Comprehensive Resource For Entrepreneur Ideas
Many people have the dream of one day being a successful business owner and enjoying all of the rewards that come with being a self-made entrepreneur. In order to get from your dream to the reality of owning a business and bringing in money on your terms, there are a few things you can do to prepare yourself for taking the big leap.
What Are Some Good Entrepreneur Ideas?
Entrepreneur ideas can come from a number of sources. Some entrepreneurs find ideas in a flash of inspiration, which can be used to introduce something revolutionary in a specific industry. Others spot a vacuum in their immediate area and fill that void with a business that appeals to the needs of local customers. Entrepreneur ideas are everywhere if you know where to look.
Consider A Franchise
Opening a franchise is one of the most popular entrepreneur ideas, especially for those who are new to business ownership. Franchises are great entrepreneur ideas because the parent company provides the marketing, branding, and training needed to launch and run your business. Additionally, franchisees get access to a support network to help overcome any obstacles with staffing, supplies or anything else you might need.
Franchises come in all sizes and span all industries. There are large franchises, such as luxury hotels and resorts, and there are small franchises, such as travel agencies, which can be run out of a home office. The franchise business model is fairly universal and scalable, with some franchises costing only a few thousand dollars on up to larger operations which can run into millions of dollars. Some require only a computer with a working internet connection and a dedicated phone line, while others call for commercial real estate, construction, equipment, and other large expenses.
If starting a franchise is on the list of your entrepreneur ideas, the toughest part will be deciding which one you want to run. The best thing to do is browse through franchise listings and contact a franchise representative, or talk with a franchise owner in your area. These people will give you an overview of how the franchise is run, the financial requirements, and any other particulars needed to get things up and running.
The best thing about franchise entrepreneur ideas is that you can run the business without having to be on the front lines, so to speak. You can also decide to keep your business or grow your operation, building a small empire for yourself by launching multiple franchise locations in your region. Between the turnkey approach, the built-in support, branding, marketing, and popularity among potential customers, it is wise to keep franchises as an option on your list of entrepreneur ideas.
What Does Being An Entrepreneur Mean?
Many people think being an entrepreneur is great, and it is! Being an entrepreneur means casting off the notion of working for others and embracing financial independence. You can launch a business and not worry about someone else deciding your financial future. This does not mean, however, that launching entrepreneur ideas is an easy road. It requires hard work, research, capital, and long nights. However, there are tangible rewards for your labors, and you can enjoy the successes you have and rest in the knowledge that you are carving a place in this world for yourself.
Get Your Head In The Game
The first step in bringing your entrepreneur ideas to fruition is to start thinking like one. Start looking around you and assessing profits and losses. Think about what you will need to open up shop. Do you need special equipment? Do you need additional capital? Do you need a way to process payments from customers? Who do you want your business to appeal to, and how wide of a geographic radius are you willing to offer your products or services to people?
What Is Your Vision?
One surefire way to derail your dream is to start a business that quickly becomes a chore. However, entrepreneurial opportunities start to become clearer when you think about how your dream will influence society or change things. Does your business fill a void? Is the way you do things different from how everyone else is doing it? Think about how your business opportunity is set apart from the norm, how you (and your customers) can feel good about doing business, and what impact your entrepreneurial idea will have on a small and large scale.
Where Will Your business Be In The Future?
Some entrepreneur ideas stand the test of time. Other entrepreneur ideas are overnight successes, generate a lot of revenue, and become fads or quickly outmoded by the next big thing. When you are preparing to launch your entrepreneur ideas, you need to not just look at the point when you make your business a reality, you need to consider where the demand for your products or services will be many years down the road. The market fluctuates. The economy has its ups and downs. Consumer attitudes shift. All of these factors come together to guide or determine the staying power of entrepreneur ideas. For example, when the HUM-V was released as a vehicle for public consumption, consumers went wild. It was very fashionable for people to purchase Hummers in a variety of colors, and they became a status symbol, of sorts. In the mid-2000s, gas prices in the United States were skyrocketing, and Hummer sales were dropping off considerably, to the point where there were tax incentives given to people who bought the vehicle. When the economy crashed a few years later, people cut back considerably on buying vehicles completely, and the Hummer, with its cost ineffective nine miles per gallon just sat on the lots at automotive dealers across the country. As the economy picked up, the manufacturers were once again hopeful, but by that time, consumer attitudes had shifted. Having a luxury vehicle that could conquer any terrain was no longer en vogue, as people wanted more fuel efficient options. Additionally, people were leaning toward the new electric and hybrid vehicles on the market, because they were marketed as saving energy, and more eco-friendly than gas guzzling vehicles. That was the death knell for the consumer market for Hummers in the United States. The Hummer was one of many entrepreneur ideas which fell victim to both the economy, new technology, and shifting consumer attitudes.
