Even the best small business ideas will fail unless the person starting the business has the discipline to push it until it succeeds. Your ability to innovate will also be a major concern. Some generic ideas can become big if you make adjustments to build a niche for the business.
The initial financial position of the person or group starting the business will have a bearing on the outcome. Businesses started on a shoestring have a higher incidence of failure because the owner cannot stay in business long enough to establish a strong customer base. Even buying an established business with a customer base can be difficult because many small businesses make their owner a good living, but do not have the cash flow to make a business payment and support the new owner.
If you plan to start a business, look for a way to get it going slowly. A business that can be started in your basement or garage may be a good choice. Many options are available in this type of small business venture.
Small scale manufacturing can be a good place to begin. If you like to work with your hands, wood working can start generating revenue as a byproduct of your hobby. This can be craft items or furniture. Even cabinet building can be started this way if you have the right equipment. As the hobby begins to take more and more of your time, it should also be generating more cash. The transition from part-time to full-time can be seamless.
Mail order, drop ship, and small scale retail can also be started on a part-time basis. Even companies like Avon and Quixtar offer options here to become business owners with modest initial costs. The products can be sold via a catalog, internet, or as a retail effort. This type of business can spread by word-of-mouth, but is best spread by a more aggressive business plan that involves soliciting new buyers and business from a widening circle of contacts. You have to be willing to sell it.
If you are internet and computer savvy, different types of business can be started. Selling and building websites can be a profitable business if you have a few hours a day to devote to the programming and maintenance required. These can be marketed online and with newspaper and other types of low-cost advertising.
Computer repair can be a relatively cheap business to get into. Because many computers do not actually need physical repairs, this can become lucrative just by fixing other peoples' computer mistakes. Computer and software sales can be incorporated into this mix.
For outdoors enthusiasts, landscaping, pool maintenance, and handyman work abounds if you can start slowly. Unlike the previous small business ideas, this one will require a quicker need for staff if it grows. However, as staff is added revenues will grow exponentially.
For full-time businesses, restaurant franchises make great small businesses in most communities . The downside is that you will have to invest many hours in this business for many weeks until you can open new franchises and find great managers. Auto repair shops and auto parts sales can become great revenue producers with modest effort.
Two choices have to be made. The first is how much risk you are willing to take. For full-time business opportunities, the risk is higher, but the payday can be bigger quicker. By starting part-time, the risk may be low, but so are the income opportunities unless you become aggressive in promoting and working the business.
