she was the one who triggered the alarm and also locked the door. Lol
She made a lot of money at the spot, but gave the money to the principal and said: “See, I told you I can start a business right now and make a lot of money.” Her parent, staff and principal were left dumbfounded. As she walked away, she spoke over her shoulder that the money should be returned to everyone who paid to be rescued.
You are good enough
I want you to know that anybody can become an entrepreneur, so don’t doubt your ability to start a successful business. If you want to own a business, then go for it and don’t ever let others discourage you. Maybe, you are afraid and think that you are not good enough because you lack some skills. Common, you are good enough, and you can always learn the skills you need to become better because learning makes us better than who we were yesterday.
Don’t try to think of excuses that will hinder you from starting your business. The only acceptable excuse is that you might not know how to develop genuine business ideas, and that is what we are going to tackle today. So that at the end of the day, you would be able to come up with mind-blowing and innovative business ideas.
[su_note note_color=”#91ccd6″]Please note: I don’t expect you to finish reading this article at once. If you can, please do and if not, you should bookmark it so that you can come back to continue reading from where you stopped.[/su_note]
And if you already have a business idea you want to start, then you should go ahead to read How To Start A Successful Business From Your Home
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What type of business do you want to start?
Before we talk about business ideas to develop, let’s talk about the type of business you want to start. So when considering business ideas to launch, the first thing is to know the type of business you will be running, and the platform you will be using. Are you considering running an online business? Are you thinking of starting a home-based business or a co-working space or a traditional office business? When you already know the type of business you want to run, then it will be easy for you to come up with business ideas. It is good to have a picture of what your business will look like so that everything you do can fit into that picture and make your dream a reality.
Are you considering a home-based business?
First, I want you to know that working from home is not meant for everyone. The fact that other people have a home-based business and the business is going well doesn’t mean that it will work for you too. That’s why it is important to understand yourself first. You have to know yourself well enough so that your choices can align with your personality. Know your weaknesses and strengths and also know your likes and dislikes. Working from home requires a great deal of discipline and setting priorities. If not, you will not accomplish anything meaningful. So the first thing you should do is to know your personality and see if working from home suits your personality or not.
I run a home-based business because it suits my personality. I have an INTJ personality which is one of the rarest types of genius. It means that I am Introverted, Intuitive, Thinking, and Judging. INTJ’s forms just 2% of the world’s population and INTJ’s women are even rarer because they make up only 0.8%. As INTJ, I thrive on independence and uncontrolled time. I am more of a private person and prefer to work alone or with a few trusted colleagues. I am great at strategic planning and have a mad level of self-discipline. So, based on my personality, working from home works for me. If you don’t know your personality type, you can take a free test on 16personalities.
If your personality is the type that loves being around many people and needs influence from outside to motivate you, then working from home might be an obvious disaster for you. In that case, you should consider starting your business in a co-working space so that you can draw motivation from people and things around you.
My experience working from home
When you know yourself, you will be able to engage in things or structures that suit your personality more, and this will result in less struggle and increase your chances of success.
For me, I feel distracted by the world around me, and midnight always presents to me the quietness I need. So, that’s why I am more productive at midnight. And since I already know that I am more productive at midnight, I figured out that the normal office hours of 9-5 is not for me at all. Therefore, this gave me more reason to decide to start my own business from home so that I can have flexible hours and work at my own pace. So, I work mostly at midnight. Yeah, you can easily guess that I wrote this article at midnight too (smiles).
I get to sleep all day and work all night except for when I have my schedules or booked appointment (speaking engagement or coaching) in the day. But, the good thing is that I have clients from all over the world so when I get to do online coaching, most times, my clients’ appointment falls in the day time for them whereas due to time zone, it could fall in the night time for me- which is always a perfect moment for me.
Will my arrangement of ‘sleeping during the day and working at night’ work for everyone? Hell no. We are all different, and that’s why it is always good to discover yourself and know what works for you.
Don’t start a home-based business simply because you love the idea
The mistake most people make is that they just copy others because they could see that working from home works well for others. They don’t take time to consider their personality to determine if the home-based business will actually work for them or not. The truth is that you can’t base your life on someone else’s manual; you have to write your own manual. Yeah, you can draw inspiration from someone else’s manual, but you still have to work on having your own personalized manual. Don’t do things because others are doing it; do it because you want to do it and because it will be good for you.
If working from home suits your personality, then you should gladly start a home-based business. Working from home will give you the flexibility to decide your working style and hours. You could work at night, and sleep during the day just like me or you could work during the day and sleep at night. You are not restricted to a 9 am-5 pm working hours. If you want, you can do 9-5 or do any hours that work best for you. It is all about working according to your own terms and condition. But you have to keep in mind that you need to be disciplined with whatever working style or hours you have chosen.
