I Want To Start A Business But Have No Ideas
Are you in this situation?
Have you always wanted to start your business but felt that your ideas are not good enough to get started?
Have you been wondering, what are the things to sell to start a business or, what are all the things you need to start a business?
Sometimes, you have countless ideas on how to start a business.
But you might feel that they are not the best business ideas to make money, and you give up thinking about how to start your own business.
Today, I am going to share with you the 5 key things you need to start a business.
1. Why do you want to start a business
2. What is your passion
3. Ideas for starting a business from home
4. Most successful home based businesses available today
5. Best Business Ideas
1. Why do you want to start a business
It is extremely important to know the reason why you want to start a business.
The last thing that you want is to jump from a job you hate doing into something you dread going to everyday.
If, like most people, the reason why you want to be in business for yourself is so that you can provide a better life for your family.
Yes, we all know that there is no such thing as job security, especially when the gig economy is taking over the market right now.
There are risks when starting a business and the thing to consider is if the risks are manageable.
What is more important to consider is if the risks involved will end up as a financial burden to you, or worst, resulting in you having to declare bankrupt if the business doesn’t work.
If you already have a family and you want to start a business, never consider one that has too high risks.
2. What is your passion?
I believe this is something a lot of people are stuck with; finding your passion in life.
To guide you though this process, I have come up with 2 questions you should ask yourself.
- What would you be willing to do for free?
If money was not to be an issue, and your finances are taken care of, what would you do?
If you striked the lottery of 10 million dollars, what would you do?
If you have an inheritance from a rich relative who has given you millions, what would you do?
Most people would say to enjoy life, but look beyond that because you can’t be sipping piña colada on the beach everyday for the rest of your life.
So, think about what you would be willing to do for free though you could get paid for doing it.
- Who do you want to be remembered for?
When you are no longer in this world, how do you want people to remember you and what would be your legacy?
What do you want your kids or friends to say about you during your death anniversary?
Most of the time, we are focused on fulfilling our wants, and like what Jim Rohn says, it’s OK to have self interest. What would be more fulfilling is enlightened self interest, where in doing what you are doing, you find a way to serve others.
Find a way to serve people with your gifts and when you see how others are appreciating you, it’s exceptionally rewarding.
- Put it to the test
Sometimes we think we have found it, something we can call our passion. And when start doing it, we start to realise it’s not something we are truly passionate about.
So, whatever you do, never quit your job and go all out pursuing your passion before you put your passion through the test.
Imagine you quitting your job only to discover that what you want to do is not really your passion, then you are screwed!
Keep on testing.
If you are looking forward to work on something even after a long day at work, there’s a possibility you have found your passion!
3. Ideas for starting a business from home
Most successful home based businesses available today started from researching what challenges people are facing or what questions they are asking on search engines. But, what are the things that people are searching for online?
There are 2 online tools I recommend, ‘Answer The Public’ and ‘Topic Mojo’, that you can use which allow one to know what people are searching for so you can potentially provide the needed solution.
- Answer The Public
‘Answer The Public’ is an excellent online tool for anyone to use to discover what people are asking about. The website allows you to search once for free every day and you can start to brainstorm ideas based on a certain niche that you are targeting.
One powerful feature in ‘Answer The Public’ is having the questions set out in a Who, What, When, Why and How format so that you can do your own research based on a challenge you potentially have the solution to.
Do go to www.answerthepublic.com to see how the tool works.
- Topic Mojo
‘Topic Mojo’ is another free tool for you to not only learn what people are searching for in search engines, but it is also able to provide you with all the postings on social media, news channels and forums as well for what people are searching for.
You are able to get related videos from YouTube for your queries and get more ideas related to your topic. At the same time, you can see what is trending on the news related to your topic, as well as what social media engagements there are based on the niche you are looking at.
Do go to www.topicmojo.com, which allows you to have 10 queries per month to search for a niche you want to focus on.
4. Most successful home based businesses available today
Most successful home based businesses available today allow one to be starting a business with 1000 dollars or less.
There are many websites that promises to teach you how to start a side hustle or start up business for free. However, as an entrepreneur, you must be willing to set aside capital for you to start your business.
