Ideas to start a new business

After I was freed from the incarceration of the Corporate World and after the cold turkey come-down from my addiction to my monthly pay cheque subsided I started to search for ideas of how to start a new business of my own.

Nothing new

A lot of people, during the “search” phase of a new business, are looking for the silver bullet of a new, fresh, never before attempted business idea. But the thing they forget is that “nature abhors a vacuum”.  If nobody is already doing it, then it is very likely that nobody wants it!  Best look for a business that you are drawn to by your own inclination, where you have an obvious talent or a business that is up and coming.  Whilst it is possible to make money from dying industries, the task of making business pay, is much easier when the business / industry is already up and coming.  “A rising tide, raises all boats”

Choosing your new business

It is always a good idea to choose businesses that require limited funds to get started.  The more money you need to invest to get in the game, the less you will have to spend on the game.  Additionally, there are some industries where the fee to even get in is so large you will need other people’s money.  Beware when you decide to accept other people’s money. Outside of charitable relatives, most “investors” will want a piece of your action.  Think twice before you decide to lumber yourself with a business partner.

Doing it better than your competitors

It is not necessary to start a completely new idea.  All that you need to get started is an idea of how you can do something better than the existing businesses out there.  Think of all of times when you have said to yourself “I hate it when I can’t get XXXXX”  or “It really annoys me when I see that XXXXX”  These annoying gaps in the market are your opportunities to do it better. 

You really don’t want another job

At the stage of searching for business ideas, you may think about buying a Franchise.  But beware.  Most franchises are just jobs in disguise.  After spending thousands of pounds of your own money, you may find that you are just working for yourself, but you still just have a job.  What’s the difference between a job and a business?  Simple:  A Business has no ties between hours worked and income.  Beware franchises that just make you work more hours for less money!  A business will allow you to build something of growing value, A business will allow you to earn whilst you are sleeping.  If you can’t take time off from your business without losing your income, you don’t have a business. You have a job. 

Quoting Goethe

The one thing that stops most new businesses is the inaction of the entrepreneur caused by doubt.  The one thing I read that encompasses this best is a quote attributed to Goethe first:

“Until one is committed, there is hesitancy, the chance to draw back, always ineffectiveness. Concerning all acts of initiative (and creation), there is one elementary truth, the ignorance of which kills countless ideas and splendid plans: that the moment one definitely commits oneself, then Providence moves too. All sorts of things occur to help one that would never otherwise have occurred. A whole stream of events issues from the decision, raising in one's favour all manner of unforeseen incidents and meetings and material assistance, which no man could have dreamt would have come his way. Whatever you can do, or dream you can, begin it. Boldness has genius, power, and magic in it!”

Summary

  • Stop looking for new. Start looking for better.
  • Get in on a rising industry
  • Use your own money.
  • DON’T get another job in disguise. Get a business.
  • Execution is more important than the idea
  • Do it now.

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