Don’t start a home-based business just because you love the idea of working from home; you should work from home because that’s what you want to do. I believe we are clear on the fact that you have to know your personality and be ready to stay committed and disciplined if you want your home-based business to be successful.
What business to start from home in 2020
So now let’s talk about what type of business to start from home. Just like working from home isn’t meant for everyone, also not all business can be home-based. What I mean here is that some businesses are well suited for home while some businesses are well suited for commercial office space. For example, it will be ridiculous to start a flour manufacturing business from home.
The most successful business ideas to start from home are service-based. Research shows that service-based businesses (especially internet-based) are the most business type suitable for home office. However, that’s not to say that a product-based business won’t thrive from home. But, if you are considering starting a product-based business from home, there are many things you must consider. You have to consider the environmental impact of your business, the nature of your product and the production method involved. If your product will require heavy production method to produce it, then it is not wise to consider starting such a business from home. In that case, you should get a traditional office for your business.How to #develop genuine business #ideas with ease Click To Tweet
How to develop genuine business ideas with ease
What does it take to launch a successful business? A successful business starts with an innovative business idea. Starting something you believe in will put you on the right path to achieve business success. To start a successful business, you have to understand the commitment and challenges involved. Remember, you’ll be spending a great deal of time working on your business, so you must make sure that you have a solid business idea, believe in your business and invest time on the front end to ensure business success.
You currently don’t have a business idea? You have nothing to worry about because I will teach you how to start a business with no idea. Very soon, you will learn how to come up with your own innovative business ideas. To come up with business ideas for your new business, you will have to consider your business motivation.
There are three aspects of business motivation:
- Fun or hobby-based business.
- Part-time lifestyle business.
- Full-time startup.
1. Fun or Hobby based business
How can you develop business ideas for fun or hobby-based business? I will give you two steps to follow to generate fun or hobby-based business ideas.
Step 1: Write down all your hobbies or things you like to do for fun. To make this easier for you, I have attached a list of hobbies below, so go ahead to pick every hobby that applies to you, and write them down.
Ultimate list of hobbies
Step 2: Think of how you can use your hobby (or what you do for fun) to solve someone’s problem. Business ideas are centred on making profit and profit is only made when you are solving someone’s problem. Answering the questions below will help you come up with your business ideas.
- What are the likely problems people face?
- How can I help using my hobby?
- Who are those who need help?
- In what situation or under what circumstance is my hobby useful?
- What value can I add with my hobby?
Now that you know the steps to take, how can you use the steps above to develop business ideas? Let’s see how this play out in the real world. I will give you a case study to make it easy for you to understand. Join me, and let’s go for a ride together.
Case study: Jessica
Step 1: Jessica top hobbies are:
- Web surfing.
So, how can Jessica profit with any of her top hobbies? This will lead us to step 2. Let’s assume she has decided to turn her number 1 hobby (web surfing) into a business.
Step 2: Since Jessica loves web surfing and have decided to turn her web surfing hobby into a business, let’s evaluate Jessica’s answer to the 5 questions below:
- What are the likely problems people face? Internet is accessible for all, and as a result, there is a lot of junk information on the internet.
- How can I help using my hobby? I am very good at surfing the internet, digging deep to get real information. Therefore, I will start searching online to verify and validate the information people receive.
- Who are those who need help? Gullible people. People who don’t know how to properly search online. Those who don’t have time to surf the internet or who are lazy to validate information online. People who have no clue that not all information online are real and reliable.
- In what situation or under what circumstance is my hobby useful? Shopping, research, business opportunities, grants, credibility, reputation, policy making, training and development etc.
- What value can I add with my hobby? Make access to reliable information very easy to get. Use the information to transform lives.
Developing Jessica’s business ideas
For Jessica to come up with concrete business ideas, she needs to focus on a niche. Therefore, she can decide to choose one or two situations that need her hobby. We can say that based on Jessica’s hobby (web surfing), the following niche is available for her to explore:
- Opportunities and grants.
- Training and development.
- Credibility and reputation.
Here, let’s assume she has decided to focus on shopping. She wants to start a business focused on helping people who don’t know where to shop online or what product or brand to shop for. So with this niche, what type of business do you think she can launch? Jessica business ideas can be developed in the following ways:
1. Subscription Box
Jessica can start a subscription box business. She would surf the internet for products people need and then put together quality products (from reputable brands) in a subscription box. To start a subscription box business, she has to put into consideration the existing community of enthusiasts, popular trends, recurring need, and evergreen category products.
