50 Small Businesses You Can Start on Your Own

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This guide is designed for UK entrepreneurs but most of it relates to entrepreneurs starting a business anywhere, only the financial and legal sections will differ significantly. Know yourself as an entrepreneur before you start Starting a business is a process that requires an enormous amount of thought and careful examination.

Opinions expressed by Entrepreneur contributors are their own. Like this article? Every great business started with drive and a passion. If you know my story, you know that after I was injured in professional football, my lifelong dream of playing came to an end.

First, you need to take a good look at your strengthsweaknesses and skills. This will allow you to start thinking about what you can do and what you cannot do. You want to come up with business ideas where you are naturally best suited to be successful, for example: A person with a decent level of programming skill is well adapted to starting a web development agency.

A person that has a short attention span might not want to consider accountancy related businesses.

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These are just three general examples, but it gives you an idea of the thought process. The crucial point is to understand yourself and your team, and if you are well suited to any business ideas, areas of business or specific types of business.

6 Steps to Starting a Business From Zero

It allows you to start coming up with ideas and narrowing down what businesses you could start. Discover your motivation for starting a business Before you start a business, you should be absolutely clear about why you are doing it.

That may sound obvious, but there are actually many reasons why someone should choose to turn their back on the security of a job and career for the uncertainty of starting a business.

So the clearer you are about what exactly you are trying to achieve, the better chance you have of achieving it. Wealth, power, fame, saving the world? Understanding what is driving you to start a business is a major factor in determining what type of business you should start.

You should make sure from the beginning that your personal goals and drive are compatible with your business, for example: Someone who seeks wealth might want to look at companies in the financial services industry, where Fintech valuations and revenues are typically much higher than other start-up businesses. Someone who seeks power and influence could achieve this through any form of media business.

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Someone who seeks out fame might be best suited to an entertainment related business. Someone who wants to save the world might start a business tackling climate change through renewable energy. It is important to understand why you are starting a business so you can focus on business ideas that will help you get to where you want to go.

So be aware that the aims may conflict with each other. Creating a long-term family business to pass down the generations, for example, may well be incompatible with making a serious fortune, because you may find you need to sell the business in order to realise its full worth.

This is because it can take many years between starting a business and receiving any money from it — if ever — and along the way the hard work required is immense, and the possibility of failure is very real. Simply pinning your hopes on a future possible pot of gold is unlikely to be enough to sustain you through the difficult times.

50 Small Businesses You Can Start on Your Own

So make sure you have a good reason, work hard and enjoy the ride! Understand your entrepreneurial passions When it comes to starting a business, if you are passionate about it, you will be more likely to be successful. The main reason for this is simple: you will work harder and persevere more on a business you are passionate about, thus be more likely to succeed at it.

Often the only difference between an entrepreneur who starts a successful business and an entrepreneur who fails is passion. Logic dictates that if you want a successful business then you should begin in an area that you already have a passion for.

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To start figuring out what businesses or areas of business you are or could be passionate about start by thinking about the areas, activities, and things you are passionate aboutthat is, that interest you and you have strong opinions on, for example: Someone who loves to hike might consider setting up a travel business.

Someone who loves Lego might think about a toy or construction business. Someone who spent their whole life with a passion for music might start a company related to sound When thinking of offline or online business ideas keep in mind that starting any business is hard enough, if you make sure it is one you are passionate about you are much more likely to succeed. Are you the right age to start a business? The graph from HBR shows the distribution of ages of the founders of billion dollars, venture capital-backed private companies.

For those that fall into this age bracket, the signs are good. They found the average age of a founder to be 40 years old. Of course, I can think of a number of benefits of waiting until this age to start a company; the most obvious being years of experience under your belt.

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Ultimately, age should not be a limiting factor in success. There are pros and cons about certain ages, and some people might have biases one way or the other. Regarding starting a startup often it is down to the circumstances and thought process of the individual. There will always be reasons to not take the plunge but in reality are these reasons even valid? There are many metrics that startup founders can make money your business from scratch attention to at any one point in time.

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In my opinion, age should not be one of them. Coming up with great business ideas Coming up with a business idea is relatively easy, coming up with a great business idea is hard. It is critical to your success that when starting out you explore as many ideas as possible before deciding on the final one you will take forward. In this section, we will guide you through the process of finding a great business idea that you can turn into a successful, profitable and valuable business.

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Start generating business ideas It is now time to start coming up with ideas, this is often a long and time-consuming process but have some patience and you will bring to life some fantastic ones.

Below you will find advice on how to get started in the ideation process and come up with great business ideas!

6 Steps to Starting a Business From Zero

Solve a problem that prospective customers care about Start by thinking about what significant problems you could solve and how. Many successful companies started out on a mission to solve real problems that affect millions of people and provide a solution through their products and services.

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Identify where you provide a better solution Look for make money your business from scratch where solutions are already available but you can do better than existing companies either regarding efficiency, innovation or cost. For example, Apple entered the mobile phone market more than a decade ago as an underdog with a new innovative product and are now a market leader.

Despite the fact the technology had been available for years no one had brought the level of innovation the iPhone did to the market. Be cheaper than other businesses You should look for areas where you can provide significant savings to the customer vs competitors.

These types of businesses grow incredibly fast, particularly during recessions. For example, Poundland is a great example of this kind of business, since its inception its make money your business from scratch price as the primary differentiator to its competitors. Through offering the lowest price possible on a big range of consumer products the business has grown to a highly successful high street chain.

Well, you can translate this into the post-pandemic digital world by offering the same quality of content on video chat. Or microphone that wavers in and out. Or a daunting room full of staring audience members, some of which are coughing and going to the bathroom and sneaking out for calls. By hosting a digital event in your own space, you can design your environment for success and have everything at your fingertips, with no added stress of the unknown.