Need help with a business idea

[fairyfloss]

Hi,

I am looking to start an online or part time business of some sorts. I currently work fulltime however I have a lot of spare time in my current role which I would be able to use to start something. The only problem is ideas.

I would prefer something that I do not need to invest a lot of money into. I did toy with the idea of creating a hamper/gift service however I feel as though there might not be a lot of money to made.

Your help is appreciated

[Owen]

Hi,

I am looking to start an online or part time business of some sorts. I currently work fulltime however I have a lot of spare time in my current role which I would be able to use to start something. The only problem is ideas.

I would prefer something that I do not need to invest a lot of money into. I did toy with the idea of creating a hamper/gift service however I feel as though there might not be a lot of money to made.

Your help is appreciated

There isn't many things you can do, other than a Etsy store, eBay reseller, etc. that require little startup and don't require a lot of time.

[fairyfloss]

I have thought about that however it doesn't really jump out at me, I do not know how to hand make anything and I am not too sure as to what I could resell on ebay:(

[Owen]

I have thought about that however it doesn't really jump out at me, I do not know how to hand make anything and I am not too sure as to what I could resell on ebay:(

Anything. It's eBay. You can go find really good deals on stuff you find and resell it for more money. You can save up money and when Christmas comes around buy a bunch of stuff that'd normally be very expensive and then sell it for $50 cheaper for normal price right before Christmas and profit. Moms do it all the time, that's why you see some 40 year old women with 4 Wii's in her cart at Walmart at 2 in the morning on Black Friday.

[Fulcrum]

Let me ask you a question:

Why do you want to go into business for yourself?

[Harold Mansfield]

I would prefer something that I do not need to invest a lot of money into.

So would everyone else in the free world. Think about it, if it were that easy and required little money and no skills wouldn't everyone with a computer be doing it?
Also, what is your definition of "a lot" of money?

The more you know how to do yourself, the less you have to pay someone else to do it.

Anything you do is going to require time, commitment, and some money. Doesn't matter that you only want to do it part time, getting it going still requires 100% effort.

How much time, money and effort you're willing to put into it is a great insight into how much you actually believe in it.


I did toy with the idea of creating a hamper/gift service however I feel as though there might not be a lot of money to made.

Did you actually check out the market? Study any competitors? See any others do it and fail?
What was it about the idea that made you feel as if it wasn't worth pursuing?

[fairyfloss]

Anything. It's eBay. You can go find really good deals on stuff you find and resell it for more money. You can save up money and when Christmas comes around buy a bunch of stuff that'd normally be very expensive and then sell it for $50 cheaper for normal price right before Christmas and profit. Moms do it all the time, that's why you see some 40 year old women with 4 Wii's in her cart at Walmart at 2 in the morning on Black Friday.

That's not a bad idea actually thank you

[fairyfloss]

Let me ask you a question:

Why do you want to go into business for yourself?

I guess the same reason most people want to - not having to have to work for someone else (help make them money and make them rich) and make extra money to help pay off loans

[fairyfloss]

So would everyone else in the free world. Think about it, if it were that easy and required little money and no skills wouldn't everyone with a computer be doing it?
Also, what is your definition of "a lot" of money?

The more you know how to do yourself, the less you have to pay someone else to do it.

Anything you do is going to require time, commitment, and some money. Doesn't matter that you only want to do it part time, getting it going still requires 100% effort.

How much time, money and effort you're willing to put into it is a great insight into how much you actually believe in it.



Did you actually check out the market? Study any competitors? See any others do it and fail?
What was it about the idea that made you feel as if it wasn't worth pursuing?

I know if it was easy everyone would be doing it. I am willing to put in a few hundred dollars - $1000 in, it just depends

As I mentioned I have a lot of spare time at work, so time is not an issue for me. I would rather be sitting at work doing something for myself instead of sitting thee doing nothing

In relation to the hamper idea I did google other companies, the idea was off putting as there did seem to be a lot of competition, finding cheap suppliers and creating something different that stands out seemed to be a challenge

[Harold Mansfield]

In relation to the hamper idea I did google other companies, the idea was off putting as there did seem to be a lot of competition, finding cheap suppliers and creating something different that stands out seemed to be a challenge

I'm not saying to do this idea, but everything is going to be a challenge. Going into business for yourself is one of the biggest challenges that you will ever face.

Most people go into something that they know, or have a strong interest in learning, and then figure out if there's a market for it and if they can capitalize on that market. You can't just pick a business out of thin air like choosing a pair of boots.

Your reasoning for going into business isn't bad. Many of us do it because we want to work for ourselves. Just be realistic and don't romanticize it. It's nothing like it looks on TV.

It's hard, it costs money, there's a lot of learning and reading. <---(Never ending).

You have to be willing to sacrifice your wants and lifestyle while you're trying grow it, and you have to be dedicated.

With no ideas and no skills that you can draw on, take your time and determine what you want to do, and then be honest with yourself about whether or not you're willing to give it everything you have, even if that means eating Ramen noodles so that you can get something done or pay operating expenses.

