A startup is something we have all dreamt of establishing. At some point in time, we have had some killer startup ideas, but no clue how to follow them. There are many reasons why people shift to business or startups. They can either be bored of their regular 9-5 jobs, or they might have a passion to build something.
Being a business coach, many people come to me for startup idea coaching. They have creative ideas but no plan. No matter what’s the reason behind creating a business of their own, I coach each individual passionately. It brings immense satisfaction to help someone do something they always wanted to do.
I remember the time when one of my friends visited me. We were chatting over a cup of tea when my friend in a very casual way told me about a business idea she had in mind.
She told me how she loved painting fabrics and how she would love it if she could do it professionally. She thought it was a very basic idea, and nothing could be created out of such a small idea.
I asked her, “Why do you want to work for someone else if you have the talent, then why not start your own business?”
She replied, “I give it a thought some days, but some days I feel I need the right guidance.”
I immediately understood what was stopping her from conquering her dreams. It was her fear of thinking she was not enough to handle the workload. She was hesitating as she was not sure if things would work. Also, being a housewife and mother, she did not want to risk money or feel distracted. I had seen her work, and she was really talented.
I decided to offer her my startup coaching to build the mindset of an entrepreneur in her. I wanted to help her see potential and passion in her business. I happily said, “We will start your counseling tomorrow, and I will provide you with efficient startup guidance.”
She created social media pages and started showcasing her work to the world. Within a few months, she started getting inter-state and international orders. From that day till now, she owns two workshops with nearly a hundred artisans working for her. She fulfilled her dream of bringing her designs to life.
The Mindset of an Entrepreneur
Do you have what it takes to become an entrepreneur? Do you think you do? Are you prepared?
First, entrepreneurs never ever want to belong to a group or be part of the herd. They don’t want to be just like the majority of individuals. They do great things for the majority of individuals but never want to be among them.
Second, most successful entrepreneurs have unique personalities. They keep learning new things and improving their craft.
Next, entrepreneurs have resilience. They face challenges, but they look for opportunities even in failure. It is because they know that failure in the future is not a fatal hit to their career. On the contrary, entrepreneurs are able to look for opportunities even in failure.
Last but not least, entrepreneurs have the ability to challenge themselves. They are able to persevere despite the fear and failure they encounter. If you want to have an excellent and impressive resume, impressive cover letter, and impressive achievements, you need to develop self-confidence, motivation, vision, and an entrepreneurial mindset. These traits will help you overcome the obstacles you will meet along the way.
Do you think these traits described above are the only reasons why successful entrepreneurs are so dominant? Of course not! There are many other contributing factors. However, these are some of the most significant ones. To summarize, every successful entrepreneur is driven by one thing: passion.
When it comes to succeeding in business, it is very important to identify your own personal characteristics that work towards helping you succeed. Remember that these characteristics do not only apply to physical attributes. In fact, some entrepreneurs do not possess any entrepreneurial skills at all. However, their persistence, tenacity, vision, and resilience are working towards their goals day after day. It is how they get past obstacles and make it to where they are now.
In order to identify your own personal characteristics, take a look around. What are the common characteristics that most successful entrepreneurs have? Here are some examples: They believe in what they are doing (even if others do not) and have a strong commitment to their goals. They are persistent, even when things are not going as well as they would like. They keep looking for solutions and are continuously willing to adopt new technologies and systems when necessary.
Startup ideas with low investment
Every new startup initiates by having an uncommon idea, an innovation that does not have any ready competition or few comparable competitors in the industry. Here are a few Startup ideas with low investment.
- Food Startup
Food Startup Ideas With Low Investment is generally small but highly profitable businesses. Food startups are very convenient and easy. With mobile food trucks, you don’t even have to rent a space or room to serve delicious food items.
- Social Media Marketing Plans
Another type of startup idea with low investment in social media marketing plans. Like other forms of marketing strategies, social media requires an investment in time and money, but it has a long runway. In terms of social media, the most common platforms include Facebook, Twitter, Pinterest, and YouTube. However, any innovative startup business ideas require low investment because they are generally ‘startup’ companies. They will need funds only for promotion and marketing their business and will not require much in the way of product development or infrastructure.
- Event /Wedding Planner
When you are thinking of starting your own business, wedding planners may come into the picture as a startup idea since they have become quite a successful company already. The wedding industry is growing and a lot of people would like to have their own wedding and reception planning company to work on their wedding. A wedding planner as a startup idea is one of the best niches for you to enter if you want to start your own business in this sector. Wedding planners can find many clients and lots of work if you are able to do well with it because the wedding industry is a very competitive place, and they need a lot of help when it comes to planning weddings. A wedding planner as a startup idea can be very easy and profitable for you.
- Computer Training
Starting your own business in the Information Technology field can be a challenging decision. One of the most important things to think about is the type of business you will have – a home-based or office-based one. With many businesses today going international, there is a need for people with IT skills. Starting a computer training center as a startup idea can be the perfect way to build a business that can grow and flourish. By starting a business like this, your time and money will be well spent – and you will not be working for someone else but earning money on your own terms.
- Custom gift store
Many people start up their own business or work for an existing company that may be considering purchasing a custom gift store, but it’s a good idea to have an open mind and look into other options. You may not be the next Starbucks, but you may be able to start up a specialty store that offers unique gifts to your customers for any occasion.
