I Want to Start a Business But Have No Ideas Reddit: Many people want to start their own business but have no idea what to do or what kind of business to start. Fortunately, there are plenty of places where you can look for inspiration on what to do and where you can ask other business owners about what they’ve done and how they’ve succeeded.
I Want to Start a Business But Have No Ideas Reddit
Reddit may not be as well-known as some of the other websites out there, but it’s one of the most useful places to go if you want information on how to get started with your own business.
Step 1: Don’t rush into it
Take your time. If you rush into starting a business, you may find yourself setting up shop before you’ve worked out all of your ideas and strategies. If that happens, your plan will likely fail—and so will your business. Spend as much time as necessary working on a viable business plan—not just an idea, but also an actual game plan for what needs to happen next. When you have that in place, it’s time to start moving forward with actual steps toward the launch date.
You can work on getting funding at any point during that process, but don’t worry about funding until you have a solid business plan in place. Funding is something to think about once you know exactly how your company will operate, who it will serve, and how it will reach those people. And if you are going to seek funding from investors or venture capitalists, don’t forget they want more than just an idea: They want proof that your company has legs.
That means conducting market research, testing demand for your product or service (ideally by launching a minimum viable product first) and figuring out how much money you’ll need to get off the ground successfully—and then proving those numbers are realistic by showing investors how they can be reached with reasonable effort over a realistic timeline.
Step 2: Do Market Research
Learning more about your target market will help you define who your ideal customer is and what their problems are. For example, if you’re thinking of starting a business that caters to college students, figure out which cities college students flock to and start building your reputation there.
If you’re thinking of selling pet supplies online, build relationships with pet shelters and veterinarians in order to get information on what pet owners like or dislike about products. There are plenty of places where you can research different markets: industry websites, forums, social media channels such as Twitter or Facebook, and even niche-specific magazines.
Step 3: Checklist for Starting a Business
What do you need? A business plan: How can you get your idea off the ground without writing down every single step you’ll take? You can’t. The good news is that it isn’t really as difficult or time-consuming as it might seem at first. Even if you have no entrepreneurial experience, coming up with an effective business plan doesn’t have to be hard. Start by building a team of advisers and mentors—and let them lead.
Your board of directors will be responsible for ensuring that your business adheres to best practices and works toward goals set by your company’s mission statement (see Step 1). Choose colleagues whose skills complement yours—both in their industry knowledge and in their opinions.
Step 4: Build your network and collaborate with like-minded people
If you’re serious about your venture, start networking with like-minded people in your community, where you live, or online. Are there other local artists doing what you want to do? Do they have any advice for getting started?
(Note: don’t be afraid of collaborating with others; it doesn’t make you less of an artist, and making friends is great for morale). Your career is going to be full of unexpected twists and turns—you can’t know everything. You never know when someone will come along who can help you out or introduce you to someone else who can. That said…
Step 5: Know what you need
You don’t need money or employees to start an internet business; you just need time and skills. However, depending on what you want to do, you might need help from others that have experience in that area. I’ll cover how you can gain those skills later in Part 3: Take Action.
For now, let’s talk about what it takes to get started online. This depends on what your goal is for starting a business online: are you looking for passive income or do you want to create something entirely new? Don’t worry; there are options no matter what your long-term plan is. Let me explain
Step 6: Choose an industry and target audience
One of my favorite pieces of advice I give in business school is, Tighten your target. In other words, don’t try to appeal to everyone. Targeting a niche is important because it allows you to tailor your product or service so that you are appealing directly to their specific wants and needs (and can charge more for it).
Having a laser-like focus on what exactly your audience needs makes marketing more effective and easier over time. The more specifics you include in your post (and related activities), the better you will be able to build and target an online audience that could one day be customers for your business or clientele for freelance services.
Step 7: Define your competitive advantage
Okay, you know what business you want to start. The next step is to define what your competitive advantage will be. What makes your business different from others of its kind? Why should people buy from you instead of your competition?
Your competitive advantage can be anything: superior quality, great customer service, unique product offerings, or low prices. Write down three points for each one that describes why someone would choose your business over others. Here are a few examples
Step 8: Get used to failure
Getting used to failure sounds odd but it’s absolutely true. Anyone can google how do I start my own business? and read success stories of people who started businesses with $200, got their first customer after a month or two, turned it into a six-figure business in 18 months, etc. Those people exist; they’re outliers. As Sir Richard Branson said: If you want to succeed you have to expect to fail.
The biggest difference between successful entrepreneurs and unsuccessful ones is that successful ones go on to try again. It doesn’t matter if your idea failed; what matters is that you didn’t give up. You learned from your mistakes, tweaked your idea, and tried again. What did Einstein say about doing something for 10 years if it didn’t work out? If at first, you don’t succeed, try again!
Step 9.1) Learn from others’ mistakes (Recommended)
Being an entrepreneur is hard, and it’s often difficult to know where to begin. Most people don’t have mentors, so they make all kinds of mistakes (many expensive ones) when first starting out. The best way to learn how not to do things is by doing them yourself, but there are some things you can avoid in particular by learning from others’ mistakes instead.
When looking for lessons that others have learned, look for communities and websites where entrepreneurs share their experiences—LinkedIn forums are a great example. If you’re not sure where else to start, try asking your friends or family members if they know anyone who started a business. If nothing else, networking with people who want what you’re selling is one of the best ways of finding new ideas and customers.
Step 9.2) Learn from your own mistakes (Must do)
Entrepreneurship is a learning process and if you don’t make mistakes along the way, then you probably aren’t trying enough things. One of my favorite entrepreneurial quotes about failure comes from Thomas Edison, who said: I have not failed. I’ve just found 10,000 ways that won’t work.
The only way to learn what works is by doing something—and when you inevitably encounter challenges or setbacks, remember that those are actually lessons that will help in your next endeavor. It’s important to take these experiences as opportunities for growth rather than failures. If you keep trying new things and learning from your mistakes, eventually you’ll find success!
Step 10) Plan, plan, plan
One of my favorite quotes about entrepreneurship comes from Warren Buffett: Rule number one: never lose money. Rule number two: don’t forget rule number one. In other words, before you start spending money, make sure you have a plan that includes how much your product or service will cost and how much it will sell for—and stick to that plan no matter what.
A common mistake people make when they’re first starting out is deviating from their budget by overspending on inventory or new equipment without seeing if there’s demand for what they’re selling. If there isn’t, your cash could go down in flames. Starting out with a detailed game plan makes it easier to keep track of costs and avoid going into debt.
Here are some ways you can start your business with no money: Find a product/service that people need and want, that has little competition. Position yourself as an expert in your niche and promote yourself in it. Find creative ways to market what you offer without spending money.
Every great business idea starts with some simple research. Look at what’s currently out there, see if anything is lacking, then find a new way to make it better.
If you’re smart about your research and thinking about your business plan, everything else will fall into place. You’ll be on your way from starting a business idea to executing it! Good luck!