6 signs your business idea is viable

Table of Contents

1) It solves a problem

  • 2) Other people think it's a good idea
  • 3) You're passionate about it
  • 4) It's not been done before…well, not like this at least

5) You have realistic goals in mind

  • 6) You're flexible and open to advice

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You have a good idea for a business, you’re ready to make your dream a reality, but you just can’t ignore the little voice in the back of your mind, asking ‘is my business idea viable?’ According to the Federation of Small Businesses (FSB), around 80% of UK companies fail within their first year. So how do you ensure you’re on to a winner?

In this article, we’ll cover six things you should be looking out for that clearly indicate your business idea is a viable one:

  • It solves a problem
  • Other people think it’s a good idea
  • You’re passionate about it
  • It’s not been done before…well, not like this at least
  • You have realistic goals in mind
  • You’re flexible and open to advice

Read on for more detail, plus we’ll share information on how Countingup can help you bring your new business vision to life. 

If you’re constantly encountering an issue, there’s a good chance it’s affecting other people as well. If your business idea sets out to solve this problem, then you’re already on the right track. However, that isn’t always enough. Of course, people enjoy convenience in this day in age, but you need to ensure that the problem is big enough that they would be willing to spend their hard-earned cash on solving it.

If you believe that your product or service is a ‘must have’, rather than a ‘nice to have’, then you can be confident that there will be a ready and willing market.

2) Other people think it’s a good idea

When you tell other people about your idea, how do they react? If they are getting excited about it, then that’s a good sign – especially if you’re not just asking friends and family who are more inclined to be polite. If, on the other hand, you’re met with confused faces, perhaps it’s time to have a re-think. The best business ideas are ones that are easy to understand. 

If you’re not sure how graspable your business model is, try running it by someone external who has no relation to your business or industry. If they can easily understand it, then prospective investors and customers are more likely to as well. 

3) You’re passionate about it

It’s no secret that starting a business takes a lot of work. To get your idea off the ground, you’ll be spending most of your time thinking about it, talking about it and working on it. Can you picture yourself doing this? If the thought of rolling up your sleeves and getting stuck in gets you fired up, then you might just have what it takes to be a success.

Whilst your business idea may be the vehicle that drives everything towards your goals, passion is your fuel. If you truly believe in your product or service and are willing to share your story with people, your brand will be built on authenticity and more likely to attract the right customers. Did you know, 90% of consumers believe that authenticity is a key factor when deciding what brands they want to support?

4) It’s not been done before…well, not like this at least

It’s great if you can think of a business idea that’s completely unique, but this definitely isn’t a requirement for success. In fact, it’s more likely your idea has been done before. The key to creating a viable business in this case is making yourself stand out from the competition. 

It’s therefore a good idea to check out your competitors before defining your USP (unique selling proposition). It may be tricky to ask yourself ‘what makes me different?’, but it’s extremely important if you want to reach your goals. The most successful businesses have a distinct identity and a unique concept that’s able to draw customers in. If you’ve taken the time to define this, then you’re already on the road to victory.

So, you’re passionate, other people think your idea is great and you can see your business becoming a big success in the future. But are you setting realistic, long-term targets? Yes, there are a lucky few that become overnight successes, but this is very rare. 

When putting together your business model, remember to keep your goals SMART:

S pecific – what exactly do you want to accomplish?

M easurable – how will you measure your progress towards your goal?

A chievable – how can you make it happen?

R ealistic – does it make sense?

T ime-specific – what is a realistic deliverable date?

If you’ve got actual figures in mind and ideas on how to achieve this while measuring performance, you’ve already got the right mindset to ensure your business will be successful.

6) You’re flexible and open to advice

In order for your business idea to be a viable one, you need to be willing to adapt your idea based on customer demands and changing market conditions. This doesn’t necessarily mean that the customer is ‘always right’ or that you should change your product or service based on individual opinions. Instead, you should be able to look at broader trends and adapt your business model to reflect that. 

The most flexible business owners are often the most profitable. After all, it’s no good offering a product or service that  is no longer relevant to your audience.

Bookkeeping and tax admin can be stressful, especially if you’ve never done it before. That’s where Countingup comes in. The app offers a business current account complete with free built-in accounting software.  

Countingup automates the time-consuming aspects of your financial admin so you can focus on getting your business up-and-running. And the best part? It can all be done in the palm of your hand with the Countingup app.

Find out more here and sign up free today.

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What Is Business Viability?

What You Need to Know About Business Viability

  • Make Sure Your Business Is Viable

Viability vs. Solvency

Viability vs. liquidity.

Business viability is measured by a business' potential for long-term survival and the ability to sustain profits over a period of time.

Learn more about how to tell if a business is viable.

Business viability means that a business is (or has the potential to be) successful. A viable business is profitable, which means it has more revenue coming in than it's spending on the costs of running the business.

If a business isn't viable, it's difficult to recover. The business would need to increase revenue, cut costs, or both. Viability is closely linked to profit as well as solvency and liquidity. 

How Business Viability Works 

Creating a viable business is a two-part process. First, it means creating a marketing strategy by knowing who you are, who you are selling to, and who else is selling to them. Second, it means having your financial house in order. 

To create a marketing strategy that will make your business viable, you'll need to have this information: 

  • Unique selling proposition : This is a critical factor in having a viable business. Being unique keeps your business out in front of the competition. 
  • Stable customer base : To be viable, you have to know who is going to buy your product or service. That means researching to find out who these people are.
  • Competitive advantage : Even if your product is unique and you know who you're selling to, you must always consider the competition. Find out who your competitors are and keep them in mind as you create your marketing strategy. 

In addition to your marketing strategy, a continuing focus on your business' financial status will help create a viable business. This includes:

  • Cash stability : The most important factor that makes a business viable is that it has enough assets (cash and other reserve funds) for day-to-day operations and to weather the ups and downs that all businesses experience. Getting to cash stability doesn't happen overnight. It means being frugal, not over-spending in anticipation of sales, and not taking too much out of the business. 
  • Continuing attention to your financial status : Having a viable business means always knowing where your business is financially. Get good financial software, input all your business information regularly, and analyze it against your goals for cash stability and other factors. 

Use business check-up ratios to measure the health of your business. 

A general assessment of whether a business is (or will be) successful

Involves multiple aspects of a business, including marketing and financials

An assessment of whether a business has enough money

Often measured using a current ratio

Business viability is often confused with two other terms that are often used for business performance—solvency and liquidity. A business is solvent when it has  enough assets  to cover its liabilities. Solvency is often confused with liquidity, but it's not the same thing.

Solvency is often measured as a  current ratio , which is a business's total current assets divided by its total current liabilities. A business should have a current ratio of 2:1 to be solvent and cover liabilities, which means that it has twice as many current assets as it has current liabilities. You need twice as many assets as liabilities because selling assets to raise cash may result in losses. A business is solvent and not likely to declare  bankruptcy  if its current ratio is over 2:1.

An assessment of the overall business model, not just finances

Looks at both short- and long-term profitability

Short-term measure of financial health

Looks at the ability of a business to quickly turn assets into cash

Liquidity is more of a short-term measure. It refers to the ability of a business to quickly turn  assets into cash without loss. If your business needs money, you may have to sell assets. Unless the asset is cash, the most liquid asset of all, you may lose money by selling. For example, you may not get full value if you sell receivables. If you try to sell equipment, you will probably take a loss because the equipment has most likely depreciated.

If you're liquid, you have enough cash or other easily liquidated assets to ensure you can pay your immediate bills and/or your employees. This is called positive cash flow, and positive cash flow means liquidity. 

Key Takeaways

  • Business viability looks at a business' long-term survival and profitability. 
  • Creating a viable business means having a good marketing strategy and keeping a close eye on your financials.
  • Viability is different from solvency and liquidity.
  • Solvency means having enough assets to cover your liabilities. 
  • Liquidity means having the ability to quickly turn assets into cash.  
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Is Your Business Model Viable? An 8-Point Test

viable business idea concept

You have a great business idea, and even got started on a business plan . But now you wonder: is my upstart business model really viable? Here is an eight-point test to tell you if you should forge ahead with your business idea.

1. Uniqueness

Before you worry about upstart financing, marketing or business location, you should begin with an idea—not just any idea, but one that's unique. What makes your business stand out from the rest?

Uniqueness doesn't necessarily mean you have to invent something (though that's never bad—just look at Snuggie's success), it just means that you have to set yourself apart from the competition. If you're starting a catering company, say, what will make your catering service different from the rest? These are tough questions, but important ones. The most successful businesses have a strong, unique concept, and a clear identity. Take the time to define yours.

2. Upstart Funds

What will your start-up cost be? Every business has some expenses at the start, whether you're paying for equipment, rent or just basic marketing materials. Make a realistic estimation; you'll need these figures to obtain a loan or simply to budget if you're paying these expenses out of pocket.

3. Customer

Who's your customer? Knowing who will be buying your product or service is vital to your business success—how else will you find your customers if you don't know who they are? Are you catering to busy professionals, stay-at-home moms, college students, retirees? Define your customer, even if you have to be broad at first. If you'll be renting a space, make sure the local demographic fits this profile; the real estate agent will be able to provide you with that data.

4. Competition

Unless you're lucky enough to find a hole in the market, your business will have competitors. Check them out, because your future customers surely will. Competitors can be a great resource to you as an upstart; you can see how much they charge, what marketing strategy they use and the location they chose. Ask yourself: how can I do better than the competition? Use your uniqueness identified in step one to find ways to outdo your competitors.

5. Economic Mood

Your business' success can greatly depend on economic mood: imagine starting a luxury real estate business at the start of the housing crisis. Gauge the state of the economy , and think of how it relates to your upstart: where are consumers' mind right now? Are they cutting back, spending more time at home, concerned about the environment?

Even an economic downturn can be an opportunity if you can meet the mood of the consumer. If your business idea doesn't fit the current trends in spending, think of ways you can tweak it to tap into today's needs.

Timing is crucial, especially for an upstart. Opening an ice-cream shop in January is a bad idea; opening Memorial Day can make it the place to be that summer. Do you expect your business to be seasonal? If so, time your opening to the strongest consumer demand. You'll come out of the gates with a flood of new customers, customers who will come back for more.

7. Marketing

Remember step three, where you identified your customer? Now you have to develop a marketing strategy to make sure these potential buyers know about your great new business. With today's internet capacity, marketing can be relatively low-cost, using online coupons and mailing lists. Brainstorm ideas with friends and family, and look at what your competitors do to get new business.

Your local SCORE chapter, which consists of business counselors for startups, is a great free resource with counseling, classes and networking opportunities.

Continuing Cash Flow

Imagine this: business is booming, you're on a roll and getting in more orders than you ever imagined. But you have to front the money for supplies and other costs, and you're out of cash—just like that, your business stumbles because you can't meet demand. This is a classic cash flow problem many new businesses face, and one that can be prevented with proper financial planning.

Before you open up shop, prepare a detailed financial plan ; there are many guides available in places like the Small Business Administration . Now is the time to plan for your business' first year, to make sure you can face any obstacle thrown your way—especially financial ones.

The Bottom Line

Did your upstart idea pass the test? If not, find ways to adjust. There are many more things to consider, like zoning , insurance, and legal entity, so take the time to plan and do your research. Use every resources you have available—SCORE, the Small Business Administration, even your local bank have information to plan your business venture, so you can be a successful entrepreneur for years to come.

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viable business idea concept

What is a viable business idea?

good business ideas

Whether you’re looking at introducing a new service to your business, or planning on starting a business, you must be convinced of the viability of your idea. Viability is an interplay between what you can produce, and what the market needs or wants. In our marketing series, our own Kalido marketing guru, Greg, gives helpful tips on how to conduct research to ascertain the latter. In this post, we discuss the former. In order to determine whether you should even bother taking an idea into market research, you must know that it passes muster on the following:

1) You have a clear business plan for it

If the way to hell is paved with good intentions, the road to failure must be paved with half-baked efforts.

20% of new businesses fail in their first year, 30% fail in their second year, and 50% fail in year 5. These are pretty daunting statistics . The most common reasons for new businesses failing are poor management, lack of planning, insufficient capital, and cash flow problems. As we’ll cover in more detail in point 2 below, having insufficient capital to set up the business properly, or trying to run a business while constantly being in debt, are not recipes for success. Unfortunately, you have limited control over whether a bank will offer you a loan, and what your suppliers charge. However, you do have full control over how you run your business.

There is plenty of advice floating around on how to manage a business properly, but most of it can be boiled down into one simple truth: you must have a clear idea of your past, present, and future.

Having a clear idea of your past means knowing things like: what market niche you wanted to fill in the first place, what was supposed to make your business different, and how you planned on addressing common industry problems. Business coaches encourage drafting company vision statements to help you articulate these. The basic idea is to have a map of where your business needs to go. When you’re up and running, you’ll often be bogged down with the minutiae of everyday admin. In order to avoid losing sight of the wood for the trees, it’s helpful to have a high level statement to refer to periodically.

Knowing your present means you’re confident that you have the skills you need in your organisation, your expenses are kept lower than your income, your processes are smooth, and you’re getting honest feedback from your customers. In other words, it’s having a clear picture of where you are now as a business.

Having vision for the future gives you purpose – something to strive for. Ultimately, where do you hope to take the business? Do you want to run it until retirement? Do you want to leave it in the hands of descendants? Do you want to list it as a public enterprise?

Your idea may be a service or a product. Either way, in order for it to live in the world, it needs a coherent and realistic business plan.

2) You have the means to move forward with it

best business ideas

You may be inspired by stories of entrepreneurs who sunk their last penny into their business idea, and are now millionaires. However, for every success story, there are untold failures. In fact, 82% of small businesses experience cash flow problems. Every new business idea will require a significant outlay of capital and time. You should have sufficient reserves of both before you pursue an idea.

For example, if you approach a bank for most of the capital needed to start up, you’re at the institution’s mercy for years. You’ll be responsible for the repayment, often on draconian terms, whether your business works out or not. Perhaps you’ve just started a family. If you’re juggling baby feeding duties at the same time you’re setting up a business, are you sure you’ll have the time to do justice to both?

Of course, there may never be a perfect time to implement your idea, however, there will be a better time. Instead of diving headfirst into a venture, it pays to plan ahead. You may want to amass some savings first, to bring down your loan requirements. You may want to make changes to your lifestyle (downsize the family home or car or find a babysitter you trust). Having the means to move forward with an idea means you aren’t putting all your eggs in one basket. While being optimistic of your success, you should have contingency plans in place in case things don’t work out as you wanted.

3) Someone in the industry thinks it’s a good idea

business idea tips

If you’re familiar with the industry already, that’s a bonus. Your own expertise and knowledge has told you that you’re onto something. However, you should always get a second (or third and fourth) opinion. Just as a writer needs an editor to cast an objective eye over the material without the bias of being its creator, you’ll need someone to point out the things you’ve overlooked. If you have a mentor , that’s a natural choice. A colleague in the industry whom you respect is also a good option.

If you’re completely unfamiliar with the industry, you should consult even more sources. They’ll be able to tell you exactly what the gaps in the industry are, what problems it faces, and what obstacles stand in the way of change. If you’re trying to solve a problem, it’s likely someone else has already tried to do so. And there might be very good reasons why they’ve not been able to do it. If someone who knows the industry well thinks your idea won’t work – that’s a very serious warning sign. On the other hand, if they think it could work, that’s a very strong endorsement.

