What Type of business?

As an entrepreneur there are no bounds to the types of businesses you could start. But if you’re stuck for ideas then below you’ll find a few key areas worth exploring. Some of them are specially created with young entrepreneurs in mind.

Tap Into Your Own Age Market

Try to tap into your own age market to come up with some good ideas. For instance if you still under 35 then you belong to a demographic group most businesses are after. The people in this age class usually have large amount of disposable income. They usually also have more free time to spend their money.

The big companies normally spend large amounts of money on extensive market research on this age bracket. So here you in the advantage because have the same age as potential customers. So you’ll probably have some idea what people your age like and what they don’t.

Watch your friends (don’t ask, just watch), what are they into, what are they doing, what sports they play, how much money they spend, etc. Maybe after a while you’ll come up with a good business idea for a product or service.

Look Local for Business Ideas

This one is for all ages. If you are active in your local community then this can be a perfect breeding ground for business start-up ideas.

Try to find a list with all local businesses. Do they for instance need goods that are not locally produced? Could you make it cheaper, so that you can sell it at local businesses?

Look around locally for opportunities, especially at things you yourself find hard to do or get in your local community (probably there are more people with the same problem.) For example: can’t find a good takeaway meal, you are struggling to find your child a nursery place or day-care or nearest taxi service is 3 hours away. All these things can mean an opportunity for you to start a business that will do very well locally.

Look at your Lifestyle

Your own lifestyle can be source of inspiration for new business ideas. The beauty of using your own lifestyle as the basis for a business is that you’ll have a passion for whatever you choose. And a bit of passion for a subject can help a long way!

For example you have a hobby horseback riding. Maybe you could start horse breeding program, give riding lessons or make horse figures out of wood.

Another example: you like to watch the sunset every evening from your porch. Maybe you can make porch swing or special chairs from local wood.

Take a good look at the way you and your family life and maybe you get some inspiration.

Do Something!

We don’t know the reason why you are looking for business ideas. Maybe you’ve become disillusioned with the way your boss does business and said the following many times to your colleagues “If I where in charge..” or “Why did they take this decision, are they n…”

Then you have to do something about it. Don’t just sit their complaining that if you were in charge things would be better, do something about it. Start your own business and prove them wrong (hopefully make a lot of money in the process.) With action from you, nothing will happen.

Remember that the vast majority of the larger companies were started by one person with as much market experience as you’ve probably got now. What is the difference between them and people that are now working for them? They did something, they see a problem or an opportunity and they took it. This can be you! The only thing you’ve to do is to go for it and start your own business.

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