Monday, March 11, 2019

best small business to start

best small business to start


4 Steps To Coming Up With A Great Business Idea - Forbes

Posted: 09 Mar 2019 01:21 PM PST

By Rieva Lesonsky

You know you want to start a business. You can't wait to tell your boss, "I'm out of here" and become your own boss. Only one thing stands in your way: you need a business idea.

You might have a general idea of starting a business in a certain industry. For instance, maybe you've always wanted to open a restaurant, but should it be a chic dinner spot, a cozy breakfast cafĂ©, or an ethnic cuisine eatery? Or maybe you have no idea what type of business to start.

There's nothing wrong with that. Legendary stories aside, few entrepreneurs grow up knowing exactly what they want to do. If you aren't sure what type of business to start, that doesn't mean you can't be an entrepreneur. It just means you need to take some extra steps to come up with a business idea. Here are four helpful steps to get started:

Follow these four simple steps to come up with a brilliant idea for your startup.© Alistair Cotton- Adobe Stock

Step 1: Get your creativity flowing

Inspire yourself by gathering as much information as possible about business in general, small business, and trends that relate to business. If you're considering a specific industry, get lots of information about that industry, too. For example, if you think you might want to start a restaurant, read restaurant industry publications and websites. Visit every restaurant in your area. Visit competitors to restaurants, such as food courts, bars, grab-and-go eateries, and mobile food trucks. You never know where inspiration will come from.

Step 2: Consider the businesses you rely on in your daily life

What do your favorite companies have in common? Maybe you're hooked on Amazon because it makes your life super simple. Or you might be a fan of the local independent sandwich shop where the staff is so friendly and knows your order in advance. Perhaps there's a little boutique where you can always find unique gifts for your friends. Note down everything that comes to mind about why you keep patronizing these companies—amazing customer service, unique products, the best pastrami you've ever had, or whatever keeps you coming back.

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Step 3: Think about problems you face

In a typical day, what frustrates you? It doesn't need to be a big thing—even a little task you wish was easier to do could inspire a business idea. If enough other people feel the same way, you might have found your brilliant idea. If you and your family love sushi, but there isn't a decent sushi restaurant within 50 miles, what can you do? If there's sufficient demand, you could start a sushi restaurant, start a sushi delivery service, or offer to sell local grocery stores fresh prepared sushi daily. Survey your family, friends, and coworkers to uncover their frustrations and you'll get even more ideas. Some of the most successful businesses out there arose from unmet needs.

Step 4: Weed down your ideas

By now, you'll have dozens of possible business ideas. Now it's time to narrow them down. Get friends, family members, and business people you know together to see what they think. Then get some impartial people in the target market you're considering (such as sushi lovers) to tell you what they'd want to see in a business serving their sushi cravings.

Don't just talk to friends and family members about your business idea. They're not impartial, so they'll either shower you with praise or discourage you from taking the risk of starting a business. Find impartial prospects, business experts, and others you can ask for feedback on your brilliant idea.

With a little brainstorming, you can come up with a successful business idea that really makes it rain.

I am CEO of GrowBiz Media, a media and custom content company focusing on small business and entrepreneurship. Email me at rieva@smallbizdaily.com, follow me on Google+ and Twitter @Rieva, and visit my website SmallBizDaily.com to get the scoop on business trends and sign up for my free TrendCast reports. Read all of Rieva Lesonsky's articles.

RELATED: How to Turn Your Side Hustle Idea Into a Real Business

This article was originally published on AllBusiness.com.

Facebook's Workplace App Targets Slack, Microsoft Teams...And Other Small Business Tech News This Week - Forbes

Posted: 10 Mar 2019 05:00 AM PDT

© 2016 Bloomberg Finance LP

Here are five things in technology that happened this past week and how they affect your business. Did you miss them?

1 — Facebook's Workplace reaches 2M paid users and is targeting SMBs.

Used by some of the world's largest organizations, Workplace by Facebook has now amassed two million paid users, according to data just released by the company. When launching Workplace in late 2016, Facebook envisioned it as a corporate version of its consumer social network—a way to drive employee engagement, communication and collaboration. Since then, 150 companies have deployed Workplace to more than 10,000 users, and organizations such as NestlĂ©, Starbucks and Walmart have rolled it out to more 100,000 workers. (Source: Computer World)

Why this is important for your business:

Now that the application has matured, Facebook is turning towards the giant small business market, which is mostly dominated by collaboration apps Slack and Microsoft Teams. But there's certainly room to grow. The company plans to add reseller and other consulting partners (if your business in interested you can sign up here), develop a more robust mobile version and potentially change its marketing approach to appeal to this broader audience.