‘Hang on,’ you may be thinking at this point ‘Surely this goes against all the career advice to swim against the current and forge your own path in life?’ After all, belief in oneself in the face of naysayers is a mark of determination. Certainly, you should trust your instinct and stand your ground. That’s why at the idea generation stage, you shouldn’t restrict yourself. This is when you should be pulling things out of left field, and coming up with the most creative and innovative things you are capable of. Getting the opinion of an outside party comes in the elimination stage, when you’re deciding which ideas to go forward with. A second opinion is to help you judge your ideas more objectively, and make you aware of vulnerabilities in it.

Perhaps you’re someone who comes up with 10 new ideas a week. Perhaps you’re someone who’s had one good idea in 10 years. What matters is knowing which ideas lend themselves to becoming a viable business, and which ones do not. If you have a clear plan for turning the idea into a business, you have the means to do so, and your research indicates that there’s a need for it in the world – you’re onto a good thing.

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How to Come Up with an Innovative Business Idea

Aspiring female entrepreneur researching innovative business ideas on a laptop

  • 21 Jul 2020

Entrepreneurship is the pursuit of opportunity beyond currently controlled resources. By definition, entrepreneurs seek to fill a need in a new way.

For aspiring entrepreneurs, however, generating strong, novel business ideas can be challenging.

If you’re interested in being an entrepreneur , brainstorming ways you can satisfy needs and solve problems is a good place to start.

Remember the golden rule of brainstorming: There are no bad ideas. As your thoughts flow, jot them down so you can later prune the list to focus on your strongest concepts.

Here are some thought-starters for coming up with innovative business ideas and examples of how entrepreneurs have used them to build successful companies.

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How to Come Up with a Business Idea

Is there an easier way.

One place to start brainstorming potential business ideas is by asking yourself, “What task can I make easier?”

A common denominator for successful businesses is their ability to fulfill customer needs . In this case, the need is to create a product or service that makes people’s lives easier.

Related: How to Identify an Underserved Need in the Market

The most innovative businesses have flourished from simple ideas. For example, HelloFresh has taught people how to cook and provided tools to prepare meals more efficiently. It started with a need to make meal planning and grocery shopping easier. By preparing meal kits that directly fulfill busy people’s needs, this idea has seen major growth.

Check out our video on how to come up with innovative business ideas below below, and subscribe to our YouTube channel for more explainer content!

This method of creating a product to fill a need can be viewed through the lens of Harvard Business School Professor Clayton Christensen’s jobs to be done theory , which he presents in the online course Disruptive Strategy .

“A ‘job to be done’ is a problem or opportunity that somebody is trying to solve,” Christensen says. “We call it a ‘job’ because it needs to be done, and we hire people or products to get jobs done.”

Look for these kinds of opportunities in your own life. Every “job” presents an opportunity to create an easier way to get it done.

By centering your business plan on a particular need, you can increase your chances of building a profitable business.

Related: Jobs to Be Done: 4 Real-World Examples

Can I Make This More Accessible?

There are many useful products and services that aren’t readily available to the entire market, creating an opportunity to produce a similar, more accessible product offering.

The founding of Airbnb by Brian Chesky and Joe Gebbia is an example that HBS Professor William Sahlman uses in the online course Entrepreneurship Essentials .

“Chesky and Gebbia observed how hard it was to find housing during big local events,” Sahlman explains. “They decided to list online three air beds in their apartment for people coming to San Francisco for a design conference.”

From there, they added a third member to their founding team, Nathan Blecharczyk, who built the platform for connecting people with spare rooms to travelers needing a place to stay. They called it AirBed and Breakfast, which later became Airbnb .

Chesky and Gebbia noticed hotel rooms weren’t easy to book during large events, recognized a business opportunity, and devised a solution to fulfill a need for accessible, short-term lodging.

There are countless industries and companies whose offerings are inaccessible to certain market segments or during specific periods. Consider how you might fill those needs.

Related: 10 Characteristics of Successful Entrepreneurs

What Can I Improve About This?

For every successful product offering, there's a multitude of ways to make it better. Think of companies you admire and imagine how you could improve their products. As you do so, consider the following four factors.

Graphic showing four factors to consider to improve a product: delivery process, location, cost, and customer experience

1. Delivery Process

Your business idea doesn’t have to be entirely new—it just has to fill a need. If you can identify a more convenient way of delivering an existing service, it could be an opportunity for your business.

Uber is used as an example in Entrepreneurship Essentials . Taxis have existed for decades, but Uber delivered its services in a new, innovative way by linking drivers in their own cars to customers via an app.

This example also shows there are no limits to what type of business you can create. Your business’ ability to fulfill a need will matter more than whether it’s a brick-and-mortar or online business.

Related: 3 Effective Methods for Assessing Customer Needs

2. Location

One of the simplest improvements to a product or service is bringing it to a new location.

Returning to the Uber example in Entrepreneurship Essentials , ride-sharing company Didi was founded in China—a location Uber hadn’t yet reached. Didi used a similar platform and model as Uber but filled a location gap Uber had left open.

What products, services, or concepts have you experienced in other places that you’d like to bring to your community?

Entrepreneurship Essentials | Succeed in the startup world | Learn More

One improvement that can make a significant impact is cost. Determining how to make a high-quality equivalent to a leading product and offer it for a fraction of the price has great potential.

Home security brand Wyze was founded using this logic. After four ex-Amazon employees discovered they could produce high-quality security cameras and sell them for one-tenth the cost of leading competitors, they sold one million security cameras in their first year as a company.

It takes testing to ensure product quality isn’t sacrificed for a lower price, but finding a way to reduce the cost of an in-demand item could jumpstart your entrepreneurial journey.

4. Customer Experience

Taking an existing offering and improving the customer experience for all or a segment of the market can be a valuable way to fill a need.

One example of an organization that’s done this well is Wanderful , a platform that, similar to Airbnb, connects travelers to locals who can offer lodging and travel advice—with the provision that all users are women.

Beth Santos, founder and CEO of Wanderful, noticed that female solo travelers made up 11 percent of the travel industry , which failed to take into consideration the safety, gender norm, and cultural concerns of women traveling alone.

She improved this experience by creating a network of women that can be tapped into for lodging, travel advice, or just a friendly face in a new location. Wanderful has since expanded its mission to give female and non-binary travelers voices in the travel industry through conferences, communities, and recognition programs.

If there’s an opportunity to improve the experience of a specific group of people, act on it and see where the opportunity leads.

Related: 6 Questions to Ask Before Starting a Business

Is It Time to Pivot?

When starting a business, you may need to pivot from your original idea as new needs arise in the market.

For instance, Jebbit , a tech startup that originally offered a platform to pay students for the advertisements they watched, saw a rising need for privacy and consent in the consumer data space. It pivoted to create a platform for secure, declared customer data.

Another instance in which it makes sense to pivot is during technological evolution.

In Disruptive Strategy , Christensen explains that technological advancements can be either sustaining or disruptive innovations , depending on how they impact your company.

Take Netflix : The service was created to allow people to watch movies without going to the video store and accomplished this by mailing DVDs to customers’ homes with prepaid return envelopes.

When streaming came on the scene in 2007, Netflix implemented the new technology into its business model and has continued to adapt as it’s evolved. Because Netflix was able to adopt new technology to continue serving its customers, streaming was a sustaining innovation.

In the case of video store Blockbuster , streaming was a disruptive innovation that it tried but couldn’t affordably adopt. It ultimately led the business to shut down.

When technological advancements arise, think of how your current business model could shift to use innovation as a sustaining force.

More Examples of Innovative Business Ideas

As you think of ideas for businesses, take inspiration from the world around you. Analyze the foundational needs other businesses have fulfilled for society and how they’ve adapted to what customers want.

Remember: As a future business owner, it’s critical to understand your company’s core mission. Focusing on that can help align your startup ideas and provide a greater chance for success.

To gain even more insight and inspiration, consider the following examples, which show how diverse your business model and mission can be.

Notarize , the first online platform for legally signing and notarizing documents is just one example of an online startup that discovered an overlooked need. For many, it’s a hassle to find a notary public to sign a document in person. This prompted Pat Kinsel, founder and CEO of Notarize, to make this difficult, but necessary, task more convenient.

"It really struck me that notarized documents are often some of the most important things people sign, and yet, we have this system that’s 100 years old," Kinsel said in an interview with Inc .

Kinsel designed the Notarize app to connect people to licensed notary publics via video chat so they can see their documents signed in real time.

This need for notarized documents seemed to be a common, but overlooked, need for many professionals. By thinking outside the box, Notarize seized a business opportunity and brought it to its fullest potential.

The development of Starbucks under former chairman and CEO Howard Schultz is another example that highlights how to efficiently choose locations for your brick-and-mortar.

“Schultz admired the sidewalk coffee shops he’d visited in Italy and decided he would introduce the same basic idea in the United States,” Sahlman says in Entrepreneurship Essentials. “That venture became Starbucks.”

Now, it’s rare to walk a few blocks without seeing a Starbucks on a corner. Strategic locations within high traffic routes created a customer base that’s made Starbucks an essential part of their lives.

Perhaps one of the most well-known companies in the world, Amazon is a prime example of fulfilling people’s need for convenience.

This e-commerce business made it the norm to buy items online—including books, music, movies, housewares, and electronics—and have them quickly and conveniently delivered.

Which HBS Online Entrepreneurship and Innovation Course is Right for You? | Download Your Free Flowchart

Think Like an Entrepreneur

Coming up with an innovative business idea isn’t difficult if you’re observant. By asking yourself key brainstorming questions, you can generate a list of business ideas that fill market needs, improve existing products, and make daily life easier and more enjoyable.

Do you want to turn an idea into a viable venture? Explore our four-week Entrepreneurship Essentials course, six-week Disruptive Strategy course, and other online entrepreneurship and innovation courses to discover how you can harness the power of innovation. Download our free course flowchart to determine which best aligns with your goals.

This post was updated on September 19, 2022. It was originally published on July 21, 2020.

viable business idea concept

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Viable Business: Meaning, Elements, & Plan Testing

by Devra Gartenstein

Published on 29 Apr 2019

A viable business plan is based on a viable business model. Your business plan should outline ways that your company will produce and market its products and services to keep its customers satisfied and earn a sustainable profit. To determine whether a business idea can actually be viable, your business plan should present a value proposition and then explore the details of potential market size along with product and distribution channels and cost structure.

To explain what is meant by a viable business idea, imagine the elements that will help your business to live and breathe on its own, such as attracting the right customers and earning enough money to survive and grow.

Why Write a Viable Business Plan?

Your business plan is the road map to starting and running your business. The process of writing its text and generating its financials is an opportunity for you to think through details and hash out scenarios. You'll never be able to accurately predict how things will actually unfold once you start your business, but if you take the time and make the effort to envision how your company could succeed and cope with adversity, you will be well positioned to set your ideas in motion.

In addition to being a vital thought exercise for your own planning, a viable business plan is a necessary tool for approaching lenders and investors. The individuals and institutions who will be able to provide access to the capital you'll need will understandably want to make sure that your endeavor will be a worthwhile investment and that you'll be able to repay any sums you borrow.

If you base your business plan simply on the fact that you like your product, and you assume everyone else will enjoy it as well, you will show investors right off the bat that your idea isn't viable. Instead of basing your financials on shoddy research and wishful thinking, you should do careful research and be transparent about your assumptions.

Elements of a Viable Business Plan

  • Value proposition. Your business plan should explain what your business will offer, who will want it and why. If you understand and can explain the answers to these questions, you'll have the basic elements of your marketing plan, which will outline how you intend to attract the customers who are your best prospects.
  • Marketing research. To be viable and realistic, your business plan should demonstrate that you've collected real data about who will want your product and how large a market you anticipate reaching. This information should address demographics such as age and gender and psychographics such as tastes and personality traits.
  • Production and distribution. By addressing these aspects of how you expect your business to unfold, you have the opportunity to show that you have a realistic grasp of the nuts and bolts of your endeavor. This section will address scale and technologies as well as procurement and delivery logistics.
  • Financials. Your business plan will be largely theoretical until you start plugging in numbers. Develop realistic projections detailing anticipated revenue and outlays. Show how much cash you expect to need and where you expect to find it. Do multiple versions of these spreadsheets showing best-, worst- and medium-case scenarios.

Testing the Viability of Your Business

A business plan is an exercise in anticipating the future. It is a useful and important part of your business development process, but the true test of your business plan's viability is the process of actually running your business. Rather than existing as a static testament to your initial ideas, your business plan should be a living, breathing document. Revise it often as you grow more familiar with the landscape in which your company will exist and use this process to update your operations and your objectives.

70 Small Business Ideas for Anyone Who Wants to Run Their Own Business

Meg Prater (she/her)

Published: July 31, 2023

A good business idea may seem hard to come by, but with some planning and preparation, you can easily launch a small business to supplement your income — or become your own full-time boss.

Small business ideas symbolically showing the spirit of a small business

Maybe you already have an idea of the business you’d like to start. But while you might feel ready for a new venture and passionate about your idea, you might be looking for some direction.

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To help get you started, here's a list of small business ideas separated into a few sections:

Best Small Business Ideas

Best businesses to start with little money, home business ideas, easy businesses to start, how to start a small business at home.

The first step to becoming a successful entrepreneur is finding a business idea that works for you. In this article, you’ll find dozens of small business ideas you can start from home and scale up as your clientele grows. Let’s get started.

viable business idea concept

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Fill out this form to build your business plan today., what makes a good small business idea.

Not all small business ideas are made equal: Some require more effort and funding than others, while some can be launched with few resources — or resources you already have. As a potential small business owner, you’ll want to save as much money as possible on training, rent, supplies, and other necessities.

Let’s go over what makes a good business idea:

  • Requires little to no training . A good small business idea will ideally leverage your existing field of expertise and require little to no training. That will not only shorten your time-to-launch, but also lessen your expenses, since training courses can cost a significant amount of money. Plus, you’ll be more confident offering services that you feel prepared to deliver.
  • Requires low setup costs. Your business should be cheap to start. Maybe you only need to purchase a website domain or buy a desk for your garage.
  • Requires little hands-on inventory or supply management . A great business idea needs few supplies and little inventory management. If you want to sell physical goods, you can either try drop-shipping and manually make goods in small batches.
  • Is based online . The best small business ideas are based online and can be carried out from your personal computer. This will automatically lower your commuting costs and give you greater flexibility over your personal and work life.
  • Can sustainably be managed by few people . As a small business owner, you won’t have the funds to hire other people to help you run your business — at least not at first. A good business idea should give you the ability to run your business on your own.

Airbnb Co-founder, Brian Chesky, said, "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."

If you’re like Brian and you’ve already thought about a solution for a problem you encounter in your life — or you’re on the path to doing so — then starting a small business may be in your future. It may also be for you if you dream of clocking out of your nine-to-five job for the last time and becoming your own boss.

Below, we include the absolute best ideas for you to start your small business — with resources and examples to help you get started.

1. Handyman

small business idea example: handyman

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Are you always fixing things around the house? Often on-call when friends need small projects completed? Create a website , conduct a competitive analysis to determine what your time and expertise are worth, and turn to the friends you’ve helped before for referrals.

A handyman business is a good idea if you’ve already built a robust set of skills to help others fix up their homes. Consider specializing in what you feel well-prepared to do — for instance, if you know your way underneath a sink and water system, then you might provide sink fixing services to start, then expand your offerings once you earn more skills.

No certifications are needed to become a handyman, and there are no special education requirements. You might need, however, a license if you’re planning to undertake jobs worth more than a certain dollar amount. Some states might not require this license.

