Business Thrills: 10 business ideas to success

Are you one of those who dare to try something and want to make your dreams come true? With the right business idea, you can become self-employed full-time or part-time.

Many employees dream of starting their own business. Yes, that’s who an Entrepreneur is. You want to become your boss, escape the daily grind and go your own way.

Know if you are an entrepreneur?

A brilliant business idea is not all for a founder, and you also need the right tools personally. It contains specialist knowledge or the ability and willingness to acquire it and personal qualities.

Before starting a trade, analyze which of your characteristics are strong and weak. Be realistic about your self-assessment. Weaknesses are not a flaw if you can recognize them and actively compensate for them. Ask yourself the following questions, among others:

• How high is your resilience?
• Are you willing to take risks?
• How strong is your ambition?
• Do you like to take on responsibility?
• Are you good at motivating yourself?
• Are you emotionally stable?
• Do you have your family behind you?
• Are you showing leadership?
• Do you have the necessary professional qualifications?

Self-employed work as an entrepreneur or freelancer can be very satisfying. In the preceding years, you may need a lot of stamina and pay a lot of time and money before achieving economic success.

This entrepreneur-type test will help you with the analysis [B1].

Do you have the technical eligibility to implement your business strategy?

In addition to your characteristics, your eligibilities have major control over the success or failure of your business idea. The following points are specifically vital:

• Professional experience and qualifications: Clients, banks, and investors demand a founder who knows his work well. Therefore, it is advisable to have an in-depth understanding of the industry in which you are plotting your business idea. If there are lackings in this area, you should consider taking appropriate further training before setting up a business, setting up the company together with experienced partners, or seeking a different business theory.
• Decision-making skills and commands skills: As the company owner, you have to react to alterations in the market. You have to be capable of making qualified decisions on your own and express your wishes and notions to your employees. It is brilliant when you involve your employees in the decision-making way. It ensures trust and transparency and improves loyalty and upliftment.
• Basic commercial knowledge: As a self-employed individual, work such as bookkeeping or cost-accounting is part of your everyday life. Likewise, you alone decide on the pricing of your products or services. If you do not have the necessary understanding here, take advantage of the opportunity to train yourself before setting up a company with your business idea.

Do I have suitable professional and personal characteristics?

The step into self-employment opens up great prospects:

• Being your boss.
• Putting every euro into your coffers.
• Enjoying more freedom.
• The chance to earn very well.

But the greatest motivation should be your business idea.

The idea is there! And now? Test whether you have what it requires to be a founder, both personally and professionally.

Find a business idea.

Without a business idea, it is not possible to start a company. After all, you need to know what products or services you are trying to sell. Here are ten ways you can discover your business idea:

• Solving problems: Look specifically for issues that you can solve with your business idea. An example would be the – unfortunately already invented – can opener for left-handers.
• 3-6-5 method: You need six people and six sheets of paper. Provide each sheet with a table with three columns and six rows. In the first round, each participant writes three ideas in the first line. Then he passes the sheet to the right. 

Now the new owner of the sheet develops the ideas in the next column. Pass the leaves on until all the crevices are filled. You will be surprised how many theories have accumulated.

• Observe and analyze trends: Other founders and established companies also only cook with water. Observing trends and using them for inspiration or jumping on current trends is part of the business.
• Adopting ideas: Many good ideas have long since established themselves in other countries. Take the chance and develop such phenomena here as your founding idea.
• Franchise: Why look for good business ideas when companies let you participate in proven and established business concepts?
• Buying a company: Many entrepreneurs are looking for a successor—an already existing company scores with a customer base, employees, and suppliers. Business premises and equipment are also available.
• Buy a business idea: Some people have so many business ideas that they even sell them. Creating business ideas is the real business idea; others do not dare to pursue their concept or lack suitability.
• Inventors’ fairs: A source of inspiration gushes here too.
• Become a co-founder: You don’t have a good business idea, but you have qualifications, experience, and start-up capital. Then team up with a founder who lacks these qualities.
• Internet search engines: The banalest tip is at the end. On the Internet, you will find countless pages from Germany and abroad that present a business model. Maybe there is something for you.

The right business idea

The right idea is the basis for all business start-ups. There are the following options:

• implement your business idea
• become self-employed with a franchise model
• take over an existing company

You can find business ideas on start-up portals on the Internet, at start-up meetings and regular start-up meetings, and spontaneously in everyday life.

With a new business idea, the chances of success are completely in your hands. It means that you freely switch and control within the framework of the legal requirements; to do this, however, you have to take on all the tasks yourself. From the company’s establishment through the work processes to marketing – no element of the respective process chains has been worked out in advance and has already proven itself.

With a franchise business, a lot of decisions are eliminated.

The contract partner has created a successful concept that you “only” implement in your company. On the other hand, it is difficult or impossible to introduce and implement your ideas.

It is similar to the takeover. You benefit from an operating company with experienced employees and a permanent customer base. 

We can only make changes carefully here.