2 — Microsoft will start selling Windows 7 add-on support April 1 and will also release a new Windows 10 in April.

This week, Microsoft announced that it plans to start selling its Windows 7 add-on support—called Extended Security Updates (ESU)—on April 1. This will give enterprise customers more time to purge their environments of Windows 7. Beginning when Windows 7's support ends on January 14, 2020, ESU will provide security fixes for uncovered or reported vulnerabilities in the operating system. Also this week, Microsoft released a new Windows 10 preview with 9 bug fixes. It will be finalized for Windows Insiders this month and rolled out to the public in April. (Source: Computer World and Venture Beat)

Why this is important for your business:

This spring is a good time for you to review your network with your IT firm, clean out any old operating systems and upgrade to the most current versions.  It's not just a matter of performance and support…it's critical for your company's security.

3 — Google Cloud launches a fixed monthly fee plan for storage that smooths out cloud cost bursts.

Google Cloud will soon launch a storage plan called Storage Growth Plan which covers cost bursts by featuring fixed monthly pricing for a year. It gives enterprise CFOs more budgeting predictability related to cloud infrastructure costs, which can be volatile as data shifts locations and resides on different tiers. The Storage Growth Plan rhymes with data plans from wireless providers that roll over minutes, as well as with the way enterprises are used to buying IT infrastructure--based on a fixed dollar amount. (Source: ZDNet)

Why this is important for your business:

If your business is data intensive, then take a hard look at Google's Storage Growth Plan. It'll help you better budget and control your cloud storage costs.

4 — Phishing alert: one in 61 emails in your inbox now contains a malicious link.

Security provider Mimecast reported this week that the number of phishing attacks on corporate inboxes has more than doubled recently, with one in 61 emails found to contain a malicious URL. These harmful links are one of the key methods hackers use to conduct criminal campaigns, and the emails containing them are often designed to look like they come from legitimate senders, such as a colleague or a company. Their purposed is to deploy malware onto the victim's PC or to encourage that person to enter sensitive information into a fake version of a real service in order to trick him or her into revealing passwords and other data. (Source: ZDNet)

Why this is important for your business:

The best way to fight this problem is through training.  The vast majority of security issues happens due to user error – people clicking or downloading the wrong the thing.

5— DARPA is launching an accelerator for small businesses.

The Pentagon's research funding arm, the Defense Advanced Research Projects Agency (DARPA), just announced the launch of an accelerator for small businesses. It would accelerate private companies, so that they could sell their products, services, or research back to the government. (Source: The Sociable)

Why this is important for your business:

Here's a great way to get funding – and assistance – from the government. The goal of DARPA's program is to increase the participants' ability to move technology from the lab to a sustainable business that then sells new capabilities to the military. The accelerator will also provide funding to hire one entrepreneur-in-residence or business development lead who will offer the awardee direct support for a variety of business activities.

 

Gene Marks is a CPA and owns The Marks Group PC, a technology consulting firm based near Philadelphia.

Do start-ups stand a chance in the face of 'crypto winter'? - The Age

Posted: 10 Mar 2019 06:01 AM PDT

Australian founders say there's no avoiding punters having this volatility and confusion over the blockchain in the back of their minds.

They still believe there's a chance for success provided founders look for long-term growth and business ideas people will actually use.

For Svetski, who co-founded cryptocurrency investment app Amber with Chantelle de la Rey, bitcoin is the "the only verifiably scarce resource we have" and he's eager to play the long game.

Blockchain businesses mature

Meanwhile, Brisbane-founded Horizon State raised just over $1.2 million worth of Ether in an initial coin offering in 2017 to launch its blockchain-powered, voting and information-sharing system.

Horizon State CEO Nimo Naamani.

Horizon State CEO Nimo Naamani.

The value of the tokens it invented and issued is now sitting at less than one US cent, but chief executive Nimo Naamani says the company's long-term growth strategy sits outside of cryptocurrency pricing.