To start your handyman business, we recommend the following resources:

  • Handyman License Requirements by State
  • The Most Requested Handyman Services
  • Association of Certified Handyman Professionals

2. Woodworker

Similarly, if you have a passion for crafting beautiful furniture or other home goods out of wood, that could be a small business niche for you. Get started by listing a few of your pieces on sites like Etsy . Once you build a following, consider starting a website, accepting custom orders, or expanding to refinishing work and upholstery.

A woodworker small business is ideal if you already have a passion for woodworking, as well as the tools to begin fulfilling orders as they begin to come in. Since delivering a well-made product is key to keeping your customers happy, you don’t want to be “training” as you create a custom shelf or a custom storage box. It’s recommended to have at least one year of experience as a woodworking apprentice.

To start a woodworking business, there are no special education requirements, but there are a wide range of woodworking training certifications online, so we suggest starting with a certification. The Woodwork Institute , YesTomorrow , and The School of Fine Woodworking are potential places to start.

3. Online Dating Consultant

Dating consultants usually charge for their time. They help people create successful online dating profiles, source possible matches from outside the typical online channels, and offer a level of personalization that a site like Tinder can’t. Think you’ve got a knack for the match? This might be the business for you.

Online dating consultants need to have strong communication and interpersonal skills, as well as heightened levels of empathy. The good news is that there are no special education or licensure requirements, though we recommend getting a certification such as IAP College’s relationship coach certification or Hart Academy’s online dating coach certificate .

To start an online dating consultant business, you’ll need a website that shares all about you and offers free dating resources your customers might benefit from. Once they download a resource, you can loop them in for a free consultation.

4. Sewing and Alteration Specialist

small business idea example: sewing and alterations

People will always need clothing hemmed and buttons mended — and you could be the person to do it. If you love sewing and have a sewing machine at home, start by offering simple services like those mentioned above and expand your repertoire to dressmaking and design as you build a customer base and demand.

You don’t need a special license or degree to begin a sewing and alterations business, but it’s essential to build your skills so you can take on more complicated projects. High-value clients will want to customize complicated items of clothing such as suits, pants, gowns, and dresses. That’s where you’ll see the highest potential for profits.

Altering these items require special skills, however. A few courses you might consider include:

  • International Open Academy's Tailoring Course for Beginners
  • Jackson Sewing Academy’s Basic Alterations Course
  • American Bespoke Tailoring Academy’s Programs

You’ll also need to shop for sewing supplies of all colors to accommodate your clients.

5. Freelance Developer

From building websites for other small businesses to providing technical support for certain projects, quality web development is in high demand right now. As a web developer, you'll naturally have a technical skill set. Distill your knowledge and expertise so customers who don't have your experience are able to understand what it is you'll be helping them achieve.

To help with this, test your messaging on friends and family who don’t have a firm understanding of the work you do. If they’re able to summarize what you do, your messaging is likely effective among people outside of your industry. You can start finding your first freelance contracts by visiting different freelance websites .

Unlike a few other options in this list, a freelance developer does need some training to launch a successful business and start taking on projects, but if you’re a beginner, don’t worry. There are plenty of boot camps to get you up to speed with either full-stack or front-end web development. Some of these boot camps are even offered through accredited tech schools.

Some boot camps you might consider include:

  • Coding Dojo
  • Fullstack Academy
  • Georgia Institute of Technology Coding Boot Camp

These vary in price, so be sure to do extensive research to find one that fits you and your budget.

6. Personal Trainer

Offer in-home consultations, personalized nutrition and exercise regimens, and community boot camps to get the word out. Don’t forget to populate an Instagram feed with inspirational quotes, free exercise videos, and yummy snack ideas as well — it’s a common way for fitness gurus to build their brands in our digital world.

If you choose to go this route, it’s OK to start small at first, then scale up. For instance, MOURfit is a personal training business in Indianapolis that started in a shared gym, then grew to a private gym that offers group fitness, personal training, and nutrition services.

To start a personal training business, you’ll need a certification. If you already earned a degree in an unrelated discipline, we recommend starting with the NASM-CPT certification , which is nationally accredited and only requires a high school diploma or GED. You can also get a Bachelor’s degree in physical and exercise science — here’s one example from Emory & Henry College .

7. Freelance Graphic Designer

Set your own hours, choose your projects, and build a portfolio and business you’re proud of. From website design to blog graphics and more, many companies seek out experienced graphic designers for support on a variety of projects.

The good news? There are no special education requirements for becoming a freelance graphic designer, though we recommend seeking a credential (like SAIC’s graphic design certificate or RISD’s graphic design certificate ) or an Associate’s degree in design so you can confidently present your portfolio and complete your first few projects.

If you’re just starting out with graphic design, try these tips and tricks that are ideal for beginners. If you’re more experienced but need to build your portfolio to attract clients, these prompts will get your creativity flowing in no time. We also recommend reviewing other people’s work on portfolio websites to get a feel for what is “trendy” and receive feedback as you grow your small business.

Free Download: How to Hire and Work with Freelancers

8. Life/ Career Coach

If you have experience navigating career, personal, and social transitions successfully, put it to good use as a life or career coach. Many of us are looking for guidance in our careers — and finding someone with the time to mentor us can be tough.

Life/career coaches don’t come cheap, but they are able to offer clients the intense and hands-on training and advice they need to make serious moves in their personal and professional lives. After all, everyone needs some uplifting advice from time to time.

To start your life/career coaching business with confidence, you can look for a certification program (like the Life Coach School’s or Diane Hudson’s ), then apply your skills as you acquire new clients.

small business idea example: Career Coach Nariah Broadus

A resume writing business is economical, has few overhead costs, and has few educational requirements. We still recommend having an Associate’s or Bachelor’s degree and a few resume samples on hand. If you still feel that you need to brush up on your resume writing skills, you can take a course like Coursera’s or LinkedIn Learning’s .

Once you’ve gotten resume writing down, you can expand your business to include cover letter writing, and even offer career coaching services in conjunction with these services.

10. Freelance Writer

If you have writing skills , there’s someone out there willing to pay you for them. Write blog posts, magazine articles, and website copy galore — just make sure you have a body of work built up to share with potential clients. Even if you create a few sample pieces to have on hand, they’ll help exhibit your work and attract new business.

To become a freelance writer, it’s essential to choose a specialty. For instance, you might choose to only write for publications in the healthcare industry (maybe because you were previously a healthcare worker), or focus on lifestyle publications. Whatever the case, specializing will help you find your niche market and gain confidence as a new freelancer writer.

There are no educational requirements to freelance writing, but you do need strong writing skills. It also helps to enjoy writing. While a certification may beneficial, getting practice and writing every day is more important. Try these writing prompts to start.

11. Landscaper

Mowing, tree-trimming, and seasonal decor are all neighborhood needs. If you have or can acquire the equipment, a landscaping business can be a lucrative affair. It’s also a great choice if you enjoy doing it for your own home and have a good eye for landscape design.

The good news is that you can start small. For instance, you could offer your neighbors seasonal planting services and start with a few perennial plants, or simply offer mulching services.

To grow your landscaping business, you should consider taking some formal training. The following organizations offer courses:

  • New York Botanical Gardens

After completing a course and getting enough experience, you can apply for a certificate from a landscaping organization. While a certificate isn’t necessary to work in the field, it can build your credentials and help you make industry connections to take your landscaping business to the next level. The Association of Professional Landscape Designers offers one potential certificate you could pursue.

Some states require licensure, especially if you’ll be using pesticides and fertilizers. Be sure to review the requirements for your state.

Learn some of the basics now with this video on landscape design from Lowe’s:

12. Videographer

Video production requires you to have invested in the equipment up front, which can be quite expensive. But that’s also what makes your services so valuable. Make sure you have a reel of your work to share or create a website with several selections of your work available for interested viewers.

There are no educational or licensure requirements for starting a video production business. As with writing and other creative arts, though, it pays to specialize. Real estate videos differ radically from wedding videos, and wedding videos differ radically from in-studio interviews and testimonials. By specializing, you target a highly specific customer who’ll benefit the most from your services, and you can also skill-up more effectively in one shooting style.

While you can find general classes on videography, you should consider taking a class in the type of videography you’d like to do. For instance, you could take The Complete Wedding Videography Course , if that’s the route you’d like to take.

Hot tip: If you’re interested in specializing in video marketing, check out The Ultimate Guide to Video Marketing and download our starter pack below.

→ Access Now: Video Marketing Starter Pack [Free Kit]

13. Photographer

Start by conducting photo shoots for your family and friends. As you build a body of work, ask for referrals and reviews. Photography businesses often grow by word of mouth, so create a Facebook page where you can tag recent clients. Photos where you tag those clients will show up in their friends’ newsfeeds, where they can view your work. You can also ask them to leave reviews on your Facebook business page.

Like with a video production small business, you’ll want to specialize. Will you do product shoots or portraits? How about wedding or fashion photo shoots? Once you specialize, you’ll be able to create a body of work that most accurately represents your strengths.

There are no educational or licensure requirements for starting a small photography business, but we recommend investing in a few photography courses, especially if you haven’t used your camera in a while. Some courses you might start with include:

  • Cornell’s Digital Photography Certificate Program
  • New York Institute of Photography’s Course

From there, seek courses that help you build skills in your chosen specialty.

If you’re not sure where to start with freelance photography, take a look at Erica Clayton’s journey into the business below. Her advice? Give yourself a firm deadline to turn a profit.

14. Bed and Breakfast Owner

small business idea example: bed and breakfast

This is another business venture that will require you to research the correct licensure from your state, but it will be well worth it to see your dreams come true. Consider what guests will be traveling to your area and create special packages and themed stays that coincide with their interests in your locale.

To start a bed and breakfast business, you’ll need a physical business location and a small staff for maintenance, customer service, and upkeep. For that reason, we recommend it if you have startup funds to start your business. (Don’t have any? Here’s how to start crowdfunding to launch your new business .)

A successful bed and breakfast business will also need an SEO-optimized website with a hotel booking system. If you create your website on the WordPress platform, you can easily create a B&B website using a hotel booking plugin — so there’s no need to code the booking form from scratch.

With Airbnb and hotels stealing market share, the competition is tough in the bed and breakfast space, so we recommend providing a unique angle to the stay. As mentioned, the stays can be themed — maybe your B&B is a vintage home with all original furniture, or maybe you offer traditional fare from your homeland.

15. Clothing Boutique Owner

If you dream of building your own fashion empire, why not start with a local boutique? Build buzz with impressive clothing styles, inspiring social media accounts, and heavy community involvement. While you can open a physical store, you can easily start online — and if that proves profitable, you can open up a local shop.

There are a few ways you can start a clothing boutique. First, you can make the clothes yourself if you already have experience in fashion design or know how to sew, knit, and curate colors and patterns.

Alternatively, you can design certain aspects of the clothing — such as a graphic or a logo — then send it to be printed on-demand at a local print shop when orders come in.

Lastly, you can dropship the items from a warehouse you’ve partnered with. This method is less reliable because there’s less quality assurance for each item, especially if you never visit the warehouses yourself. Regardless of the method you choose, starting a clothing boutique is highly doable, and you don’t need to have a fashion degree (though it certainly helps).

Take some inspiration from Sleep Ova , a luxury loungewear boutique based in Los Angeles, CA.

small business idea example: sleep ova

16. Specialty Food Store Owner

small business idea example: specialty food store

Gourmet foods, cheeses, sake, wine — you name a food, there’s a specialty food store out there for it. Put your passion for exotic olive oils to good use and open a store like American Provisions where you offer the kind of expertise and selection your audience couldn’t dream of getting from their local grocer.

To start your specialty food store, you’ll want to curate and source the items from makers that you love and trust. Ask around your community to find local makers of the food you want to sell, and the makers will likely be open to a partnership, especially if they get a cut of the profits.

When it’s time to sell, you’ll want to find a physical location, but if that investment is too high, you can start by setting up stalls at food festivals and local markets. Or you can go the ecommerce route and sell the products through your website, taking care to carefully pack perishable items.

17. Food Truck Owner

Always dreamt of owning a restaurant but not quite ready to take the plunge? Test out your concepts with a food truck. It’s a great way to become familiar with food and restaurant licensing in your state, see what people like and don’t like, and build a ravenous following before ever opening or investing in a brick-and-mortar location.

Food trucks will require a larger investment, but thankfully, you can rent the truck itself — the Food Truck Group and Roaming Hunger are two potential leasers you could look at. The cost will be high, so we recommend renting one in preparation for an event such as a food festival or concert. There, you’ll get to test out the popularity of your cuisine and see if the food truck business is right for you.

Taco Nganas , a taco truck in Memphis, TN, started with one food truck and expanded to three, building a loyal customer base along the way.

18. Car-detailing Specialist

small business idea example: car detailing

The devil is in the details, and you can be too. Car-detailing services that travel to the client are convenient for busy people who can’t find the time to run through the car wash. With this business, your clients only have to pay and the service will be done for them before they know it. Just make sure you have the flexibility, transportation, and equipment to take your business on the road.

There are no educational requirements for car detailing, but you should still take a course such as Auto Finesse’s detailing training to learn core concepts and brush up on your skills.

To get your car detailing business off the ground, you’ll need an SEO-optimized website and a way for customers to book online with you. Before you take that step, however, consider listing your services on websites like Angi , Thumbtack , and even Nextdoor.com so you can get your first local clients.

Don’t have a lot of money to start your business? Check out the ideas below.

1. Translator

Speak a foreign language? Start a translation service. Consider specializing in a specific genre of translation, like medical or financial translation, as you might be able to fill a niche need in your community.

small business ideas: translator

To become a translator, you should have a rock-solid grasp of two languages — ideally, you’ll be near native level for both. You don’t need special credentials to become a translator, but a certification (such as from the American Translators Association ) will legitimize your business and help you get clients.

Prior to gaining a certification, you can also pursue an online certificate, which will teach you the basics of translation. Some providers include:

  • University of Massachusetts Amherst
  • The University of Arizona
  • University of Georgia

2. Garden Designer

Many people have the willingness to do the dirty work in their backyards, but few have the know-how to complete the first part of this process — designing and planning the backyard space. Draw up the designs for your clients’ outdoor spaces and let them do the actual digging.

But you can also offer installation services, or hire your own contractors to fulfill the design.

small business ideas: garden designer

To become a garden designer, you should seek at least one credential so you’re well-versed in the basics and prevent damage to a client’s landscape. The American Academy of Garden Design offers courses and certificates that start at $450. A cheaper option is New Skills Academy’s Garden Design Certification ($120).

Remember, the goal is to start a business for cheap, and a certification can have a high ROI after you book your first few clients for garden design.

3. Travel Planner

The time of the travel agent might be passing, but people are still looking for those with a knack for more nontraditional travel coordination. If you always plan the perfect vacations complete with beautiful hotels, the ideal location, and a bevy of delicious restaurants lined up for every evening, consider advertising your services as a more modern approach to travel planning.

You don’t have to only plan trips for individuals, either. If you’re experienced enough, you can even start a group travel company, like Art N Soul Escapes .

You can become a travel planner by first volunteering to plan a few trips for your family and friends. Try it and see if you like it. Once you feel like you’ve gotten a good taste, attend a travel planner program and get certified. Some options include:

  • The Travel Institute Training & Certification Program
  • Penn Foster Travel and Tourism Specialist Diploma

You can also seek employment at a travel agency first, then strike out on your own once you’ve learned the basics.

