Are you interested in generating small business ideas for beginners? Do you need a beginner business idea to start a venture with?
Business Idea: This is actually a plan which when executed will benefit both the idea owner and the end user. An idea comes before a business is formed or launched. A good business idea is not just on making a profit but for solving the end user problems.
So many people are so confused by the term, ‘business idea’ that they don’t know if what they have inside their head is regarded as one.
Business Ideas for Beginners to Start
What are the types of business opportunities available around you?
Categories of a Business Idea
• New: A new business idea or invention.
• Improvement: This is where one takes an existing money-making business idea and deliver it in a better way, either directly or indirectly. It may be by adding better additional value or services. Examples are Virgin Airlines and LED Lighting etc.
• Disruption: A new and revolutionary way of doing things. Examples are Amazon, Uber, AirBnB etc.
In this post, I will be covering everything you need to know about business ideas and how to generate them.
Business Ideas and Business Opportunities
We have all heard of the term ‘business ideas’ and ‘business opportunities’ but, is there any difference among them?
Since I have explained what business idea means above let’s take a look at men and women business opportunity and see if they are different terms.
Business Opportunity: A business opportunity is a packaged product or service that enables one to start a business.
In a nutshell, a business idea gives birth to a business while a business opportunity comes from an existing business.
You may experience multiple daily income business ideas running through your head but, only a few of them can be seen as a profitable venture. These few are what I call ‘business opportunity’. One can’t create a business plan for a business, a business plan can only be prepared for a business opportunity.
How Can One Turn a Business Idea into a Business Opportunity?
If a business idea hit you and you are thinking of getting investors, it will be very hard because investors only invest in business opportunities, not business ideas. So, turning your business idea into a business opportunity is by conducting researches on your business idea which involves your ideal target market, writing a marketing plan, market feasibility study and writing a business plan.
This is when a business idea becomes an opportunity and investors can be willing to consider investing in your business.
Sources of Business Ideas
You may be thinking about starting a business but the issue is, you don’t have any business idea in mind you would love to venture into.
There are so many sources of business ideas and you don’t have to be a genius to come up with successful business ideas. Here are various ways even home business ideas can be generated so you can venture into self-employment;
• Personal experience
• Having conversation
• Attempting to solve an existing problem etc.
In addition, you can go and get this book, “How to Generate Good Ideas” by Belle Cooper at any bookstore near you or at Amazon. It will really help you.
Does One Have to be Creative to be able to Generate Business Ideas?
To be frank with you, creativity is absolutely one ingredient to generating business ideas along with ingenuity and vision. The challenge with most people inability to generate business ideas is that they don’t have confidence in their ability to tap into their creative mind and express it. You must have the courage and confidence to submit ideas that others might think are frivolous or ridiculous.
Questions You Need to Qualify Your Business Idea
Here are some questions you will need to answer to qualify a fast growing business idea before venturing into it:
• Do I have the required skill and experience for this idea to work?
• What is my competitive advantage?
• What need does my product or services fill?
• How big is my market?
• What resources/tools will I need to build this idea into a viable business?
• What is my price point?
• Am I passionate enough about this business idea?
• How do I test this idea?
• What are my marketing strategies?
If you have what you believe is a “great idea”, the next challenge is to prove or test that it will translate into a successful venture.
How to Analyze Business Ideas
It is not something new that many startups may never be able to make a reasonable profit and there are practical factors behind this discovery. For you to avoid falling prey to business failure it is imperative that you do the groundwork before choosing any business idea available to you. The factors that need to be analyzed before you commit to any direction are as follows:
Capital and Funding
One great way to analyze a business idea is through available funds. Your capacity financially greatly has an influence on the category of enterprise you will focus on. You know for sure that so many businesses fail because of lack of capital. How much money do you have to invest in this idea?
You need to perform a thorough target market feasibility study and determine whether the need for that product or service exists, and if this is confirmed, the next step is to evaluate the competition supplying such product/service that is currently meeting this specific need. Going into a market that is well over-saturated is a step that can lead your business to failure. This is one important consideration when you are starting a franchise business as a first timer.
You need to consider a location that suits your business. A location where your ideal customers dwell is essential to look at for. Factors such as closeness to market, security, good road network etc.
Other external factors that may affect your business include weather, government policy and currency exchange rate.
GENERAL BUSINESS OPPORTUNITIES
- Kids and Children
- Most Profitable
- Daily Income
- Low Cost Investment
- Disabled Persons
- Chemical Based
- Small Towns
List of Profitable Small Business Ideas with Low Investment for Beginners
Here is a list of profitable small business ideas that any serious entrepreneur can venture into creating wealth.
• Rabbit Rearing
• Fish farming
• Mini importation
• Floral business
• Event management
• Bakery business
• Mobile phone repair business
• Website designing
• Bead and wireworks making
• Carwash business
• Poultry farming
There are lots of business ideas for beginners all over the web that require small capital to start. Just do your own research on any business idea of your choice, conduct your own feasibility study about the business and decide if you are okay with it and take action.