Nothing beats being your own boss. Even when you find your present job rewarding and satisfying, working for yourself gives you a completely different feeling.
Over 69 percent of U.S. small business owners launch their startup at home. It certainly comes with more benefits than having a regular full-time job but it is also more challenging.
The very first barrier is where to find startup ideas. How can you come up with new business startup ideas like Garett Camp with Uber or Mark Zuckerberg with Facebook? The greatest challenge and barrier for young entrepreneurs is to come up with a brilliant startup idea.
So, here are some tips for you to consider.
Why Do You Need a Great Startup Idea?
The bitter truth is that the majority of small businesses and startups fail within a few years. The data from the Bureau of Labor Statistics proves the fact that about 50 percent of startups fail in the first five years, with only 33 percent staying afloat within 10 years and more.
Therefore, it’s essential to come up with unique and interesting small business startup ideas that will help your business grow and expand.
On the other hand, you need to use successful examples of entrepreneurs who have succeeded in launching a business that didn’t fail but turned out into a prosperous company. According to the 2017 report of the National Association of Small Business, over 2/3 of entrepreneurs who have small business are expecting revenue growth within the next 12 months.
Start with creating a list of things you would like to do. Imagine that money isn’t a problem and concentrate on items that you feel excited about and would like to develop into your own business. There are many financing options for startups now and some young entrepreneurs consider secured loans online as an easy way to get money to invest in new services and products as well as expand their business. So, don’t think about any financial difficulties that might arise later, allow yourself to dream big and put all your business ideas on paper.
Solve a Problem
One of the most useful tools is to choose something that would solve a certain problem. The best idea is to solve a personal problem, something that would make life easier. True entrepreneurs don’t complain about the problem that occurs, they are aimed at solving it. But it’s significant to define a real problem that is relevant for many people and not just think about a problem that doesn’t really exist.
For instance, co-founder of Y-Combinator Paul Graham talks about creating a social network for pet owners. It may sound interesting as there are many pet owners out there and thus a large prospective market. However, there isn’t a definite problem that needs to be solved or why millions of pet owner should be motivated to use this network. Attempt to solve an existing problem guarantees that there will be a real market of people who are willing to solve the same problem or experiencing the same thing.
Startup Idea That Solves a Problem
Two brothers David and Brett Kopf decided to develop a mobile app called Remind. They didn’t have enough money but raised over $40 million. Their genius idea was to facilitate communication between students and their teachers.
Remind app was designed to help teachers send out reminders to students and their parents about the upcoming exams, assignments, or classroom updates. In other words, the app made students active participants of their own education and changed the way parents communicated with teachers. Nowadays, their startup can boast with more than 300,000 downloads per day in the U.S.
Startup Idea of Being an English Teacher
Are you a native English speaker? Are you bilingual with fluent English? Consider becoming an ESL teacher to teach foreign people online. It’s not just an ordinary tutoring but a real full-time job with a salary of up to $50 per hour depending on your skills and experience.
Graphic Design and Web Development Startup Ideas
Other easy startup business ideas may include those connected with web development and graphic design. These specialists are in great demand these days. So, if you are skilled in Photoshop, Adobe Illustrator or Sketch, go ahead and sign up to Upwork or Fiverr to find some remote jobs.
Do your own homework and find the intersection of your passion and profit in your own startup. It’s not an easy task and it requires both time and investments. But if you are serious and determined enough, your startup will become a profitable business.