4. Home Inspector

A home inspector examines a house’s drywall, electrical wiring, energy efficiency, and structural integrity to find potential issues on behalf of a home buyer. Home inspectors work in the field. They visit homes in person and provide a written inspection report. Alternatively, some home inspectors offer virtual inspections, which may be a good fit if you’d prefer to work from home.

small business ideas: home inspector

Working as a home inspector requires certification and a great deal of expertise, but it can offer a flexible work schedule and stable income. Confirm the licensing requirements in your state before getting started with this type of small business. You’ll want to make sure you’re providing the best service to your clients by having all of your credentials in order.

To become a home inspector, you should invest in a certification program, such as:

  • International Association of Certified Home Inspectors
  • ATI Home Inspector Academy

Be sure to check local authorities and universities for a course.

5. Personal Chef

We all love to eat, but few of us have the time or energy to cook healthy, delicious meals. Advertise your services to local families and businesses alike. To save on start-up costs, consider scheduling certain groups of clients together — say, vegetarians — so you can cook larger quantities of the same dish.

You can also begin by selling food in batches at local farmer’s markets or via a food truck. Once you’ve generated some awareness, you can begin taking on clients. Alternatively, you can start a delivery meal prep service by cooking 5-7 days’ worth of meals for clients.

small business idea example: personal chef

Chef Paul’s mouth-watering dishes are available to clients across the country. His clientele niche consists of athletes, corporate businesses, and local gyms.

6. Property Manager

Many people maintain properties they don’t live in — often based in different cities or states. As a property manager, you can help a property owner ensure their home is well taken care of, handle small fixes as they arise, and serve as a liaison to renters. It’s helpful if you have a background in real estate.

This option is a great fit if you have stupendous organizational, administrative, and customer service skills. As a property manager, you’ll be handling everything from screening potential tenants to collecting rent.

To become a property manager, you must first complete coursework in your desired state. We recommend working at an existing property management company to get your foot in the door. Once you’ve learned the basics, you can then start your own property management business.

7. Massage Therapist

Soothe aching muscles and promote peace for your clients as a massage therapist. As a massage therapist, you’ll offer targeted, personalized care that’s an edge above in-shop or mall massage services. To start this small business, you should invest in customer service courses, as well as a massage therapy certification.

small business idea example: massage therapist

Be sure to look into training and certification courses in your city and state, and to invest in a portable bed to take on client visits.

8. Interior Designer

Similar to landscape design — there are many people who have the ability to buy the furniture and home decor they need to fill their rooms, but few who know where to start. It might take some time to build a portfolio, but documenting your projects and sharing them online can build a fanbase beyond your wildest dreams.

To start an interior design business, we first recommend trying your hand at decorating your friends’ homes and working with their vision and specifications. One big aspect of interior design is providing fantastic customer service and knowing how to fulfill a client’s design vision while employing your interior design expertise.

You can then take an interior design course to round out your knowledge, such as the one offered by The New York Institute of Art and Design .

Need inspiration? Check out Sandra Cavallo’s interior design Instagram account.

small business idea example: interior designer

9. Nonprofit Owner

If you dream of devoting your life to a cause you believe in, it might be time to start a nonprofit. You’ll need to incorporate your business and file for 501(c)(3) tax-exempt status — and then you’ll be required to meet ongoing standards of compliance, but the payoff is making a meaningful impact on a cause you believe in.

The best thing is that you can begin a nonprofit easily from your home, even before filing for 501(c)(3) status. First, create a non-profit website (ideally with a .org top-level-domain). Define your mission and goals, and figure out how you’ll execute your non-profit activities. For instance, if you’re raising money to buy books for local schools, who will deliver them? Which retailer will you use? Start small, then expand.

Thereafter, apply for exempt status so that you’re not taxed like a regular business. The profit margins may be smaller, but the job is endlessly rewarding.

Whether you’re a math whiz, piano master, or Shakespeare aficionado, there’s someone out there who needs a little help in your area of expertise and is willing to pay for it. Advertise your services through local schools, community colleges, community centers, and even social media to get the word out and build a customer base.

To start a tutoring business, you should first gain experience educating others by either volunteering or even teaching friends and family. But you can begin straight away by listing your services locally and online and launching a tutoring website.

Be sure to define your niche. Will you be tutoring students in their homes? Or opening a local tutoring location? Which subject will you teach? Create handouts, use textbooks, and know which online resources will be best for your tutee’s learning style.

11. Consultant

If you have significant experience in or knowledge of a specific subject, consider becoming a consultant. Perhaps you’re an expert at hiring practices, have a knack for SEO , or have led multiple sales teams to six-figure success. Identify your expertise and market yourself as a consultant and charge the going rate.

Download Now: Free Consultant's Success Kit

Some consulting industries are more competitive than others, so be sure to complete your research prior to starting a small consulting business. One way to find out how competitive a consulting niche is by doing keyword search . If your target niche is highly searched or already is dominated by big companies, you may have a harder time breaking in. You can use keyword research tools to uncover keyword volume and local demand.

12. Event Planner

An event planning business is an excellent choice if you have great organizational and interpersonal skills, and it’s relatively cheap to start. You might choose to specialize in a specific type of event — like weddings or company meetings — or set yourself up as an event planner of all trades.

The good news is that event planners are always in demand. It’s not a job that can be easily automated, so this small business idea is set to thrive regardless of the digital landscape. To start, you’ll want to look for a platform that will easily allow you to advertise your availability, such as event planner directories like Eventective and WeddingWire .

If you’re highly organized, are detail-oriented, and have experience planning large events, it might be time for others to benefit from your skills.

13. Personal Assistant

Personal assistants help business owners and executives take care of administrative tasks. To launch a freelance personal assistant business, you should leverage networking opportunities on LinkedIn and attend small business events at local chambers of commerce. Most local business owners might not even know they need a personal assistant until you market your services to them.

If you’re an organized, highly-detailed person, the life of a personal assistant might be for you. Don’t want to be tied to one office or person all day, every day? Consider becoming a virtual assistant, which allows you a more flexible work environment.

To become an assistant, choose a niche — will you be helping women business owners specifically? Do you have a specific field of expertise, like bookkeeping? A website can also go a long way, and be sure to print business cards for you to hand out during networking events.

14. Consignment Shop Owner

If you have an eye for style but don’t want to invest in the inventory of a brand-new boutique, consider starting a consignment shop. It will allow you to curate a collection of clothing that matches your goals and aesthetic, without the overhead of a boutique selling entirely new garments.

The beauty of a small consignment business is that you can now start one online. You can sign up on a platform such as Poshmark , Depop , and even Etsy , then easily start selling your own used fashion from home.

Once you’ve defined your niche — such as vintage clothing, unique locally made art, or colorful shoes — you can begin sourcing new products from your local stores and thrift shops.

15. Caterer

If the personal chef gig is too restrictive for your schedule, consider catering instead. Pick your projects, work on fewer but larger events, and hone in on your time management skills.

Becoming a caterer is a natural step for those who are used to cooking for large events — for instance, you may have already catered your friend’s wedding, or brought a 20-person meal to a potluck (that counts, too!).

It’s essential that you have enough temperature-regulated storage for the meals prior to each event, and that you arrange for reliable, temperature-controlled transportation to and from your home kitchen. Alternatively, you can lower your costs by inviting customers to pick up their order at your home.

16. Gym Owner

Kickboxing gyms, yoga studios, CrossFit, oh my! Turn your passion for fitness into a community for others by creating your own gym — start one from the ground up, become an affiliate, or open a franchise location.

Available franchise opportunities include Anytime Fitness, Orangetheory Fitness, Pure Barre, Planet Fitness, Crunch Fitness, and more. Be prepared to take out a loan to finance your franchise — most agreements start with fees upward of $20,000. But the payoff can be tremendous due to brand recognition. You’ll have no trouble recruiting new members as long as you use local marketing strategies .

Alternatively, you can create a local studio, but ideally, it should be for a specific activity instead of general fitness. Yoga, pilates, bootcamp-style gyms, and martial arts perform well as independent fitness studios.

17. Boutique Agency Owner

What’s your specialty? Whether it’s marketing, social media, or PR, it might be time to start your own agency. Many other small businesses need this type of help but don’t have the resources or volume to necessitate a full-time position.

To start an agency, you would ideally have worked in your specialty for a number of years. You should also be prepared to interface directly with clients, fulfill their requirements, and temper their expectations (if they want results in an unreasonably short amount of time).

Consider building a small team and learn from other entrepreneurs who’ve successfully started their own agencies, like Duane Brown of Take Some Risk .

18. Coffee Shop Owner

Turn your caffeine addiction into something a little more lucrative. Opening a franchise or buying an existing shop are lower-risk entry points to the coffee game, but they usually require a little more cash upfront. Starting a shop from scratch requires more planning and work — but it also maximizes your earning potential in the future.

A coffee shop is an excellent fit if you already have a full-time remote job and wish to supplement your income with a small business. You can manage the coffee shop as you work at one of the tables, but be sure to have the budget to hire an experienced barista who can pick up the slack.

If you would like to open a coffee shop and run it full-time on your own, you’ll need to undertake barista training, understand worldwide coffee sources, and have excellent customer service skills.

19. Moving Company

A truck, moving equipment, manpower, and the correct permits and insurance are the building blocks of starting your own moving company . Before you buy your first fleet of trucks, however, start small with a moving van and keep your costs low.

Still sound like too much of an initial investment? Consider offering packing services only, which have a much lower financial barrier to entry. You can partner with moving companies and offer to do their packing, or have them refer clients to you.

You could even take a niche approach to the industry as Astro International has by offering international moving services.

small business idea example: moving company

20. Home Staging

If you have a flair for interior design, a staging service might serve as your creative outlet and professional calling. You can build a portfolio with little initial investment by staging homes using the owner’s existing furnishings and decor. Most stagers eventually build up an inventory of furniture as they become more established and network with area realtors.

To get your first home staging clients, you should first rely exclusively on networking. Find your local realtors’ association and attend their events with business cards handy. Once you’ve gotten your first clients and built your portfolio, you can begin posting your designs on your home staging website.

small business ideas: home staging

If you don’t yet have enough experience, be sure to pursue an interior design course before opening this small business.

These home business ideas give you a few more business options that are either based at home or online.

Frontend, backend, and every type of code in between, this skill requires no in-person interaction with your clients. But one skill you’ll want to carry over from the in-person world for this type of business is active listening. It can be easy to zone out while building a product, but developing a connection with the client is just as important as developing the code for their website.

If you keep the client top of mind when you can’t be around physically, you can ensure that you’re meeting their development needs with your coding work.

Download Now: 25 Free HTML & CSS Hacks

2. Vending Machine Owner

Since 2015, the growth rate for vending machine businesses has increased 1.4%. Even as social distancing restrictions are still in place, this business can still be lucrative if you choose the right locations. High-traffic is key — places like hospitals, schools, and community centers are smart places to start placing your machines to generate enough revenue to cover cost and turn a profit.

small business idea example: vending machine owner

3. Social Media Manager

Do you have a knack for social media? As a social media manager, you can use your skills to manage the social media accounts for companies and even individual people. Influencer marketing has become more common and many influencers rely on marketing agencies or employees to help them run their social channels.

→ Free Download: Social Media Calendar Template [Access Now]

4. Data Entry Clerk

Many businesses seek data entry clerks to help them enter information into their computer systems and spreadsheets. If you have strong computer and typing skills, this might be the business for you.

5. Audio or Video Editor

As of March 2021, there are 1.75 million podcasts available to listeners. For this reason, brands are turning to audio and visual content to connect with consumers. The catch is that many don't have the time to invest in the production of this content, or they don't have the skills to do it. Audio and video editors are in demand when it comes to producing quality content for hungry audiences.

6. Voiceover Artist

Speaking of podcasts and videos, many content creators recognize the value and level of professionalism that great voice talent can bring to a project. There are gigs out there for podcast intros/outros, narration for explainer videos, or even voice work for audiobooks. Learn how to get started with no experience from Kat Theo below:

7. Dog Walker, Groomer, or Trainer

Licensing and insurance will be the two most important factors in opening a dog walking, grooming, or training business, but your canine colleagues will surely make up for the initial red tape. To test the waters before jumping in, consider walking dogs through companies like Rover. Ready to run your own show? Consider a franchise like Dogtopia .

8. Candy Seller

If you grew up in a close-knit, southern neighborhood, you're probably familiar with the " Candy Lady ". This home business can be started by anyone who's trustworthy in the community. Aside from selling the most popular snacks, a candy seller can provide the neighborhood with fresh fruit and produce that may be harder to find if you live in a food desert.

Online Business Ideas

If you want a business idea that you can run entirely online, check out the ones below. These ideas are ideal for those looking for a passive income stream. In other words, you shouldn’t need to do too much manual work to launch these businesses from your home or preferred business location.

1. Become an online reseller.

To become an online reseller, all you need is some business savvy and some funds to invest in product stock from manufacturers — or, of course,the willingness to sell your own used items. Generally, this is a low-touch but high-performance way of creating a passive income online business.

Online resellers usually use a platform, such as Facebook Marketplace or Amazon Sellers, to sell either their own or manufacturers’ stock. The benefit of using Facebook Marketplace is that you can begin today with your own Facebook account, and simply list items that you already own.

Interested buyers typically drive directly to your home for pick-up — but if you’re not interested in human interaction, you can leave it outside and have the buyer pay via an online platform.

online business ideas: amazon seller

Amazon Sellers requires a little more up-front investment, but the yield is usually higher and you can turn your Amazon reselling business into a more passive income stream. Amazon allows you to buy stock from various manufacturers, which they then keep in their warehouses. When an Amazon user buys from you, Amazon will fulfill that order and then give you a substantial cut.

2. Try affiliate marketing.

An affiliate marketing business is a great fit if you already own a website or a blog you wish to monetize. We’ve already shared how blogging is a great business to start — if you’ve already bought a domain name and begun writing content, then using it to start your affiliate marketing business is a great option.

Affiliate marketers create blog posts and content that contain affiliate links. When a user clicks on that link, a cookie is added to their browser that tracks their activity for a specified period of time. If they make a purchase at the affiliate website, then you get a commission — usually recurring, if you’re selling subscription products.

There are countless affiliate marketing programs for you to start your online business. These programs come with many benefits, such as pre-made advertisements and lazy copy for you to use.

To create a viable affiliate marketing online business, you should choose the right blog niche , such as technology, household decor and organization, or fitness, and then find affiliate marketing programs that offer products your readership would be genuinely interested in.

3. Become a content creator or influencer.

Instagrammers, YouTubers, podcasters, and TikTokkers with more than ten thousand followers can eventually turn their accounts into a small online business that generates passive income.

As a content creator or influencer on social media, you can not only earn money from sponsored partnerships, but you can monetize your audience in other ways, such as creating Subscriptions on Instagram , allowing companies to advertise on your YouTube channel, or creating a paid-only newsletter.

online business ideas: content creator

Becoming an influencer or content creator takes hard work, but it can be a fun way to create a small online business, assuming you’re posting content that you enjoy creating. First, you should choose a niche, such as thrifted fashion, work-from-home hacks, or even industry tips. Then, you should learn how to become a social media influencer and digital creator , then create a social media content calendar .

Most importantly, have fun with this online business idea as you give it a try. The good news is that it has little overhead — all you need is a willingness to spend time on social media content creation.

4. Open a dropshipping store.

We’ve mentioned dropshipping a few times already, but this is such a great online business idea that it’s absolutely worth mentioning again. Dropshipping businesses don’t manufacture what they sell, or even buy stock from manufacturers in advance. Instead, wholesalers fulfill the order directly after a buyer places an order through your website.

Opening an ecommerce store can be forbidding for those who don’t want to deal with inventory management or supply chain logistics . Dropshipping is the best alternative.

