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Friday, April 3, 2009

New Business Ideas in these bad economic times

Having been self employed, I am constantly asked for some new business ideas. Make your 2009 New Year's resolution to own and operate your own business whether it's a physical entity or an online business. It's not only simple to start your own business, but it is exciting as well. First let's get your "brain" in the right place.

Reasons people do not start their own business

Most people love the thought of owning their own business but typically do not start one, because of multiple reasons:

1. The multitudes of fears - fear of failure, fear of success, fear of the unknown, fear of looking foolish, etc. Starting a new business is much like skydiving. First you have to make the decision to start your new business, and then you just have to take the leap of faith and jump! Don't worry so much about the "what if's" and focus on why you want to start your own business. If you must think about the "what if's" then think about these: what if your business is a success? What if you actually make some money working for yourself? What if it is actually fun and exciting?

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2. Lack of reason - many people will fail long before starting their business because they have no reason for doing it in the first place. What is really important to you? Are you doing the business for your family's future? Are you doing the business so you can feel better about yourself and feel more confident about your life? Do you want the material things money can buy - and yes, you are allowed to want material things too! Think of what is important to you and why you want to own and operate your own business - this will help you become more creative and stick to the business even if you run into some obstacles along the way.

3. Lack of money - I'm sure you have heard of the saying, "It takes money to make money". Well certainly that is true and your business will require some startup capital. However, if you only have a small amount of money or credit to start your business, then don't worry about that either. The ideas in this article won't cost very much to start at all.

4. Lack of time - many people feel they do not have the time for their own business. You would be surprised at how much extra time you truly do have. Yes, we all have only 24 hours in a day, however how much of those hours do you spend being productive? Maybe, you are the type of person who truly does not have any spare time in your life... well then the beauty of starting your own business is you can leverage the time of other people. Imagine if you only have an extra 5 hours per week to work your business - that is certainly not very much time for your business. Recruit 4 other people into your business with only 5 hours each and now you have 25 hours being devoted to your business.

5. Lack of experience - I can't tell you how many times I hear someone kill their business even before it begins because they feel they do not have enough experience to have their own business. Do you remember your first job? You probably didn't have a whole lot of experience for that either, but how did you gain experience? By doing it of course! So start your business already and start gaining the experience you desire and deserve... if parts of your business must have experienced people, then recruit qualified people to help you in those areas. Don't be the "do it all" if you don't have to be. There are plenty of people in your network of family and friends who would probably love to work with you and they have experiences in areas you may need. And if all else fails, there are always professional services in your area you can hire.

It’s easier than you think!

What types of business can you start?

There is a long list of ideas out there and you may have already had some ideas of what type of business you may want to start. If not, then here are some ideas to get your "creative juices" flowing. The simplest businesses to start are service oriented businesses. Service oriented businesses can also be the least expensive ones since you do not have to spend large sums of money on inventory and displays. If you're brand new to the self employment world, then start your business from your home (Home based business). Home based businesses also have terrific tax advantages so you can turn much of your everyday personal purchases into tax deductible business expenses. Look for future articles from me regarding home based business tax advantages.

It’s easier than you think!

New Year's Resolutions Business Ideas

Think of the millions of people around the world who will all be making their New Year's resolutions and most likely will break them. Why do most people break their resolutions? Because habits are hard to break! You've been there... so you can relate. Offer services to people in your area to keep their resolutions.

Become a professional work out partner. Make flyers or have someone help you make them and take them to an area where people have expendable money. Go door to door if you like, or ask local merchants where these types of people might go to shop if they can pass them out to their customers. Perhaps add a flyer to their shopping bag. You may already know a group of people you can target. Think of creative ways to make working out or simply walking, jogging, swimming, biking, in the mornings fun so you can promote it. Perhaps you have a park or a school track that you can use daily and have everyone meet there. Charge a monthly fee of $25 per person and they can come any day they wish... hopefully every day. You could also offer a $5 fee per day if the customer only wants to come periodically. You get the idea.

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Are you a Facebook, MySpace, web junkie?

Start a service to help people learn how to get themselves on Facebook, or MySpace, or a blog site, etc. Teach them how to use Google AdSense or Commission Junction to make a few extra dollars on their sites. Or better yet... if they just want to be able to share their thoughts or pictures on their own sites for their friends, family or the world but do not have any interest in making money, then have them agree to let you place your AdSense or CJ on their sites. You can also have them agree to allow you to advertise your business on their sites as well.

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More and more people want to use the Internet for various things, such as communications, shopping, fun, etc. but they are so afraid of the Internet. They hear of all the horrible stories in the news about identity theft and scams. Teach them how to avoid these things and feel more confident using their own computer and Internet as a coach or tutor and charge a fee. You will be surprised how many people would be willing to pay.

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Help people get on the web and earn even more money! Set up an account with Global Domains International and you can help people start their own site with GDI. Your customers will only pay $10 per month for hosting and you will earn monthly residual income for every one of them.

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More ideas to come!

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tony_lin said...

nice tips...

broberts said...

Great content! I enjoyed the read.

Billie Roberts said...

Nice read and great info!