"I knew that if I failed I wouldn’t regret that, but I knew the one thing I might regret is not trying.” – Jeff Bezos, Amazon Founder and CEO.
Your business lets you control your destiny, follow your passion, choose the people you work with and most importantly gives you the pride of building something of your own.
The satisfaction and benefits of a self-run business can be unparalleled to anything imaginable and therefore, it is not a shock that over 600,000 new businesses are founded every year, the world over!
Starting your very own business might not provide you stability (at least not in the startup phase), but putting your own money at risk and reaping the rewards of your own decisions is a satisfaction definitely worth taking the leap.
And, to make it a successful one, it really comes down to having the right skills set together with a combination of real Passion, Performance, Patience, Knowledge & Experience…
Whether you are looking for a career change or on the hunt to start your very own business, here are 3 small business ideas and a brief overview of what they can set you up for.
1. A Food or Catering Business
This is for anyone whose friends and family just love it when they bake a cake or cook something. If this is you, then seriously consider starting a catering business. You would not need anything but your passion for food and a little bit of storage space for your ingredients & finished products.
An aspect you should look into is taking up a vocational course in cooking or baking depending on your passion and interest. By taking up a vocational course, you will not just perfect the art of culinary techniques, you will also be able to finish your products stylishly and sell them at premium prices!
One such program that checks all the above and even provides an internationally recognized qualification is The Professional Program at ICCA Dubai. Aimed to equip you with the right set of hands-on skills and industry-focused application knowledge, this program helps Food Entrepreneurs set-up their very own Food Businesses, world over.
As a centre that delivers world class culinary programs in the region, The ICCA Dubai is positioned in the Food Industry as an expert and provides a world class culinary experience through its state of the art facility.
2. A Writing or Blogging Business
If you are somebody who loves to write then know this, there are hundreds of companies out there who are always looking for freelance content writers to fill their needs.
Whatever writing style works to your strengths, find your niche and start taking freelancing projects. They might ask for references but with persistence and initiative, you can always convince them to review a sample instead.
Content is a seed sown for to reap in the long run, so if writing is what you love to do, you better get started today!
3. A Life Coaching Business
This goes even better if you are fitness conscious. There will always be people who would like to be motivated to get more from their life and work for a happier tomorrow. Some ways to get started that you can look into could be starting a blog, hosting local meet-ups, etc.
If you are good at motivating people and feel great about it, turn it into a business!
It was so rightfully pointed out by Steve Jobs that more than half of the business ideas fail mainly because of the lack of perseverance. So, when starting a business, instead of being afraid to fail be more focused on achieving success that comes from breaking down your complex goals into smaller, more do-able tasks and getting started with the first one…
“The secret of getting ahead is getting started. The secret of getting started is breaking your complex overwhelming tasks into smaller manageable tasks, and then starting on the first one.” – Mark Twain, American Humorist and Author
Now that you have some possible business ideas that you consider venturing into, something that you have to keep in mind as a budding entrepreneur is taking the right direction from the start. It is a fact that learning comes from experience, but then there are also the tricks of the trade and thumb rules to follow when starting your own thing.
5 Common Mistakes to Avoid
- Not Having a Business Plan
Failing to formulate a plan for your business can jeopardize your future & financial security. Having a well-thought business plan allows you to have complete clarity on your business strategy. Furthermore, it also enables you to test and validate your business ideas and in turn, help raise funds for your projects and take them to the next level.
- Not Conducting a Market Research
Conducting a market research allows you to test your products & services prior to starting a business. Failing to do so may result in either complete failure of your business or you may never be able to take it to its maximum potential. You may be selling the tastiest pierogi in the world, but is there really a market for it?
- Ignoring the Competition
Ignoring competition could prove fatal for your business. You should always be aware of your competitors, regardless of how unique you think your business idea is or how well positioned you are in the market. Learn to study your competition as a part of your market research.
"Just because you have a brilliant idea does not mean other people haven't also had the same idea" - Ian Wright, founder of British Business Energy.
- Failing to Understand What You’re Actually Selling
If your new business is going to be successful, you need to know what you’re actually selling and craft your Unique Selling Proposition accordingly. It is only when you know what you are selling & really believe that your products & services are a real solution to the problems of your customers, your business will flourish.
"There are no ugly women, only lazy ones” - Helena Rubinstein, the first self-made female millionaire.
- Hiring the Wrong People
Hiring the right people can make all the difference between the success or failure of your business. The best kind of people are self-managing. Especially in the initial stages of your business where you will be dabbling with multiple responsibilities at the same time, hiring trustworthy, reliable & smart staff will go a long way in helping you grow as a company.
If starting a Food Business is something you are interested in, learn more by reading our blog post on 'The Secret Skills of Running a Successful Food Business'.