New Business Ideas in 2023
People decide to start a business for many different reasons and with different motivations. Some have a clear idea about what they want to do from the start, but for others it takes a lot more thought and research. The last few years have left many of us evaluating what we want and how to achieve new goals of work and life balance.
It is not just important to be clear about the product or service you will be selling, but also to be sure there is a market that is willing to pay for it. This latter stage may require the most research.
1. What skills do you already have that could be the basis for a business?
Many people, such as tradespeople, consultants, and freelancers, sell their time and skills in a service-based business. Plumbers, beauty therapists, accountants and writers are well-known examples. It is possible to apply skills you have acquired in education or another job role to a new business idea. For example, ex-servicemen or police officers could offer intelligence or security-related services, or a personal assistant within a large firm could go freelance and work as a virtual assistant for several small business clients.
2. Could you turn a hobby into a successful business?
Skills do not have to be work-related - they can come from a hobby or personal interest. If you are a keen gardener, could you set up a local gardening service? If you like cooking, could you set up a personal catering service for people having dinner parties or children's parties at home? Do not dismiss your hobby as the basis for a business idea just because you do it for fun. But be careful - it is very different spending time running a business that needs to make money, rather than simply enjoying your hobby.
3. Could you run a home-based business?
Many people start up in business from home in order to save money on premises, or to give them flexibility with childcare. Home working is now the norm for many of us, tech and the affordability of high-speed broadband have made it a lot easier to set up and run a business from home. Home-based business opportunities are also becoming increasingly varied. Many people set up 'kitchen table' enterprises, such as producing homemade bread, cakes and biscuits, jams and sweets, or run a service-based business from home such as selling via eBay, freelance writing, accountancy and web design.
People decide to start a business for many different reasons and with different motivations. Some have a clear idea about what they want to do from the start, but for others it takes a lot more thought and research. The last few years have left many of us evaluating what we want and how to achieve new goals of work and life balance.
It is not just important to be clear about the product or service you will be selling, but also to be sure there is a market that is willing to pay for it. This latter stage may require the most research.
Save money on premises, One option is a co-working space such as @Inc this can offer connectivity and help grow your leads.
Home working is now the norm for many of us, tech and the affordability of high-speed broadband have made it a lot easier to set up and run a business from home. Home-based business opportunities are also becoming increasingly varied.
MENTA offer a range of business training and support including our Start-up business workshops, these are fully funded and available at locations across Norfolk and Suffolk. Take a look at our self employment and new business packages page.