If you aren't willing to go that deep, then don't waste your time and money on anything or else you'll just bounce from one "make money online" scheme to the next and never hit on anything.

But if you are realistic and committed to doing whatever it takes (knowing the entire time that it could fail), the rewards can be pretty sweet.
The only guarantee is not trying means you'll definitely fail.

[Monegenix]

If you're stuck for ideas, you could sell what you know. What do you know? Everyone tends to have at least one hobby or talent that they're really good at. Is there a market for that?

You could also approach it from the other side. Join a forum that you think you might enjoy. Let's say you're really into flowers. You join a flower forum full of botanists, flower shop owners, enthusiasts, stay-at-home-moms/dads, and maybe farmers. You hang out and chat with experts. What are their biggest frustrations? What do they wish they could do, but can't because of time, money, whatever? There's your product/service. And, there's your audience.

...and all it took was some time getting to know some people online :)

[Fulcrum]

I know if it was easy everyone would be doing it. I am willing to put in a few hundred dollars - $1000 in, it just depends

Yet everyone seems to think that opening a business is easy and running one is not much harder. I mean, c'mon we hire people to do the work and we reap the benefit of what they do.

$1000 is nothing to spend. I had that spent by 8:30 every day this week and I will only see an indirect return on it (maintenance due to me being in a rush). What makes this hurt more, is that I'm now in the 2-3 week window in which I billed nothing out due to Christmas a few weeks ago and my cash flow will be tight.


As I mentioned I have a lot of spare time at work, so time is not an issue for me. I would rather be sitting at work doing something for myself instead of sitting thee doing nothing

You're fired for cause (theft of time and company resources) and won't get a severance if you worked for me and were doing this - unless you have my permission and I'm turning a profit on your use of the time I'm paying you to be there twiddling your thumbs.



In relation to the hamper idea I did google other companies, the idea was off putting as there did seem to be a lot of competition, finding cheap suppliers and creating something different that stands out seemed to be a challenge

In this one we agree.



I guess the same reason most people want to - not having to have to work for someone else (help make them money and make them rich) and make extra money to help pay off loans

I couldn't care less how much my former bosses made. I cared about being able to make a good product, do it right, have it done for the promise date. I also expected my bosses to pay what they promised, treat me with respect (not the college drop out, butcher, farm boy hick that he did treat me like), and give me the authority to do what I needed to do.


I don't say this to be mean or berate you. You need to have your eyes open to what you are proposing to get into. Some people hit a grand slam right away - most of us don't. I'm going to use a term here that both Harold and myself hate and say look at today's economy. Things are weird. Many indicators (commodity prices crashing, major companies announce large rounds of layoffs, not too many high profile mergers and acquisitions) are pointing to the fact that North America should be in the middle of a major recession yet things seem to be fairly stable for the most part.

[fairyfloss]

If you're stuck for ideas, you could sell what you know. What do you know? Everyone tends to have at least one hobby or talent that they're really good at. Is there a market for that?

You could also approach it from the other side. Join a forum that you think you might enjoy. Let's say you're really into flowers. You join a flower forum full of botanists, flower shop owners, enthusiasts, stay-at-home-moms/dads, and maybe farmers. You hang out and chat with experts. What are their biggest frustrations? What do they wish they could do, but can't because of time, money, whatever? There's your product/service. And, there's your audience.

...and all it took was some time getting to know some people online :)

that's some good advice and a good way of coming up with some ideas

I work I real estate (In Australia) so houses etc are a big hobby of mine, as is food. I think my main issue is that besides those two things there is nothing that I really am in love with, I do love flowers, event planning and things of that sorts although I wouldn't go as far to say that im amazing at it which is where I begin to doubt myself

[Monegenix]

that's some good advice and a good way of coming up with some ideas

I work I real estate (In Australia) so houses etc are a big hobby of mine, as is food. I think my main issue is that besides those two things there is nothing that I really am in love with, I do love flowers, event planning and things of that sorts although I wouldn't go as far to say that im amazing at it which is where I begin to doubt myself

You don't need to be amazing at something to be in business. You need the ability and willingness to get better, of course if you have knowledge gaps. I guess the question is: why do you want to be in business? I'm not quite understanding your motivation or "getting" the passion and confidence that most business owners have.

[Brand Whisperer]

It is very easy to start a business with little money and time. The hard part is
start a business in what? I would first sit down and think about things I'm
passionate about. Could be music, animals, travel or making Artisan bread.

Now what you do is ask yourself what you can create in that thing. You must
create a problem that you have a solution to. People buy solutions.

What you don't want to do is just start any piece of crap because it's easy
and cheap. You'll never make money or be happy.

[HomeBusinessMan]

Try doing an inventory of yourself. What are your interests? What are your hobbies? What have you succeeded in? Then pick a few of these and do a google search to see what kind of volume you get. If a lot of people are interested in what you are, then there is probably a market for that. You have to ask yourself if you could make a product or develop a service that the people in your market would need. Maybe that product idea is a niche that you can buy products like those and resell them on eBay. Search Google wholesale + product. Some starting ideas here. Remember why you are doing this. That helps with the motivation. Good luck.