The only thing you need is the willingness to invest in an ecommerce website builder and the ability to manage relationships with local or international manufacturers. From there, you need to only publish your site and advertise your brand via ecommerce marketing .

Learn how to start a dropshipping business here , with examples.

5. Sell print-on-demand products.

Print-on-demand (POD) is another way to start a dropshipping business, except it’s a little more frictionless because most POD services allow you to create a storefront right on their website, instead of you needing to look for a separate ecommerce site builder.

With a POD online business, you design unique artwork. The print-on-demand provider will allow you to place that design on t-shirts, hats, tote bags, phone cases, and more. You do not keep any inventory; instead, the POD provider will print it only after a buyer makes an order, then ships it directly to them.

online business ideas: print on demand shop

The only thing you need to start this small online business is a penchant for design and the budget to pay for a print-on-demand subscription (although most providers are free, and they simply take a cut of the sale). Get acquainted with design principles and color theory , and you can get started with this business in no time.

6. Become an independent author.

Think becoming an author is only for those who are extremely lucky? Think again. Whether you write historical epics or self-help guides, chances are that there’s a market to read your work, and you can now easily publish it online .

We recommend editing and proofreading your book, or hiring someone to do it, before self-publishing it. Then, it’s as simple as signing up on a self-publishing platform such as Kindle Direct Publishing or Barnes & Noble Press , uploading your file and cover, and pushing it live. You’ll enjoy benefits such as large royalties (up to 70%) and the ability to unpublish the book at any time, in case you find a typo or another change you’d like to make.

To get this online business idea off to a strong start, invest in an author website , spend some time doing social media marketing , and learn the basics of book marketing .

7. Sell downloadable digital products.

Downloadable journals, templates, art prints, designs… Some people would simply prefer to print these at home, instead of paying for the full price of the paper and the design. Downloadable digital products can be a profitable small business idea for those who are already design-savvy or who are willing to learn how to use an online design tool .

online business ideas: digital products

But if you’re not too crafty, you don’t need to create full-on journals or beautiful art prints, either; you can create templates for marketplaces such as Canva’s . There, people are able to customize a base design to their specifications, so you don’t have to worry too much about creating something specially beautiful — it’s more about functionality and customizability.

If you plan to create digital products that buyers can print at home, think about printing specifications, such as recommended paper size, paper weight, PPI (pixels per inch; a higher PPI results in better print quality), and so on. It’s essential to create a positive customer experience, even if users are ultimately responsible for what the final result looks like.

8. Publish a subscription-based newsletter.

We’ve already discussed becoming an independent author, but if long-form writing, such as novels, seems out of reach, you can always go for something much shorter and simpler: Newsletters. And the best part about paid newsletters is that you typically don’t need to have a separate website and blog; instead, you can sign up on a platform and begin publishing right away.

A website can, of course, benefit you, but the core of your revenue will come from the newsletter itself.

online business ideas: paid newsletter

With newsletter monetization platforms such as Substack or even Patreon , you can publish shorter content that features your opinion, experience, and expertise. We recommend pairing this small business idea with a robust social media marketing strategy , where your followers can learn more about you and be swayed to subscribe to a gated newsletter.

Choose a niche you’re passionate about, and this online business idea can feel less like work and more like a profitable hobby.

9. Create an online course.

If you want to monetize your expertise a little further for your online business, then creating an online course is the best choice.

To create a course, you’ll need to sign up on an online course platform such as WordPress or Teachable , sketch out a curriculum, film your lectures, and create worksheets and guides. You can be as hands-on or as hands-off as you’d like, but to make this online business as passive as possible, you’d ideally record all your lectures at once and allow users to access them by paying a premium fee.

If you’d like to try your hand at it first, you can try publishing a course on a platform such as Udemy and see if it feels viable to you. To become an online course teacher, you don’t need a specific level of education, but you should have a strong grasp on the material you’re teaching and a strong set of customer service skills to handle inquiries or course refunds.

10. Transcript videos, shows, and podcasts.

A freelance transcription business is an excellent idea for those who speak only one language and are passionate about improving communication. Transcribers listen to speech, write it out — usually verbatim — and deliver it to the original publisher in an organized document.

This small online business is a good fit for those who are looking for a part-time side business. You should be able to type quickly and have a good listening ear. Indeed has listed the top transcription companies where you can get your foot in the door.

Once you understand how the industry works, you can consider opening your own small transcription business and offering services on freelancer marketplaces such as Fiverr or Upwork .

Whether you’re looking to start your venture today or you simply don’t want to jump through the normal hoops of launching a small business, the below ideas are extremely easy to start — so easy, all you’ll need to do is sign up on a website or tell your friends about your services.

1. Vacation Host

Have you ever used a home-sharing service instead of a hotel? You could make a living by hosting visitors in your own home or renting out a room. Consider becoming a host with companies like Airbnb .

To become a vacation host, you don’t need any special skills except friendliness, courteousness, and agility (in case of guest emergencies or language barriers). A customer service course will prepare you to welcome guests and give them a pleasant stay.

You’ll need to invest in supplies and toiletries, such as new bedding and one-time soaps and toothbrushes, but the overhead is relatively small, and you can stop at any time.

2. Pet Sitter

Do you have a passion for pets? Consider becoming a pet sitter. While the pet's owners are away on vacation, either host their pet at your home or make visits to their home. Join a pet sitting service like Wag to get started.

small business idea example: pet sitter

If you start a pet sitting business, be sure to have some experience with dogs, cats, and other household pets. You should also choose a niche based on timing. For instance, do you prefer long-term arrangements? You can market yourself as an excellent vacation pet sitter. Do you only do single afternoons, or only on weekends? You can pull in clients by telling them you’ll take care of their pets during their dates or weekend trips.

3. Daycare Owner

Childcare continues to be in high demand. While nannies and nanny shares are popular right now, a good daycare is hard to find. Fill a need in your neighborhood by opening your own. And, as always, make sure you’re complying with your city and state’s zoning, licensure, insurance, and inspection requirements.

Home daycares are especially a good fit if you’re an experienced parent and have all supplies ready at home. But be warned that you’ll also need to buy more supplies to accommodate the additional children you’ll need to take care of.

We recommend getting a soft start with this business by advertising it first to your friends, families, and close neighbors. That way, you can better gauge whether it’s a good fit for you and whether you want to make the full investment.

If there’s a topic you have a heavy interest in, then there’s an audience out there with a heavy interest in it too. A blog can be used to build an online community whose engagement can be monetized. Affiliate marketing , sponsored content , and co-marketing are some ways to make money once your blog develops a following.

→ Download Now: 6 Free Blog Post Templates

Blogging is one of the most accessible small businesses to start, and there are countless niches to choose from. That said, because there are many blogs online, you’ll need to learn blog SEO and keyword research to ensure your audience finds you. That way, you actually make money out of your blogging efforts.

The great news is that a small blogging business has a ridiculously low overhead. All you need is a custom domain and your time for writing blog posts.

5. Home-Baked Goods Seller

Warehouse-made, store-bought chocolate chip cookies will never compare to a batch made with love in someone’s home. Simple desserts can be easily baked and packaged to sell at local events or around your neighborhood. Use custom labels and watch the word spread about your goods!

You can begin a baked goods business easily by opening a Facebook and Instagram profile. Facebook and Instagram are both excellent platforms to market your goods, show pictures of your previous baked products, and even showcase happy clients.

Build a loyal following slowly, and save on costs by asking clients to drive to your home to pick up their order. Choosing a niche can be helpful here, or baking in a specific style that can’t be found at grocery store bakeries. The overhead can be especially low if you already have most essential baking supplies.

6. Ecommerce Store Owner

Do you create, collect, or curate anything special? Consider starting an ecommerce store and turning your hobby into a full-time job. Whether you need somewhere to sell all that pottery you’ve been making, or an excuse to search for the sports memorabilia you love tracking down, an ecommerce store can make it financially viable for you to pursue your passion.

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Starting an ecommerce store is simple and easy. You can set up a shop using an ecommerce website builder , all of which start at a minimal monthly subscription (some even start at free). Be sure to take good photos of your products and write descriptive product pages .

If you don’t have inventory, you can always own an ecommerce store by using dropshipping . Instead of creating and shipping your products yourself, you’ll instead partner with a dropshipping website and have them mail out the orders directly to your client.

7. House Cleaner

With a low barrier to entry, house cleaning can be a great way to start doing what you love — soon. Consider advertising to homes in your neighborhood and get more bang for your buck by earning a few small businesses as clients as well. They’ll usually bring in a higher paycheck for a similar amount of work.

To become a house cleaner, you should be prepared to invest in cleaning supplies and accessories, or be willing to use your own. If you plan to serve small businesses, you should buy industrial janitorial supplies so you can get work done more effectively.

Need some inspiration? This small business cleaning service grew virtually overnight on Instagram after their content went viral during the pandemic.

small business idea example: go clean co

8. Packing Services Facilitator

Moving is always a pain, and many people hire the entire packing process out. As a packing services facilitator, you’ll be going to people’s homes and packing up their smaller items into organized boxes. To start this business, you must be comfortable with face-to-face contact and with manual labor.

small business ideas: packing services facilitator

You can begin this business by advertising in your own neighborhood. Once you’re ready to expand, consider partnering with a local moving service that will refer new clients to you. That way, you’ll have a steady stream of clients, and you won’t have to invest in a moving truck (the moving service will take care of that for you).

Business Ideas for Students

1. etsy shop owner.

Creating novelties by hand is a fun and unique way to start a small business, and you can easily sell them via Etsy . Whether you make jewelry, knitted comfort items, or even custom wigs , there’s probably a market for your products and an Etsy buyer who’s ready to purchase.

small business ideas: etsy shop owner

This idea is excellent if you’re already an expert in the craft you aim to sell. That way, you don’t need to pursue additional education or certification courses. Once you set up your Etsy store, which is free, tap into your audience with creative marketing on social media and optimize your website using keywords that describe the products you make.

2. Tour Guide

Love the local history of your city or state? Consider becoming a tour guide. Sure, you’ll need to conduct plenty of research to be able to do the job well, but that’s half the fun. Set yourself apart by offering tours that speak to a specific niche of your community’s history.

You can start a tour guide business easily. First, decide what your specialty will be. Some tour guides, like the ones at Freedom Trail in Boston , offer historical walking tours of their town’s most haunted spots while others curate guided foodie tours for guests to get a true taste of the city.

small business idea example: tour guide

Maybe you love the outdoors and are an experienced backpacker — you can then offer hiking tours. To begin, use a platform such as TripAdvisor or Airbnb, where you can sign up as a tour guide provider. Remember to launch a website, and to file for sole proprietorship status .

3. Online Class Instructor

Tutoring is often done in person and with one client at a time. Remotely teaching an online class offers more flexibility because you can teach multiple students from home. English is a common subject for online classes because of how many people want to learn it. But anything that you have a mastery over could be translated to a virtual class.

4. Small-Batch Goods Seller

Using organic, all-natural ingredients is more expensive, but worth it. There are many products you can learn how to make at home without any preservatives, chemicals, or toxins. Candles, soaps, shampoos, and moisturizers are some examples of goods you can create and tailor with custom scents. Try starting out making soap with this complete beginner’s guide to soapmaking:

5. Makeup Artist

Many people prefer to have a professional do their makeup because they may lack the proper products or just the skills. It may be for a special occasion, photoshoot, or video shoot, or another event. Being able to do a variety of different looks will make your business more attractive to more customers.

To run a successful makeup artist business, you’ll need to be social media savvy . Instagram in particular is an excellent platform to advertise your services and get new clients.

You should also consider honing in on a specific niche. For instance, you might do wedding makeup exclusively.

6. Professional Organizer

A lot of people struggle with clutter or disorganization in their homes and offices. It can be a large undertaking to create organized systems and habits. Grab a lot of storage bins and a label maker and get started!

To become an organizer, you’ll first need to have the chops: Is your own home organized? Do you enjoy making order out of chaos? Then, launch a website to market your services locally. Be sure to create local listings to ensure people find your business, including listings on Angi, Houzz, and Thumbtack.

Meg Golightly, founder at Gosimplified , has made this small business idea into a successful career.

Is your head buzzing with small business ideas yet? After all that brainstorming, you’ll need a practical plan to get started with your new small business.

  • Identify your small business idea.
  • Start as a side business or hobby.
  • Decide on your software.
  • Create a business plan.
  • Decide whether you'll be an LLC or sole proprietorship.
  • Create a business bank account.
  • Determine if your business idea works well from home.
  • Set up an office.
  • Get to work!

1. Identify your small business idea.

Whether you choose an option from the list above or have another idea up your sleeve, it’s important to have the experience, training, or skills necessary to be successful. Want to run a daycare but have never even visited a successful daycare center? Spend time conducting research to learn whether this is really the right fit for your experience, interests, and target audience.

2. Start as a side business or hobby.

Can you get your business off the ground as something you do in the evenings or on the weekends (a.k.a. a side job)? This allows you to make some mistakes, test the market, and understand whether your idea has legs before you quit your nine-to-five job and lose your primary income.

3. Decide on your software.

You’ve got a lot of things on your plate when first starting up. But one step that’s critical (and often forgotten by first-time entrepreneurs) is deciding on the software that can help you be more efficient as your business grows.

Every business is different — but almost all companies can use software to help with analytics, project management , accounting, bookkeeping, email marketing, and other basic day-to-day tasks.

One of the most important software tools every small business should utilize is a free all-in-one CRM platform to keep track of important customer information in one central database. It will help align your team and make sure you stay organized as your business grows.

4. Create a business plan.

No business plan? No business. Particularly if your small business idea requires investors, you'll need to draft up a business plan to provide an overview of your market positioning, your financial projections, and your unique competitive advantages. You can download HubSpot's free business plan templates for free to get started.

One-Page Business Plan Template

Download Free Business Plan Templates

Your business plan should include the following elements:

  • Executive summary — A high-level overview of your company and market placement.
  • Business model — Outline what your business does, who your business serves, and how your business is structured. You should include a description of what products and services you offer, and how they meet the needs of your customers.
  • Market condition — A summary of pertinent competitor information. Determine the strengths and weaknesses of your closest competitors.
  • Products and services — Use this section to describe your products and services in detail, and outline what differentiates your product from others in the market.
  • Operations and management — Outline your business’ organizational structure, key roles, and responsibilities.
  • Marketing and sales strategy — This section should describe how you will market and sell your product. Include information on your ideal customer, how you plan to position your offering, and your sales strategy.
  • Financial plan — Create a detailed outline of your business financials. Include your start-up costs, your initial financial productions, and how you anticipate generating funding.
  • Appendix — Once the above pieces are complete, end the document with an appendix summarizing your business plan.

Every business is different — but almost all companies can use software to help with analytics, project management, accounting, bookkeeping, email marketing, and other basic day-to-day tasks.

5. Decide whether you’ll be an LLC or sole proprietorship.

Two common legal structures for small businesses are limited liability corporations (LLCs) and sole proprietorships.

An LLC is a more complex business structure than a sole proprietorship and can include individuals, corporations, and other LLCs as members. Additionally, LLCs are not subject to a separate level of tax and offer the business owner liability protection and tax advantages. LLCs are formed on a state-by-state basis.

Sole proprietorships are businesses owned and operated by one person and are not identified as a separate entity from the owner by the government. While a sole proprietorship is the simplest business structure, sole proprietors are personally liable for their business.

Besides an LLC or sole proprietorship, there are a few other options for you to consider.

Sean Flannigan, Sendle's Content Manager, says, "While many small businesses might be best served by choosing an LLC or sole proprietorship, there are a few other options."

