“Why climb the corporate ladder when you can build an elevator in your own building?”
― Joshua E. Leyenhorst
Starting a business takes a lot of thinking and planning. Finding an excellent business idea can be a daunting task – what with the different options of business ideas you can choose from. In this article, we will explore the process of finding the right business idea to start on as well as offer some of the hottest and most popular business ideas. A successful business does take a great idea to begin with. However, this is not necessarily the case all the time. An original business idea can either go up or down. Since it is unproven and untested yet, such an idea doesn’t usually come with an established market.
You Want To Start A Business?
The first step to starting your own business is to find a brilliant business idea that will make money. To find that excellent idea, you should think creatively, even out of the box, so to speak. You can start by asking yourself what interests you. You must be enthusiastic and passionate about your business idea. That’s why as much as possible, your business endeavor must really be in your field of interest. You can find business ideas from your friends and family members. You can also do some research in the internet to find the hottest business ideas today. Another great way to think up a new business idea is to observe the latest trends.
Which Idea Should You Go With?
There are virtually no limits as to the choices of business ideas for entrepreneurs. There are literally thousands of options. From pizza parlors to freelance writing, from services to products, you can definitely find a business idea perfect for an entrepreneur like you. However, which among these thousands of options are you going to stick with? As mentioned above, you should be enthusiastic and passionate about. There is an adage in entrepreneurship that goes like this: “Do what you love and the money will follow.” However, this formula does not guarantee instant success. Many entrepreneurs have pursued business ideas that are in line with their interests with varying degrees of success and failure.
Some Inexpensive Business Ideas:
Let’s assume that you are just about to start your own business – a new entrepreneur so to speak. Whether you are a homemaker looking for ways to earn extra Side Income or unemployed trying to start a business from scratch, there are several opportunities and ideas you can tap to start a business without spending too much capital. The following business ideas will not guarantee instant riches within months but they have the possibility to grow into full-time businesses in due time.
Be A Web Entrepreneur
The internet offers vast potentials for earning money. From freelance work to creating your own eCourse, there is simply an abundance of business ideas you can choose from. You can start by setting up your own website, no need to have technical know-how about web design, just make sure that the site looks good and it provides excellent content. Then, sign up for an affiliate program – this is where you will earn. Then, learn as much as you can about search engine marketing and promote your website. Regularly update your site with new content and just wait for the revenues to come in. It may not be much at first but over time, affiliate programs can help you earn a decent income – and you didn’t spend too much except your time and your knowledge.
Setup An Amazon Business
Amazon is the biggest online retailer because it is a brand that customers trust. If you’re selling on Amazon, they’ll trust you too. You can sell products that you make. If you have a great product idea, or even just a talent for creating new things, your products could fill a niche on Amazon. With little or no competition, these kinds of products are potentially lucrative – but it’s incredibly difficult to be original! You can sell products from wholesalers. The traditional retail business model, you could source products from wholesalers or manufacturers and sell them with a mark-up on Amazon. But beware – having stock shipped to your home address usually means buying high volumes of stock in advance! If you plan to use this method, consider drop shipping, where stock is dispatched directly from the wholesaler.
You can sell white-label products sourced from China through Alibaba or Alibaba Express. The possibilities are endless.
Try Multi-Level Marketing
Do you have the ability to persuade people to purchase products and services you offer? Do you have a wide network of friends and contacts? Do you have enough time on your hands to move around talking to people? Then you probably have a future in the world of Multi-level Marketing or MLM. This is one of the fastest growing businesses today and you can have it based right in the comfort of your own home.
Now these are just a few of the huge array of business opportunities you can choose from. Widen your horizons and look for more possible businesses ideas. Dig up magazines, journals, and other publications that might provide additional business ideas for entrepreneurs. Do your research on what the latest trends are. Who knows, you may find the right business idea for a new entrepreneur and strike gold. I have all the confidence in you and the only way to true financial freedom is to start YOUR own Side Income business.
Should your business be on social media? Absolutely. But should you have an account on every platform? Not necessarily.
Your social success depends largely on the type of business you run and how much time and effort you intend to put into your strategy. Some networks, like Facebook, are more low-maintenance and work for every type of business, while others, like Instagram, require more dedication, working best for businesses in certain niches.