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The company has recently come on board with the South Australian government to facilitate advisory council voting and Naamani says that from ASX board votes to local elections in the USA, the start-up has a clear use case. It's on its way to booking its first revenues.

"I think there is definitely room for digital voting. I don't think it's going to happen immediately, but when the internet started, nobody wanted to do banking on the internet," Naamani says.

There's no denying that volatility and cynicism have affected the cryptocurrency and blockchain sectors, he says, but Horizon State is trying to play a different game.

"I think the general volatility is a real issue for start-ups very tied into the currency," he says.

"I think this is part of the maturation of cryptocurrencies in general."

The long-term value chase

The founders of Amber have found themselves explaining bitcoin investing in terms of gold when meeting investors at conferences.

"We just try to focus on the long term ... It [bitcoin] is kind of like buying gold 500 years ago when it was starting to become a store of value. Now gold is worth up to $1500 an ounce."

The start-up was born right at the height of the price of bitcoin, but as the investment launched last week it was to a much more subdued investor audience.

Unlike other cryptocurrency investment apps, Amber only invests in one currency, bitcoin, and lets users make investments gradually by rounding up their spare change into investments.

Svetski believes that bitcoin is the only cryptocurrency at this stage that can be counted on as a long-term store of value and its scarcity will play a large role in the future.

Co-founder and UX designer Chantelle de la Rey says in this climate, making a clear and easy-to-use app has been very important to bring investors on board.

"Our key focus at the end of the day is that we're designing an app for everyday people," she says.

Amber has so far raised more than $1.4 million from private investors, including from QUT University.

The business also made its first thousands in revenue last week when the app launched.

Svetski says there's no doubt the crashing bitcoin price has slowed down his company's progress. That might not be such a bad thing, though.

"This is going to affect us short-term because there are going to be [fewer] people wanting exposure to bitcoin. But this is no get-rich-quick scheme."

Clarifying use

Naamani believes there are clear use cases and that the sectors are entering a maturation phase where consumers are able to identify their best uses.

Horizon State cashed out its Ether fund-raise into Australian dollars. That may have been a wise move, as the price of Ethereum is now sitting at around $150, compared to more than $1500 at its peak in 2017.

Svetski says that despite the cycles of volatility, if you look at a phenomenon like bitcoin, investors who played the long game are still a long way ahead.

"Having a mini bitcoin bank in your pocket is an opportunity for the future," he says.

Follow MySmallBusiness on Twitter, Facebook and LinkedIn.

Emma is the small business reporter for The Age and Sydney Morning Herald based in Melbourne.

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4 small and profitable business ideas in India: to start with minimal investment - YourStory.com

Posted: 04 Mar 2019 06:28 AM PST

The chase for arranging funds has been the most despicable aspect of any business entrepreneur's existence from times of yore. Many aspirants abandon their dream to assemble, make, and improve and easily succumb to the poor situation without understanding that a good business thought will eventually pool in the abundance once it has secured a strong place in the global market.

Your business idea will present to you your organization, your organization will bring the general people to you, and the general people will present to you a prominent name in the market as renowned business consultants among so many faces. Furthermore, as we all know, a smart thought has no fiscal esteem, only a ton of blasting potential. Today, the world's best business person like Bill Gates, Mark Zuckerberg, and Elon Musk may hold the possibility of building pyramids out of notes; however, none of them began at the highest point of the ladder obviously. Facebook was made out of a Harvard dormitory at the least little expense and Microsoft was formed two years after Gates decided to discontinue school.

The reason to stress on these striking innovative stories is just because that they give a vital lesson to every one of those like to embark on a similar journey– that a single innovative idea is the most essential step to make an innovative business. Sometimes it happens, if you really plan it out on a brilliant strategy, this idea can emerge in some renowned company, built within minimal investment while getting you the most elevated returns.

Here some of those ideas are penned down:

1. Travel agency :

The travel industry in India has seen a blast in the previous decade. Keeping to individuals' changing habits and their longing for a definitive 'wanderlust', the time is ready for hopeful business entrepreneurs to put their hard earning where the map goes. The most cost-effective measure to open up a locally established travel agency is by tying up with a host organization. Thus, you will get the advantages of pace (helping you get your ARC, CLIA, or IATA number quicker), comfort (they play out all the 'back-end jobs'), and help you to earn higher commissions and minimize your expenses. While the rates contrast as per the host offices, your principle costs that will fall in less than Rs 10,000.

