The most common question I’m regularly asked is “what is the best business to start”? I always respond with “what’s the biggest problem you encounter on a day to day basis”? The way to get a business idea is not to try to think of an idea, but to look for a solution to a problem. The best business ideas usually have a number of things in common & this usually includes a solution to a problem or an improvement to an existing solution. The most common mistake start-ups make is to solve problems no one has or to operate in a market saturated with business offering a similar solution.
The way to look at things and the way a social entrepreneur would see things is by living in the future and then build what’s missing. This is the way many of the well known start-ups grew to become global giants. Apple, Google & Facebook grew out of ideas their founders built because they were living in the future & they saw a progressive gap in the world with the advances of technology. A good start-up idea should seem obvious, when you find one but you may feel that you’re too late. Never let that deter you. Everyone will have a different perception to a problem but often don’t realise it until they see a solution. Worrying that you’re late is one of the signs of a good idea. Do your research & a browse the Internet for 10 minutes or so, this will usually answer the question. Even if you find someone else working on the same thing, you’re probably still not too late. It’s exceptionally rare for start-ups to be squashed by competitors, so rare that you can almost discount the possibility.
Once you’ve found your start-up Idea. You’ll be spending day and night in the office, fuelled by energy drinks and pizza. However I suggest you ditch the crazy working hours and instead build a productive and incredibly solid daily routine which will make you much more efficient. “You shouldn’t sacrifice today for tomorrow”. Many people often assume that if you run your own business you’re “in the money”, this isn’t always the case especially at the infancy of your start-up with limited capital. You should be focusing your attention on growth and reinvest, reinvest and reinvest. This is the most important thing for any start-up.
With technology making the world a smaller place it’s considerably easier to take your business global with the power of social media and you can do this at very little or no cost… if you know how. The cost of starting a company is minimal. You can work from home (for most start-ups), marketing online, websites & hosting is cheap & with the number of loans now available in the market all the tools are there to get you started. There are number of organisations including those that are government backed to help get you started. Some of these Include:
www.startuploans.co.uk A government backed scheme to fund and mentor young entrepreneurs & help kick-start and support a new generation of entrepreneurs, aged 18-30.
www.fsb.org.uk The Federation of Small Businesses is the UK’s largest campaigning pressure group promoting and protecting the interests of the self-employed and owners of small firms. Formed in 1974, it now has 200,000 members across 33 regions and 194 branches.
All you need now is the motivation, passion and resilience to make your start-up idea a reality.