Recently a few people who were keen on starting their own venture or business have come to me asking what they could do and what good ideas I have on new start-ups and here is a reply to one of the emails:
So you want to do something different, you know that you can do better, you want to start something for yourself but you don’t know what.
My first piece of advice is don’t rush anything, consider all options before doing anything and maybe try 2 or 3 at the same time to see what works. Take time to learn skills you might need for future ventures like web design or some basic sales and marketing. You can do all this for free on the internet or books from the library.
If you want some direct ideas it is hard without knowing you because you will have opportunities open to you that are not open to others by your contacts, family connections and the area you live in etc. However here is an answer I gave someone else about what they could invest a small amount like $100 in:
Stick to something you know and are interested in, knowledge is power. Let’s say you were interested in computers you could buy 30 high capacity USB flash/memory drives from an online wholesaler and sell them to your friends, relatives, work colleagues or school/college friends. Everyone uses them so you will have a ready Market and if you are interested in IT you will know if they the right size and type to impress and sell easily. whatever you buy don’t get carried away and buy hundreds, buy 20 – 30 or even less, sell those then buy more.Doing this kind of thing you could double your money (100% profit) or at very worst make 30% profit in a relatively short space of time. Investing in bonds, savings or even stocks you will likely make much less than 10% per year!
Other ideas: If you like makeup try makeup brush sets. If you like cars find a unique car wax or other car product that everyone is likely to use that you can buy from an online wholesaler. Try and pick something relatively cheap that most people use and you will always sell them.
My main advice from that is stick to something you know. If you know cars there is still an open market in buying cars cheap from people who need to sell quick, tarting them up a bit and selling them for a profit (webuyanycar.com makes millions from it). If you are into computers I think there is still an untapped market for bespoke, made to order gaming PCs that nobody is taking advantage of.
Some of these ideas might seem small time but start small and think big. You can start new ventures from small ideas and scale up if they make money with no external investment. Michael Dell started Dell computers with $1000 in his living room at home when larger companies like IBM were already selling PCs and he still managed to turn a small home business into a multinational that beat IBM at PC sales.
Last bit of advice is that its down to sales and marketing. Look at most fast food chains, the food is crap, the service is poor and they shouldn’t be that successful but they are making billions because their marketing is awesome. Tesco’s has gone from strength to strength in the last 10 years but it’s not their marketing but their “Up Selling” that is incredibly successful. This goes for even the smallest business too, it’s all about presentation, marketing and selling, remember people buy from people.
If you would like some help with marketing your business or just to share your experiences I would really like to hear from you. Get in touch via the form below and I will email you back.