Best Small Business Ideas
My best small business ideas to try. Implementing one might be the trigger to greater production, higher revenue and better net profit.
The thing is, if you hate your job and decide to start a business; you start with an idea. At first the enthusiasm is high. You are bringing in revenue. For any number of reasons it becomes stale and you lose interest and become frustrated. You start clutching at straws to move the business forward. You want to create more sales, get more revenue. Frustrating isn’t it? You need to create some business ideas. This is where I come in to help create the best small business ideas.
When the going gets tough, frustrating and tedious, seriously consider a mentor.I’m here to help.
I am a mentor of small business startups and existing small businesses. Having been in business for over 35 years I have learnt what works and what doesn’t. What is exciting and motivating and what’s downright boring.
On this page, I’m going to give you 7 of my best business ideas to push you forward. To ignite the spark and enthusiasm that got you started.
They might not work for you, but if you can grab one that interests you, run with it and re-ignite your successful business.
Re-ignite your enthusiasm. Make it happen. Just do something!!!No.1 of my best small business ideas
Numero uno. Of course, you know what that is. I’ve been banging on about this powerful idea from the start.
GET YOURSELF A MENTOR
It simply makes sense. Of my 7 small business ideas, this deserves to be number one.
If you take the time to go onto the forums and research 'startups new business' etc. you see a theme, time and time again, about the fact many startups make. It is, they wished they had engaged a mentor sooner than they did. Make this part of your business plan and vision.
No.2 of my best small business ideas
Consider taking on staff or increasing your workforce to do specific elements of your business. I know, I know, as soon as you think about this it activates expenses, right? Yes, it does, but this small business idea I want you to consider outsourcing. This might be the best idea ever. Research things like Fiverr or Upworks to get a handle on the job you need done and the contractor’s rate. You will find things like holiday loadings, payroll tax and other employee benefits do not apply. The general rule is it will be a 75% discount to employing a local to do the same task. Do the research, do the numbers. You may have to try several candidates before you settle on the right one, but you have control.
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Tedious, overwhelming and time-sucking tasks could be handled by outsourcing.No.3 of my best small business ideas
Make your product or service a combo. Like a McDonald’s meal. Instead of having one product or service at a price point try thinking about add-ons to the product or services for a premium. This has not only the benefit of increase revenue but it will reduce the operating expenses just by getting the combo out the door instead of single items. There are many significant benefits in my '7 small business ideas', but this small idea will present great rewards as you move forward. Things will happen that you never thought of. This is gold.
The gold that keeps on giving.No.4 of my best small business ideas
Time management. This is my baby. I love this small business idea and I have advocated it for all my clients. How does this sound? Why not work fewer hours and make more revenue? Like it? I covered this on my ‘about time’ page. I will give you a hint here in case you haven’t been over there yet. It all started years ago. It was Easter 1981. The long weekend with a 4-day week leading in and a 4-day week on the other side. I did my normal business process and sales calls. But now I had to fit into 4 days, what normally took 5 days. At the end of the month when I went over my records, I noticed something. I had seen almost the same number of prospects, but I had made the same number of sales. The same number of sales but in 4 days. How good is this? The following 4-day week the records showed the same results. Then the next holiday in July produced another 4-day week. What do you think the recorded results were? You got it, the same revenue but in 4 days. Hallelujah, brother. From that point on, I only ever worked 4 days a week except for unforeseen circumstances. Try this baby. If you need help contact me. Sign into my newsletter.
Do the research. Keep the records. You will find the answer. Make a choice. 4 or 5.No.5 of my best small business ideas
Whether you’re introducing yourself at an event, or telling new colleagues about your business, or pitching to a stranger. When they ask what you do, you want to grab their attention fast. The fifth small business idea is the elevator pitch. An elevator pitch is not an opportunity to close a deal. It’s an opportunity to get the attention of the person who asked ‘what do you do’. It’s a quick one sentence statement of what you do. Have it ready at all times. This has got me so many sales over the years it beggars belief. And it’s something you can use anywhere. At a BBQ, shopping, waiting in line, at the ball game. Anywhere you can engage in small talk. After you have talked about the weather, ask the stranger what he does. When it’s your turn. Bring on the elevator. It might be something like “I show businesses how to increase their net profit by an average of 37%”. Or “I help people recover time lost in doing tedious tasks”. I’m making this up on the run. The idea here is for you to sit with a notepad and describe what your business does. When you’ve got it down, rewrite it in a shorter version. Then again, then again until it is a simple sentence for the normal person to comprehend. The next question from the stranger is what you are looking for in the elevator pitch. “How do you do that?”, then you’re off and running.
If you cannot deliver your pitch in the elevator - it's too long.No.6 of my best small business ideas
Understanding how to close a deal. Every small business owner/entrepreneur has their own idea or strategy to close a deal. Me, I had just one. Ask them to buy and shut up. The first one to talk loses. This is the part of the business I loved. I know when it is coming; they don’t. I have done my presentation. Answered some questions now comes the exciting part. I would love, love, love when it got to the part where you have to ask for the order or the money. My closing was simple. I sold the benefit, not the product. For example, I would do a variation of, “you can walk away now and there would be no change what-so-ever in your life, or you can decide from this point to make a difference. Does $200 a month fit into your budget or would you prefer to start with $100 a month?” Shut up. The first one to talk loses. It’s a game friends. Make it fun. For either choice, the prospect is going to be better off in the long term and you are going to make a customer.
Win - Win
Ask the closing question, then, SHUT UP!!!No.7 of my best small business ideas
Make time for you. Yes, it’s ‘me time’. If you don’t work on this as hard as you work on the business, you are going to miss life. Your kids, family are going to miss you. Get home at a reasonable time. Take annual vacations. Set priorities where the family comes first. Not the business. The family. This is family values. If you want to take one business idea away from this make it this. Without your family surviving through the growth of your business, you have nothing. Remember, take your eye off the scoreboard and focus on your values. It’s never about the money. The money will come when you are content with the processes and plans that have the family first. Trust me. I have seen it so many times in my 35 years of business. Colleagues, good friends, and business executives where they let the business control their life. Not on. Never. It never ends well. In my time in business right through to the end, I was always there for the family. If there was an event at the school or sport park where my family was involved, I never missed. It’s a straightforward decision when you have your values and goals in line with your family. What are you going to do? Meet with a potential customer for a lunch, or be at the school to see your kid get his award for personal best. A no brainer.
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Family time whether it's Christmas or the weekend. Always make family time your number one priority. Never work.So there you have it friends, my 7 best small business ideas.
I hope you can get some take away value and give them all some thought. If you would like more information, please subscribe to my newsletter and contact me.
Until next we meet, go you good thing.
Experience isn't the best teacher, experience is the only teacher.
Confidence comes from experience
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Hello, I'm Daryl Pratt creator of MENTORaUS
I have been mentoring folk like you since 2005.
I built this site so I can share all my knowledge, wisdom and experience from the thousands of hours of listening and mentoring folk to make a change.
Life is short my friend so the sooner you control your destiny the better.
It will not be easy but it will be fulfilling, I can guarantee.
There is nothing so powerful as an idea whose time has come!