Her subscription box will contain all the products people need at a subsidized price. How will she achieve a discounted price? She could reach out to the brands for the best market deal. Jessica can choose any category for her subscription box; skincare and beauty, home and garden, babies and children, pets, adventures, hobbies and crafts, food and drink, Saas and apps, self-help and training, etc.
For example, Jessica might decide to provide a camping gear subscription box (these falls under adventures category). She would put together essential items for camping and make sure that those items are of good quality and are durable (from reputable brands based on her research via web surfing). Each of her camping gear subscription boxes can consist of 10 items (e.g. sleeping bag, tent, rain jacket, fire starter, toilet paper, water filter, flashlight, pocket knife, navigation tool, and first aid kit).
Another category example is self-help. Jessica might provide a self-help subscription box. She could put together 5 highly informative self-help books in her subscription box to help transform lives. Another category example she could try is to provide a drink subscription box by putting together unique varieties of drink each month for her subscription box.
Why would people buy Jessica’s subscription box?
People are aware that if they would buy each item, the total cost will be higher than that of Jessica’s subscription box that already contained all the items needed. Also, if they decide to go and shop for those items, they might end up with inferior products or forget to buy one or two essential items. With this business idea, Jessica can work from home or rent an office, design a website, create a market place listing, set up billing, take orders and ship subscription boxes to anywhere in the world. The possibility for subscription box business is endless.
2. Product Review
With her web surfing hobby, Jessica can start a product review company. We all know that not all product reviews online are genuine as many companies tend to pay people for positive reviews. Hence, there is a lack of genuine review of products as most of the reviews online are fake. Jessica is aware of this scam and with her talent; she can help many people to avoid being scammed of their hard-earned money.
She might start a product review company, and make her business independent of those companies/brand influences so as to guarantee reliability and authenticity to her audience. Therefore, her audience/clients are rest assured that a product review coming from Jessica is genuine and real. She could make the review available in writing or video or infographics. She might choose to be unique and even make reviews with songs, poems or painting.
Find a product category
The first thing Jessica will want to do is to find a popular and tending product category so that she can attract a big audience, and start making money with her product review business. Then she could reach out to people she suspects might be using these products and try to interview them. Then put together everything said about the product(s) to provide a comprehensive review of the product(s) for prospective customers.
For example, Jessica could choose fitness category for her review business. This is because many people resolve to stay fit, therefore Jessica already has a huge audience. For fitness, she can review trending products that fitness enthusiasts use e.g portable blender, phone accessories, resistance band, sturdy foam roller, sports bra, sneakers, leggings, fitness tracker, yoga mat, water bottle, Ab roller wheel, etc.
If Jessica wants to be successful, she has to mind competitors; therefore she is supposed to think outside the box. As a way to think outside the box, she could interview people using the products and then compile a comprehensive review for each brand of the product reviewed. She could use her social media pages to reach out to neutral people that use such products and ask them for their genuine experience. Doing this means that Jessica product review business will not be based only on her own opinion about the product, but a collective genuine review customers/users.
How will Jessica make money from her product review business?
Studies have found that 86% of customers read local reviews before getting a product/service. In fact, the study says that the average consumer spends 13 minutes and 45 seconds reading reviews before making a decision. So, there is obviously a market opportunity here for Jessica. If Jessica decides to do a video review maybe on youtube, it means that an average viewer will spend 13 minutes plus watching her video and this will improve her YouTube’s algorithm. And if she decided to do a blog, it also means that an average reader will spend at least 13 minutes on her blog. Hence, it will increase session duration, reduce bounce rate and improve conversions for her blog.
Jessica can use an affiliate program for only the very best of products she has reviewed so that she can be sure of patronage. When someone purchases the product, she will get a commission for that. She can also have an independent source of income by selling e-books. She would make a comprehensive review of products/services that has always been a subject of argument. Her e-book will reveal the best brand that provides that product/service. Would people buy Jessica e-books for product reviews? Yes, they will buy it because she has already built a reputation that she’s not biased, and she’s willing to provide the truth and fact about any product she reviewed. Jessica can run this business from home or anywhere from the world.
3. Personal Shopper
Jessica can start a personal shopper business. Since she is good at surfing every looks and cranny of the internet to get the best product/service at a great deal, so she can start helping people to get quality product/service at a reasonable price.
I remembered when I met with one of my friends at a conference, she was wearing the same wristwatch with me. I told her I got mine online at a much cheaper price than hers. She was surprised when to know the amount I paid compared to the amount she paid for the same wristwatch. The funniest thing was that the one she got isn’t authentic despite the huge amount she paid for it. I shared the link to the site with her, and she said she’s never seen the site before. I laughed, and I said to her, “have you forgotten that I’m a guru when it comes to searching the internet?” smiles.