2. Breakfast joint :

You must have noticed how those little breakfast and tea stores over your city are almost loaded up with customers. This is just because that food as a ware will always do well in the recent cut-throat market. To open up your own breakfast joint, you have to invest money in leasing space for it, after getting a legal license for it from the individual authorities. If the rent amount is less than Rs 5000 per month, you can commit whatever remains of your financial plan on purchasing basic needs and other raw materials like second-hand tables and seats.

3. Online confectionary :

While names like 'Ovenfresh' have taken long periods of diligent work, enlistment, and fund to achieve where they are today, it just demonstrates that the market is ready for online food service particularly in the domain of baked items.

·  Blogging

This is possibly one of the most creative fields to tap into in recent digitalized age. Proficient blogging requires just a minimum start-up expense. You just need to put resources on purchasing a domain name and hosting space – at the initial stage – which in its 'boundless' limit costs less than Rs 4000. To promote your web journals and blogs through the correct channels, the cost-free and unlimited expanse of the Web World is all you need.

Each of these business ideas certainly has its fair share of risk factors! It will be advisory to consultant some business consultants to be aware of the potential challenges in your niche. It completely depends on you and how you will take the less traveled path and make the difference.

New untapped business ideas in Kenya 2019 - Tuko.co.ke

Posted: 27 Feb 2019 05:04 AM PST

Have you been looking for a creative and innoovative business idea? It can't be easy to identify a business idea that is not already crowded. Luckily, we have some great ideas that will surely be of interest to you. Here are some innovative new business ideas in Kenya you can launch with either a very small or huge capital. A proper and right business idea will get you where you want to go. We believe that our innovative business idea article will help to enhance your knowledge about the best business ideas ever.

New untapped business ideas in Kenya 2019

Image: Unsplash.com
Source: UGC

Before starting a new business in Kenya, you need to do a detailed analysis of some legal requirements and the market feasibility. The entreprenurship sector of Kenya is an emerging market. It contributes about 75% of the GDP. Here are some latest business ideas in Kenya.

READ ALSO: 10 booming businesses in Kenya you can start right now

Small business ideas in Kenya

Small business ideas need low capital. Before investing a huge amount in a new business, it is better to invest a small amount of capital. The goal should be to grow it into something big. Low capital business ideas in Kenya are trending now. Here are the types of Business ideas in Kenya with small capital.

1. Small bakery

New untapped business ideas in Kenya 2019

Image: pixabay.com
Source: UGC

An example of a great business idea is opening a bakery. To get your business up and running, you would require good marketing skills. Use your small savings to start it at a small scale and reinvest to make it large. You will require raw materials (such as eggs, flour, sugar), baking equipment (pans, ovens, mixing equipment, cake decorating equipments and measuring equipment), raw materials (flour, eggs, sugar), consistent recipes, business permits and licenses.

For business registration and permits, consult a good lawyer. One basic requirement is passion for baking and great marketing skills goes without saying. This idea is not very new but with creative and new baking styles, you can definitely secure a great portion of the target market.

2. Fruit vending machine

New Business Ideas in Kenya 2018

Source: wikimedia.org
Source: UGC

Nowadays, everyone is going towards the healthy way of living. Across the globe, fruits are a healthy option. If you invest in a small fruit shop, you will never go wrong. This requires a knife, labor and blender and fruits. Persistence is the key here.

Find a good location and buy fruits from the cheapest outlets. Get a vending machine, where buyers can purchase their favorite fruits by inserting coins and select the options available without any hassle. This is one of the good business ideas in Kenya to start-off with.

3. Mushroom farming

New Business Ideas in Kenya 2018

Source: unsplash.com
Source: UGC

For high returns turn to this. It is one of the best business ideas in Kenya. It is the easiest and cheapest to start. For those who know how to market their merchandise, the market is easily available. You will require mushroom farming knowledge, substrate, room and spawn. For beginners, shiitake and oyster mushroom breeds are recommended. Competition is very low in this business.