For a more positive tale, we can look at the other side of the coin and find Apple. Most people know the story by heart. Apple started out with two guys in a garage mulling over different entrepreneur ideas with the vision of making an affordable home computer. At the time, home computers were for hobbyists with lots of money to spend. Apple took the hobby and made it accessible to the public. Unfortunately, they were fighting an uphill battle against IBM and other PC clones. Despite the hard work, Apple was still considered a company with a very niche audience. Apple did not hit their stride until the mid-1980s when their hard work to see their entrepreneur ideas to fruition paid off with the warm reception of the Macintosh computer. In the 1990s, Apple hit a major setback, as Microsoft released its Windows operating system, and new technology allowed for multitasking, which Apple computers could not do. The decline in Apple’s business lasted for almost a decade until they shifted their focus and re-imagined their entrepreneur ideas and unleashed the iMac. Then came the iPod, iTunes, the iPhone and much more. The point is that Apple had to weather numerous setbacks to become successful. Having one good entrepreneur idea was not enough. Apple had to remain flexible, agile, and relevant to their consumer base to have staying power in a highly competitive industry.
Both of the above tales should be studied by people who are launching their own entrepreneur ideas
Have You Ever Run A Business?
No one is born into this world with the knowledge of how to launch entrepreneur ideas. In fact, forming your own business can be as scary as it is exciting, especially if you are wandering into unknown territory. If you have never taken an entrepreneur idea and started your own business, then there are a few steps you should take before you start blazing trails.
Take Some Courses In Business Management And Accounting
Whether you have never launched entrepreneur ideas before in your life, or you have a background in various executive fields, taking courses in business management and accounting – even just as a refresher – can help you hone your skills as a business owner. Understanding the basics of accounting, managing logistics, human resources – even if you are running a one-person operation – can come in very handy later on down the road. Understanding the basic axioms of running a business can help you avoid a number of the pitfalls that many business owners stumble into when trying to successfully launch their own entrepreneur ideas.
How Big Of An Operation Can You Handle?
Making entrepreneur ideas a reality involves taking a hard look at your vision, and taking stock of everything needed to launch the business successfully. Will you need a physical location, such as a store or production facilities, or can you run your business from a home office or online? Will you need to hire a small team, a large labor force, or can you carry out your entrepreneur ideas by yourself? Will you need specialized equipment or vehicles, or can you run your business from your laptop? Understanding the size of your business when you launch your entrepreneur ideas will help you with your planning and financing.
Put Together A Plan
Starting your entrepreneur ideas means putting together a strong business plan. There are a number of free resources online to help you compile a business plan, complete with projections, timelines, resources needed, funding requirements, immediate competitors and other factors. You will need to make your business plan as comprehensive as possible so that lenders and potential investors understand your entrepreneur ideas and see your vision. Remember that all lenders will require you to present a thoroughly researched and well-written business plan before they will even consider financing requests to help you launch your business.
Would starting your business be easier if you had extra working capital? Do you want to avoid the bureaucracy involved in first-time loan applications? You should start researching alternative investment methods for new small business opportunities. Everything from traditional Small Business Loans, grants, angel investors, and even crowdfunding campaigns will not only give you a chance to try out your sales pitch, but presenting your entrepreneurial opportunity to potential investors will give you a good idea of how appealing your idea is, and what you may need to modify to appeal to your target audience. The best thing you can do is listen to your clients to figure out what they really need, and then start formulating possible solutions.
One of the biggest pitfalls in starting up new entrepreneurial ventures is staying the course when something is not working right. Analyze the information you have available – are your prices competitive? Is there direct competition from another business in your area? Can you get your supplies cheaper from another source? Is your marketing reaching as many people as possible? When you look at all the information, devise a plan to change things and monitor the situation to see if it improves. It is much easier to try out different things early on in the life of your small business than failing in the same way over and over because you did not change things to remedy any shortcomings.