Regardless of which path you choose, it depends a lot on the implementation. The best trade concept is doomed if you make fundamental mistakes or choose the wrong place or time to start your business. Get the support of professionals.

The IHK Munich is a strong partner in every life and economic situation. Take advantage of our offers; Our experienced employees and speakers are at your side with advice and support in the following ways:

• Entry information
• Founder seminars
• Start-up advice
• Information on funding and funding.

Is my business idea marketable for self-employment?

Get inspiration for ideas on the start-up platform. The start-up platform is an initiative of the Federal Ministry for Economic Affairs and Energy and KfW, implemented by the partner BusinessPilot.

Many growing founders get into euphoria in the primary days or weeks after a supposedly charming idea. You see the possibilities through rainbow glasses and develop the initial idea further without thinking about obstructions such as a lack of start-up capital or an absence of demand.

If you have a supposedly smart business idea, try to evaluate the opportunities for success based on various principles.

 Ask yourself the following queries, among others:

• How persuaded are you of your business strategy? Only those who are dedicated to their ideas can motivate others.
• Does your service or product idea rapidly attract the positive attention of clients when they hear about it? Have you conferred your business idea to a person you confide in or to a close friend?
• Does your business idea have the capability to conquer national or international markets, or does the offer remain limited to a local area?
• Business ideas with a unique selling proposition are particularly rare. Would you be the sole provider, or are there already providers with identical concepts?
• How much time do you require to realize your dream of self-employment? Can you get started in a few weeks or months, or does it take years and years of build-up?
• Many entrepreneurs achieve a not irrelevant share of sales with services or products they offer to match the actual product. Does your business theory allow so-called up- or cross-selling?
• How big is the risk that you will only generate small profits or even have to reimburse for losses?
• Are you reliant on just one or a few clients with your business model? Then the risk is huge that minor go down in sales on the part of the partner proceeds to your bankruptcy.
• Does your business plan work without you as the founder? Does it provide the opportunity to sell to an investor?
• Do the needs for the implementation of your business idea compare to your strengths?
• Do you have a source to apply for your business idea, for example, customer base, suppliers, or business partners?
• Are you looking ahead to the tasks that the establishment of a company after this business idea encompasses?
• What purchasing power does the target group require to have? Services or products that can be presented in different designs and thus price variables are ideal.
• With the absence of marketing on the Internet, business start-ups will not be successful nowadays. Are there any good keywords that will attract search engine users to your presentation?

Developing Business Notions

A brilliant business idea is viable and suits you, but business ideas do not yet make a successful founder. Therefore, you should develop business ideas. It ensures that you achieve your full potential and stand behind your theory.

Use various creativity techniques or the proven ‘Ansoff product-market matrix’ to strategically develop the latest business models. In a start-up seminar, you will receive a comprehensive overview of the possibilities. 

Are you ready to build your business idea a reality?

Before you register actions with the trade office or apply for a tax number at the tax office as a freelancer, think twice about whether you have considered everything to do with setting up a company. The following questions will guide you not to forget any critical point:-

• Do you perfectly assess the risks of your business theory?
• Have you realistically calculated the required start-up capital?
• Has the business strategy been drawn up, and does it clearly show your personal and professional qualifications as well as your start-up idea?
• Do you know which approvals, certificates, and permits you need, for example, catering training from the Chamber of Industry and Commerce, master craftsman’s certification, etc.?
• Have you considered corporate and private insurance (health insurance, company liability insurance, old-age provision, etc.?
• Is the required capital feasible from your resources, or do you need financing? Which financing options can you apply (start-up grant, promotional loan, & more.)?
• Have you learned your (tax) legal obligations?
• Are there any negative entries in credit agencies (e.g., SCHUFA) or official directories (directory of debtors or certificates of good conduct)?
• Is there still a need for guidance?

Those who meet the personal and professional eligibilities and carefully prepare the step into self-employment have the chance to become successful with their idea.

How can a business notion be tested?

Firstly, do you think you have a brilliant business idea? You can test your economic concept as part of a self-started crowdfunding initiative. With the test of your trading idea, you kill two birds with one stone: You receive meaningful feedback from strangers of different origins and backgrounds. If the test is successful, you collect the start-up capital for the business idea. 

A good way to test your business idea and at the same time get the company's financing going is crowdfunding:

The term crowdfunding, as a German term, means group financing or swarm financing. Traditional crowdfunding works like this:

You create a project on a crowdfunding platform. There you present your business idea as well as yourself and your strengths. You enter a EUR amount as a financing target and determine your supporters’ consideration (e.g., a free product). You also define the timeframe in which you collect money.

Now we have to wait and see. The potential supporters see your business idea compared to many other people who want to start a business. If your business concept can pass, convince viewers will pay you money into an account named the crowdfunding platform.

Conclusion

At the end of the pre-determined timeframe, you will see whether you have been successful. If you have convinced enough users of the platform and the required sum is reached, you have not only collected the start-up capital. You also know that your theory is exceptionally compelling and has potential. If you do not match the desired target amount, the money will go back to the supporters – and you will gain important insights.

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