Ideas for a New Venture

You can choose an idea from a list or come up with your own idea.

Ideas for a new venture are common, but most won't apply to your individual circumstances. Your financial, time availability, location preference and technical situations are all unique, and so it's wise to choose start-up ideas based on criteria taking your circumstances into account. You can find a business idea that's right for you.

Funding

The first question to ask yourself when choosing an idea for a new venture is: how much will it cost to get started? There are both cheap and higher-cost start-up ideas to consider. You can start your own party entertainer business for under $2000: all you need are some skills in entertainment, reliable transportation, the right clothing and props. Building a floating dock business for boating and swimming will set you back at least $50,000, however, due to construction costs.

Time

Next, consider how much time you can afford to invest in an idea for a new venture. Some only require part-time hours, while other start-up ideas need your full-time attention and more. Canoe and kayak tours are a part-time endeavor, unless you have the stamina to kayak all day, every day. A kennel service, on the other hand, is a full-time investment, since dogs don't take breaks from needing to be fed and cared for.

Location

Next, ask yourself what kind of work location is best for you. Do you want to work at home, or not? You can run your own freelance graphic-design business at home as long as you have the necessary skills, a quality computer and a few other pieces of hardware. It's tough to start your own restaurant at home, however, unless you want to convert your house into an official eatery, and that might violate local zoning laws.

Online or Offline

Finally, consider whether or not you'll be focusing on the Internet as your new venture's primary venue. Some businesses are more amenable to the Internet, with its vast marketing advantages, than others. It's not strictly necessary to build an online presence for, say, a local body-piercing business, due to its niche demographic and geographic potential, but something like running a domain name brokerage not only flourishes on the Internet, it requires the Internet in order to survive.

References

• Entrepreneur: Business Idea Center