If you are going to start a small business, but you are stuck on the type of business, let’s push you to the right idea — and the next one, and the one that follows.
What is more intimidating than becoming the owner of a small business? The millionth internet article about “Becoming a Small Business Owner” would be read near the top of the list, and then prompted to update. Also, swimming with sharks.
Fortunately, there are educational franchises such as Shark Week and Sharknado to keep you out of the ocean, and how-to pieces like this can at least spark ideas about getting yourself into a business. The millionth-plus-one time, as they say, is the charm.
There is no need to think about “This idea will make me a billionaire just in time for my next meeting at high school!” You can start smaller, more in the realm of “This idea will lead me to the next and the next”. A solid, lucrative business idea meets 3 fundamental criteria:
- Low (or free) startup costs: How much money do you need to lay out to get started? Would it be as cheap as creating a website of your own? Do you have to spare your “real” job a few hours a week? You may already have a potential tool to make money, such as a house, a car, or even a lawnmower.
- Immediate profitability: There are few motivators like instant gratification for new business owners — if you can start profiting even a little from a business today; you’ll probably stay with it tomorrow. Long-term business ideas that can be paid off months or years down the road are nothing wrong, but winning right now is key.
Full-time income potential: Could you survive on the profits generated by your business idea, possibly even thrive? Thinking even bigger might blow up your business into the six- to seven-figure brackets promised by “Get Rich!” “Bloggers? Perhaps concentrate first on quitting the drive-thru window.