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What makes a great business idea? A successful business idea addresses a real market need, offers a unique value proposition, and has the potential for scalability and profitability. It should be practical and achievable with available resources and adaptable to market changes.
- Handyman. Are you always fixing things around the house? Often on-call when friends need small projects completed? Create a website, conduct a competitive analysis to determine what your time and expertise are worth, and turn to the friends you’ve helped before for referrals.
- Woodworker. Similarly, if you have a passion for crafting beautiful furniture or other home goods out of wood, that could be a small business niche for you.
- Online Dating Consultant. Dating consultants usually charge for their time. They help people create successful online dating profiles, source possible matches from outside the typical online channels, and offer a level of personalization that a site like Tinder can’t.
- Sewing and Alteration Specialist. People will always need clothing hemmed and buttons mended — and you could be the person to do it. If you love sewing, start by offering simple services like those mentioned above and expand your repertoire to dressmaking and design as you build a customer base and demand.
Jul 21, 2020 · Entrepreneurship Essentials. Strategy. Email. Share. Entrepreneurship is the pursuit of opportunity beyond currently controlled resources. By definition, entrepreneurs seek to fill a need in a new way. For aspiring entrepreneurs, however, generating strong, novel business ideas can be challenging.
- Does your business idea solve a problem? According to Mike McGee, an entrepreneur and the co-founder of web design school The Starter League – which has been acquired by Fullstack Academy – feels that the best business ideas solve a problem in some way.
- Will people pay for it? Whether you’re focused on a creative new business idea or have an idea for an easy-to-start business, you’ll need customers. Paying customers validate an idea and determine which ones have the greatest chance for success, said Wil Schroter, co-founder and CEO of Fundable.
- What’s your price point? Charlie Harary, co-founder and partner of investment firm H3 & Co., said great business ideas solve problems in a way that is less expensive than what the market will endure.
- Is there a sizable niche market for your business idea? Without a large enough market, your idea may never get off the ground. You must determine if a niche market exists for your idea.
- Solve a problem. Your business must solve a real problem. The most successful businesses always do. But how do you identify a real-world problem? Try one (or all) of the following
- Talk to family and friends. It’s challenging to think up ideas solo. So, reach out to someone you trust. Your family and friends can be a great source of inspiration.
- Make tasks easier. The best and most lucrative businesses are often the most mundane. They help solve basic problems by making them easier or more efficient.
- Build on an existing product or service. A great business idea doesn’t require reinventing the wheel. Instead, take an existing product or service and make it better.
1. Ask family and friends. The first place any entrepreneur should look when coming up with new business ideas is their own network of family and friends. After all, these are the people who know you best and will be most likely to support your new venture.
Mar 12, 2024 · 54 Good Business Ideas in 2024. We’ve broken down these good business ideas into a few different sections. Here’s how they’re categorized: Types of Good Business Ideas. Low-Cost Startup Ideas. Online Business Ideas. Remote Business Ideas. Freelance Ideas. Business Ideas for Women. Side Hustle Ideas. Recession-Proof Business Ideas
