Are you looking to become an entrepreneur and need inspiration? With our handy Business Idea Generator, you can get the ideas and motivation you need to help you jump-start your new venture!
Do you want to start or buy your own business?
Business Ideas that Match Your Criteria:
How Does The Business Idea Generator Work?
Sometimes coming up with ideas on your own can be stressful. With our generator, you will get business ideas that match your criteria, passions, and interests by filling out a series of quick questions. First, you decide what kind of business type you prefer. You can choose Service, Consulting, Retail, or Online.
Then, you’ll need to select your preferred work environment. Do you enjoy working in an office, at home, or remotely? Lastly, do you want to work with other people or go solo? Once you’ve got your answers settled, you will get a list of business ideas tailored entirely around you.
What Business Type Do You Prefer?
Understanding which type of business you prefer can help you decide which sort of company you should and should not launch on your entrepreneurial journey. Below, we’ll give you a breakdown of each category (Service, Consulting, Retail, and Online) and an example business within that particular vertical.
Service: A service-based business is a company that provides a service to a client. It’s usually composed of a team of experts or an individual, where they deliver work or aid in project tasks. It allows you the freedom to leverage a particular skill of yours and earn a handsome profit in exchange for your expertise. It’s also a great way to focus on your passions, such as writing, marketing, or consultation.
Example: Ashley has been doing Yoga for the last five years. She decides that it’s time to leave her job as an office assistant and focus on her passion for Yoga. Within a few months, she builds her website, designs a logo, and prints gorgeous business cards. As a Personal Instructor, she offers Yoga Classes to her students. The cost to book her as an instructor is $100 per session, and for group classes, it’s $74 per class.
ProTip: If you want to operate a service-based business, you need to generate clients. We recommend sites such as Thumbtack, PeoplePerHour, or Fiverr to help jump-start your new entrepreneurial career, which will help you find customers who may be interested in the services you have to offer.
Consulting: A consultant is an expert in a particular field who advises individuals or businesses on that particular topic. According to Entrepreneur.com, U.S businesses spend roughly $12 billion a year on consultation. If you excel in a specific niche, such as computers, engineering, or management, you may want to consider doing consultation work. Doing consulting can also provide flexibility and higher-income opportunities, so you can be highly selective on which client you want and the contracts you bring on.
Example: When the economy is down, people will be looking for job opportunities and ways to secure their dream position outside of their regular work. With Career Consultation, you can provide a review of their resume, assess their portfolio, cover letter, and other career-related documents. You can also offer career-development guidance by forming a deeper involvement with the client and assisting them personally with any obstacles they are facing in their current career.
ProTip: Try to select a market that you have experience in, so can you provide a unique set of values to other people. Find competitors who are doing similar consultation work, dissect their offering and marketing efforts, and then emulate their strategy while making small improvements to stay a step ahead.
Retail: The retail business sells goods and services that people both need and want in their daily lives, such as food, clothing, auto parts, and furnishing, to name a few examples. The U.S. retail industry directly employs 29 million people and supports 42 million jobs. When operating a retail business, you can negotiate your buying agreements with companies and have total control of what you sell to your customers and what the profit margins will be.
Example: The best example of retailing is a traditional brick-and-mortar store, such as Walmart and Target. Some retailers are niche-focused, such as men’s grooming, food trucks, restaurants, and fitness equipment suppliers.
ProTip: If you want to get started on a budget, consider opening up a Shopify or BigCommerce store as it’s cheaper to get started and setup. A retail store in a major metro area has incredibly high rent costs, which comes coupled with business insurance, and various required licenses. You’ll be taking a significant financial risk, and it may not be worth it in the end. By comparison, an online retail store can thrive without a big budget, and you can get creative with your marketing to attract your initial flow of customers. Once you consider the market and real estate, a physical location can be a good option as it can give customers the ability to interact with your products and services and get the help they need when shopping in person.
Online: An online business is a company that operates solely through the internet. Goods and services are marketed and delivered after a digital transaction. Most customers are dependent on reviews and testimonials to determine if a particular digital product or service is worth purchasing or not.
Today, millions of people are taking their business to the internet. If you’re a new entrepreneur, it’s a great way to get a taste of what it’s like to operate a company. It’s also budget-friendly, so you don’t have to worry about investing large sums of money just to get started.
Example: A popular online business is blogging. It’s easy to set up and launch. When blogging, you want to select a niche that’s within your passion, so you can feel inspired to write every day. An online business can also take a while to take off, so you need patience and perseverance as you build up your audience and customer base.
ProTip: Firstly, use our generator to see which online business may be suitable for you. Once you get your list, we recommend choosing one that aligns best with your passion, so it doesn’t feel as if you’re working, but rather pursuing a passion, enjoying what you do, and getting paid for it.
What Work Environment Do You Prefer?
Are you a social person that relies on working shoulder to shoulder with a team, or do you prefer working from home? These are the questions you must ask to determine how you want to operate your company. Below, we’re going to give you the pros and cons of each work environment, so that you can choose the right one for yourself through our business idea generator.
Office: Having an office space can offer some unique quirks. You’ll be able to create a work environment where employees can collaborate on projects, have verbal meetings, and build workplace friendships. However, owning an office costs a hefty sum in rent, insurance, and licensing, while also generally requiring great credit. Overtop of this, you’ll also have to deal with office politics and rumors, which can potentially be toxic and stressful.
Home: Working from home can be both fun and relaxing. You can have your own unique space to work on your client’s projects without having to worry about being interrupted by other people. You’ll have the flexibility to take care of errands and meetings, while still enjoying the comfort and freedom of your home.
The potential downfalls are loneliness and a lack of self-discipline. You’ll often find yourself missing out on speaking with other employees, or that online communications can become harder to articulate and manage appropriately. You may also find it challenging to stay disciplined since working from home requires you to stay focused and motivated, and the comforts of your home can often distract you from the work you’re meant to be doing.
Remote: Having a remote team can save money and time. As more and more employes demand a flexible work environment, having this option can help you acquire and keep talented professionals on your roster. About 67% of employees in today’s job market wish they were offered flexible working arrangements, so keep this in mind if you decide to go with this option in our generator.
However, even though remote working is excellent, it can become an unproductive work environment since team members can have different time zones and priorities. Communication can break down and lead to project delays and confusion. As such, you’ll also have to work harder on the company’s culture as your team expands, which becomes more complex to manage and operate without the right software and HR solutions in place.
Do You Prefer Working As A Team Or Solo?
Understanding if you want to work as a team or solo can help you determine which business idea you may want to stick in the long-run. Some businesses require you to have a group of employees, such as an agency and retail store, while others can be perfect for solo work, such as consultation and blogging.
Solo: As a solopreneur, you’ll be able to operate a business without dealing with management and communication issues, paying employee invoices, or fighting the uphill battle of building a culture. You’ll be able to have the freedom of mind knowing that you’re entirely in control of your business’s destiny. Below are 11 business ideas to help you get started as a solo business owner:
- Virtual Assistant
- Freelance Writing
- Event Photography
- Public Speaking
- Affiliate Marketing
- Auto Mechanic
- Yoga Teacher or Personal Trainer
- Web Developer
Team: Running a team-based business is all about culture and collaboration. It can help drive a company’s success, especially when the economy is down and hardship comes. An extroverted leader does very well in this type of setting, as it can create a fun and engaging environment for employees. Below, are 11 business ideas to get you started with a team:
- Marketing Agency
- Retail Store
- Event Planning
- Cleaning Company
- Appliance Repair Company
- Property Management
- Local Coffee Shop
- Non-Profit Owner
- Tech Startup