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 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 about 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.
Small 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’s and women’s business opportunities 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 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.
Also, you can go and get this book, “How to Generate Good Ideas” by Belle Cooper at any bookstore near you or Amazon. It will 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’s 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 you must 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 a 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 a 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 well over-saturated market 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.
List of Profitable Small Business Ideas with Low Investment for Beginners
There are lots of business ideas for beginners all over the web that require small capital to start. Just do your research on any business idea of your choice, conduct your feasibility study about the business, and decide if you are okay with it and take action.
Small Business Ideas For Beginners
Are you looking for lucrative small business ideas for beginners that you can start from home with little or no capital? Do you want to build a business empire from home as a starter?
Are you in need of free sample business plans and feasibility reports on the best business ideas and investment opportunities?
Becoming an entrepreneur and starting a business is an important and wonderful step to take in life. But then, when you are at a loss of business ideas, the situation takes a different turn. This is because you might go into the wrong business which would end up crumbling in just a few months.
As a beginner, the situation is even worse, you try as much as possible in other not to miss it, especially since you are faced with so many opportunities. I guess this is why it is important to be sure of a business idea before going into it.
So, if you are wondering what small business ideas you could go into, here are some small business ideas for beginners…
Top Best Lucrative Businesses To Start As Beginner
1. Skill Trading
The problem of financing in business is common to most beginners. This is why free business ideas for beginners should be low cost requiring little or no capital, asset, and space.
As a starter in entrepreneurship, you can make money by exchanging what you can do for monetary value. Skills such as painting, piano playing, woodwork, hair styling, etc should be commercialized. All you need is a location and lots of marketing. Tell your friends about what you are into and encourage them to inform their friends too.
Don’t forget to create a page for your business online across your social networks where you share tutorials and pictures. If you are consistent and can add a new twist to what you do, you’ll always get people knocking on your door looking to offer you jobs.
2. Buy And Sell Online
Amazon, Alibaba, and eBay are some of the most popular online stores. If you want to sell handmade items, arts and crafts, etc, you should consider Etsy. Without the need for office space or huge capital, you can become an online merchant buying products and services from a store and retailing on another store.
Without even seeing the products. I have friends who make thousands of dollars monthly just by buying SEO services on SEOClerk and reselling on Fiverr. This is a great business opportunity for beginners who want to make money from home.
3. ==> Make Money Blogging
Just like I’m doing, many other people across the world make money by discussing issues that attract public interest. They create free or paid blogs where they serve ads from PPC advertisers such as Google Adsense, Media, Infolinks, Chitika, Adbrite, etc. Blogger and WordPress are common blogging platforms that can be used to start one of the most lucrative online business ideas for beginners.
Bloggers have come to realize that selling their products gives them more money than just displaying ads from third party sites. As such, these days, you will see many blogs selling ebook and video tutorials, mobile and PC software and applications, blog creation and customization services, etc.
It’s also important to note that displaying many adverts can affect your blog negatively. This is because too many ads turn off some readers (higher bounce rate) and increase blog loading speed.
Examples of affiliate partnerships you should consider if your blog traffic is significant to include Amazon, Alibaba, and eBay affiliate programs. For those in Nigeria, Konga and Dealdey affiliate programs are the popular bloggers’ choices.
4. ==> Market On Social Media
People will always pay you for what they can’t do and know you can do very well. Many companies do not have the time to grow social media accounts into a base big enough to promote their products and services. This is where you come in.
With expertise in social media marketing, you can provide marketing services on your Facebook, Twitter, Instagram, Pinterest, Linked In accounts. These social networks can be used to provide sponsored tweets, post updates, and awareness campaign services. Don’t be surprised when organisations seeking to build their Facebook fan page size contact you too.
5. ==> Write And Publish Books
If you have the skill of writing, you can write on a popular theme and publish it. You don’t necessarily have to be in that field. Many people have written books and tutorials on ideas they gathered knowledge about.
Discuss your passion in a book and turn it into cool money. For those that are not particularly gifted in writing, you can make use of voice recognition and translation software.
Have you got the skills for web designing? Or do you have an interest in it? With the rush of businesses to social media, a website designer is just like “what the doctor ordered” and this makes web design a great business idea for beginners.
You can offer your services to other small and big businesses or companies and other clients needing the services of a web designer.
Laundry and Dry Cleaning Business
The dry cleaning or laundry business is another small business idea you could consider going into as a beginner. It involves the washing of clothes and other items for clients. Since everyone at some point needs their laundry done and with most people not having the time for it, it is a great business to venture into as a beginner because you will always have customers.
With the number of buildings going up each day and houses being remodeled, a great small business idea for beginners would be the painting of buildings. A painter takes on painting projects for houses, apartments, stores, and other buildings.
So, if you have got what it takes to be a painter, then try it out, as it is a great business idea for beginners.
The baking business is another great idea for a business as a beginner. Things like snacks are always in high demand at little and great parties, which makes this business idea for beginners very lucrative. So, if you have got the baking skills you should consider going into the baking business.
Another small business idea for beginners is a car wash. A car wash is one business idea that does not require lots of logistics nor skills. All you need is a location, good water supply, and some soap and you are good to go.
If you have got a good eye for photography, then becoming a photographer is a great small business idea for you as a beginner. You could cover weddings, seminars, and other parties where you get paid to capture memories and moments. This business idea requires little startup capital, which makes it easier to go into as a beginner.
People just love getting makeovers. I know I do. Ladies most especially love looking different and beautiful for every occasion they attend. This is why a facial makeup business is another nice business idea for beginners. You could provide your makeup services from home or do house calls to make people up.
Are you good with kids? Are you one of those people who have got gentle hands and know just the right way to hold babies? Then you should consider going into babysitting business. Most mothers are not too comfortable with the idea of taking their children to strange places for people to take care of them, they would rather have people come to take care of them at their homes.
Another small business idea for beginners is the jewelry business. Jewelry is one thing that is loved by almost everyone.
You can never have too much jewelry. This is why Jewelry business is a great business to go into as a beginner. You could make customized jewelry and sell if you have got the skills or you could buy in wholesale and sell in retail, you are bound to make it in Jewelry business as a beginner.
Sale of Phone Accessories
Sale of phone accessories is also another small business idea for beginners. You could sell accessories such as headsets, chargers, phone pouches, and other phone accessories. With the increasing use of smartphones each day, this business idea is one that would yield good profits.
Another small business idea for someone new to entrepreneurship is freelance writing. Freelance writing involves getting paid to write for websites and other clients. With the multitude of websites always looking for writers, you can succeed in this business idea as a beginner.
So, if you have got the skills and the love for writing good articles, you could go into freelance writing and make some good money from it.
You could also decide to go into the sale of cosmetics as a beginner in entrepreneurship. This involves the sale of cosmetics in retail to people. Ranging from nail polish to different body makeup, cosmetics are always in high demand and you could always get a market for your product.
So, there you have it…small business ideas for beginners.
How To Choose the Best Business to Start
Here are six ideas that can help you answer the question, How To Choose The Best Business To Start?’
==> What business idea do you have in mind? Which ones are you passionate about?
==> How prepared are you for that business?
==> How comprehensive is your business plan?
==> What’s the size of your capital?
==> How large is your market?
==> Who are the people on your team?
To crown it all, here are the top secrets for beginners who want to start their own business. Knowledge is important, don’t give up easily and don’t be afraid to fail.
What challenges did you face as a beginner? What other businesses would you recommend for beginners? Share some of the best business ideas for beginners that you have nurtured to success in the past.