There are many ideas for starting a business from home and many allow you to be starting a business with 1000 dollars or less. Let me share with you what are some of the most successful home based businesses available today and what type of business to start with:
Affiliate marketing is the promotion of the products of companies or other people, in which you earn a commission for every sale.
If you find a product that catches your eye, you can promote it to others and gain a cut of the profit for each sale made.
Its theory is based on revenue sharing and is perfect if you don’t have your own product to market and want to make money.
Is earning an income via affiliate marketing for you?
Take a brief pause and think if this model would work for you!
However, if you have your own products and would like to sell more, you can also provide a commission for other affiliate marketers to promote your products.
Out of the vast majority of people that have started an online business, most of them dipped their toes in the water via affiliate marketing.
Let’s talk about the parties involved in affiliate marketing.
Typically, there are 3 – 4 parties involved in the process. It’s often the Merchant, the Affiliate, the Consumer and the Network.
The merchant is sometimes known as the product creator, seller, a brand or the vendor. It can also be a single individual
that has their products or courses for sale.
From solo entrepreneurs to Fortune 500 companies, anyone could be the merchant behind an affiliate marketing program.
They can choose not to be actively involved in promoting the product as all they require is just having a product to sell.
The affiliate is the individual who promotes the product and can earn anything from a few dollars to thousands and thousands of dollars.
The difference between the two is where the marketing magic happens.
A low-level income affiliate could be promoting a product with just a link.
On the other hand, a high-level income affiliate could do so by running a review blog of the merchant’s products. They could also be running an entire website on the discovery of ‘new and cool’ products related to a certain niche and promote them.
The customer or consumer are the ones that make the affiliate system possible. Without any sales, there would be no revenue generated and hence, no commissions handed out.
Some people consider the network as part of the affiliate marketing equation. More often than not, the network works as an intermediary between the affiliate and the merchant.
An example is ‘Clickbank’, where they focus on digital products or services for the customer.
If you want to learn about affiliate marketing, one of the best ways is to learn from ClickBank University.
E-Commerce With Dropshipping
What Is E-Commerce with Dropshipping?
Dropshipping is when an online store doesn’t keep an inventory of the product it sells. Instead, the online store gets the fulfillment done by a third party ONLY when the product is sold.
As a matter of fact, the merchant is never required to see or handle the shipping of the product. The advantage of this is that the merchant is not required to keep a massive amount of stocks or inventory, and only purchases the product as and when a sale is made to fulfill them.
This model definitely has its own benefits and challenges as well.
Keep reading to find out…
1. Low Capital
The biggest advantage of dropshipping is that it’s possible to launch an e-commerce store without having to invest
HUGE amounts of money for inventory.
Traditional retailers would normally have to invest a large capital for huge amounts of inventory.
However, with dropshipping, you only purchase a product when the sale is made and paid for by the customer.
As such, since stocking up on inventory is not required, it is definitely possible for one to start a dropshipping business
without boatloads of cash.
2. Ease of Getting Started
When you don’t have to fret about dealing with physical products, running an e-commerce business gets much, much simpler.
Here’s why, you don’t have to worry about:
● Cost of rental of a warehouse
● Packing and shipping your orders
● Keeping track of inventory
● Handling returns and inbound shipments
● Manage inventory level of product
3. Ease Of Scaling
As for traditional businesses, you will have to do twice the work to receive twice the amount of business.
With the leverage of dropshipping suppliers, most of the work to process additional orders will be taken care of by the suppliers themselves.
As such, it allows you to expand with fewer pains and an incremental workload.
These few benefits make dropshipping an extremely attractive model for beginners, or even seasoned merchants, and most people tend to use ‘Shopify’ as a platform to start their dropshipping business.
E-Commerce With Amazon FBA
What Is E-Commerce with Amazon FBA?
Amazon, as we all know, is the world’s biggest online retailer.
Amazon has a service called ‘FBA’, which stands for ‘Fulfilled By Amazon’.
If you start your e-commerce business with the Amazon FBA program, you can start to fulfil orders automatically by taking advantage of Amazon’s resources of shipping and delivery of products. At the same time, you can earn more sales from the lucrative Amazon Prime customers.
