New Business Idea?

Question

My friend Tim has some money in the bank about $20,000 and he wants to start a business of some sort to make his money grow. Can somebody give me in idea of what type of business he could start , so i can tell him.

Answer 1

Tim should think of all his interests & if any of those could be expanded into a business. He should keep in mind...what's his expertise? What are his interests? What could he imagine doing?

By researching the prospect of starting a business -- what it entails, what he'll need to know, helpful hints, etc -- he'll feel better prepared to take that plunge.

I found some book titles that are relevant to your specific question:

* 101 Internet Businesses You Can Start from Home by Susan Sweeney
* The Best Home Businesses for the 21st Century by Paul Edwards
* Selling Online: How to Become a Successful E-Commerce Merchant by Jim Carroll
* I Could Do Anything If I Only Knew What It Was: How to Discover What You Really Want and How to Get It by Barbara Sher
* I Don't Know What I Want, But I Know It's Not This: A Step-by-Step Guide to Finding Gratifying Work by Julie Jansen
* The Best Internet Businesses You Can Start by Marian Betancourt
* The Shoestring Entrepreneur's Guide to Internet Start-Ups by Robert Spiegel
* Making a Living Without a Job : Winning Ways For Creating Work That You Love by Barbara Winter

I also posted some article links in the source box.

Hope that helps! I wish you much success & happiness in all your ventures!

Answer 2

The best business will depend on what he wants, how he defines to be interesting. A person may consider a pet sitting business to be the most exciting work in the world, while another person would rather watch TV than take care of dogs.

The key is to determine what his interests are, what he wants to do, what is suitable for his lifestyle and his overall goals, and what can fit with the resources.

Other approaches he can use to help him find the right business idea for him are:

1. Less Money Out - choose a business that can be started within your budget (if it's more then downscale or find investors)
2. Novelty and Excitement. Another strategy for selecting a business is to start one that is currently hot, hip and new.
3. Safety in Numbers. As a new entrepreneur, you may also consider a business that has already proven popular, dependable with consistent demand, and can be found everywhere.
4. The Fewer, the Better. On the other side of the spectrum from those who believe in safety in numbers are those who think that they are better off in a business with fewer competitors.
5. Rapid Growth. You may also want to start a business that has enjoyed fast growth in the past years.
6. Failure Rate Method. You may check the businesses with the greatest number of failure record.
7. Biggest Payoff. Another logical choice for choosing a business is to look for those that yields the best return-on-investment.

Dan Ramsey in his book "101 Best Home Businesses" has a chapter on how to find YOUR best home business. He suggests these 10 steps:

1. List 5 things you do best
2. List how others would benefit from what you do best
3. Find out how to give people what they want
4. Learn the value of your services to others
5. Find out who else offers similar services
6. Learn from the successes of others
7. Learn from the failures of others
8. Plan your own success
9. Make low cost mistakes
10. Enjoy what you do and how you do it

He then made suggestions on the best home businesses according to type. Here are a few of them:

Best Businesses Using Craft or Physical Skills
- antique restoration
- auto detail service
- carpet cleaning business
- errand/delivery service
- housecleaning business

Best Service Businesses
- bed and breakfast operator
- caregiver
- catering service
- senior day care center
- tutoring service

Best Professional Businesses
- desktop publisher
- magazine writer
- import/export service
- income tax preparation service
- event planner

Some other home business ideas:

Top 10 Home Businesses with Rapid Break-Even Time http://www.powerhomebiz.com/vol33/breakeven.htm
10 Profitable “Go-Out" Home Businesses http://www.powerhomebiz.com/vol31/goout.htm
Low Cost Startup Businesses http://www.entrepreneur.com/lowcostbusinesses/0,6617,,00.html
6 Hottest Businesses on the Web http://www.powerhomebiz.com/052006/web.htm

You can also check out the following books:

Turn Your Talents into Profits: 100+ Terrific Ideas for Starting Your Own Home-Based Microbusiness
The Best Home Businesses for the 21st Century
121 Internet Businesses You Can Start from Home
The Best Internet Businesses You Can Start
101 Ways to Make Money at Home

Answer 3

Compared to offline businesses, the investment required to start an online business is minimal. A popular way of earning money on the internet is by providing information and services. This can be monetised by advertising or charging a subscription. You can also make money online by selling products on auction websites like eBay or through your own website. More information available at http://tinyurl.com/syw6m