We profiled the top social media platforms, so you can learn how to utilize each one for your business and determine which ones fit your needs.
Facebook is the biggest social network out there, both in terms of name recognition and total number of users. With over 1.39 billion active users, Facebook is a great medium for connecting people from all over the world with your business. And Facebook is not only the biggest network, it's arguably the most versatile one. In the 11 years since it launched, Facebook grew from a simple website where college students could keep in touch into a multifaceted Web and mobile social-platform where anyone can connect with not just their friends and family, but also with celebrities, organizations, businesses and more thanks to the Pages feature.
Since Facebook has a wealth of options for any type of organization, it's a great starting point for your business, regardless of your industry. You can use it to share photos, videos, important company updates and more. Additionally, Facebook is a lot more low maintenance in terms of posting frequency — whether you post several updates a day or only a few a week won't make much of a difference in terms of what your fans think of you.
Twitter is another social network where mostly anything goes. With Twitter, you can post short (140 characters or less) text updates along with videos, images, links and more. You can also easily interact with other users by mentioning their usernames in your posts, so Twitter is a great way to quickly connect with people all around the world (the platform has more than 500 million users worldwide). Because of this, Twitter is not only a great way to market your business; it's also an effective channel for handling customer service. For example, if you maintain an active Twitter presence, then customers who are also active on the platform will seek you out to express concerns or share their praise.
If you have interesting content, Twitter is also a great tool for quickly spreading the word. Retweeting and sharing other users' content is incredibly simple, and if a user with a lot of followers retweets you, your content has the potential to go viral. But with Twitter, it's important to remember to find balance — don't simply share your own links or media; make sure you are also sharing a lot of interesting, relevant content from other Twitter users so your audience doesn't think you only care about what your business is doing.
This platform consists of digital bulletin boards where users can save and display content they like in the form of pins. Users create and organize their boards by category, so for example, as a personal user, one might have a board dedicated to food where they pin recipes, another board dedicated to photography they find interesting and so on. Pinterest is very visually oriented (every post has to be an image or video), and like Facebook, it is also fairly low-maintenance as far as post frequency is concerned. However, keeping your boards organized and search-friendly can be time-consuming.
Pinterest is also a much more niche network than Facebook or Twitter, and so it may not work for everyone. Pinterest's users are primarily female, and popular categories on the site are DIY projects, fashion, exercise, beauty, photography and food. That's not to say that businesses outside of these categories can't succeed on the platform, but it does make it a great marketing tool for businesses that do work in those areas. If you can find ways to connect your content to Pinterest's audience, then go for it.
Instagram, like Pinterest, is a visual social media platform that is based entirely on photo and video posts. The network, which Facebook owns, has over 300 million active users, many of whom post about food, art, travel, fashion and similar subjects. Instagram is distinguished by its square photo/video post format that makes each post look similar to a Polaroid picture. This platform, unlike the others, is almost entirely mobile (there is a Web version, but you can't take photos or create new posts, and other functions are limited, as well).
Instagram is another platform where more artistic niches excel, so again, it may not be the best fit for your business depending on your industry. If you want to succeed with Instagram, it's important that the person running your account has a good eye for detail and has at least basic photography skills so that the photos and videos posted to your account are high quality. And don't be discouraged if your industry is underrepresented on Instagram; if you can find the right hashtags to latch onto and can post intriguing photos, you will most likely make it work.
Tumblr is arguably the most difficult social media platform to use as a business, but it's also one of the most interesting networks. Tumblr allows several different post formats, including text posts, chat posts, quote posts, audio posts, photo posts and video posts, so you're not limited as to what kind of content you can share. As with Twitter, reblogging (reposting other users' content) is very quick and easy, so if a user with a lot of followers shares your content, it's possible to go viral fairly quickly. However, what sets Tumblr apart more than anything is its audience, which is less like a pool of users and more like one big tight-knit community full of smaller subcommunities.
Tumblr currently hosts more than 200 million blogs, and the majority of these blogs are run by young people (half of Tumblr's visitor base is under the age of 25). But this means that businesses that don't cater to young people's interests or aren't relatable to young people in some way are not poised for success on the network. The good news is, there's a subcommunity or fandom for almost every niche and interest you can think of, so a successful marketing campaign is possible if you use Tumblr correctly.
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