So many people don’t know how to shop online.
A lot of people don’t know how to maximize online shopping sites. They don’t know the techniques to browse Amazon, Google, eBay, Wish, Etsy. Oh, many are not even aware that you need some techniques to effectively get quality products or services online at a great deal. For example, when google shopping, or searching popular shopping site like amazon, most people only stop on page 1 and at most page 2 of the results page.
Appearing on top page on Google or Amazon doesn’t mean they provide the best product or service; it has a lot to do with SEO marketing, advertising and promotion. And you should bear in mind that some of the reviews you see are influenced directly by companies, hence you shouldn’t rely so much on some reviews you see online. Appearing on the front page of Google has more to do with SEO marketing and less to do with brand credibility. More so, when searching, many people don’t know the right keywords to use for online shopping search.
Turning her hobby to paycheck
As someone who is an expert at surfing the internet for genuine information, Jessica can always turn her hobby to paycheck by helping others. Sometimes, it is just a matter of just sharing info (link) with people instead of doing the purchasing on their behalf.
Jessica can start an online personal shopper business with her hobby. Customers will send the order to her, and her job will be to help them get every item on the list. She will be getting her customers/clients the best of the best product. She would interview her clients to get a firm idea of their needs, budget, tastes and dislikes. Many people have the opinion that personal shopper is for big spenders, and are focused on only finding clothes and accessories. That’s not true. Anybody can use the service of a personal shopper, and a personal shopper isn’t restricted to clothes and accessories. A personal shopper can help with anything you want to shop for, including groceries.
How will Jessica make money from her personal shopper business?
According to PayScale, the median per-hour rate for a personal shopper is $11.57 per hour and a yearly range from $23,000 to $76,000. Definitely, this is a market opportunity for Jessica and she can run this independent consultant business from home. Jessica could write blog posts so that people can have an idea of how much they can save if they choose to hire her service. She would have to search for new clients by promoting and marketing her business and effectively manage her business.
Who will hire Jessica for her service? People who are lazy to shop or those who have a very tight schedule and have no time to shop or people who have no clue of where to get awesome offers. More so, people who are looking to save more money will hire Jessica service because they know that she’s sensitive to client’s budget and will help them get the best product at a great offer, hence save money. When they calculate the amount they saved on shopping and the amount they paid to hire Jessica, they will be glad they hired Jessica.
4. Trade Agent
Jessica can start a trade agent business because she knows where to search for great shopping deals. Also, she knows how to do a background check and an in-depth search for information for brand credibility.
You know, I did work as a trade agent. Though I didn’t turn it into a business, it is something I do once in a while to help people. I didn’t turn it into business because my cup is already full. People always come to me to help them out because they know that I know how to verify any information online. I remembered when a friend wanted to buy a car. He was afraid because he has heard so many stories of how car dealers sell stolen cars, or sell cars with bad engines or steal cars from buyers as buyers drive the car they purchased home. Also, he was worried that his budget might not get him a very good car.
I decided to help him, and I started searching online for local car dealers. I did an in-depth search online. Then I verified the credibility of each dealer on a government site dedicated for verification (only a few people know about this verification site). Also, I contacted some people who have purchased a car from the dealers to hear their first-hand experience. I did all this online so I didn’t have any face-to-face encounter with anyone, but I got all the information I needed. I choose the best car dealer, gave him a call and bargained with him for a reasonable price. Then I also searched for mechanics. I did an in-depth search to get the best mechanic.
Most people that are talented are always hidden.
Let me tell you one truth you are probably not aware of. If you want the best of something, be willing to search very deep. This is because talent is often hidden. After getting all the information, I sent it to my friend. He went to that car dealer with the mechanic. The mechanic tested the car to confirm that he wasn’t just buying body. After testing the car, my friend paid and drove his car home. He’s still using the car after 5 years.
How will Jessica make money from her trade agent business?
Now, if I am to turn this hobby into a business, I would charge a commission or request a service fee. Imagine if I am to collect 5% of the car worth, it means the money I get from one deal alone can sustain me for at least 2 months.
Trade agent business presents a good market opportunity because many people don’t know where to purchase things that are from a reliable source. More so, many people are afraid of being scammed, and Jessica can help these people out while she’s earning money as well. What will she do? Jessica will connect manufacturers to distributors or end-users, and she will be paid for connecting them ( either a fixed price or commission percentage). She can run this business from home or anywhere with minimal starting capital requirements. Trade agent is different from a personal shopper business. As a trade agent, all she has to do is just to present the information (connection) for buyers, and that’s all.
