New Business Ideas – Where do you Start!
Table of contents
Not that long ago, say 20 years, starting your own business tended to follow a fairly standard path.
- Come up with a new business idea
- Research the market
- Write a business plan
- Source some funding if required
- Find premises if required
- Open and start a local marketing campaign
With the advent of the Internet, online shopping and social media, a business can be started from home with nothing more than an Internet connection and a computer. Blogging as become a thing, something that you can make money from while traveling the world, and the old methods do not always apply. True, if you want to grow your online business, then the steps above are relevant again.
But in the end, the key to success is finding a business idea that will attract customers and ultimately persuade them to part with their cash. So how do you find that exceptional small business idea?
A vital step in starting your business is to open a bank account. The Penta Business Account has a range of features, including automated accounting and team working. Open a Penta Business Account today for great benefits.
Is there a Market for Your Business Idea?
You may think you have the best business idea in history, and you’re going to change the world! But without a market for your products and services, you will struggle, become disillusioned, decide it wasn’t for you, and go back to being an employee with your tail between your legs.
Figures often quoted state that 8 out of 10 startup businesses in the EU fail within a year. This is very unlikely to be accurate, yet it brings home the difficulties faced by SMEs.
The first step for any new small business idea is to research thoroughly. Find companies that are already operating in the same business area. How many are there? Are new companies starting in this market? Are companies growing and expanding or shrinking and closing? You can use records from company registration authorities in your country to check.
A lot of research can be done online, particularly to check out your possible competitors. Look at their social media. Are they active and engaging? What services do they not offer, and could this be just the opportunity you are looking for? If you can find a niche that your competitors are ignoring, it could be the ideal startup business idea.
Follow Your Passion
Some of the best new business ideas come from what you already know, from your hobbies or your experience. If your idea can solve a problem for your customers, then you are very likely to be on to a winner.
If you enjoy a particular sport, you could start a business supplying niche products for others that enjoy the same sport. Your knowledge and passion for the sport will define your company ethos and brand. The business idea doesn’t have to be new to be successful, but it must attract your ideal customer. The attraction could be you and your passion or the innovative way you market and sell the products.
Is it Staring You in the Face!
Take Facebook, for instance. Founder Mark Zuckerberg was a student at Harvard University. The University had collections of student’s photographs, with a brief description stored in online directories that could be accessed at the University. But it was merely a collection of directories, and Zuckerberg had the idea to combine them all into a single program, which eventually became Facebook. The rest, as they say, is history.
Turn back time to the early 1900s and Henry Ford, who found a way to produce Model T car more cheaply and open the market for millions of people. The modern production line concept was born, and Ford went on to dominate the market for decades.
So How do You Come Up with the Ideas?
To quote Airbnb Co-Founder, Brian Chesky, “If we tried to think of a good idea, we wouldn’t have been able to think of a good idea. You just have to find the solution for a problem in your own life.”
There are many ways to discover that new idea;
- Brainstorming – whether, with potential new business partners or family and friends, brainstorming is a technique that puts ideas into the ring.
- Think about ‘What’s Next.’ WiFi and Bluetooth have transformed the way we arrange entertainment systems in our homes, for example, with wireless speakers and household items that are connected to the Internet.
- Think of things that you find annoying. If you see something annoying, then the chances are, so do other people. If you can find a solution, it could be a good business idea.
- Find a niche. This could be something very small that no one else is doing.
- Ask the customer. If your sport is skiing, then ask fellow skiers what they would like to see offered in the market, or things that could be done differently.
- Save your customers money. Could you find a way to produce a standard product more cheaply? Going back to Henry Ford and his production line, if you can offer customers a good product at a much lower price, then it will sell.
- Products that make life easier. Everyone likes to find easier ways to do things, and if you can do that, you should have a good business idea.
- What are your hobbies and interests? These are perfect areas to look for business ideas. Your interest will keep you going when things are tough, you are an expert in the field, and you can speak with authority to your customers.
Small Business Ideas
- Creative or artistic
- Pet sitting/dog walking/grooming
- Property management
- Interior design
- Tour guide
- Private tuition
- Personal assistant
Online Business Ideas
- Freelance writer
- Social media manager
- Website designer
- SEO specialist
- Affiliate website
- Ecommerce or dropshipping
- Online tuition
- Virtual assistant
Take the Next Step
Finding the idea, market, or niche is just the start. Now you need to put it into practice and start your business in Germany. There is plenty to think about, but it is crucial to get your accounts and banking right from the very beginning.
Keeping your business finances separate from your personal finances from the start will help you keep track of your business, and opening a Penta Business account should be one of the first tasks on your list.