If you’re serious about wanting to start a business, the first thing you want to do is take the time to understand what really makes you tick. Where do you get your drive? What gets you in a “zone?” However, there’s a lot more to figuring out the BEST business idea that will make you more money and give you more freedom to enjoy more success in your life. And success to you may be different than success to someone else. It may not be all about money at all. It may not be about finding something you are completely passionate about. It may not be about having a “cool” business — the latest fad or a unique niche.
What are Your Long-Term Plans?
That big picture includes, more than anything, something you can see yourself doing every day. Something that — even on weekends — you love to do. And even though it is something you love to do, make sure it will feed your long-term plan. And you won’t know that until you know what your long term plan actually is! For instance, if your plan is indeed to make a lot of money and retire at a young age, you’ll obviously have to look at small business ideas that are highly profitable. But if it’s a small business idea you came up with on the ride home and it doesn’t really “drive” you, it’ll make reaching your short term goals — often the hard part — a heck of a lot more difficult.
This would include mostly business-to-business models. There is typically more profit selling to businesses (a product or service) unless you make it big in the consumer market. Why would the business-to-business market be more profitable? Because a business would be more willing to invest in a product or service (that may even be a write-off) versus the consumer market which is more “luxury” driven. Meaning, consumers base a lot of their buying decisions on want instead of needs. If you’re trying to startup a part-time venture while working full-time for someone else, you’re going to have to set daily goals to try and squeeze in a few hours of work every day, often before and after work!