5. Training Course
Jessica can start an e-learning training course on surfing the web. Many people use the internet without being aware of the potential risks. We all know that there are many dangers when using the internet. You can’t just be searching the internet, clicking on everything and visiting every website because some of these activities can expose you to cybercrime. There are some websites that when you click on it, they will have access to all your information online, including your card details.
Jessica can start a training course to teach people how to safely surf the internet. She would make them understand that weaknesses in browser extensions and plugins, cookies, using one password for everything, opening strange messages or popup, etc. can be used by criminals for a malicious act. She would make a comprehensive course on what she knows best (web surfing). Jessica could make the lesson available on Udemy, Thinkific or teachable.
The course is suitable for everyone who uses the internet. Therefore, Jessica clients could be students, entrepreneurs, directors, politicians, managers, supervisors, stay at home moms and dads, etc. You know, I saw an online course on surfing the web for 750 EUR. Yes, Jessica might not be able to sell her own course for 750 EUR because she’s just starting her business and she needs to build an online reputation and market first. However, she will definitely earn a reasonable amount of money by selling an online course on her web surfing hobby.
Will people pay for this course?
Yes, they will because everyone wants to have the assurance that they can protect themselves from cyber-attacks. People want to be independent and learn how to effectively use keywords to search for information online. They want to learn how to verify the authenticity of the information received online. More so, they want to learn the number of precautions that can be taken to stay safe when using the internet for personal use, work and business. One of humanity biggest need is safety, as everyone wants to feel safe. So, Jessica can make a profit by attending to the need for safety; helping people have peace of mind and confidence to use the internet.
Let’s wrap up on this case study
Using the above steps for generating fun or hobby-based business ideas, Jessica can come up with many innovative ideas as she wants. Jessica has the option to choose from any niche of her choice. Although, we focused on shopping niche for the sake of explanation, however, Jessica might choose to pick any other niche. Let’s assume that instead of ‘shopping’, she chooses to focus on business opportunity and grants niche. She can use her web surfing hobby to come up with different business ideas for her ‘business opportunity and grants’ niche:
Jessica could offer her skills (web surfing) as a researcher to those looking to set up a business or find a new supplier in a particular niche. She can collect data and facts relevant to a specific topic or topics, and then sell the compiled data to individuals, and businesses that require the kind of information she has compiled. She could also start a critics business based on the information she gathers, and people will trust her opinion more because she’s an outsider. Jessica could also do a market opportunity research for a different niche, compile and sell it.
So, can you see the different ways Jessica can come up with business ideas and fully launch her business? If you are planning on using your hobby or things you do for fun to make money, then go ahead to use this method to generate mind-blowing business ideas for your fun or hobby-based business. You only need to relax, and let yourself to think.
There is no limitation to what you can achieve as long as you can think it.
2. Part-time lifestyle business.
Now, we move on to Part-time lifestyle business. How can you develop business ideas for a part-time business? I believe you are thinking of starting a part-time side hustles because… let me guess; you have a less-satisfying job (either the income you earn isn’t enough, or the job is your worst nightmare, and you are looking for a change). You know it would be easier for you to quit your current job and start your new business, but you still need the paycheque to pay your bills for the time being. So, the question on your mind now is: how do I get ideas to start a side business while I’m still working my full-time job?
Step 1: Write down all your talents and skills. You need to know that whatever side business idea you choose to work on, it has to be something you are good at (an expert in) so that running that business will come to you naturally and won’t be overwhelming. Remember you don’t have much time to spare, so to effectively manage the time spent on side business idea; the business idea has to be an extension of you.
Ultimate list of talents and skills
Check the list of talents and skills below and choose your top 5 talent and skills.
Step 2: Think of how you can use your talents or skills to create a side business. From your top 5 skills and talents, you will choose the ones you think you can work on and turn into a business (think of how you can use that talent or skill to solve a problem). You should know that your skills or talents are your areas of strengths and you will need to focus on it so that it can be easy for you to profit with it. To make it easier for you, ask yourself the following questions below.
- What problem can I solve using my skills and talents?
- Who or what needs my skills and talents?
- How do my skills and talents fit into my daily life?
- What value can I add using my skills and talents?
- How much time will I dedicate to my side business?
Let’s do a case study so you can see how it plays out in the real world.