"Partnerships are great for businesses operated by several individuals. It hews most closely to a sole proprietorship in that the individuals take on the business liability and pay taxes on a personal level."

He adds, "To completely avoid personal liability, small businesses might choose to incorporate as a corporation, S corporation, or B Corp. S corporations avoid corporate taxation whereas B Corps must meet a threshold for public benefit and accountability."

Additionally, Flannigan says, "There are tons of great reasons to become a B Corp beyond just doing good business. All that said, many small businesses that aren't aimed at super-fast growth choose to go with an LLC to keep things simple while shielding owners from too much liability."

Learn more about choosing the right structure for your business from the Small Business Administration.

6. Create a business bank account.

Once you have a legally formed business and have been issued an Employer Identification Number (EIN), open a bank account specifically for your business. Having a business bank account is essential for keeping your personal and business finances separate which can help you gain an accurate picture of your business’s cash flow and financial health.

Additionally, keeping your personal and business finances separate makes bookkeeping and tax preparation easier.

Many banks offer business checking and savings accounts. Business checking accounts typically do not have a limit on the number of transactions that can take place, and issue a debit card that can be used for making business purchases. However, these checking accounts do not accrue interest.

Business savings accounts typically earn interest over time but have a limited number of transactions that can occur each month. When you’re just starting out, look for a business bank account that does not have a minimum balance requirement so you are not penalized for having low funds as you work to build your business.

7. Determine if your business idea works well from home.

Ask yourself whether your business idea will work well from home. Some businesses simply aren’t suited to be based from home. If you want to run a dog boarding center but live in an apartment without a backyard, you might want to consider a dog walking business instead.

8. Set up an office.

If your business idea is well-suited for being run from home, it’s still important you have a designated workspace. While a home office might not be possible, consider setting aside a corner in your living room or putting a desk in your bedroom for a space that inspires you and creates the conditions for success.

Need a more professional space? If you conduct client-facing work requiring you to be on video calls, no one wants to see your rumpled sheets in the background. Check out local coworking spaces for memberships that earn you access to conference rooms, desk space, and more.

9. Get to work!

You’ve put in the hard work and I’ve got good news — it’s only going to get harder. But most entrepreneurs will agree that the payoff of being your own boss, making your own hours, and working on projects that you’re passionate about will pay dividends for the rest of your life.

Starting a Small Business: FAQ

What are the types of small businesses.

The types of small business structures are sole proprietorships, partnerships, limited liability companies (LLCs), and corporations.

Which business type is best?

The best business type is a limited liability company (LLC). Operating as an LLC means that your personal assets are separate from your business assets. If your business goes bankrupt, your personal holdings won’t be affected. That said, it’s also one of the costlier types, requiring a fee paid to the state.

The easiest business type to start is a sole proprietorship. The main downside is that there’s no differentiation between you and your business.

How do I create a business idea?

To create a business idea, determine your skill set, work preferences, startup budget, and available resources. It’s important to strike the right balance between what you can feasibly offer and what you can feasibly afford in the short and long term.

We recommend starting with your skill set so that you can easily determine the niche in which you can effectively compete. For instance, if you have ample experience as a writer, you might consider starting a freelance writing business. But if you know you’d prefer to work with clients face-to-face, you might choose to start a ghostwriting business instead. That’s why it’s so important to take your work preferences into account, as well.

After that, take a look at your budget and determine the type of business you can start based on the resources at your disposal. For instance, you might not be able to afford a physical office or location, so a location-based business will likely not be a good fit. In that case, starting an online business is your best option.

What are some of the most successful small businesses?

Every small business has the potential to be successful and profitable, provided it’s backed by a strong product-market fit and a robust business plan . These two elements are essential. Maybe post-natal services are one of the most successful small businesses to launch, but if you live in an area with declining population or a large elderly population, then that small business idea won’t yield a high return on investment.

Think carefully about the market where you’re launching your business, and you’ll be more than likely to see lasting success.

What are the top growing small businesses?

top growing small businesses as reported by the bureau of labor statistics

The top growing industries are healthcare support, technology, personal care, food preparation, and community and social service. As such, launching a small business in any of these fields is bound to yield a high return on investment, but remember to take your target market into account.

Here are some small business ideas for each of those industries:

Healthcare Support

  • In-home care assistant
  • In-home elderly care provider
  • Psychological care provider
  • Pre-natal and post-natal support specialist
  • Freelance programmer or web developer
  • Freelance IT support specialist
  • Freelance cybersecurity expert

Personal Care

  • Hair stylist
  • Nail technician

Food Preparation

  • Personal chef
  • Food truck owner
  • Food delivery

Community and Social Services

  • Non-profit owner
  • Education specialist

Brainstorm Your Next Small Business Venture

Selecting a small business idea to work on is a personal decision. Money is important, but you’ll need more motivation than that to keep going. Bounce ideas off your friends and family until you reach the perfect idea that works for your schedule, fulfills your life’s passion, and makes financial sense. Don’t be afraid to ask for help throughout this process — and remember to have a little fun while you’re putting in the work.

Editor's note: This post was originally published in August 2020 and has been updated for comprehensiveness.

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Is Your Brilliant Idea a Viable Business? 6 Ways to Find Out

By: Meredith Wood

Is Your Brilliant Idea a Viable Business

Every great business started out as a great business idea. Maybe you have a thought or two about the kind of company you’d like to start but you’re not sure if your idea has the strength to go from concept to reality.

Read on as we take a look at the steps any budding entrepreneur should take to test their business idea before they make moves towards implementation.

1. Determine If There’s a Market

You might have an idea that is entirely unique but that’s not a guarantee that it will make you any money. You need to be sure that your idea is solving a problem or fulfilling a need for people, and that means you need to do your research. Read up on businesses that already exist or offer a similar product and serve a community that’s similar to yours. What is their revenue like? Who are their competitors? Do they have enough clients to keep them in business?

Understanding how other similar businesses serve the market can provide you with a blueprint for how to realistically structure and run your business.

2. Know Your Differentiating Proposition

Before you make the leap from idea to implementation, it’s critical to understand your potential competitors and know exactly what it is they offer their customers. This will allow you to tailor your business model to fill a void left by those companies. You also want to be aware of how many competitors there are in the market and the percentage of market share each of them has.

If you’re looking to start a business in a location that is saturated with competitors who are all established brands dominating the market share, you might want to rethink your business concept or, at the very least, be clear about how what you’re offering is different and highlight those differences to potential customers.

3. Do a Test Run

Before you fully commit to whatever your idea is, you’ll want to put together a prototype to make sure the concept is viable. This is true whether your idea is a new app or a bakery. If it’s tech, be sure you’re able to build the item or write the code to make it work. If it’s cookies, be sure you have a recipe you can mass produce.

The prototype does not have to be perfect (in fact, it’s often called an MVP or minimum viable product for this reason), but it does have to be close enough to the real thing that it can demonstrate to you and to those you share it with for input that your great idea is one that can realistically be the seed used to grow a bigger business.

4. Run It By Your Mentors

Entrepreneurs often have an idea for a business for a long time before they actually take steps towards creating a company. This means there’s a lot of time to get caught up in your own thoughts or to get too deeply entrenched in lines of thinking that are ultimately unhelpful.

Once you have a basic prototype of your product and a business plan that’s rooted in your industry research, you’ll want to share this with a handful of trusted advisors. How you select your mentors is important; you want people who are knowledgeable, trustworthy, honest, and who you respect enough to actually listen to–even if they’re telling you something you don’t want to hear.

5. Get Input From Your Future Customers

Once you’ve tested your idea out on trusted advisors, taken their feedback and made the appropriate changes, the next step is to reach out to the public. Allow your potential future customers, people who have expressed an interest in similar goods or services in the past, to take your product for a test drive. Ask them for their honest feedback. Do so in a structured way–either through carefully designed questionnaires or through in-person focus groups.

Be clear about the kind of feedback you’re looking for, and be willing to hear these people out. Most importantly, you need to ask a large enough group to serve as an adequate sample of the general population.

6. Evaluate Your Finances

Running your own business can be costly, and there’s typically a fair amount of capital that needs to be invested up front to lay the groundwork for a successful business. While no two businesses are alike, a 2009 study from the Kauffman Foundation indicated that the average cost to start a business is $30,000.

This starting costs calculator from Entrepreneur can help you to get a sense of what your specific costs would be. If you’re falling short on funding, you’ll need to think about seeking out financing from loans or asking friends and family for their support.

Read more on business insurance

If you have an idea for a small business that’s really exciting and compelling to you, it’s understandable that you might want to leap headfirst into building a business around it. But testing the viability of your idea is critical before investing the time, money, and long-term effort. Following the steps above can help you to test the strength of your concept, and give you the tools and information to make it even stronger.

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How to check that your new business idea is viable

How to check that your new business idea is viable

Posted: Wed 15th Jun 2022

Preparing and testing a new business idea is essential. Just as it's necessary to have a good idea to start as an entrepreneur, testing will let you know if your idea is likely to succeed.

Being proactive here is vital. You'll have to be open, receptive and attentive. Also, you'll need to devote time to thinking about your project thoroughly and constructively.

Many entrepreneurs fall into the trap of thinking they don't need to take this step. Others refuse to try their idea because they want to be discreet and don't want their precious information to be revealed too soon. On the contrary, testing is in your interests as you'll be able to draw conclusions and take action.

Here are some ways to make sure your new business idea is viable.

Describe your idea

You need to write a detailed description of your idea. Ask yourself the following questions:

Is it a product or a service?

Define the characteristics of your product or service as precisely as possible. Include what you're going to distribute to your marketplace. Are you launching something new, or is your product an add-on for something that already exists?

What's its purpose and what are its strengths?

Noting your strengths means you can gauge your competition better , so always analyse them with a critical eye. This will help you find out if they're enough to make your new business appealing against the backdrop of the competition.

What solutions does my concept provide, and how will it be used?

To show how you intend your product or service to work, you need to know if it meets your customers' needs. Consequently, put yourself in their shoes to understand their expectations.

Why am I offering it?

Who are your ideal clients?

Before studying your target audience more closely and getting deeper insights, divide your market into segments . Can you identify your clients? Are they scattered around different areas, or are they within your district?

Why should potential customers choose me over my competitors, and what do they get in return?

Define your target

When entering a business market, you need to know its characteristics, trends, how it works and the type of audience you're targeting . It's unrealistic to try to reach everyone out there. Instead, you need to target specific customers. Ask yourself the following:

What type of market do you intend to serve? What size is it?

Is the market you plan to target local, regional or national? Have you segmented your potential customers? Are you working in a business-to-customer (B2C) or business-to-business (B2B) market? Is your market seasonal? Can you tap into a new niche?

Who are you targeting?

You need to define your potential audience and then those customers who will form your key target group.

What are the market trends?

Are you part of a booming market, which means your competitors will be quick to react? On the other hand, perhaps you're in a mature market where you need to visibly stand apart from your competitors ?

What are the barriers when entering your market?

Launching into your intended market means you'll need to study it thoroughly and have a good network of contacts. Also, you'll need a suitable capacity for production, which is really important, depending on your position.

In this webinar, Steven Bartlett from Dragons' Den shares his top tips on how to put your business ideas into action:

viable business idea concept

Do surveys and interviews

Carry out a survey using the customers you've defined as your target. Send out a questionnaire, as you'll benefit from the number of responses and the content. You can do this online and make the whole thing an easy and automated process.

Conduct interviews with professionals in your business sector (for example, other contractors, suppliers and so on). Tell them about your idea and listen to their responses.

Ask your friends and family for advice, especially if you're using 3F (family, friends and fools) financing .

Attend trade shows and sector events

Visit trade shows , workshops and events for the sector in which you operate. This is an ideal way of meeting like-minded people. They might later become part of your network of trusted contacts.

Moreover, going to trade shows is a great way to study your market . You'll be able to analyse your potential customers' needs and exchange ideas with other entrepreneurs. So, don't miss this opportunity to talk about your idea and test it in professional surroundings.

Set up a landing page

Create a landing page to convey the central message of your new business idea as if you're at the point of launching (even though you might still be a few months away from being ready).

Include a call to action for customers to test your product or service and invite visitors to your page to leave their email addresses. The feedback you'll gain from this page can be exciting to check you're on the right track. If you get a fair amount of traffic to your page but no-one provides their email address, you'll know it's time to take action.

Choose testers

Pick a sample of your potential customers to test your product or service. Most of all, you need to analyse each participant's response and look for anything they like or want you to change or improve.

Have a prototype

You might include this when you choose testers, as mentioned above. However, for some products, you might want to create a prototype to test with relevant individuals from your sector after taking on board the feedback from your testing phase.

Do a soft launch

Launch your product or service in a controlled environment – for example, by using three or four businesses you know. Analyse everything you can measure and study the data carefully.

Get firms who work in the area where you're entering the market to be on your side. Offer them an initial good deal followed by incentive-based sales. This step is critical in understanding whether your business has the potential for growth.

Use a business incubator

This is an excellent way to test your new business idea in an expert ecosystem, without taking any risks. Also, you can set a specific timescale and have the legal set-up for invoicing , buying, managing and directing. Most of all, you'll receive support for developing your project.

Go into the market, your final testing place

Once you've launched into the market, don't underestimate the power of keeping track of customer feedback on your product or service. An easy way to acquire this is to run an app so people can rate you with several stars or by clicking on a pictogram like a smiley.

Key takeaways

Evaluating and testing your new business idea increases your chances of success. Your idea might be fantastic, but you need to make sure you've analysed your project sufficiently and taken the abovementioned steps. Otherwise, running before you can walk is likely to turn a great idea into a failure.

Relevant resources

How to come up with a business idea

How to test your start-up idea for next to nothing

Goal setting with Steven Bartlett: How to turn business ideas into action

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Turn Your Idea Into a Viable Business in 4 Steps

Sometimes all you need to get your business off the ground is to start testing the waters.

My advice for young aspiring entrepreneurs? Go for it.

If you are a young entrepreneur you have likely wondered how to get your idea off the ground. How and where do you start? Will your concept even be marketable? Will you fail? How much risk is involved and what can you do to reduce that risk? These are some of the questions I faced when my co-founder, Jennifer Hymann, and I were launching Rent the Runway two years ago.

Sure, entrepreneurship is intimidating, but the reward is not just in building a successful company; it is in the lessons and growth you acquire every day just by doing, trying — and yes — failing. Here are some strategies to transform a simple idea into a viable, revenue-generating business.

  • Test the Marketplace When you have an idea you are passionate about, get out there and test it with your consumer. Be open to feedback and honest with yourself when you need to tweak your concept or go back to the mat entirely. Writing a business plan is a waste of time, in my opinion. Focus efforts on casting a wide net and speaking to as many people as possible about your business concept. In my case, my co-founder Jenn Hymann, and I talked to women about renting dresses and watched our consumer interact with our product through a series of tests. We purchased dresses at retail and set up a pop-up shop at a Harvard undergrad dorm to test our idea. Taking risks (and yes, even failing) is part of entrepreneurship, but each test you do mitigates some of the risk.
  • Show by Example By testing the marketplace effectively you will obtain data you can present to future investors. You have to take into consideration that these investors may not personally relate to your concept and that you must find ways to engage them. One way is through videos, customer testimonials and data from marketplace trials. Using these mediums, we were able to convince investors to partner with Rent the Runway, even when we were pitching our concept to a room full of men.
  • Build a Team Find people to work with who compliment your strengths and weaknesses. Part of being a successful businesswoman is recognizing what you do well and where you need support.  Having a partner whose skills complimented my own was the first key step for me. Beyond that, we realized we needed to build out a team that brought expertise in technology and fashion, since neither of us had a background in either. As important as it is to build your business with people who specialize in areas crucial to your business success, equally important in the early stages is hiring well-rounded employees. In the beginning phases of a startup your team will need to wear many hats and tackle unanticipated challenges, so a “roll up your sleeves attitude” is essential.
  • Realize that “No” means “Not Right Now” A big part of being an entrepreneur is becoming comfortable with hearing the word “no” and having the creativity to adapt your idea to overcome any issues. I’ve learned that “No” usually doesn’t mean “no,” it just means “not right now.” In starting Rent the Runway we heard a lot of “no’s” and that just encouraged us to stay motivated to rethink, tweak and keep testing our concept. There are lots of ups and downs in entrepreneurship as not everyone will love your idea, but each negative response is an opportunity to learn and adapt. A great partner and a supportive team can also be helpful in getting through what are sure to be some challenging times.

