Business Ideas

Business
Ideas
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Business Ideas

It’s amazing how many people have always had that nagging little feeling about starting their own business. I have clients who have worked as an employee for almost all of their adult life and then one day decided enough was enough. Time to take the leap and go out on their own. After all, they have plenty of experience on the job and possess a deep understanding of the industry they work in – taking the leap for them can be an obvious decision to make.

But what about those of us who know self-employment is for them but just need an idea to run with?

Your starting point

If you’re reading this I would suggest that more often than not your start-up type falls into one of the following categories:

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You want to create an online business or an online store

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You’re a busy parent looking for a sideline business

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You want to buy an existing business

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You want to create a business from an industry you are currently working in

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You want to use your knowledge and work as a consultant

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You’re “unskilled” but desperate to start anything

All of these types are just as valid as each other – I mean not everyone walks out of business school and is ready to hit the ground running right?

Ideas and realistic expectations

I’ll skip the topic of how to brainstorm as you probably already know that spit-balling ideas is what got you here in the first place. What I hope to achieve here is to give you some business expectation of your required budget as a minimum (although this can vary wildly), provide you an idea of expected income and the pros and cons of each business idea.


If you want to earn at least what you are earning now:

  • OPTION 1 > You could buy an existing business if your funds allow it

Pro: You receive an income almost immediately

Pro: Business finance is relatively cheap these days

Pro: The hard work of setting up has usually been done

Con: May require debt to purchase (even though relatively cheap)

Con: Inherit previous owner’s bad business habits

Con: It can be hard to find a business that matches your skillset and capability

TENACITY CAN HELP WITH: Identifying areas for online growth, online business SWOT analysis, matching your online business with your level of computer literacy, online business advice, online business setup, online market research, creating and editing client lists, website creation, website editing or repair, website content, online marketing, SEO, Google Ads, Social Media recommendations and more.

 

  • OPTION 2 > You could consult at a professional level

Pro: Income can be good (although sporadic at times)

Pro: Flexible hours

Pro: Low startup cost with virtually no requirement for finance

Pro: Quick startup

Pro: Low ongoing cost Con: Can take time to get off the ground

Con: May require tertiary qualifications or experience that some people don’t possess

TENACITY CAN HELP WITH: Identifying areas for online growth, online business SWOT analysis, matching your online business with your level of computer literacy, online business advice, online business setup, online market research, creating and editing client lists, website creation, website editing or repair, website content, online marketing, SEO, Google Ads, social media setup, social media platform recommendations and more.

 


If you want to start an online business:

  • OPTION 1 > You could begin selling on Facebook, Amazon, Gumtree or eBay

Pro: Flexible hours

Pro: Easy to setup with income coming in immediately

Pro: Virtually no setup costs

Pro: If it is not successful, simply shut it down

Pro: Minimal risk

Con: Income is usually low especially at the start

Con: Considerable funds can be needed to market online properly

Con: Competitors are quick to pick up on new trends and can easily copy your business model

TENACITY CAN HELP WITH: Business registration and selecting a domain name, domain registration, hosting setup, website, social media setup, SEO, Google Ads, evaluating your online idea, first year expectations, how to test your idea online and more.

 

  • OPTION 2 > You could create your own website selling your unique idea

Pro: Income can be good if you have a great idea

Pro: Low startup cost except for the website

Pro: Flexible hours

Pro: Great for testing the water on a new idea

Con: The site can be lost without correct SEO and PPC strategies in place

Con: Online marketing costs can be considerably high

Con: Can take some time to become fruitful

Con: Can be surprisingly time-intensive as a “passive” income

CASH REQUIRED: Approximately $8,000

TENACITY CAN HELP WITH: Business registration and selecting a domain name, domain registration, hosting setup, website, social media setup, SEO, Google Ads, evaluating your online idea, first year expectations, how to test your idea online and more.

 


If you want a business that allows you more freedom:

  • OPTION 1 > You could sell online services including design, social media marketing or virtual assistant¬†

Pro: There is a good demand for this type of work

Pro: Can travel while doing this (although reliable internet is requried)

Pro: Flexible hours Pro: Can be setup fairly cheaply and quickly

Con: Hourly rates are dropping all the time as new players emerge in the market

Con: Online marketing costs can be considerable

Con: It’s difficult to charge a premium for quality work

Con: Work can sometimes be farmed out to overseas contractors making it difficult to compete

CASH REQUIRED: Approximately $1,500

TENACITY CAN HELP WITH: Business registration and selecting a domain name, domain registration, hosting setup, website, social media setup, SEO, Google Ads, evaluating your online idea, first year expectations, how to test your idea online and more.

 

  • OPTION 2 > You could could seek self-employment with a semi-skilled trade

Pro: The income can be quite good and startup is relatively easy

Pro: Flexible hours Pro: Businesses such as lawn-mowing rounds can be built up and sold-off

Pro: Require no official qualifications

Con: Usually require ongoing marketing to keep the business running efficiently

Con: Hourly rates can fall when the economy is tight

Con: Typical client base requires some idea of credit control and chasing up debtors

TENACITY CAN HELP WITH: Business registration and selecting a domain name, domain registration, hosting setup, website, social media setup, SEO, Google Ads and more.


If you are unskilled and want a part-time business:

  • OPTION 1 > You could do commercial cleaning, car or boat detailing or maintenance

Pro: Work can be easy to find with simple marketing

Pro: Business can be built up and spun-off (client list sold)

Pro: Income is quite good

Pro: Relatively low setup costs

Con: Work can be physically demanding

Con: The type of work is not well regarded Con: Insurance can be costly

TENACITY CAN HELP WITH: Business registration and selecting a domain name, domain registration, hosting setup, website, social media setup, SEO, Google Ads and more.

 

  • OPTION 2 > You could do freelance jobs in the gig or sharing economy

Pro: Flexible hours

Pro: Can offer a surprising opportunity for some people (eg: voice-over artists)

Con: Income is almost always very low (check rates on Airtasker)

Con: May require considerable marketing to be visible

TENACITY CAN HELP WITH: Business expectations, social media setup, SEO, Google Ads and more.

Like to discuss your business idea with a professional?

I love talking to people who are just starting out and I make it my business to give them the information and analysis to proceed with confidence. My twenty plus years of experience in starting and building my own businesses is invaluable in helping you get up and running online.

So why not give me a call or email today?

Thanks for reading

Lee McCarthy

Tenacity Business Consulting – Perth

 

Like to get started?