Case study: John
John works as a customer care agent. He hates going to work because he doesn’t like his workplace culture and environment. The only reason he is still doing that job is for him to be able to cater to his basic needs. Though, he has decided to pursue happiness and embrace independence by starting his own business; however, he knows he would be in a financial mess if he chooses to just resign from his current job. So, he resolves to start a side business instead, and when the business grows, he would quit his current job to focus fully on his new business.
What business ideas can John come up with?
Step 1: Based on his profession as a customer care agent, let’s assume John’s top 5 skills are:
- Attention to details.
- Emotional intelligence.
Step 2: Now, let’s review John’s answer to the questions below with the focus on his top 5 skills.
1. What problem can I solve using my skills or talents?
- There is a need for people to be pushed in the right direction.
- Many people want to start spending their time more effectively.
- Everyone wants their voice to be heard.
- There is a need for people to improve wellbeing and relationship.
2. Who or what needs my skills and talents?
- Those who are looking to save money.
- Those who are looking to save time.
- People who want to feel comfortable.
- Those who want to become healthier.
3. How do my skills and talents fit into my daily life?
- I always schedule my daily activities around my top 5 skills.
- I think of my time as money, hence I am always conscious of things I decide to spend time on.
- I set daily goals and stay honest with myself.
- I focus on nourishing my mind, body and soul.
- I reflect at the end of each day.
- I find others to push me and train with.
- I always create a reward and punishment system for myself.
- I believe consistency is key.
4. What value can I add using my skills and talents?
- Motivation and enthusiasm.
- Provide a platform to support others, and push them in the right direction.
- Connect passion with purpose.
5. How much time will I dedicate to my side business?
- I am willing to dedicate 4-5 hours per week on my side hustle.
- I am willing to sacrifice (forgo activities with low returns e.g cut down the time I spend on Netflix) and free up more of my time to achieve my business goal.
Now that the questions have been answered, can you think of business ideas that will be suitable for John’s side business? Common, think… think. OK, I will help out. Based on John’s top 5 skills and the answers to the questions in step 2, John can generate the following side business:
John can start a podcasting business. John will have to embrace a specific niche so that he can share his expertise and services via his podcast and become an authority. Since he is an expert in customer service, he can focus on sharing tips and secrets of customer service to entrepreneurs, business owners and startups. More so, since he is already aware of how much time he can dedicate to his side business, podcasting will be a good option for him. Most podcast experts say that 20-45 minutes is an ideal podcast show length. John is willing to dedicate 4-5 hours per week; therefore he can do 60 minutes (1-hr) podcast per week and use the remaining hours to promote his podcast.
John has to decide how the show will be organized; if he would be the only person speaking or he would be having guest interview to talk about customer service. Also, he would have to decide the duration and frequency of his show. He will decide whether the show is going to be daily and last for just 20 minutes or a once a week basis and last for 45-60 minutes. In John’s podcast, he could reach out to people and encourage them to share their good and bad customer experiences live on his podcast show so that business owners, entrepreneurs, and startups can learn from it (know what to do and what not to do). He could also have a Q & A session every week on his podcast.
How will John make money from his podcasting business?
There is a huge market opportunity for John as everyone who has a product or service is looking to make a profit, and no profit will be made without having customers and retaining them, hence there is a need for customer service. John is using his expertise to help his audience increase customer loyalty, and increase the amount of money each customer spends on their product/service.
John can make money through affiliate marketing, get sponsors, and donation through Patreon. However, John will make more money if he decides to sell his own product or service, that way he won’t have to depend on other people or organization to earn money. He could put together top customer service secrets or tips or customer service ultimate guide for business and sell it as a hard copy book, online course or e-book to his audience.
Also, he can sell ads directly. According to AdvertiseCast, average 30-second CPM (cost per 1K listeners) rates are $18, while 60-second CPMs are $25. He could also have premium content, and demand subscription fee from his audience. The interesting thing is that many podcaster get approached for speaking gigs in their area of specialization. So, John would also get paid for speaking at business conferences or live events.
To make his podcasting business successful, he has to focus on his skills. He would use his top 5 skills; communication skills, attention to details, emotional intelligence, discipline and patience to push his business forward. Due to John’s level of discipline and patience, he won’t have a problem to stay committed to his podcast show. He could plan shows in advance and take time each week to plot out show ideas for the future so that he will always have something to record for his show.
2. Presentation Design Service
John can start a presentation design business. One of the problems identified by John is that people face the challenge of getting their voice heard, and John can solve this problem by using his skill is to help people get their voice heard. As a presentation design consultant, he will help people to make their voice heard at work, in the meeting and society.
Everyone knows that getting yourself noticed in the workplace or getting your business noticed is vital to your success. No matter how many great ideas you have in your head, if you can’t properly communicate it, it will be good as useless. John can start helping entrepreneurs, business owners, startups, marketers etc. to effectively present their product/service to customers.
