Ideas for small business startups in 2009 may have you stumped, but don’t despair the current economic climate may be the best time to get your startup rolling. To get your creative juices following for business ideas lets start by sector.
Alternative Energy / Green Products
Virtual worlds & Economies
Home care and Non Medical Services
Healthy lifestyle and Gyms
Baby Boomer Services
…you get the picture.
Once you have identified what sector your idea fits in start to brainstorm on possibilities. For example, you have a passion for Yoga and think you can deliver a better workout than any competitors around. Great, add to your competitiveness by going specific like kid yoga or mommy yoga. You will have much less competition and are likely to be the best around. Also pay attention to your specific geographic location, maybe Yoga is just not readily accessible where you live…all the more reason to open a studio.
1. Who, Why, How?
Who will your customers be?
Why will your customers benefit?
How will your customers benefit?
2. What are your ingredients for success?
What is the proverbial secret sauce. Stray away from being qualitative and just fluffing up your business proposition. Get technical.
3. Do a market and feasibility analysis.
You don’t have to go crazy with a professional, you can do a lot just by looking around your location, the yellow pages and the Internet.
4. Do basic financials.
Finding out what your breakeven analysis is crucial to answer initially. This will determine how much capital is needed to start and how long your business will take to recover expenses (or breakeven). Be as conservative as possible to factor in unknowns.
5. You should be arriving at a yes or no possibility.
Yes….congratulations….now your ready to do a full blown business plan and get funding. You’re also ready to start a profile on statupaddict.com.