4. Making beaded handbags and sandals

Unique business ides in Kenya

Source: wikmedia.org
Source: UGC

One kilogram beads costs Ksh 370 in Nairobi. For a handbag and sandals, a one kilogram of beads is enough. Selling cost of those sandals and handbag will range from Ksh 3500 to Ksh 4000. Training cost and costs of other equipment such as needles and string can be about Ksh 3000 and Ksh 600 respectively. This is one of the unique business ideas in Kenya which you can definitely opt for.

READ ALSO: Top 10 Highest Paying Jobs in Kenya

5. Professional cleaning service business in Kenya

Profitable business ideas in kenya

Source: unsplash.com
Source: UGC

Professional cleaning service is booming in Kenya. It is one of the profitable business ideas in Kenya. The minimum budget of this type of business is Ksh 150,000. Cleaning and organizing offices and homes will be the main objective of the business.

Cleaning agents and various types of innovative cleaning techniques re required in this type of business. In Nairobi, Kahawa Estates, Ruai in Kang'undo road and areas around Jomo Kenyatta international airport are good target areas for this cleaning service business.

7. Brick making business

New Business Ideas in Kenya 2018

Source: unsplash.com
Source: UGC

The real estate market in Kenya is booming. Because of this people of Kenya are looking for cheaper homes. Brick making business is one of the profitable business ideas in Kenya. Brick is the cheaper option rather than stone.

Spades, labor, sub oil and brick making machine are the necessary equipment for this business. The total amount of cost and the estimated budget of this business is approximately Ksh 100,000.

8. Event planning and party planning

Profitable business ideas in kenya

Source: unsplash.com
Source: UGC

Religious events, birthday parties, weddings and other events are taking place in Kenya every day, week, year or month. Holding parties and as well as the planning for the parties is very stressful. The fee of the event planning business depends on the size of the party. The business event management will require very low capital.

The initial expenses of this business can be divided into separate groups, such as initial marketing cost, registration expenses of the business, other equipments, a computer or laptop and a printer. Capital expenditure can be about Ksh 60,000. Cost of a computer should be around Ksh 30,000. Printer cost can be around Ksh 5000. Registration expenses of the business can be around Ksh 10,000. Marketing costs in the initial stage should fall within Ksh 10,000 and office supplies of the business may be around Ksh 4,000.

9. Wall paper selling

Viable business ideas in Kenya

Source: ckarchitecture.com

Selling wall paper is one of the viable business ideas in Kenya. Most of the people in Kenya live in houses with dull paint. Painting is basically done by their landlords. Many people will be happy if they get better interior looking. As a business man, you will be dealing with handy wall papers.

You can get this kind of wallpapers from the local wholesalers or get them by importing from other countries. Cost of ten meters wall paper roll can be around Ksh 1600. Including other expenses, the total expense of the business might be approximately Ksh 1800 to 2000. After getting the material you can sell that wallpaper roll for 3600Ksh including installation charge for Ksh 1500. It can generate double profit and more revenue.

READ ALSO: Creative business ideas for teens in Kenya

10. SEO or link building business

Good business ideas in Kenya

Source: allevents.in

In Kenya, internet related businesses are booming. Every day hundreds of websites are established. You can develop an online community, web page designing and SEO or link building services. Initial investment of this business will be less than Ksh 35,000 approximately. This business is one of the top business ideas in Kenya.

11. Recycled product business

Best business ideas in Kenya

Source: YouTube, @VOA News

People in Kenya believe in art and they do not want to waste product. Keeping thisin mind, businessman may introduce a new innovative business idea. Start up cost and the initial cost for this business is low. To create roofing tiles from waste plastics is the innovative idea. Small pieces of waste cans, old plastic buckets will help to make the roofing tiles. Initial investment for this business would be around Ksh 50,000 to Ksh 60,000.

12. Farming Chia seeds

Small business ideas in Kenya

Source: pixabay.com
Source: UGC

Kenyan market is a fast growing market. Nakuru, Western Kenya and Uasin Gishu are among the best places for growing the crop called chia. These areas are warm with well drained soil capacity. The cost of one kilo chia seeds is around Ksh 2000, farming cost of Chia seeds can be Ksh 6000. Initial total investment of chia seeds is approximately Ksh 10,000. After 3 months of processing 2 kilograms of chia seeds will give harvest of around 75 kilograms. The process can easily raise an estimated revenue of Ksh 150,000.

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Source: Tuko.co.ke

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