What Small Business Should I Start?

by J.B. Maverick

2 min read

Possibilities for creating a new small business are virtually endless. There are thousands of as-yet unthought-of products to be developed, monetized, and marketed. New small businesses are launched every day to fill unmet needs or desires of consumers. To understand how limitless the potential for new business ideas is, think about all the mobile apps that have been created in just the past few years. The basic idea of making money from apps is itself a multibillion-dollar business idea. The revolutionary concept in monetizing apps is to give people the app for free and then charge them a nominal fee for periodic upgrades. Small business ideas arise from research, observation, or sometimes just from experiencing one of those moments when a brilliant idea just pops into their head. If you’ve got an entrepreneurial desire to launch a business, but need a good business idea, consider these ideas.

Turn Talents into a Business

The genesis of many successful businesses is a person looking to monetize their individual skills or talents. For example, if you happen to be both a talented woodworker and a good teacher, you might form a new business making money by producing and selling handcrafted wood furniture, and also by teaching the fairly rare skill of woodworking to others. Business ideas based on marketing personal skills tend to produce profitable results in correlation with how rare your skill set is, and the level of your expertise. An example of skill-based businesses is provided by Asian immigrants who discovered they could market their expertise in subjects like Zen meditation or martial arts.

Fill an Unmet Need or New Niche

Another source for business ideas can be an existing marketplace where you can identify unmet needs of buyers in that market. You may be able to create a new niche market offering a product or service to an existing group of customers who are already purchasing related products or services. An example of this approach to business creation is Brian McAboy’s online business, InsideOutTrading.com. McAboy was interested in creating a business related to forex trading but was confronted with a marketplace already flooded with trading strategies and systems for sale. He created a website offering education on the psychology of trading, rather than working as just another trading system seller in an overcrowded market. By providing a valuable and much less widely available service for traders, he carved out a niche for his business that offered the advantage of significantly less marketplace competition.

Become a Seller

Websites such as eBay, Amazon, and Etsy have made it easy for virtually anyone to set up an online retail business. You can sell a long list of general products or a short list of specialized products, such as electronics accessories like USB and internet cables. You can easily set up an online store with the help of major retail sites such as eBay or Shopify, or simply be a third-party seller with an online retail giant such as Amazon. Affiliate marketing gives you access to plenty of products and services that you can market to earn generous commissions. Once you’ve chosen a new business idea, utilize online resources such as the Intuit QuickBooks Small Business Centre to check the viability of your idea and to get help with steps such as securing startup financing and learning to use social media marketing.

References & Resources

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