New Business Ideas
Consider The Following When Starting A New Business Idea
One of the key characteristics of an entrepreneur is that they are always thinking of ways to improve themselves. Their most important asset to a successful business is the world around them.
Some of the best new business ideas come from people who see the need for something that is missing from the world, and suddenly – whether that item is necessary or if it just makes things fun and convenient – people flock to it with money at the ready.
We have seen some of these top business ideas come from Apple (the iPad, among many other devices), General Motors (the first US car company to use air bags), and a whole host of others, whose devices now seem almost necessary in this modern world.
But where do these brilliant business owners look in order to come up with great new business ideas?
Build Upon An Existing Product Or Idea
Most entrepreneurs keep their ears and minds open for the phrase “but if only” when listening to customer talk about products. Some of the best business ideas are simply taking those existing concepts the extra step to make them smarter, easier, more functional. This is how the majority of Google’s products were born, such as their online collaborative documents, cloud-based picture storage, and business management tools.
Do Not Get Discouraged
So many great business ideas never see the light of day because entrepreneurs listen too much to those who say an idea is no good, or that there is no sense in reinventing the wheel. If you have a new business idea, run with it. Build a prototype. Research the cost of production. Look to see if there is anything similar on the market, or if our idea was already tested by someone else. The biggest business regrets are the potentially profitable ideas that never see the light of day because entrepreneurs listened to the naysayers.
Try It Out
New business ideas need to be tested before they can be declared a success. Offering to let people take your new product or service for a test run is a great way to gauge how the public will respond if you decide to roll it out. By letting people get hands on experience with our new business idea, you can get direct feedback, and figure out what needs to be refined, and what would be an ideal price point for your idea. Even if you have to get friends and family on board as your testing audience, their feedback will help direct the finished outcome than just spending money to get something out of the door, not knowing if it will be well received or not.
Create A Business Plan
If you want big investors to get excited about your new business idea, they will need to see the numbers. A business plan will demonstrate that your great business idea has never been tried before, and your projections and forecasts will show investors how your idea will fare in its respective market, and how long it would take to get from production and marketing to turning a healthy profit. The first successful smartphones, for example, are now a mainstay of personal devices. However, investors needed to see the hard number on how profitable a phone without buttons and the ability to act like a personal computer would do in a market with nothing else like it.
Financing New Business Ideas
Convincing investors to take a chance on a great business idea is the toughest part of the whole process. After all, lots of people will support your new business idea, until you ask them to open their wallets. Banks are usually the first ones to turn their backs. Banks, as a rule, have very conservative lending practices. They will not approve loans for new business ideas unless the company has an outstanding credit rating and a well-established financial history. In order to get financing for a great new business idea, entrepreneurs usually turn to commercial financing. Commercial financing offers things like cash advances, asset-based lending, angel investors, peer-to-peer lending, and a whole range of other financing products and programs designed to help entrepreneurs launch the next top business idea without being forced to take on large amounts of debt or running into the prohibitive rates and payments schedules offered by traditional bank loans.
A Few More Words About Commercial Financing
As mentioned above, the world of commercial financing has a number of programs designed to get entrepreneurs the funding they need to launch great business ideas. Commercial financing was, at one point, an original business idea that saw a void created by the limitations of banks. Rather than see potentially successful entrepreneurs get rejected by banks with each loan application, business and finance professionals devised ways to get people the working capital they needed with a much more streamlined approach and funding programs that were suited for specific business needs. After all, great business ideas can stimulate the economy and yield great returns, so it would almost be a bad business decision not to take a chance on entrepreneurs with something new to offer.
Looking For A New Business Idea?
The Commercial Capital Training Group (CCTG) specialized in training people in the emerging industry of commercial financing. CCTG graduates are given the tools to help business owners get the funding they need and make a profit in the process.
By assessing people’s financial needs and putting them in touch with lenders, you are helping to make the next great business ideas available to everyone. The best part is that you can not only get a percentage of each deal that is made, but you can build a healthy stream of residual income to ensure a healthy cash flow between agreements.
CCTG will give you access to our exclusive board of lenders, and provide everything you need to own your own business in an emerging industry with unlimited income potential.
If you want to achieve financial independence with a recession-proof business model that you can call your very own, check out what the Commercial Capital Training Group can do for you today.