Similar to dropshipping, the merchant is never required to see or handle the shipping of the product.
The merchant is essentially in charge of sourcing a product, branding it and sending it to Amazon. Amazon then does all the fulfilment required when a customer orders the product.
1. Effortless Logistics and Shipping
The biggest advantage of fulfillment by Amazon is that you only take care of the shipping from your supplier to Amazon, the rest is done by Amazon (thus the name fulfilled by Amazon).
If you have ever managed fulfillment or delivery of your products, you will know that it can take up a lot of time. When you have higher sales, it will mean that you need to spend more time doing the packing and shipping, and even have to spend money outsourcing to others to do it.
2. Management of returns
Can you imagine if one customer wanted to return your product? Not a problem right? But what if 100s or even 1000s of customers are looking to return your product?
It quickly becomes a major headache and you’ll be scrambling to process the refunds.
With Amazon, everything is automated and all you have to do is to pay $0.50 to dispose of the returned item (Amazon will take care of the refund).
3. Amazon Prime
Part of what made Amazon into such a mighty giant was Amazon Prime.
With Amazon Prime, customers are given the satisfaction of having the item they purchased delivered in 2 days or less. This has made shopping on Amazon even easier and gives you a bigger audience to work with to sell your product.
4. Ready Buyers
Unlike Facebook Advertising, which is based on the theory of disruption-based marketing (having to first capture their attention, then push them through a funnel to make them ‘warm’), people on Amazon are at the last stage of the funnel, and are ready to purchase.
This means that your ads are more likely to convert and results in more sales, should you have a good listing.
5. Best Business Ideas
Though the above are some of the most successful home based businesses available today, I have found the best business ideas in combination of both e-commerce and affiliate marketing.
When starting a business, you need to identify what are the current trends at the moment.
If you start a business with an accurate understanding of how the trend is moving as well as leveraging on it,
your chances of success will increase exponentially.
Well, what are the current trends at the moment you may wonder?
I’m glad you asked because I’m about to reveal to you a business that leverages on the 3 converging trends…
Previously, I mentioned E-Commerce with Dropshipping, and it is without a doubt that the E-Commerce space is on an upward trend.
It has made the founder of Amazon, Jeff Bezos, the richest man in the world as of 2019. With the rise of E-Commerce, our buying patterns have been changed drastically.
Gone were the days of visiting retail outlets or supermarkets to purchase the items we require. In today’s day and age, everything is done online and with ease. (Often with just the click of a few buttons!)
Traditional brick and mortar businesses have been put out of business by the rising giant that E-Commerce is turning out to be.
Facebook even has a Marketplace Tab where shopping is encouraged between prospective buyers and sellers!
Fortune 500 companies are now all looking to create a recurring revenue in their business.
Companies like Disney, Google and Microsoft are collecting a minimal amount of US$6.99 – US$9.90 for subscription to their services.
The primary reason why these companies are doing so is to ensure a monthly recurring revenue from their subscribers.
If you are promoting any digital or physical products, find a way to collect a monthly subscription for your product or service.
Core Markets or Desires
In the book ‘Expert Secrets’ by Russell Brunson, he says that there are 3 core markets or desires that every products or services should be marketed through.
For the past hundreds of years and even in the next hundreds of years to come, human beings will always be in search of the above 3 things and that is to:
Maintain good health.
Make more money.
Maintain a good relationship with their loved ones.
If you are able to start a business based on these 3 core markets or desires, you know that you can have a future-proof business.
Especially after COVID-19, more people are looking for a way to maintain good health and a strong immune system.
To start a business, you should focus on marketing and not stressing about your business’ operation.
Thus, your business should…
● Have little or no risks
● Have minimal or no inventory
● Not need employees
● Not require a large investment
● Not have a high monthly operating cost
I hope you have found value in this post, where you once came from a context of ‘I want to start a business but have no ideas’, to where you are, being able to create something now.
If you would ever like to know more about what this money making business that I do is, feel free to check out my home page at www.eugenegoh.com and send me a message to find out more.