The Business Idea Factory

Setting up a mystery shopping company requires you to build relationships with local businesses, sell them in and then source/pay individuals to act as mystery shoppers. You effectively act as the middleman between the retailer and the mystery shopper, summarising information and providing valuable market research/insights on shopping experience to the retailer. This business is primarily marketed through word of mouth referrals, so tap your local network for your first few jobs. From there, you can invest in digital marketing for local search traffic related to party planning and build up content to establish yourself as a go-to planner in the event/party planner in the local area. To market this business, you can advertise in the local paper, local magazines or through community groups. Despite being information technology based, this business can be built entirely on traditional local marketing (flyers, networking…).

  • You could work as a general secretary, or if you have a background in IT, Marketing, Sales or another area, you can become a specialist virtual assistant.
  • In other circumstances, there are usually three critical factors that determine whether a start-up or small business will succeed.
  • With services-based small business ideas, “time” is your inventory and your biggest investment.
  • So, as a student, you can offer them some invaluable insight into how their brand and products are perceived by young people.
  • All you need to get started is basic gardening equipment such as shovels, trowels and wheelbarrows.
  • Since vinyl, metal, wood and brick can all be treated with a pressure washer, you could also find yourself working on lots of different house projects with this type of business.

This means that it has to be an idea that no-one else has had before, and you have to have physically expressed that idea – it can’t just be in your head. This is most commonly useful when it comes to creative works such as illustration, photography, literary pieces, web content and music. A free digital and print magazine for community development workers. Covering a diverse range of topics, it is published three times a year. Look through magazines or newspapers to understand what is currently selling and any new trends in the market. The precise legal forms available will depend on where you live, but options may include a limited company, a partnership, and being a sole trader.

Pandemic shapes the small business landscape

You will have a lot to learn about running a business anyway, and you do not need to make it harder for yourself. You will find it hard to get any financial support if you do not have a background in the field, because investors like to have reasonable confidence that you will be able to achieve your business goals. Home business insurance from Homeprotect covers office furniture and computing equipment. You should also take protection for your business stock into account.

Companies like MOT garages, takeaways, cleaning or laundry services, taxis, estate agents and so many more! All you really need to get going is perhaps a little bravado and negotiation skill to strike up a relationship with several local businesses, and some comfortable walking shoes. You’ll need to keep a clean record of the areas you’ve dropped leaflets in, but in time maybe you can take on some part time staff to do the drops for you.

Sell a service

To diversify your revenue and scale further, you could also develop your own learning platform and sell subscriptions to your training programmes. To market this business, you’ll want to focus on local search advertising and content marketing to ensure your ranking for relevant keywords (i.e. furniture refinishing London). To market this business, its best to target local small businesses as they tend to have ongoing commercial printing needs throughout the year.

Workspace customer Quell Tech celebrates $3M in seed funding

Ok, so maybe the last thing you’d want to do after writing your own essays is proofread other people’s. Head over to our guide to product testing for more info on this kind of thing. To save on costs , go for an email newsletter rather than an old-fashioned paper copy. Heck, sell them to the people who turned up, too – they’ll be the best lecture notes anyone’s ever taken.

Next, you’ll need to decide what you’re going to charge, to do this you should look at other similar accommodations for rent in your area, find out the average and charge the lowest of the average initially . Once you have enough positive reviews, you can start to increase pricing to or beyond the market average. To begin to explore franchising, you should take a look at the franchises available, then carry out market research goodtimebob.com to establish whether a particular franchise brand/business model would do well in your area. Make sure to check for existing versions of any franchise in your area; franchisees are unlikely to allow multiple franchises in the same market/location. Antiques dealing is the process of buying and selling antique items (of value/age). Given the rich and ancient history of the UK, antiques are abundant throughout the country.