Play To Your Strengths
Some people are good at social networking. Some are great at building things. Others perform best in one-on-one situations. Whatever your strengths, utilize them to generate business opportunities to either talk about your business, generate sales leads, or simply to show off what you can do and how it improves the lives of others. You can always “train up” any aspect of your business that isn’t as strong as the others, in your spare time. Everyone gets stage fright, but if you dream of financial independence, you should not defeat yourself before you even get started. This is your moment to shine and announce how great your business is to the whole world!
Marketing Your Entrepreneur Ideas
How are you going to let your potential customer base know about your entrepreneur ideas? Most businesses leverage a number of platforms to reach and engage their target audience. These days, having a website is a requirement, and sharing engaging and original content across multiple social media platforms is a staple. However, traditional marketing methods, such as brochures and pamphlets are still effective. In a competitive marketplace, many business owners hire people who can dedicate themselves to communicating entrepreneur ideas to customers, so that they can focus on running and growing the business. Automating the marketing side of your entrepreneur ideas, while not coming off as impersonal, or bludgeoning people with sales pitches, is key to entrepreneurial success.
Organization Is The Key
One of the major drawbacks to working for an organization is that many departments rely heavily on one another. Sometimes, projects (or worse, payroll) can get held up waiting for another department to finish something else before there can be any progress. When you go into business for yourself, keeping an operation as streamlined as possible makes for an efficient business. Keeping things organized – from accounts payable to accounts receivable, clients profiles, business portfolios, etc. – will make for a well-oiled machine, and will help to keep stress to a minimum. You are claiming your financial freedom and that last thing you need to worry about a piece of paper that was misplaced months ago.
How Will Your Entrepreneur Ideas Perform In A Fluid Economy?
This is a very important question. In a stable or booming economy, people can easily justify purchasing almost anything. However, the arrow on the economic meter does not always point up. When the economy hits some turbulence or, worse, takes a downward turn, people close their wallets very quickly. Can your entrepreneur ideas still generate revenue in a depressed economy? As mentioned above, products like the Hummer fell to the wayside due to economic conditions. However, fast food franchises, like Taco Bell are very resilient in the face of an economic recession. The reason for this is because the overhead is relatively low on the business end of things. Because of this, the products can be sold at a price that is often times less expensive than purchasing ingredients from a grocery store to make a meal. When trying to think of entrepreneur ideas, you need to consider a number of economic situations and, without rationalizing, consider how your products or services will perform.
Never Give Up That Ship!
When launching your entrepreneur ideas, the adventure will not always be smooth sailing. There will be obstacles, setbacks, and even situations for which a quick search on Google will not always provide an easy answer. One of the best qualities of successful entrepreneurs is assiduity. Regardless of what you encounter, you must stay true to your entrepreneur ideas because there is always something better on the other side.
Consider Opening A Commercial Finance Business
If you are still interested in entrepreneur ideas, Commercial Capital Training offers the courses you will need to set up your operation, as well as preparation for any situation that might arise down the road. From being introduced to a network of entrepreneurs and franchise owners, to business ownership resources and guidance to start turning a profit right out of the starting gate – the Commercial Capital Training Group has everything you need to start strong and reap the rewards of turning your small business dream into a reality.
At the Commercial Capital Training Group, we provide our graduates with all of the training and tools necessary to launch their own businesses. Our team will work with your to design your website and logo. We will manage your content and social media marketing to brand your company to make it stand out to potential clients in local and national markets.
We also provide comprehensive support long after you leave our training courses. With our combined financial experience of over 75 years, we provide assistance around the clock, 24 hours a day, seven days a week to help ensure your success. Whether you have a question about something we covered in class, or if you need help closing a complex agreement to ensure you get the most revenue for your efforts, we will be there.
Our entrepreneur ideas provide the most turn-key business model available. We will take care of your content and marketing across multiple platforms from print to social media. We will build your website and create engaging content to draw in clients. We will take care of everything to make you look like an authority in your field so that business owners will turn to you for solutions to help them launch their entrepreneur ideas, all from the comfort of your home.
Perhaps most important is that our business model is recession-proof. Regardless of the state of the economy, businesses need capital. When the economy is booming, businesses need capital to grow and expand. When the economy is in a slump, business owners need financing solutions to help meet the financial obligation and keep the lights on, so to speak. And in every economic climate, people need start-up capital to help launch their entrepreneur ideas. The Commercial Capital Training Group will give you the resources to facilitate solutions for all of the aforementioned circumstances.
If you would like to take control of your future and embrace true financial independence by launching a business of your own, where our team will do the work for you to drive clients to your door, then contact the Commercial Capital Training Group today.