In a world full of cut-throat competition, it has become increasingly challenging to start a business. It has become imperative to carefully think through the business that you wish to start before you practically embark on it. Hiring the services of a business coach or mentor will greatly increase your chances of success.
A business mentor can see into the future and put strategies in place to fend off potential threats to the business survival.
Small business expert, Shane Perry from Maxfunding.com.au say’s, “there is a famous saving in business about success. That is, ‘small businesses don’t plan to fail. They fail to plan”.
Apart from thinking about planning and mentorship, you should also consider the viability of your idea. Will this business be able to generate enough profits to sustain growth? Is the market large enough?
There has never been a more evident time in history where small business innovation has transformed everyday lives and shaped cultural change. If you are planning on starting a business, you will most likely never find a better time than now.
- Managing Social Media
It started like a social interaction platform for peers, mainly the youth who were eager to explore technology and the internet. Soon, it grew larger than it was thought. Everyone was caught in the web. It was thought only to serve social purposes, but no, soon, it became apparent that social media is a reliable marketing platform. Well, that was just the beginning.
Social media has turned into one of the most powerful marketing tools the 21st century has witnessed. In fact, pundits say that if you are running a business without a presence on social media, it is only a matter of time before the wind and tide of change sweep you away. One must learn to manage social media, though. In fact, the social media platform has become the best channel for startups including startup ideas.
The catch, however, is that most companies do not have time to manage social media. It is through social media that important networks are hatched and built. The sales industry in the recent day bears witness that one of the most reliable ways of accessing the market and selling products is through referrals. Since many companies fall short of skills and time to manage social media, it is a great startup idea. You can take up that space and manage social media for companies at a fee.
The social media management also gives a startup business a chance to follow the leaders in various segments of a business. It is through such leaders and models that one acquires ideas to incorporate in their startup plan and more.
- Rental System for Vacation
Rental System for Vacations is one of the rarely thought about startup options. The advantage is that rental vacation systems are some of the highest yielding businesses. It is not clear why the segment remains underutilised, but as the adage goes, the devil could be in the details.
Vacation systems require meticulous planning and some feasibility research study. Recent developments in the sector have simplified options in the segment, but still, there is some careful thinking to do. Such a business thrives in places that attract a high number of tourists.
Thus one must establish such factors as the accessibility of the venue and the overall spending power of the prospective clients. Besides, the facility calls for installation of amenities such as swimming pools and employing hospitality professionals. The latter two considerations could significantly push up the budget for such a startup. Nevertheless, if you consider all the basics, vacation systems have a great promise for returns.
- Flipping Websites
Another rare startup idea is buying and selling websites. A lot of people have made a fortune from identifying potentially attractive websites before the owners see such potential. They purchase such sites and turn them into money minting machines. You could choose to sell domains or buy and sell entire websites. Website flipping is a progressive online startup.
- Fixing Gadgets
With the advent of technology and the technology explosion, so comes a massive generation of various devices. Many of the devices are quite expensive and delicate. Few people bother to understand the principles behind the design and workings of the devices that they use.
So if you took up some online courses and learned how these devices are built, you stand a good chance of making money by repairing them for distressed users. You could even purchase some of them, fix and resell at a profit.
