Choosing a Business Idea that works for you

While the Corona Virus has take so much from us, it has also given us so much time to reflect on our personal and professional goals. So with all this time on our hands, it has probably never seemed like a better time to plan out that business you have always wanted to start. 

When thinking about an idea for a new business, it is important to consider your own experience, skills and interests and to be honest about your personal strengths and weaknesses.

1. What skills do you already have that could be the foundation for a business?

It is possible to apply skills you have acquired in education or another job role to a new business idea. 

Plumbers, beauty therapists, accountants and writers are well-known examples. Many people, such as tradespeople, consultants and freelancers, sell their time and skills in a service-based business. 

2. Could you use a hobby to start a business?

Do not dismiss your hobby as the basis for a business idea just because you do it for fun. Skills do not have to be work-related – they can come from a hobby or personal interest.

For example, gardening, cooking, writing.

But remember, enjoying something as an occasional hobby is different from doing it on a full time basis, so consider if your hobby is something you can do on a day to day basis.

3. Could you run a home-based business?

Many people start up in business from home in order to save money on-premises, or to give them flexibility. Technology and the affordability of high-speed internet has made it easier to set up and run a business from home. Home-based business opportunities are also becoming increasingly varied.

• kitchen table’ enterprises
• selling via eBay
• freelance writing
• accountancy
• web design.

4. Are you good at entertaining people?

There are customers who will pay for your skills such as dancing, music or acting. Entertainers such as balloon artists and magicians are also in demand for all sorts of events, from children’s parties to visitor attractions and corporate events. 

5. Are you good at teaching people?

You may have a trained skill or natural talent and passion for passing on any knowledge you have, you may be able to provide tuition in, for example, a foreign language, music, arts and crafts, or cookery.

6. Do you enjoy driving?

If you enjoy driving, there are business ideas that are wholly reliant on the ability to drive, such as a chauffeur, courier service or taxi services.

7. Are you creative and can you make things to sell?

If you are creative, there are numerous opportunities for you to use this skill and make items to sell, for example making jewellery, wedding stationery or handmade toys. Online marketplaces are an increasingly popular sales channel for designer-makers and creative businesses.

They include

• Amazon
• eBay
• Etsy
• Folksy
• Notonthehighstreet.com

8. Could you offer care services or activities for pets or children?

Child or pet-related services have proved popular as business start ups in the past few years.

For children, services could include music or messy play sessions.

Pet-related services such as a pet taxi service, pet sitting and boarding, pet grooming, dog walking and training are also popular.

A house-sitting service that incorporates looking after pets is another growth area, with many services extending their reach by advertising via online portals and offering their services on a global basis, for example travelling from a home base in the UK to look after a family’s house and pets in Europe or the US.

9. How about investing in a Franchise?

Buying an existing business or investing in a franchise is a popular option because you would be essentially buying into a tried and tested business model.

There are thousands of franchise opportunities available for you to choose from, including convenience stores, coffee shops, childcare services and travel agencies.

And if you are still not sure what type of business to start, it may be useful to ask close friends or trusted former business colleagues and family for their views of your skills and strengths, as they may see potential that you hadn’t considered,