Business ideas

Start your own business

Business ideas are all around you; some come from an analysis of market trends and consumer needs while others seem to occur by chance. If you are keen to start a business but unsure of the product or service, explore the following ways of getting business ideas flowing:

1. Examine your own skill set for business ideas. Do you have a talent or proven track record that could become the basis of a profitable business? Ask yourself, “What have I done? What can I do? Will people be willing to pay for my products or services?”

2. Keep up with current events to take advantage of business opportunities. Make a deliberate effort to read newspapers or watch the news to identify business opportunities; and keep up with current events to explore market trends and new fads.

3. Invent a new product or service. The key is to identify a market need that’s currently not being met. Ask yourself, “How can I improve this situation?”

4. Add value to an existing product. Focus on what products you might buy and what you might do to create a profitable business.

5. Investigate other markets. Find out about other cultures; investigating foreign market opportunities is an excellent way to find business ideas.

6. Improve an existing product or service; most products (or services) can be improved. Use brainstorming to generate fresh ideas as to how they could be improved.

7. Get on the bandwagon. Often consumer market surges are unpredictable; masses of consumers suddenly “want” something, and the demand can’t be immediately met. Investigate the level of demand for existing products and services and determine if an increased need for more of those products or services is inevitable. If there is, develop business ideas to fit the market gap.

In-demand Business Opportunities

1. Nutra-ceuticals
Consumers today want more than basic nutrition from their food – they want health benefits, too. We don’t just eat tomatoes because they’re tasty, but because we know tomatoes are filled with lycopene which helps fight prostate cancer. Organically-grown vegetables are gaining in popularity among consumers who are health-conscious.

2. Agri-tourism
Agri-tourism is another rapidly growing industry; there’s more interest in farm vacations and farm-related activities than ever before. If you have a farm or a seaside cottage it’s easy to get in on the business opportunity. Consider hosting outdoor events for locals and tourists or a Holiday Kibbutz for young people. The fastest growing part of the industry is to organize winery tours.

3. Human Resource Professionals
Corporations are continually seeking well-trained competent personnel. Solving staffing problems for small and medium-sized businesses, as well as large corporations is a top business opportunity.

4. Personal Memoirs
Many people would appreciate having a record of their loved ones’ lives in book form, but have neither the time nor the talent to write it themselves. Enter the ghostwriter who will interview the subject and write the personal memoirs to be published in a printed book.

5. Renovation Management
If you’re a super-organized person who can get the right trades people to show up to work on time and finish their work on deadline, this could be a golden business opportunity for you. It helps to have basic knowledge of projects so that you are able to monitor the procedure and maintain quality control.

6. Care Consulting
When the time comes for adult children to re-settle ageing parents in a retirement village, they need to investigate the options available and the costs involved. Due to limited time constraints, they may find it difficult to evaluate different residences. Providing them with a well-researched report to assist their decision, and helping with the arrangements is an excellent business opportunity.

7. Baby gear
Spending money on children’s clothing, designer strollers, toys and accessories makes this big business. Even running a consignment store for used baby gear is a good idea.

8. Doggie daycare/hotels
Animal lovers believe that their pets should be treated just as well as people and don’t hesitage to spend a lot of money to ensure that is is so. Cash in on this business opportunity by opening a doggie daycare that offers pampering and grooming. You could even manufacture toys, coats and sleep baskets for pets.

9. Financial planners
There is a growing demand for financial planners to help people with their taxes, budget planning, debt consolidation, retirement plan and investment packages.

10. Personal Catering
There are many business opportunities for meeting the catering needs of busy professionals and families. Relieving people of some of their daily meal preparation chores, while ensuring that they have nutritionally healthy but tasty meals, is sure to be popular. You could offer pre-prepared family meals that could be delivered in bulk (to be stored in the freezer and re-heated as needed; or you could prepare entrees, savories or special cakes for special occasions.

Contact Theresa (ecottage@gmail.com) to create a Business Plan for your new enterprise.