Many entrepreneurs are faced with the dilemma of choosing a sector for their startup business. Some consultants would say that you should have the product/service in mind before you even consider starting a business. I would probably go along with that philosophy but in truth, that isn’t the only way to startup in business.

If you are currently in a job that you are thoroughly disinterested in – perhaps you’re selling financial services or insurance to people who really don’t give a damn, the chances are you aren’t enjoying it nor thrilled by the prospect of each day’s new beginning. The beauty of being your own boss is that you have the freedom to choose any sector you wish to start a new venture. While in the past you may have been in jobs that you aren’t interested in, perhaps you even loath each day of work, starting your own small business can flip that feeling on its head, it’s your business – you can choose the direction it takes.

The importance of choosing a product or service that you are interested in shouldn’t be underestimated. In past posts I have talked at great length about having the right personality for business, it takes a special kind of personality to be a successful businessman/women.

How do I choose a business idea that I am interested in?

Start by brainstorming

Look at your current hobbies, sports, activities, interests and beliefs. Make a list of what you have found and find the areas you are most interested in.

Develop the interests further

Take the list you have gathered from the brainstorm and research them further. Find viable product/service ideas by looking at existing businesses and analyze in-depth your take on their current operations.

Spot a business opportunity

Building on your research in the previous phase;

• Have you spotted an opportunity that a current market leader isn’t doing?
• Is there something you could do more efficiently or cheaper?
• How can you add value?

Research the business opportunity

At this stage, if you have found a startup business idea or multiple ideas that you believe could work, the time has come to research them and evaluate whether they can truly be executed. You need to find out whether the business you are currently considering is actually viable. This includes finding out whether there are already existing businesses in the marketplace and whether you can seriously compete with them if that’s the case.

Develop the chosen idea(s) further

Let’s think about how to add further value to your proposition;

• How can you do things differently?
• What will separate you from your competitors (if any)?
• What’s the scope for your idea?
• What are the potential growth areas?
• Is this a shrinking or imploding market?
• Depending on the previous, how can you ensure you really capitalise on the opportunity?

Execute the idea and start the business

Do not underestimate the steps you must take before this point! If you feel you are truly at the stage to develop your business idea into reality, get to it and give it a try. The worst thing you could do at this stage is to shy away from giving it a try, unless of course your research tells you that there really isn’t a viable business opportunity there.

Each and every one of us has interests, hobbies and so forth that we do on a regular basis. This is the best place to start when trying to establish a small business startup idea. You have to ask yourself – why aren’t more of us starting up in business when we could all develop an idea based around our interests?

When you’re young and have very few assets to your name, starting your own small business without any form of business finance can be a daunting proposition. The young entrepreneurial minds among us would have probably figured out a way around that hurdle, but for those that haven’t – here are ten small business ideas that you could put into action tomorrow with little or no financial investment on your part:

1. Baby Sitting / Nanning

Alright, so you could argue that this isn’t a particularly unique idea, but how many of us have family members or friends with small children? – There is serious potential here to work several days/nights a week at different homes in and around your neighbourhood. *No Financial Investment Required.

2. Car Valet Service

Let’s face it, there’s no shortage of vehicles on the road today and each and every one of them could do with a clean from time to time. You could run this business with absolutely no financial investment on your behalf, use the owners water, soap and brushes and you’re away! *Small or Little Financial Investment Required.

3. Pool Cleaning

Perhaps not so much for the UK readers among us (sunshine is a rarity at the best of times!), you could start your own pool cleaning business if you live in an affluent neighbourhood with a good quantity of private pools. This is something you could do part-time on the weekends or between school hours. *No Financial Investment Required.

4. Personal Tutor

If you have a talent, why not make money out of it? You are now part of the new generation of technology embracing human being’s! Many of our elders aren’t so knowledgeable on the subject. You could start a tutor business and teach the general public how to use a computer? *No Financial Investment Required.

5. Knife Sharpening

Now this is a rather unique one – How about running a door-to-door service sharpening people’s kitchen knives? *Small or Little Financial Investment Required.

6. Sports Equipment Refurbishment

The majority of us play a sport, if not multiple sports. Most sports involve some form of equipment and that equipment from time to time requires repairs. How about servicing sporting equipment? *Small or Little Financial Investment Required.

7. Gardener / Lawn Cutting Service

Perhaps one of the most popular small startup businesses for young entrepreneurs is grass cutting. You could use your parent’s mower (providing you have their permission) and cut the lawns of local residents. *Small or Little Financial Investment Required.

8. Tidying / Renovation Work

Quite often people need a hand with cleaning out their closets or re-arranging their shirts and shoes. Why not lend them a hand and charge for it by the hour? *No Financial Investment Required.

9. Review Movies, Products etc.

Providing you are adequately versed in a language, you could review movies that you have seen or perhaps products that you are using. You could then submit these reviews online and get paid for it. Once again, you are using your own skills here, there is; *No Financial Investment Required.

10. Pet Sitting

Something that is becoming more and more common now is pet sitting. As mad as it sounds to some of us, people do actually employ people to look after their pets while they are away. Now I don’t just mean kennels, I mean physically sitting with the pet, feeding it and so on. Cash in and offer this service to local residents. *No Financial Investment Required.

These are just a few examples of potential startup businesses that you could develop with little or zero financial investment on your behalf. If a lack of startup business finance was an excuse for not starting your own business before you read this, it shouldn’t be now.

Get to it – Good luck!

The Three Stages: think, motivate, plan

Small business startup ideas all stem from the same place: your own ambition and experience. You made the first leap in deciding to start your own business – which shows that you’re different from the typical person because you’ve decided to become an entrepreneur. This fact alone separates you from being an ordinary member of the public to being a potential business owner.

Think about your logical strengths

From there, you must ask yourself certain questions regarding your own background, experience, and interest. What do you know how to do well? What are you passionate about? Take an ample amount of time to really sit down and evaluate your strengths, as this will ensure that you are choosing a path that is logical for you. This also increases your chances of being ultimately very profitable.

Motivate with your goals

Motivation is the next step to take your small business start up idea into reality. Most people have a 9 – 5 while they startup their dream business, and extra motivation is key to creating a prosperous, realistic company. Write down your goals for the business – and for yourself – to help with the motivation. Times are not easy during the startup phase, but having your goals in front of you will motivate you to take your business to the next level and beyond.

Create a detailed business plan

Those who plan – plan to succeed. Creating a powerful business plan is the key element to turning your small business startup idea into a profitable reality. Your business plan forces you to walk through each step of the process, which helps you determine whether your strategy is feasible. Make sure you carefully evaluate your target customer base, pricing, financing, advertising, budgeting, and market competition. The more you plan, the more likely your business will enjoy the sweet taste of success and avoid falling into one of the most common business startup mistakes.

Always keep costs and the financial aspects of your endeavor toward the forefront of your mind, but also don’t let them hamper your creativity. Come up with a rough ballpark estimate as to what amount of capital you’ll have to launch your business, and then work within those confines when brainstorming small business startup ideas. It’s a good idea to have this financial framework in place before you start brainstorming; this ensures that you do not waste time with ideas that may be outside of your financial limitations.