He will use his expertise in customer service to create presentations for his audience to get new clients and investors. His communication skills and emotional intelligence will empower him to design presentations that capture the attention of potential customers. Many founders, small business owners and freelancers often don’t know how to give voice to their product/service and attract profit, therefore John could help solve that problem because he’s a customer-focused individual with excellent communication skills and he’s able to bring their vision and passion for their business to live.
How will John make money from presentation design business?
He would be paid for every presentation he designs. According to HR specialists, the average hourly pay rate for an experienced presentation designer is $50 to $75 per hour. Junior designers work at $30 to $50 per hour. John is expected to always hone his skills so as to deliver great designs to his clients. John can run this side-business from home or anywhere. He just needs a website to showcase his portfolio, create a market place listing and promote his presentation design business online to get clients.
3. Customer Service Training
John can start customer service training as his side business. He will teach business owners who want to deliver an amazing customer experience for their product/service. When they learn the tricks and techniques of good customer service, they will be able to create a stronger customer service culture that builds loyal relationships with customers, lead to more sales from existing customers, and increase revenue.
John could offer training to individuals or corporate members, both online and onsite. Every business goal is to increase customer/client base, and with proper customer service training, they will be able to achieve their business goal. John doesn’t have to be a super expert before he can start this training program. However, he has to be willing to share his knowledge and experience on customer service and help others to create an amazing customer experience. He also has to be willing to learn every day and hone his skills.
John customer service training business will focus on teaching individuals and business owners the importance of customer service. He will teach them the handling of difficult customer, overcoming communication barriers, understanding body language, and using assertiveness technique to improve customer experience and convert prospects into paying customers. As a result, John will inspire business owners to focus on customer service because a company with a good customer experience will turn their customers to advocates, creating word of mouth advertising.
How will John make money from customer service training?
He will make money from doing onsite training and through affiliate marketing. He will also make money by selling his online course. The interesting thing about online course is that it can be sold over and over again with the same content; hence it is a good side business as you will be able to earn passive income. After putting in the effort to create online courses, John can earn money while on the autopilot.
4. Fitness Business
John can take a diversion and use his skills to start a fitness business. One of John’s top 5 skills is discipline, and running a fitness program requires a lot of discipline. More than motivation, discipline is required to achieve fitness success and become healthier.
John loves helping others to achieve their goals, so for him to consider becoming a personal trainer is not out of context. John can take instructor training for a few weeks and begin teaching others, putting into consideration his own schedule, rate and terms. He’s to consider a speciality that matches his personal interest so that he can be easily known for what he does.
How will John make money from fitness business?
John can start his fitness business from home with no equipment workouts. A perfect example is Chloe Ting. He can create workout plans in the form of a video or PDF and then sell it through online store as a download. More over, he can also sell fitness products, and e-books. John can charge a fee for personal coaching and fitness seminars. John can also take Zumba training to become a Zumba instructor and earn 200 Euro or more per week. This is a good side business idea. John can run this type of business from home with a low operating cost.
Let’s wrap up on this case study
Can you see that based on your skills or talents, you can come up with different business ideas to launch your side business? So, what other business idea do you think is suitable for John based on his top 5 skills? Go ahead to use this method, and you will be able to come up with some business ideas focused on your strengths (skills and talents).
Staying committed to your business will drive business success.
3. Full-time startup based business
For full-time startup based business, you can either go for business ideas you developed based on your hobby/fun or the business ideas you developed based on part-time lifestyle business. The only difference is that with a full-time startup based business, you will be working full-time on whatever business idea you decide to work on. Therefore, you will have to put in your resources (money, time and energy) to manage your full-time startup. The truth is that laying the foundation of a new business in this competitive world is a difficult task. So, to be successful in business, you have to stay committed and be consistent. You have to stay focused on your full-time business.
150+ Best Business ideas you can start in 2020
In addition to developing your own unique business ideas, I thought that I should give you a head start. Here are some business ideas to help you get started:
- Accounting and Bookkeeping service.
- Acquire and Resell Parts from Electronics Stores.
- Affiliate Sales and Marketing.
- Airbnb Host.
- Amazon Reselling.
- Antique Refurbishing.
- Apartment Preparation Service.
- Art Collector.
- Arts and Crafts Instructors.
- Becoming a Child Advocate.
- Becoming a Notary Public.
- Becoming a Personal Chef.
- Being a Gigwalker.
- Being a Part-Time Mover.
- Being a Task Rabbit.
- Boat tours.
- Brand Ambassador.
