What's a good business idea?

Discussion in 'Business Ideas' started by Swadesh Das, Nov 17, 2016.

  1. Swadesh Das

    Swadesh Das
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    A good business idea has 3 basic things:

    1.The item solves a problem- If it solves an authentic need then your business is usually built, so many companies fail simply because aren't really solving whatever.


    2. You are passionate/have a need to have solving it. - Generally its best to solve a problem that effects you and once you solve its all the more rewarding, when you will work on it reminds you on the benefits once you obtain it.


    3. You can think connected with and accomplish the next step- The reason you can't start some sort of cruise company is that you would have no concept where to start, you likely don't have enough capital, and its just hard to meet up with all the demands important. Not to say it is impossible but its best to do something within ones means, thats why lots of people start tech companies, upon having a computer; you might get to work











     
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  2. Brad Young

    Brad Young
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    Great points, Swadesh - especially #1. The item solves a need, I thought I'd share Blow Birthday Cards as a great example of this; people buy birthday cards, right? They take them home, they fill out the message and then they put them in the post. Or they order them and when they arrive they do the same. Blow have created a genius solution, write your message on a piece of paper and text it onto the card online and have it in the mail within 3 minutes.

    Might be inspiration for anyone stuck for business ideas. Hope it helps!
     
    #2 Brad Young, Nov 17, 2016
    Last edited by a moderator: Nov 17, 2016
  3. rf-harris

    rf-harris
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    Start an ecommerce website, it is one of hottest things going around and people are making serious money out of this.
     
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  4. Joseph.Shivell

    Joseph.Shivell
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    Unfortunately, this fails the first two steps - It doesn't solve a problem, other than making money for the person who owns it. I don't think that's what Swadesh had in mind. Plus, if the only reasons for starting an ecommerce site are "it is one of hottest things going around" and "making serious money" you won't be passionate about it, and won't keep it going.
     
  5. John Blake

    John Blake
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    #1 and #2 are crucial if you ask me, and they should complement each other. You shouldn't start a business without enthusiasm and passion, because you would most likely burn out after a while. Meeting the customers' needs is also significant in order to suceed. Focusing on making money only usually results in failure, because customers would sense that you're not doing your work with real passion.
     
  6. 1minhlakin

    1minhlakin
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    But is it really important to have passion about it? I mean if one have passion about earning money, then "it is one of hottest things going around" and "making serious money" isn't sound so bad, is it?
    I guess my point is some people just passionate about making money and in that case, the first 2 step is not really important.
     
  7. Joseph.Shivell

    Joseph.Shivell
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    If someone is passionate about making money, there are many kinds of investments they can make. With a business, however, you are serving the needs of others, and must therefore do so in the best possible way. There is an old saying, "Find something you love and you will never work a day in your life". If you are doing something you feel passionate about, you are more likely to do it right, and properly serve the needs of your customers/clients. If you are only forming a business because you are passionate about making money, then you are less likely to do things properly, and will spend most of your time looking for your next "victim".
     
  8. Fortetrader

    Fortetrader
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    Consultant
    To be a consultant, you need to have an expertise in something so you can market yourself as an advisor to others looking to work in that area.
     
  9. Mike Levin

    Mike Levin
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    Good points, and really useful, but only sometimes.
    Business is like a small organism. You definitely need to solve all the issues if you own this business. You also need to expect what problems and where you can encounter.
     
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  10. Mick Hussey

    Mick Hussey
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    • Promotional links are not permitted in normal forum posts. This post has been edited to remove a promotional link.
    I have been doing Forex trading for last 8 years, I believe there is no better business than this, and it’s great in every word and term with FP Markets. They are licensed by ASIC and have excellent reputation with HIGHEST rating of 4.1/5 on FPA and have won 35+ awards in 12 years’ service. It is massive help to work with such broker and allows one to work smoothly and with high level of comfort, it’s quite pleasing to operate under them and benefits one and all.
     
    #10 Mick Hussey, May 20, 2017
    Last edited by a moderator: May 20, 2017
  11. alom

    alom
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    Cheers mate. Good points really especially the #3 Sometimes we're looking to start up a new business but don't intend to invest much effort and time into it. And investments too
     
  12. Ellie005

    Ellie005
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    Green energy/smarthouses. Thats the best business directions right now I believe :) But you must have skills and experience
     
  13. Ebblr

    Ebblr
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    As you said, the item solves a problem. And, some of the best ideas or inventions are simply tweaks of old ideas. Look around your home and ask yourself what product or service would make your life easier. Sometimes, you will find the genesis of a great business start-up in a problem you are facing. For instance, a busy working mom who doesn't have time to prepare nutritious meals might be the perfect candidate for starting her own nutritious meals catering service for other busy moms. From desperation and need comes solutions. Just keep your eyes open and you'll find ideas everywhere.
     
  14. akiinn

    akiinn
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    Always do yourself a favour, and force yourself to honestly answer the following question: is there a demand for my idea, am I willing to invest into it, am I willing to commit to it a 100%? It sounds like the most basic thing to do, but believe me, most don't. They come up with something they consider innovative and everything, but forget, that there might be nobody else who wants it. There is a Russian saying, that the best new invention is a thoroughly forgotten old one. Think about it.
     
  15. Levi Perry

    Levi Perry
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    Before even thinking about a product or idea, take some time to reflect on what you are good at. What do you enjoy talking about? What are your strengths? Once you figure that out, you can create any business related to what you are good at. Something I learned from a guy named Alex Becker, he quoted in one of his videos, "If you are a turtle, don't try to be an antelope. Just be the best damn turtle around and make the antelopes want to be turtles." In other words, play YOUR game not someone elses. You are best at being you so kick some butt doing so and whatever business idea follows will flourish.
     
  16. David Tan

    David Tan
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    There are millions of businesses across the world, from small start-ups operating in a person's bedroom to multi-national enterprises with offices in different continents.For a successful business idea to succeed, it's vital to know the industry that you're getting into. If you're not confident with the intimate details of your idea and how precisely it's going to grow and potentially adapt in the future, then it won't reach its potential.
     
  17. Jacob Hawkins

    Jacob Hawkins
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    Thanks for Information. But in my point of views different country or state have their own rules and regulations about business like, If anyone wants to start business they have to start under the government rules and fill the form of S- Corp, C- Corp and lots of other formalities. So if you want to give information about business startups you have to mention which country or state these plans are working.
     

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