Start Your Own Small Business

The real key to starting your own small business is to look for a problem that people are having, and provide a solution for that problem. Or, anticipating a problem, before it happens, and providing a solution.

Just like anything out of step with the “norm”, meaning working at a regular job, people will try to discourage you by talking about the “bad economy”, and tell you that you are nuts for even thinking about a business. Just remember that there were more millionaires created during the last depression than any other time in history! It boils down to looking for problem areas, or areas that will grow once the economy stabilizes, and taking action.

If you want to start your own small business, you also have the additional obstacle of the economy; banks are not giving small business loans, especially to an unknown entrepreneur who simply has a business idea.

But, if you can get financing, or you have your own business start-up funding, there are many small business opportunities, even in a poor economy, if you know where to look.

A great current example of this is some today's investors who bought bank stock when the banks were on the ropes, and the stocks were heading for rock bottom (problem). They knew that the government was going to “bail out” (really bad descriptive term) the banks (solution), and that they would stabilize once again, and the stock would go back up (opportunity). Which is exactly what happened. Those people didn’t make a few thousand dollars: they made BILLIONS of dollars!

Some other great examples of business ideas, and companies thinking outside of the box, that happened after WW2, when there was a huge baby boom (now, the baby boom generation) are:

Food: 10,000 babies born per day needed to be fed for 18 years: Gerber™ cashed in.

Clothing: As all of those babies grew, they had to be clothed: Buster Brown™ and Kinney Shoes™ cashed in.

Affordable housing for families: Sears™ and Levitt cashed in.

Education: Schools, daycares boomed.

• In the 1960’s 784 new Universities were built.

Transportation: “little boomers” needed a ride, Chrysler™ cashed in with the mini-van.

• In the 90’s, Baby boomers started turning 50 at the rate of 10,000 a day, creating new trends for potential businesses: health, retirement, staying young looking.

What About A Business Today?

If you are looking into starting your own small business today, a poor choice would be baby food, diapers, shoes or clothing. That’s pretty well covered, and the competition would get you before you even opened your doors. So, what are some more potentially good business ideas to consider?

One of these areas holding potential promise for making a lot of money right now is finding a solution to the reduction in personal income, people are making less, and their expenses keep going up (problem). The personal income nationally, has pretty much been the same for years, and in some cases, actually gone down. If your business can help to address this issue, (provide a solution), by either helping people save money, or make money without sacrificing too much of their valuable time, then you have something that will literally make you a millionaire.

Farmer’s Markets And Craft Shows

This is another area that is a lot of fun, and relatively inexpensive to get started in. You don’t even have to be a farmer! (See: The Armchair Farmer- coming in May 2010)

The great part of this type of business is that you are outside in the summer, and, if you have kids, they can help and learn about business and interacting with people. You can also make some decent income: If you know what you are doing. I have it all laid out in my e-book, (The Armchair Farmer, or, “How To Make Money In A Farmer’s Market Without Being A Farmer.”) If you follow the plan, and the action steps at the end of each chapter, you will be successful. You can actually apply the information to pretty much any business you are thinking about starting, and be successful.

The thing that most people don’t realize when they are getting started in any business is that: IT’S A BUSINESS. If you are not familiar with how to operate a business, even if it is only a farmer’s market booth, you need to learn, or you will watch your bank account go down instead of up. It is very simple to operate a profitable business, unless you let it get to the “monster in the closet” stage where you are so over extended that you are meeting yourself coming and going!

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