- Brew Your Own Beer.
- Build a Chrome Extension.
- Build Custom Software for Freelance Clients.
- Building a Niche Website.
- Business Incubator.
- Buy and Sell Domain Names.
- Buy Used Electronics and Refurbish Them.
- Buying and Selling Cars.
- Car Washing and Detailing.
- Career Coach.
- Carpet Cleaning.
- Catering Business.
- Child Care.
- Children Party Service.
- Clothing Alterations and Tailoring.
- Coaching Sports Teams.
- College Admissions Essay Tutor and Editor.
- College Counseling.
- Commission-Only Sales.
- Computer Repair.
- Computer Training and Lessons.
- Contract Customer Service.
- Dance Instructor.
- Data Analysis.
- Decorating Service
- Develop an App.
- Dog Walking.
- Drive for Uber or Lyft.
- Drone videographer.
- Drop shipping.
- Ebay Sales.
- Ethical Business Consultant.
- Event and Party Planning.
- Expense Reduction Consultant.
- Fill Out Online Surveys.
- Fiverr Gigs (freelancer).
- Floral Design.
- Freelance Content Marketing.
- Freelance Ebook Writing.
- Freelance Proofreading and Editing.
- Freelance Writing & Copywriting.
- Gardening Consultant.
- Google Paid Ad Specialist.
- Grant Writing Business.
- Graphic Design.
- Home Appraisal.
- Home-Based Makeup Services.
- House Cleaning.
- Human Billboard.
- Instagram Marketing.
- Interior Design Consultant.
- Investing Others’ Money.
- Investing Your Money.
- Jewelry designing.
- Junk Removal Service.
- Landing Page Specialist.
- Licensed Product Distributor.
- Litter Removal for Local Businesses.
- Local Business Consulting.
The list continues:
- Make-up Artist.
- Making Custom Furniture.
- Making Handmade Jewelry.
- Making Seasonal Decorations.
- Mobile Laundry Service.
- Music Instructor.
- Officiating Recreational Sports Games.
- Online Bookkeeping.
- Online Coaching.
- Online Dating Consultant.
- Online News Correspondent.
- Online Researcher.
- Online Store.
- Online Subcontracting.
- Part-time Bicycle Delivery.
- Patent Something.
- Pet Grooming.
- Pet Sitting.
- Phone Case Business.
- Pool Cleaning.
- Portrait Photographer.
- Private Labeling and Selling Products on Amazon.
- Professional Organizing.
- Property Manager.
- Public Speaking.
- Purchasing an Existing Website.
- Real Estate Sales Consultant.
- Remote English Teacher/Tutor.
- Rent Out Your Space.
- Rent Your Car on Turo.
- Resume Service.
- Sales Trainer.
- SAT Tutor.
- Sell on Etsy.
- Selling Handmade Clothing and Garments.
- Selling Life Insurance.
- Selling on TeeSpring.
- SEO Expert.
- Small Business Marketing Consultant.
- Social Media Manager.
- Start a Blog.
- Start a Popup Shop.
- Start a YouTube Channel.
- Stock Photographer.
- T-Shirt Printing Business.
- Tattoo Studio.
- Tax Preparation.
- Teach DIYs.
- Tour Guide.
- Travel Consultant.
- Vehicle Advertising.
- Virtual Assistant.
- Voice-Over Talent.
- Web Design.
- Web Development.
- Wedding Photographer.
- Wedding Planning.
- Window Cleaning Services.
- WordPress Website Consultant.
- Working on Mechanical Turk.
- Writing and Editing Resumes.
- Writing Erotic Fiction.
- Writing Greeting Cards.
- Yard Work Services.
- Yoga or Meditation Instructor.
The thought of starting a business might scare you, or excite you because there are uncertainties and the fear of the unknown can be overwhelming at times. However, you have nothing to worry if you start on the right note. That is to say, you have to ensure that you do the right thing from the beginning. The beginning of every entrepreneurial journey starts with business ideas. Therefore, pay attention to your business idea and make sure your business idea worth the start of the journey.
To develop a good business idea, firstly, you have to define your motivation for starting your business, and secondly, you have to have a picture in mind for your business. If you follow the steps discussed in this blog, developing a business idea will be easy for you. In conclusion, allow your mind to think wild and don’t restrict your potential. Sometimes, great ideas appear impossible to achieve because they cut beyond boundaries and norms. However, if you work towards it, you will realize that you can do whatever you set your mind to do. Never restrict yourself, and don’t let anyone or anything to tell you that you can’t achieve whatever you conceive in your mind. If you can conceive it, you can achieve it.
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Copyright by Ayobami Abiodun