How to Come Up with a Great Business Idea (Part 2)

by | Aug 3, 2021 | Business Growth Tips Blog

business-idea

With a job market that’s in a continual state of flux, many entrepreneurial-minded professionals are thinking of a great business idea and looking for ways to earn extra money on the side, sometimes supplementing income lost through downsizing, layoffs, or being underemployed. Chances are, you have a lot of marketable skills you might not have realized could be potential moneymakers. A little bit of research can put you on the path to making your mark in the gig economy. 

 

How To Monetize Your Skill Sets – What Can You Do?

Sit down and make a list of all the things you’re skilled at. You could consider skill sets learned through prior training, education, job experience, or even hobbies you enjoy. For example, if you’ve always been a math whiz, tutoring might be a revenue stream.

If you’re a marketing or social media guru, you could hire yourself out as a corporate consultant. If you’re an exceptional cook or baker, you may find a calling working as a caterer or event planner.

Assess all of your skills, talents, and the things you enjoy doing and consider the monetary potential behind applying those skills to revenue generation.

job-boardConsider What’s In Demand

If you’re a multi-talented person, you might be best served to explore opportunities in fields that are in high demand and finding a way to capitalize on them. For example, according to Entrepreneur, if you search online job boards, you’re likely to get a good feel for the type of services people typically hire out for.

This could be anything from bookkeeping to personal assisting, pet care, mystery shopping, automotive repair, child care, landscaping, or interior design.

Doing a bit of research will help you recognize not only skills that are easy to monetize, but Nolo points out you’ll also get a feel for what others in similar occupations charge for their services.

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Establish A Great Business

Whether you decide to freelance for a couple of hours a week as a side gig or launch a full-fledged operation, you’re wise to establish yourself as a small business owner. This includes deciding on a corporate structure, like a sole proprietor or limited liability company.

You’ll also need to write a business plan, get a business license, set up a business bank account, create a website and basic marketing materials, and establish a presence on social media.

Going through all of these steps will allow you to present yourself in a professional way that will help you attract customers.

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Go Back To School

online-educationIf you’re interested in learning a new skill or further developing an existing one, consider going back to school for a business degree as a way to expand your professional opportunities.

Online educational offerings not only provide a wide variety of learning modalities, but you also have the benefit of being able to study from anywhere, often on your own timetable.

This allows you to work, care for children, and build your business, all while advancing your education. Grants, scholarships, and loans can help you finance your educational journey.

 

Buy Into A Franchise

If you’re interested in being a business owner, but you aren’t sure where to start, what to do, or how to operate, you might consider looking at franchise opportunities. Buying into ownership of an established and recognizable brand can provide the blueprint you need for small business operations.

It’s wise to conduct your due diligence in advance so you have a solid understanding of the pros and cons of various franchise opportunities before moving ahead. In particular, exploring financing options will help you make the most informed decisions.

Learn To Network

business-idea-networkOnce you decide what you’d like to do, building a customer base is the first priority. You can join chambers of commerce, Rotary clubs, small business development centers, or other networking groups in your area.

According to Copper Connection, this can help you secure leads, make connections, and network with those in your industry and in adjacent industries.

Once you start building a clientele, ask for referrals from happy customers as a way to continue building your operations. Customer service will be important to establishing a good reputation in your industry.

 

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Manage Your Financial Resources

It can be a tricky prospect to manage your finances when you’re working a side hustle or attempting to launch a small business operation. Create budgets and marketing agendas, keep good records, and give careful consideration to both income and expenditures to ensure you’re moving in the right direction from a financial perspective. You don’t want to make the mistake of taking on so much work that you’re unable to service all clients in a professional manner.

 

While it can be a challenge looking for new revenue streams when you’re underemployed or need to supplement your income, taking advantage of your own personal skill sets can open a number of doors to new, financially viable opportunities. 

Paramount Business Coach can help you narrow the focus of your business-generating options and help you develop a plan of action for moving forward. Book a free consultation or reach out for more information on the benefits of business coaching.

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