5 Ways to Choose a Business Idea

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Choosing a business idea isn’t always easy. If you want to go into self-employment, but don’t have an idea yet, we’ve got some tips for you that, hopefully, will inspire you to come up with one!

Remember, you don’t need to start a business that is completely unique. As long as you’re good at what you do and work hard, you can be successful. 

Turn a hobby into a business

What do you do during your free time? Do you like baking? Gardening? Playing sports? 

Think about turning something you love doing into something that can make you money! Turning a hobby into a business means you can have that freedom of working for yourself while making money from your passion. Also, did you know that running a business has a positive impact on you? If someone else values what you do and supports your business, it also boosts your confidence!

However, remember that doing something for fun and doing something as your job are two different things. Make sure you are determined and won’t get bored of your hobby once you start doing it every day.

business idea - turn a hobby into a business

Use your creativity and make things to sell

Are you creative? Do you enjoy making crafts such as candles, toys or jewellery? You can use your creativity to start a business and start selling those items!

More and more people are looking to support small and local businesses when buying presents or unique home decor. 

However, if you start a business in this industry, you’ll face a lot of competition. You need to seriously consider how you’ll stand out from the others and find ways to market your business. 

business idea - use your creativity and make things to sell

Offer tuition or coaching

If you’ve ever worked as a teacher or have a natural talent for explaining things in a way that others can understand, think about providing tuition or coaching services. 

You can look into helping students that need extra lessons in subjects such as maths or physics. Or you can teach something people want to learn as a hobby, for example, a foreign language, arts and crafts or playing an instrument. 

Most of these things can be done remotely, so you don’t need to worry about finding the right premises.

offer tuition or coaching

Sell something at a pop-up stall or street market

If you choose a good location for a pop-up stall, it can make you a good income. Also, the fact that it’s a mobile business means that you can easily move from one place to another attracting new customers. 

Selling something at a pop-up store or street market can also work as a promotion for the main business. Just remember that you must contact your local authority to enquire about any street licences or permits that may be required.

business idea - sell something at a pop-up stall or street market

Invest in a franchise

When you invest in a franchise, you don’t need to think of anything new! You buy an existing business that is already successful and has a customer base. Also, you don’t need much experience to start! Many franchisors provide help and training, so you can gain or improve the skills required to operate the franchise. They also support you along the way, so you receive ongoing advice. 

The only downside is the price. Some franchises can be really expensive, so you need to consider whether you can afford it and whether it’s worth it.

business idea - invest in a franchise

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