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Table of Contents

  • January 20, 2024

In the dynamic landscape of entrepreneurship, identifying and developing a viable business idea is the cornerstone of success. In this article, we will guide you through a comprehensive process, empowering you to pinpoint opportunities, evaluate their feasibility, and nurture them into flourishing ventures.

Understanding the Landscape

Market Research: The Key to Informed Decisions

To identify a viable business idea, delve into thorough market research . Uncover gaps, trends, and emerging needs. Analyze competitor strategies, customer preferences, and industry dynamics. This in-depth understanding serves as the foundation for a robust business concept.

Ideation: Nurturing Creativity

Brainstorming sessions: cultivating innovation.

Creativity is the lifeblood of entrepreneurship. Engage in brainstorming sessions where ideas flow freely. Encourage team members to contribute diverse perspectives. Think outside the box and explore unconventional approaches. A myriad of ideas may emerge, with the potential to be honed into a lucrative business venture.

Identifying Personal Passions and Expertise

Passion fuels perseverance. Identify your personal passions and areas of expertise. Businesses often thrive when built on a foundation of genuine interest and knowledge. Aligning your venture with your passions increases the likelihood of long-term commitment and success.

Evaluation: Filtering Ideas for Viability

Swot analysis: a strategic approach.

Perform a SWOT analysis on potential business ideas. Assess the strengths, weaknesses, opportunities, and threats associated with each concept. This systematic evaluation provides a clear picture of the feasibility and potential challenges of each idea.

Market Validation: Testing the Waters

Before fully committing, validate your business idea in the market. Conduct surveys, gather feedback, and test prototypes if applicable. Understanding the reception of your idea among your target audience is crucial for refining and optimizing your concept.

Development: Nurturing Seeds into Saplings

Business plan: crafting a roadmap to success.

With a refined business idea, articulate a comprehensive business plan . Outline your vision, mission, target audience, revenue model, and marketing strategy. A well-crafted business plan not only guides your actions but also attracts potential investors or partners.

Prototype Development: Bringing Ideas to Life

For tangible products or services, consider developing prototypes. A prototype not only aids in refining your offering but also serves as a powerful tool for marketing and gaining investor interest.

Implementation: Turning Vision into Reality

Marketing strategy: creating buzz.

A strategic marketing strategy is pivotal in the implementation phase. Leverage digital platforms, social media, and content marketing to create a buzz around your business. Engage with your audience, highlighting the unique value your venture brings to the market.

Adaptability: Navigating the Entrepreneurial Journey

Flexibility is key in the entrepreneurial world. Be prepared to adapt to changing market conditions, customer feedback, and emerging trends. The ability to pivot when necessary ensures your business remains relevant and competitive.

Conclusion: From Concept to Triumph

Identifying and developing a viable business idea requires a meticulous approach, blending creativity with strategic thinking. From comprehensive market research and ideation to rigorous evaluation, development, and implementation, each phase plays a crucial role in the entrepreneurial journey.

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Business Development > Starting a Business > Business Development Process

Updated September, 2021 File C5-02

Idea assessment and business development process.

An important aspect of successful business development is to follow a process of how you will assess a business idea or concept (project), decide whether to move forward with the project and build a business if it is decided to move forward. The five steps below help outline a simple process you can follow. The steps are not a rigid structure to follow. Rather they identify issues you need to address and when to address them.

If you do not follow a process, you will find yourself going in circles and revisiting the same issues over and over without making progress. In addition to wasting time, the frustration may cause you to make poor decisions that can haunt you later. 

Following the steps outlined here does not guarantee business success. However, it can greatly increase your chances of success.

Step 1 – Initial Idea Exploration, Identification and Assessment

The origination of a new business idea can come from a variety of sources. It may come from the board room of an existing business or a group of producers sitting around the kitchen table. Regardless of the setting, you may want to use the following approach to formulate the business concept. Anytime during Steps 1 and 2 you may decide that your idea is not viable, in which case you may want to abandon the idea.

  • Form a project committee - Creating a good project committee involves bringing together individuals who have the business development skills needed to investigate the idea/concept and carry through with business formation if the concept is viable. 
  • Formulate general business idea(s) or concept(s) - Define your business idea or concept and describe why it has merit. Your idea may involve filling an unmet need in the marketplace with a new product, providing an existing product in a new form, producing a product better or cheaper than competitors, or other ways in which value can be added. Remember, an idea is only viable if people are willing to pay you for what it provides. For example, a premium product is only viable if someone is willing to pay more for it.
  • Identify alternative business models or scenarios for the idea(s) - A business model describes how the business will function in producing the product or service and providing it to the customer. A business scenario is a logical assemblage of the essential business elements starting with raw materials procurement and ending with the sale of the final product, and all the stages in between.
  • Investigate idea/concept and alternative business scenarios - Conduct an initial informal investigation of the validity of your idea.  Investigate the scenarios or models. Early in the process this may be nothing more than a series of telephone calls to knowledgeable individuals. Does your idea make sense? Identify business scenarios/models for further study and eliminate those that are not viable.
  • Formal investigation - You may want to conduct a formal assessment such as a pre-feasibility study or a marketing study of the idea and various scenarios or models. This may involve using consultants to investigate various aspects of the project. It may involve eliminating additional scenarios/models or identifying new ones.
  • Through the process of elimination you will reduce the number of scenarios/models under consideration for further study.
  • Refine and flesh-out the remaining scenarios/models.

Step 2 - Idea/Concept and Scenario/Model Deliberation and Assessment

  • Further refine the business scenarios/models - If you have conducted any of the formal assessments described above, you have information that can be used to further refine your business scenario/models. So by now you should have refined your idea to one or a small number of specific and detailed business scenario/models that you want to assess. This is critical before you move to the next step.
  • Conduct feasibility study - A feasibility study will provide a comprehensive and detailed assessment of the market, operational, technical, managerial and financial aspects of your business project. These factors will feed into the economic assessment of your project (is it profitable?). If you have already conducted a pre-feasibility study, marketing study or other study; these materials can be used in the feasibility study. Feasibility studies are usually prepared by consultants, so you will need to investigate consultants who are familiar with your type of business and experienced in preparing feasibility studies.
  • Analyze the feasibility study - When you receive the feasibility report, the first step is not to begin deliberations on whether to proceed with the project. Rather, you need to determine the completeness and accuracy of the study. Does it address the issues you want addressed? Was there a thorough investigation of the critical issues? Challenge the assumptions and conclusions of the study. Only after you have accepted the study as being complete and comprehensive can you move to Step 3. See Information File C5-64, When to Do and How to Use a Feasibility Study for more information.
  • Further refine the idea and scenario/model - However, before you proceed you may see the need for further study of various aspects of the business project. It is not uncommon for the feasibility study to uncover new issues that need to be investigated. This may create the need for additional negotiations with your consultants to expand on the original scope of the feasibility study. 

Step 3 - Go/No-Go Decision

This is the most critical step in the entire business development process. In a sense, it is the point of no return. Once you start down the path of creating a business, it is difficult to turn back. If you have unresolved doubts or reservations about the project, you should not proceed. That is why it is important to have an open, honest and thorough discussion when making this decision. 

You may find that there is division in your committee. Some members may want to move forward while others may want to end it. This is not uncommon. Each needs to take an honest look at the other side’s arguments. If the issues cannot be resolved, each side needs to go its own way with no bad feelings. At this point, the remaining members need to determine if they want to proceed with business creation.

Commitment to the project is another important factor to consider before you proceed. Most beginners to business development greatly underestimate the time and effort required to start a business. A financial commitment by project members at this time (everyone throws some money in the pot) is an important sign of commitment to creating the business.

This step involves making one of the three possible decisions listed below:

  • Decide that the project is viable and move forward with it.
  • Decide to do more study and or analyze additional alternatives.
  • Decide that the project is not viable and abandon it.

Step 4 – Business Plan Preparation and Implementation

If you decide to proceed with creating a business, you will need to prepare a business plan. A business plan is an outline or blueprint of how you will create your business. If you conducted a feasibility study, it will provide some of the information needed for your business plan. Also, business planning often involves the use of consultants. However, don’t turn the process completely over to a consultant, you need to stay integrally involved in the planning process. Remember, it is your business. 

Although planning can involve considerable time and effort, it is the easiest part. Implementing the plan is much more difficult. Many prospective businesses experience problems or failure due to the improper implementation of their business plan. This step requires commitment and dedication. Unforeseen problems will emerge. Your persistence is critical.

Implementing your business plan will include, but is not limited to:

  • Creating a legal structure
  • Securing market access
  • Raising equity and securing financing
  • Hiring management and staff
  • Constructing facility

Step 5 – Business Operations

Now that you have successfully started your value-added business, your work has just begun. Producer groups often forget that once the business is created, it takes constant attention for it to remain healthy and viable. 

Operating a business is very different than starting a business. It requires a different set of skills. So the people who create the business may not be the best people to manage the business.

These are the five steps you will want to follow for taking an idea and making a viable business from it. These steps will not guarantee success. However, they will increase your odds of success. Also, you will make more efficient use of your time.

Don Hofstrand, retired extension value added agriculture specialist, [email protected]

Don Hofstrand

Retired extension value added agriculture specialist view more from this author.

StarsInsider

StarsInsider

30 small business ideas for 2024

Posted: February 16, 2024 | Last updated: February 16, 2024

<p>Each year, people are more eager to become small business owners, which is understandable. Running your own enterprise means you've achieved total control over your professional destiny. But while <a href="https://www.starsinsider.com/movies/403131/the-most-inspirational-business-movies-for-entrepreneurs" rel="noopener">entrepreneurship</a> is exciting, it can also be nerve-wracking. Business owners may stress about everything from finding funding, to running out of money. And what if you have the ambition but don't know what type of business to run? Selecting a viable business can help reduce such stressors by minimizing risk and improving the odds of lasting success.</p> <p>If you're looking for some profitable ideas, click on for businesses that are look promising in 2024.</p><p>You may also like:<a href="https://www.starsinsider.com/n/164572?utm_source=msn.com&utm_medium=display&utm_campaign=referral_description&utm_content=670061en-en"> The strangest things that have been found underwater </a></p>

Each year, people are more eager to become small business owners, which is understandable. Running your own enterprise means you've achieved total control over your professional destiny. But while entrepreneurship is exciting, it can also be nerve-wracking. Business owners may stress about everything from finding funding, to running out of money. And what if you have the ambition but don't know what type of business to run? Selecting a viable business can help reduce such stressors by minimizing risk and improving the odds of lasting success.

If you're looking for some profitable ideas, click on for businesses that are look promising in 2024.

You may also like: The strangest things that have been found underwater

<p>Creating an e-commerce store to sell thrifted clothes or other items is a great small business idea to pursue. Find online store ideas by researching trending products or tapping into a micro niche.</p>

E-commerce shop

Creating an e-commerce store to sell thrifted clothes or other items is a great small business idea to pursue. Find online store ideas by researching trending products or tapping into a micro niche.

<p>With experience and qualifications, you could become self-employed and work from home or become a mobile dog groomer, visiting owners' homes. You could also open your own dog salon.</p><p>You may also like:<a href="https://www.starsinsider.com/n/189263?utm_source=msn.com&utm_medium=display&utm_campaign=referral_description&utm_content=670061en-en"> Who's who? These celebrities have the same name!</a></p>

Dog grooming

With experience and qualifications, you could become self-employed and work from home or become a mobile dog groomer, visiting owners' homes. You could also open your own dog salon.

You may also like: Who's who? These celebrities have the same name!

<p>If you're a web developer, offer your services to individuals and businesses looking to build professional, user-friendly websites.</p>

Web development

If you're a web developer, offer your services to individuals and businesses looking to build professional, user-friendly websites.

<p>Starting a handyman business can be highly profitable for anyone with repair skills. Your duties can include formwork, carpentry, and electrical work.</p><p>You may also like:<a href="https://www.starsinsider.com/n/279719?utm_source=msn.com&utm_medium=display&utm_campaign=referral_description&utm_content=670061en-en"> Actors who didn't make it until later in their lives</a></p>

Starting a handyman business can be highly profitable for anyone with repair skills. Your duties can include formwork, carpentry, and electrical work.

You may also like: Actors who didn't make it until later in their lives

<p>To be a consultant, you need to have expertise in something so you can market yourself as an advisor to others looking to work in that area. It could be on matters such as business development, marketing, sales, or customer service.</p>

To be a consultant, you need to have expertise in something so you can market yourself as an advisor to others looking to work in that area. It could be on matters such as business development, marketing, sales, or customer service.

<p>If you want to work during hours when no one else does, you can focus your cleaning business on office clients. You can also focus on cleaning retail businesses or homes.</p><p>You may also like:<a href="https://www.starsinsider.com/n/293006?utm_source=msn.com&utm_medium=display&utm_campaign=referral_description&utm_content=670061en-en"> Get to know Europe's sunniest destination</a></p>

Cleaning service

If you want to work during hours when no one else does, you can focus your cleaning business on office clients. You can also focus on cleaning retail businesses or homes.

You may also like: Get to know Europe's sunniest destination

<p>An event planner is responsible for planning, organizing, and coordinating all aspects of an event. It could be corporate events, weddings, or even virtual events.</p>

Event planner

An event planner is responsible for planning, organizing, and coordinating all aspects of an event. It could be corporate events, weddings, or even virtual events.

<p>Advertise your <a href="https://www.starsinsider.com/health/460705/bizarre-health-and-fitness-trends" rel="noopener">fitness</a> skills and training services in places where everyone goes, as well as online. You can help clients get fit and avoid injury.</p><p>You may also like:<a href="https://www.starsinsider.com/n/305376?utm_source=msn.com&utm_medium=display&utm_campaign=referral_description&utm_content=670061en-en"> Classic cinema's most notorious villains</a></p>

Personal trainer

Advertise your fitness skills and training services in places where everyone goes, as well as online. You can help clients get fit and avoid injury.

You may also like: Classic cinema's most notorious villains

<p>A financial planner, or advisor, works directly with clients and businesses in order to help them navigate the world of personal finance. However, you'll need a certificate that shows your expertise and credibility.</p>

Financial planner

A financial planner, or advisor, works directly with clients and businesses in order to help them navigate the world of personal finance. However, you'll need a certificate that shows your expertise and credibility.

<p>As a photographer, there are several opportunities to make money. You can specialize in one area, the most common being weddings. You can also explore niches like portraits, pets, families, and homes.</p><p>You may also like:<a href="https://www.starsinsider.com/n/362956?utm_source=msn.com&utm_medium=display&utm_campaign=referral_description&utm_content=670061en-en"> Who is the best Batman of them all?</a></p>

Photographer

As a photographer, there are several opportunities to make money. You can specialize in one area, the most common being weddings. You can also explore niches like portraits, pets, families, and homes.

