Robin Lamb | Published 21 November 2022 | Updated 2 February 2023
Starting a small business can be an exciting and rewarding experience, but it's important to carefully consider the type of business you want to set up before taking the plunge. We’ll take you through the steps to help you choose the right small business for you and provide resources to help get you started.
Assess Your Strengths, Weaknesses, Interests, and Goals
Before you begin exploring different types of small businesses and markets, take some time to reflect on what you do best and what makes you excited. Consider your professional experience, interests, and goals. Think about the skills and abilities you have – this will help you determine what type of business would be a good match for your talents. You should also look at the current trends in the market to get an idea of which businesses are gaining traction or experiencing rapid growth. After identifying your strongest assets, determine which opportunities fit them best.
Analyse the Market Needs and Identify a Growing Trend or Niche to Exploit
You need to assess which type of small business best meets the needs of the current market. Research industries you’re interested in, or look at what other people are doing that’s successful, and figure out how your skills can be adapted to this opportunity. Identify potential niches or markets that are experiencing growth and focus on creating a viable solution. Create a value proposition that caters to the current needs of consumers, providing something new and refreshing as opposed to just copying an existing business idea.
Research And Explore Entrepreneurial Opportunities That You're Excited About Pursuing
Take the time to research and explore entrepreneurial opportunities that you’re excited about pursuing. Look at what local businesses are doing and consider ways to apply those same concepts in a more meaningful way, based on your own skills and abilities. When exploring different entrepreneurial opportunities, remember to keep an open-minded attitude, since any market or niche can have potential if done right. Consider potential risks and rewards associated with each venture before diving into it, so that you’re properly prepared for any situation that may arise.
Do a Validation Test by Seeking Out Customers and Opinion Leaders within Your Field
A great way to validate your small business idea is by seeking out customers and opinion leaders within your field. Try reaching out to potential customers, set up surveys or focus groups, or bring in experts from the industry to help you evaluate your potential venture. This will provide you with invaluable feedback about the viability of your proposed business that can’t be ignored. It may even inspire new ideas for product benefits and marketing strategies that could give you a competitive edge.
Create an Actionable Business Plan with Realistic Milestones And Timeframes for Success
Every successful small business begins with an actionable business plan. This should include key strategies for research, product launch and marketing as well as realistic timeframes and milestones to measure progress. With careful planning, you’ll be able to establish measurable goals that keep your venture on track and determine whether or not it is viable. A clearly outlined business plan also lets you anticipate any obstacles that might come up along the way and develop the necessary solutions in advance.
Small Business Ideas
Food Truck
If you have a passion for cooking, and want to break into the food business, a food truck could be a great start. With the rising popularity of 'food truck parks' in cities all over the world, having your own mobile culinary business is becoming an attractive option. You could specialise in whatever cuisine you like, and move around regularly so that people can find your truck!
Online Store
For digital entrepreneurs looking to start their own small businesses, an online store may be the perfect solution. With platforms like Shopify or WordPress Commerce readily available at low startup cost, anyone with some web-savvy can easily open their own store and begin selling products directly to consumers.
Freelance Writing
Freelance writing is a great way to start your own business and make some profitable income. It involves taking up assignments from clients and completing them as per their instructions. As a freelance writer, you can work from anywhere—including the comfort of your own home or office. To get started, you need to hone your writing skills, build an online presence through a personal website, and search for freelance writing job opportunities on various job boards like Fiverr and Airtasker.
Pet Sitting and Dog Walking
A great fit for animal lovers who want to make money helping out pet owners! This type of business requires minimal upfront investment (basically just marketing costs), and allows you to get up close and personal with some four-legged friends in the process!
Tutoring Service
Are you a tutor looking for supplemental income? Consider setting up your own tutoring service offering personalised one-on-one instruction. Whether it’s academic support or assistance with a specific hobby, such as playing an instrument or learning how to speak Spanish, there are plenty of opportunities to grow a successful tutoring business – depending on your educational background and qualifications!
Interior Design Consultancy
Offering interior design advice for both commercial and residential clients can be very lucrative – especially if you know something about feng shui principles or architectural styles beyond the basic understanding many people have of them!
Catering Business
Catering is one of those classic small businesses that has been around forever – but is still simple enough for even novice entrepreneurs to master quickly! Requiring little greco than your time and attention (and maybe some kitchen supplies), catering is often sought after at special events (weddings, anniversaries etc.) so keep your calendar handy as there are sure to be opportunities coming your way constantly when word gets out that you offer this type of service.
Home Care Services
An excellent choice if you’re looking for a larger client base with established rates, home care services provide respite care services ranging from child care to elder care on an hourly basis or live-in arrangements depending on the demands of clients/families involved!
Cleaning Services
Cleaning services are a great small business idea for those looking to start from the ground up. People often put off household chores like washing dishes, vacuuming, and dusting because of time constraints. Those looking to start their own cleaning business can offer an easy way out of these mundane tasks and make some money in the process. You can offer a range of services that include basic housekeeping and deep cleaning. You can also target specific markets like residential homes, commercial businesses, and vacation properties.
Personal Training and Fitness Tutoring
Personal training and fitness tutoring are two of the most profitable small business ideas for those who want to monetise their passion for fitness. With more people understanding the importance of being in shape and living a healthy lifestyle, there is no shortage of clients looking for a professional trainer or tutor to help them reach their goals. If you have the necessary skills and qualifications, then this could be an excellent way to turn your hobby into a highly profitable business. You can start by preparing custom workout plans tailored to each client’s fitness level and preferences before taking on larger groups with more advanced techniques.