Tag: Idea

Two focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. If you’re think about generating extra income and or starting a business, you want to think about what is in demand so you know to work in that direction. The following contributed post is entitled, 5 Business Ideas That Are Always In Demand.

* * *

Image Source

When it comes to starting a new business, one thing that’s always in the back of people’s minds is whether their idea will be both profitable and long-lasting. The last thing any entrepreneur wants is to start a new business that will likely close down after just 12 months.

With that in mind, you’re probably wondering which business ideas offer continual profit and are most likely to last for a very long time. Take a look at the following examples if you’re wondering which is an excellent niche to consider:

1. Tuition

It’s no secret that everyone needs an education for several reasons. Firstly, it expands people’s minds and helps inspire them with subjects that might interest them in the future. Secondly, it greatly increases a person’s chances of getting a good, well-paying job.

Lastly, learning more about the world, where everyone has come from, and how people do the things they do encourages individuals to keep expanding their minds. If you’re a good educator, you could consider offering private tuition services to children and adults alike.

2. Equipment And Parts Refurbishing

There is a strong emphasis on reusing rather than discarding items nowadays. One way to help reduce the number of goods that go into landfill sites is by offering a service to refurbish equipment and parts.

For example, you could refurbish car parts and use innovative non-toxic refurbishing methods, such as laser cleaning instead of chemicals to strip dirt and rust on all equipment or each part. It can be a lucrative idea if you specialize in obsolete equipment or parts.

3. Cleaning

Despite economic woes that happen occasionally, cleaning companies remain profitable. In fact, they’ve become an invaluable service since the beginning of the COVID-19 pandemic, with many firms now offering “COVID cleaning” services.

If you set up a cleaning business, you could specialize in domestic, commercial, or industrial cleaning. You may even wish to set up separate divisions within your company to cater to all those markets. Other niche markets include hospital and laboratory cleaning services.

4. Vehicle Repairs

It doesn’t matter what’s happening in the world around you at any given moment when you run an auto repair shop business. That’s because there will always be a need for vehicle maintenance and repairs, both for cars and commercial vehicles.

If you enjoy working on your personal vehicles and you know the difference between a spanner and a shock absorber, opening up a vehicle repair shop could be the best business idea you’ve ever had!

5. Retail Grocery Sales

Last but not least, it’s always important to note that everyone needs to eat each day, and that’s why retail grocery stores rarely go out of business. Depending on where you open your store, it makes sense to cater to the local market.

For example, less affluent locations mean budget food stores will do well, whereas ones that sell premium brands would work well placed in upmarket areas where most residents have a high net worth.

Two of the focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. Many, many people have good ideas for starting businesses, but they run into trouble when executing their unique ideas. The following contributed post is entitled, Business Ideas Are Easy. It’s The Practicalities That Are Hard.

* * *

How many people do you know who have a great idea for a business? Chances are there are at least half a dozen of them in your life. And they like nothing more than sitting down with a drink in a bar and spending all night talking about them, including how much money they’re going to make.

When they actually come to do it – if they bother, that is – they encounter a problem. Organizing all the practicalities is a nightmare. They wonder how anyone manages to get a business off the ground.

In this post, we’re going to look at some of the everyday practical stumbling blocks for getting a business off the ground, and how you can overcome them.

Getting Funding For Your Idea

Pexels – CC0 License

You might have an excellent idea for a business, but convincing people that it is the real deal is a challenge. Amazon’s Jeff Bezos asked more than fifty people for money when setting up his e-commerce store. Less than half of them agreed to pay him. Think about that: even the world’s richest man struggled to finance his startup.

If you’re looking for money, therefore, you have to create a quality pitch. Ideally, you need to know two things:

● Why people will love your idea
● How much money it is likely to make

Once you have those two things nailed, most investors will become very interested in your project quickly.

Sorting Out Your Logistics

Some entrepreneurs attempt to manage their logistics in-house. But this is a hopelessly terrible idea. Heavy haulage isn’t something you can do by yourself. It’s immensely complicated and requires the assistance of experts who have the right equipment. The last thing you want is to lose a load because of errors in your distribution strategy.

If your startup relies on moving stuff from one place to another, always outsource the task to somebody who knows what they’re doing. Avoid the temptation to adopt the DIY approach.

Finding People To Do The Work

You would think that finding people to work in your business would be easy, given how many individuals are currently looking for jobs. The problem, though, is capturing the employees with the right talents. There are thousands of people who are willing to work in your enterprise. But very few of them actually have the skills you want.

In general, there are two approaches to this problem. You can either pull people out of your private network and get them working for you. Or you can get a specialist recruiter to do it for you. The advantage of the former is that it will cost you much less. The benefit of the latter is that you get results faster. So it’s a trade-off between time and money.

Whatever you do, commit to getting the people you need to make your enterprise work. They almost always pay for themselves in the long-run.

Entrepreneurship is partly about ideas, but mainly, it’s the practicalities that make the difference. That’s why so many wealthy people are doers, not “thinkers.”

Two of the focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. An important step for all businesses is taking your concept to reality. There numerous steps that follow it, but it is arguably the most important step. The following contributed post is entitled How to Take Your Concept From Idea to Reality.

* * *

When you have a great idea for a product or a business idea you think would work out great, the feeling of not knowing how to take it from vision to reality can be really frustrating. But sometimes you need to take a leap into the darkness and have faith in your idea. That’s not the same as having blind faith, however. There are lots of things you can do to help you take your concept from idea to reality, and that’s what we’re going to talk about right now, so read on.

Seek Advice

It’s a good idea to start out by seeking help from people who really know what they’re talking about. There are many people out there who’ve been in the same situation as you’re in now, and their experiences and insights can really help you to develop your ideas and find the next steps forward. There are plenty of people out there willing to help if you reach out to them.

Embrace the Risk

You’re going to have to accept that there’s a significant risk involved with developing a product or starting a business. There are certainly no guarantees of success or riches. But you should embrace that risk and everything that comes with it. It’s part of the ride and no one ever manages to innovate if they don’t take a few risks along the way.

Work Closely with Others

You’re going to need to work closely with others if you’re to have a chance of getting your product to market. For example, you’ll need to create a product requirements doc when working with designers and manufacturers. You need the specialist expertise of all kinds of people throughout the process because there’s almost no chance that you will know how to do it all yourself.

Test and Trial It

When you have a prototype of your product in place, you should test and trial it. This means putting it to the test in practice and also seeing how the target customers of your business respond to it. You can use things like focus groups to do this and you can then use the feedback you get in the next stage of development when making improvements to it.

Make Adaptations

Making adaptations is something that will happen many times over when you’re developing a new product. Something’s wrong if you feel like you’ve got it right the first time because that’s something that simply never happens and it’s not going to happen for you either. The process of adapting and improving your concept is one that’ll take time and resources, but it’ll be worth it in the end.

Image Source – CC0 License

When you have a great idea, you should act upon it. So many people have great product or business ideas but don’t know how to translate them into reality. It’s not necessarily as difficult as you might expect, so why not take a risk and try to make it happen? It might be the best thing you ever do.