You may also like: Who is the best Batman of them all?

<p>Most people want their yards tidied up in the spring, their lawns mowed in the summer, their leaves removed in the fall, and their shrubs and driveways ready for winter snow.</p>

Lawn care provider

Most people want their yards tidied up in the spring, their lawns mowed in the summer, their leaves removed in the fall, and their shrubs and driveways ready for winter snow.

<p>If you're an animal lover, consider pet sitting! A pet sitter cares for one or more pets while their owner is away. This type of care can be provided in your home or in the owner's home.</p><p>You may also like:<a href="https://www.starsinsider.com/n/383003?utm_source=msn.com&utm_medium=display&utm_campaign=referral_description&utm_content=670061en-en"> Celebrities who have been body shamed</a></p>

If you're an animal lover, consider pet sitting! A pet sitter cares for one or more pets while their owner is away. This type of care can be provided in your home or in the owner's home.

You may also like: Celebrities who have been body shamed

<p>Working with editing services, you'll manage material such as camera footage, sound, and graphics to produce videos and images for clients.</p>

Editing services

Working with editing services, you'll manage material such as camera footage, sound, and graphics to produce videos and images for clients.

<p>As a translator, you'll use your language skills to convert one written language into another. You're responsible for maintaining a text's style, structure, and tone, as well as interpreting cultural references, expressions, and slang.</p><p>You may also like:<a href="https://www.starsinsider.com/n/407210?utm_source=msn.com&utm_medium=display&utm_campaign=referral_description&utm_content=670061en-en"> Watch out for these silly things we spend too much money on</a></p>

As a translator, you'll use your language skills to convert one written language into another. You're responsible for maintaining a text's style, structure, and tone, as well as interpreting cultural references, expressions, and slang.

You may also like: Watch out for these silly things we spend too much money on

<p>Meal prep services is a great business idea due to the growing demand for convenient and healthy dining options. Due to a busy lifestyle, people are after personalized, nutritionally balanced meals.</p>

Meal prep services

Meal prep services is a great business idea due to the growing demand for convenient and healthy dining options. Due to a busy lifestyle, people are after personalized, nutritionally balanced meals.

<p>If you're good at math or a specific language, try becoming an online tutor. Your main task will be to provide guidance and support to students.</p><p>You may also like:<a href="https://www.starsinsider.com/n/419907?utm_source=msn.com&utm_medium=display&utm_campaign=referral_description&utm_content=670061en-en"> Off-screen rivalries: Actors who hate their co-stars</a></p>

Online tutoring

If you're good at math or a specific language, try becoming an online tutor. Your main task will be to provide guidance and support to students.

You may also like: Off-screen rivalries: Actors who hate their co-stars

<p>You can either do the organizing work or consult on the things that the homeowner could do to better organize themselves. Have a portfolio of different organizational scenarios in different rooms and talk with the homeowner about the style they like.</p>

Professional organizer

You can either do the organizing work or consult on the things that the homeowner could do to better organize themselves. Have a portfolio of different organizational scenarios in different rooms and talk with the homeowner about the style they like.

<p>As a dog walker, you'll take pooches out for their daily constitutional one or more times a day, either individually or in small groups. Additional services may include playing with and feeding pets.</p><p>You may also like:<a href="https://www.starsinsider.com/n/423240?utm_source=msn.com&utm_medium=display&utm_campaign=referral_description&utm_content=670061en-en"> Nasty comments celebs made about their exes</a></p>

As a dog walker, you'll take pooches out for their daily constitutional one or more times a day, either individually or in small groups. Additional services may include playing with and feeding pets.

You may also like: Nasty comments celebs made about their exes

<p>The children's birthday party business is a multiple-million dollar industry, which can be worth investing in. From insurance costs to food and beverage selection, to arranging unforgettable entertainment, there's a lot of work in this field.</p>

Children's party planner

The children's birthday party business is a multiple-million dollar industry, which can be worth investing in. From insurance costs to food and beverage selection, to arranging unforgettable entertainment, there's a lot of work in this field.

<p>As a bookkeeper, you can help business owners and small companies keep track of the money they earn and spend.</p><p>You may also like:<a href="https://www.starsinsider.com/n/454355?utm_source=msn.com&utm_medium=display&utm_campaign=referral_description&utm_content=670061en-en"> Famous figures who lived to 100 and beyond</a></p>

As a bookkeeper, you can help business owners and small companies keep track of the money they earn and spend.

You may also like: Famous figures who lived to 100 and beyond

<p>Working in this area, you'll be responsible for constructing, amending, altering, repairing, and changing the garments of clients based on choice and preferences.</p>

Alteration and sewing services

Working in this area, you'll be responsible for constructing, amending, altering, repairing, and changing the garments of clients based on choice and preferences.

<p>A virtual assistant specializes in offering administrative services to clients from a remote location, usually a home office. Typical tasks include scheduling appointments, making phone calls, making travel arrangements, and managing email accounts.</p><p>You may also like:<a href="https://www.starsinsider.com/n/456520?utm_source=msn.com&utm_medium=display&utm_campaign=referral_description&utm_content=670061en-en"> Stars who were rejected from 'Saturday Night Live'</a></p>

Virtual assistant services

A virtual assistant specializes in offering administrative services to clients from a remote location, usually a home office. Typical tasks include scheduling appointments, making phone calls, making travel arrangements, and managing email accounts.

You may also like: Stars who were rejected from 'Saturday Night Live'

<p>Flea markets are extremely popular, as people love looking through tables full of other people's unwanted items. Make sure to change your layout and put new stuff out for sale often. You want people to come back time and time again to see what's new.</p>

Flea market

Flea markets are extremely popular, as people love looking through tables full of other people's unwanted items. Make sure to change your layout and put new stuff out for sale often. You want people to come back time and time again to see what's new.

<p>Travel planners help clients make travel arrangements. In this role, you'll make hotel reservations, book flights, and arrange local transportation and activities.</p><p>You may also like:<a href="https://www.starsinsider.com/n/472657?utm_source=msn.com&utm_medium=display&utm_campaign=referral_description&utm_content=670061en-en"> Do you recognize these forms of self-sabotage?</a></p>

Travel planners

Travel planners help clients make travel arrangements. In this role, you'll make hotel reservations, book flights, and arrange local transportation and activities.

You may also like: Do you recognize these forms of self-sabotage?

<p>Golfing is a game that business people use to develop relationships outside the office. Look for potential customers is in the corporate world.</p>

Golfing is a game that business people use to develop relationships outside the office. Look for potential customers is in the corporate world.

<p>The elderly often face challenges in navigating devices and software. So offering computer skill classes for seniors addresses a critical need.</p><p>You may also like:<a href="https://www.starsinsider.com/n/476613?utm_source=msn.com&utm_medium=display&utm_campaign=referral_description&utm_content=670061en-en"> Bodybuilders who became successful actors</a></p>

Teach seniors basic computer skills

The elderly often face challenges in navigating devices and software. So offering computer skill classes for seniors addresses a critical need.

You may also like: Bodybuilders who became successful actors

<p>If you're a graphic designer, there's some real potential in this field. Fliers, newsletters, magazines, and advertisements are just a few of the types of print media that businesses hire freelancers to create for them. Websites and online advertising need graphic design services as well.</p>

Graphic design services

If you're a graphic designer, there's some real potential in this field. Fliers, newsletters, magazines, and advertisements are just a few of the types of print media that businesses hire freelancers to create for them. Websites and online advertising need graphic design services as well.

<p>If you're a talented musician, use those music skills to teach others. To get started, try to connect with local music schools for part-time gigs. This can also help you build a reputation with potential clients.</p><p>You may also like:<a href="https://www.starsinsider.com/n/489501?utm_source=msn.com&utm_medium=display&utm_campaign=referral_description&utm_content=670061en-en"> Scandals that the Catholic Church doesn't want you to know about</a></p>

Music teacher

If you're a talented musician, use those music skills to teach others. To get started, try to connect with local music schools for part-time gigs. This can also help you build a reputation with potential clients.

You may also like: Scandals that the Catholic Church doesn't want you to know about

<p>People purchasing new homes can often be overwhelmed with the choices and possibilities in home decorating. Working within the client's budget, you'll choose wall paint colors and finishes, furniture pieces, and textiles such as rugs and upholstery.</p>

Interior decorator

People purchasing new homes can often be overwhelmed with the choices and possibilities in home decorating. Working within the client's budget, you'll choose wall paint colors and finishes, furniture pieces, and textiles such as rugs and upholstery.

<p>As a copywriter, you're responsible for producing engaging, straightforward texts, adapted to different advertising channels like websites or print ads.</p> <p>Sources: (Entrepreneur) (USA Today)</p> <p>See also: <a href="https://www.starsinsider.com/lifestyle/616583/the-entrepreneurial-journey-starting-and-growing-your-business">Starting and growing your business</a></p>

Marketing copywriter

As a copywriter, you're responsible for producing engaging, straightforward texts, adapted to different advertising channels like websites or print ads.

Sources: (Entrepreneur) (USA Today)

See also: Starting and growing your business

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COMMENTS

  1. Is Your Business Idea Viable? 13 Ways To Find Out

    1. It Solves A Problem Successful entrepreneurs build businesses that solve problems or address an unfilled need. Google made search simple and easy. Amazon made it easy to buy anything. Netflix...

  2. 6 signs your business idea is viable

    6 signs your business idea is viable 25 June 2021 4 mins Starting a business You have a good idea for a business, you're ready to make your dream a reality, but you just can't ignore the little voice in the back of your mind, asking 'is my business idea viable?'

  3. What Is Business Viability?

    Business viability means that a business is (or has the potential to be) successful. A viable business is profitable, which means it has more revenue coming in than it's spending on the costs of running the business. If a business isn't viable, it's difficult to recover. The business would need to increase revenue, cut costs, or both.

  4. Is Your Business Model Viable? An 8-Point Test

    Somer Anderson You have a great business idea, and even got started on a business plan. But now you wonder: is my upstart business model really viable? Here is an eight-point test to tell...

  5. How To Find Your Business Idea And Validate Its Potential

    Starting a new business is the beginning of an exciting journey! From birthing an idea and designing a product or service to turning it all around into a viable, profit-making concept ...

  6. What is a viable business idea?

    What is a viable business idea? Posted by on December 21, 2018 Whether you're looking at introducing a new service to your business, or planning on starting a business, you must be convinced of the viability of your idea. Viability is an interplay between what you can produce, and what the market needs or wants.

  7. How to Come Up with an Innovative Business Idea

    How to Come Up with a Business Idea Is There an Easier Way? One place to start brainstorming potential business ideas is by asking yourself, "What task can I make easier?" A common denominator for successful businesses is their ability to fulfill customer needs.

  8. Unleashing Creativity: A Guide to Generating Viable Business Ideas

    In the dynamic landscape of entrepreneurship, the journey of generating viable business ideas is a thrilling adventure marked by creativity, resilience, and a deep understanding of market dynamics.

  9. Viable Business: Meaning, Elements, & Plan Testing

    To explain what is meant by a viable business idea, imagine the elements that will help your business to live and breathe on its own, such as attracting the right customers and earning enough money to survive and grow. Why Write a Viable Business Plan? Your business plan is the road map to starting and running your business.

  10. How Entrepreneurs can turn an idea into a viable business

    Sowing the Seeds of Success: How entrepreneurs can turn an idea into a viable business by Peter Vogel Published 10 March 2021 in Leadership • 4 min read Venture ideas take inspiration. Venture opportunities need perspiration Ideas are not the same as opportunities. Starting a new venture requires time and effort.

  11. 70 Small Business Ideas for Anyone Who Wants to Run Their Own Business

    1. Etsy Shop Owner. Creating novelties by hand is a fun and unique way to start a small business, and you can easily sell them via Etsy. Whether you make jewelry, knitted comfort items, or even custom wigs, there's probably a market for your products and an Etsy buyer who's ready to purchase. Image Source.

  12. Is Your Brilliant Idea a Viable Business? 6 Ways to Find Out

    3. Do a Test Run. Before you fully commit to whatever your idea is, you'll want to put together a prototype to make sure the concept is viable. This is true whether your idea is a new app or a bakery. If it's tech, be sure you're able to build the item or write the code to make it work. If it's cookies, be sure you have a recipe you can ...

  13. How to check that your new business idea is viable

    Posted: Wed 15th Jun 2022 Preparing and testing a new business idea is essential. Just as it's necessary to have a good idea to start as an entrepreneur, testing will let you know if your idea is likely to succeed. Being proactive here is vital. You'll have to be open, receptive and attentive.

  14. Turn a Problem Into a Viable Business Idea

    A viable business idea has a long road before it becomes a product or service. Therefore, the best way to generate successful startup ideas is to start by identifying a problem and pinpointing a solution. ... If you have a SaaS or digital business idea, submit your concept to Harmony Venture Labs and co-found your company with our team of ...

  15. How to Evaluate a Business Idea: 10 Critical Questions to Ask Before

    Question #3: What limitations will you encounter with this. Finally, think about the limitations and drawbacks your business might. . Maybe you'll need to educate your potential customers and encourage them to change their behavior before they'll be ready to use your business.

  16. Turn Your Idea Into a Viable Business in 4 Steps

    Test the Marketplace When you have an idea you are passionate about, get out there and test it with your consumer. Be open to feedback and honest with yourself when you need to tweak your concept or go back to the mat entirely. Writing a business plan is a waste of time, in my opinion.

  17. How to Turn Your Idea Into a Viable Business

    Here are some strategies to transform a simple idea into a viable, revenue-generating business. Test the Marketplace. When you have an idea you are passionate about, get out there and test it with ...

  18. 10 Ways to Determine The Viability of Your Business Idea

    Taking the time to validate the viability of your business idea is a critical step in being a good entrepreneur. There is nothing wrong with deciding not to pursue your current idea because it does not seem to be compelling enough.

  19. What Is a Viable vs Feasible Business?

    Viable business refers to a business model that is capable of sustaining itself and generating profit, while feasible business refers to a business idea that is practical and possible...

  20. How to translate your business idea into a viable business ...

    Having completed the research how your idea can resolve a particular problem as well obtained evidence from testing and prototyping for a solution-fit, leaves the founder (s) behind a business...

  21. How can one identify and develop a viable business idea?

    This in-depth understanding serves as the foundation for a robust business concept. Ideation: Nurturing Creativity Brainstorming Sessions: Cultivating Innovation. ... Identifying and developing a viable business idea requires a meticulous approach, blending creativity with strategic thinking. From comprehensive market research and ideation to ...

  22. 5 Steps of Transforming an Idea to a viable Business Venture

    1. Idea validation All new ideas sounds great, but only a very few become great. Four simple, yet profound questions will put the idea to test. The first, What important consumer problem will...

  23. Idea Assessment and Business Development Process

    Form a project committee - Creating a good project committee involves bringing together individuals who have the business development skills needed to investigate the idea/concept and carry through with business formation if the concept is viable. Formulate general business idea(s) or concept(s) - Define your business idea or concept and ...

  24. 30 small business ideas for 2024

    Creating an e-commerce store to sell thrifted clothes or other items is a great small business idea to pursue. Find online store ideas by researching trending products or tapping into a micro niche.

  25. 2024 Art Business Idea Competition now accepting entries

    The Arts Business idea Competition is the College of Arts and Architecture's annual showcase of arts entrepreneurship that asks students to present an arts-based business plan that could earn entrants up to $5,000 to develop the concept.