- Interior designer
Interior Design is one of the most successful niches in the commercial world today. In fact, it is one of the few that has steady growth and profit without a major technological change. A lot of people think that if you want to start your own business that you have to be an engineer, a computer specialist, or even a computer programmer. However, there are many interior designer job openings in the private sector today that don’t require these things. All you need is a passion to revamp and beautify interiors.
- Yoga class
Yoga classes are one of the best ways to improve your health and well-being. Since yoga has been around for thousands of years, it’s a proven method for improving physical and psychological health. If you are good at yoga and want to teach others then it is a great startup idea. You can always help people in improving their health.
- Blogging
If you want to be successful at blogging, remember that there are some things that you must keep in mind. You should always create high-quality content. Your blog’s theme should be related to your audience. You should also link back to other sites and leave a signature link at the end of each of your posts. Finally, make sure that you participate in the online community and help to build the blogs and businesses of others.
- Stock market trading
Many investors and entrepreneurs, when first deciding to enter the world of stock market investing, believe that they would make better use of existing resources to excel in their business endeavors. Others do not even realize the benefits that stock market trading has to offer as a start-up business. The reality is that stock market trading can be the best way to make a profit in almost any type of business. However, those who have not thoroughly considered the options inherent in stock market investing may be surprised by some of the benefits associated with stock-market trading as a start-up business.
- Set Up a Co-Working Space
With COVID-19 and lockdown around, most companies have shifted to remote work. People have been working from home for a long time now. However, not everyone has the right space and services to work remotely. A coworking space is a new startup idea that is accelerating really fast. Many people look for cafes or such spaces where they can work comfortably on their desks with a stable internet connection. Also, people who are bored of sitting and working from home can also enjoy a change of environment by utilizing such coworking spaces. It is a great startup idea with minimal investment. If you have some space, it can be a cherry on the top.
10 Steps to turn ideas to action for startups
- Do your market research
Do your market research for a startup business before you decide to run a business. You should consider the type of business you are planning on starting, the amount of money you have to invest, and the time you have to devote to your new business. The best business opportunities are not found overnight, so make sure that your idea is not one that will just be another victim in the long string of failed businesses. Think long and hard about why your business needs to become profitable before you make a decision as to which business opportunity is the best.
- Secure intellectual property
Securing intellectual property for startup businesses is one of the most important things to remember if you are planning to establish a company. This protects the idea, the product, and the company that you have worked so hard to create. It is also important to do this because you will be protecting it from people who may want to steal it from you. Stealing ideas can be a costly thing, but stealing a company’s intellectual property is even more costly. Thus, protecting this is very important.
- Decide on branding
If you are planning to open up an online business or a brick-and-mortar business, then you must take the time to learn how to decide on branding for a startup business. The right branding will help in not only helping you gain more traffic to your site but will also help in getting potential customers to your site. In fact, if you want to ensure a successful business, then it would be advisable to make sure that you give the branding for startup business some serious thought. This way, you can come up with a plan that will ensure you put the right amount of effort into the branding for a startup business.
- Incorporate
Incorporating your startup business is an ideal way to ensure that you will have longevity in the industry and provide for your family for many years to come.
- Choose a co-founder
Choosing a co-founder for your startup business is extremely important. I am not talking about financial speaking here, but I am talking about the business aspect of things and how your business will run if you don’t have someone to run it. When you are choosing a co-founder, you need to look at their skills, their track record, and their experience.
- Write a business plan
The importance of writing a business plan for your startup business cannot be understated. If you do not include one, then you may be missing out on opportunities that could lead to a successful business. A business plan is very important because it can help to provide a map or game plan for your business. It will give you a sense of direction and what steps you need to take to achieve certain goals that you have laid out in your plan. Without a plan, there are a lot of things that you will be guessing about, which can lead to a lot of wasted time and money.
- Pick a workplace
The importance of the workplace in the life of a company cannot be disregarded. It is where your employees work, and it is the place where you get to spend some quality time with them. When it comes to working, there is no one more important than you. You are the leader, and you determine the fate of the company or your employees. It means that having an inspiring workplace is crucial for the success of your business.
- Find a mentor
It is vitally important for you to find a mentor because it will save you a lot of time. When you are just starting out, you are going to learn a lot just by reading. However, to truly understand something, you must have hands-on experience with it. By having a mentor you can learn from their mistakes and use that knowledge to help you create your success and make a dent in the billion-dollar markets that exist today.
- Apply for an accelerator program
Startup business loans have become the hot finance tools that are being offered to budding entrepreneurs. It is because there are many borrowers who are looking forward to investing their money in this type of program. However, you need to understand that you need to be smart about using this program for the reason that it is one of the most expensive investment tools available in the market today. You should therefore not consider it as an expense but an investment opportunity that will greatly help you make your venture successful and money-generating business plan a reality in no time.
- Raise capital
In every new start-up that seeks capital for its business, it is mandatory to raise money for its future growth. Raising capital is necessary in order to purchase all necessary equipment for business operations. Proper capitalization of a startup business is highly important for its survival in the long run. Business startups need a large number of funds for their successful operation.
Conclusion
I have given business mentoring to many people. Most of them are now doing great with their startups. In my experience, I have seen that it is just the first step that is hardest to take. However, when you step out of your comfort zone, something big is bound to happen.
Nothing will change unless you decide to change yourself. Startups are flourishing now like never before. If you have some creative ideas in your mind, don’t shy away from sharing them with the world.
