Ready to begin your entrepreneurial journey with a side-business?
Thinking of a side-business idea that is right for you doesn’t have to be tough
I am here to show you how.
Hey. I”m Mike Nesselbeck, internet entrepreneur, founder of Business Idea Insight and side-business coach.
It’s great to meet you.
I built Business Idea Insight to share with you what I’ve learned in my journey to think of great business ideas.
In the beginning I used to spend hours searching Google for business ideas, only to find I’d waste my time. I was looking for the perfect business idea, but every time I sat down at the computer I couldn’t seem to find “the right idea” for me. This went on for years. Finally, after I finally opened up to my friends and family and told them about my dilemma, they helpmed me realize that there never will be “right idea”.
So I set myself on a mission. I spent years studying and applying entrepreneurial concepts, from attending entrepreneurial camps, specializing in entrepreneurship studies, and ultimately developing and launching my own award-winning business ideas.
Now I share everything I know on Business Idea Insight to make sure you don’t have to waste years trying to find the perfect business idea
Now Mike wants to share his passion, knowledge, and experience. He wants to empower you, the aspiring entrepreneur, with the confidence to pursue your own dreams to succeed with a side business.
If no more business idea frustrations and headaches sound like something you’d like, you’re in the right place, and I am so glad we connected. Let’s get into how you can start a side business that will bring you the financial freedom you deserve.
Why business ideas are important
Many entrepreneurs out there may claim that business ideas are not important.
But, I’d argue that these people are very WRONG!
The business idea is key to the success of the business. It is true that ideas are easy to think of than it is to execute on the idea, but the idea itself is very important for many reasons.
Passion is important
The first reason why spending time on your business idea is important is because you need to incorporate passion into your idea. If you just run with any business idea you come up with, you may not have the passion and motivation to continue on with the idea in tough times (as every entrepreneur faces these).
Unique ideas are needed
Secondly, when you spend time thinking of an idea, you can make sure it is unique compared to the competition. This will help you significantly when it comes to standing out from the market, allowing you to have a sustainable business that isn’t going to drown in competition.
Ideas you can launch
Lastly, working on your idea allows you to create and develop a business idea that fits your lifestyle and goals. Many new and aspiring entrepreneurs come up with business ideas that don’t fit their lifestyle goals.
Time spent on your idea is important… Here is why.
As you can see, spending time on your business idea can make the world of a difference when you go to launch it. You can also see why the business idea is important as a whole, as it really makes up the whole business and vision.
Let’s look at an example to wrap this all together. You are your friend are both coming up with business ideas. Your friend has the mindset that business ideas are important, and you need to spend time on them to be successful. While you possess a mindset that you don’t care what the idea is, it’s just all about execution.
Well after you’ve both come up with business ideas and you’ve launched them, who’s do you think will be successful? Your friend has taken the time to make sure the idea:
- Fits his goals and where he wants to take his company
- Has a market that he determined through his business idea development phase
- Is passionate about the idea so he won’t simply give up on it when the going gets tough
- He is actually able to launch it when the time comes because he has the passion, strengths, and resources to do so.
Why should you become an entrepreneur?
If you’re wondering, should I become an entrepreneur? Is it right for me? Well in this section we are going to answer those questions.
Entrepreneurship isn’t for everybody, but if you’ve found yourself here already, then it most likely is your chosen path. There are multiple reasons why someone would want to become an entrepreneur such as:
Get to control how much they make
Gain financial freedom in your life. As an entrepreneur, the business idea and your execution can dictate how much you make. Once you get your company off the ground and making revenue, you can choose if you want to work more and try to generate more profits, or work less and see if you can maintain that revenue level. Ultimately, getting to control how much you make in the end.
Get to make a difference in people’s lives
Starting and running a business lets you provide value to people through a product or service, and betters their lives. Every business solves a problem or enhances your life in some way. And as an entrepreneur, you can go to bed happy at night that you are making a difference.
You’re building something you can sell later
Unlike when you work for someone and are helping build a company that someone else can sell down the road, you are building something for yourself. And, you have the potential to sell the business down the road.
Be your own boss
Ever had those weeks where you wanted to only put in a few hours of work one day and then pull a 12 hour shift the next? Well, when you choose to run a side-business, you have that choice. You don’t have anyone nagging you to do things a certain way, it can be done your way that you think will add the msot value to clients.
Why should you start with a side-business?
There are significant benefits to starting a side-business instead of going full-time. Here are a few benefits:
The risk and reward trade off is a major part of starting a business. And when you launch your business on the side you are able to lower that over risk, while only foregoing some of that reward in the short term. By taking a smaller risk, it will also be able for you to succeed as a new or aspiring entrepreneur.
The second income you have from your day job will significantly lower the risk involved in starting a side business, because you don’t have to rely on your savings, investors or business profits for a salary. The second income will make sure you can still afford a place to live and food.
Avoiding dependence on your savings will afford you a long runway when you’re just starting out, as a savings account will have a limited amount of money that you can work with. And doesn’t guarantee you enough runway to make sure your venture is successful.
Money for investment and start up costs
When you start a business on the side, you are able to choose a business idea that is low cost and you are able to fund this business as you have a day job. You’ll have money to save up so you have enough start up capital, even if that’s a few hundred dollars. And there is no business you can start with $0, all businesses take some type of investment, even if that is registering your company name with the correct city or government.
Lower Initial Start-up costs
By starting a business on the side and not full time, you also lower your start up costs. This is because you can usually work from home and you don’t need to rent any office space. No overhead costs means saving lots of money as rent or buildings can be a big expenditure for a new business. Also, doing everything yourself in the beginning will keep costs low while you begin to generate your first revenues. Both of these aspects can significantly lower your start up costs.
Check out the video below for all the details about why you should start a side business, or read the article here.
So now that we’ve laid the foundation… what are you looking for?
Need help getting started thinking of business ideas?
If you’ve been scouring the internet looking for help and strategies to find and think of unique business ideas, you’ve found the final place. We have several business idea exercises so you can start thinking of business ideas today.
Finding business ideas from trends
Trends can be a great indicator for what industries you should be thinking about when it comes to your business ideas. They also can present great opportunity for niche business ideas that have strong potential to grown over the coming years.
Learning how to find trends is also an extremely useful skill as a new and aspiring entrepreneur as it can not only help with your business ideas, but it can also help with new product and service variations and changes down the road after you start a business.
Find out how to develop business ideas from trends (as well as find new and upcoming trends) in this guide.
Find business Ideas from Patents
An often overlooked and not discussed way of coming up with business ideas is from patents, both new and expired. Patented inventions made by other inventors can actually be made into viable businesses. There are many reasons an inventor may have not commercialized their patents.
A big one is the capital outlay. The inventor may have spent all their money on getting the invention patented. Another reason is that they may not be very good at business, so they don’t know how to commercial it.
That is where you can come in to buy the patents or work with the inventor to create a great business idea that has potential to make money.
Read the full guide here.
Part 1 of the Business Idea Equation
The business idea equation is a proprietary equation I developed that breaks down a business idea so you can see how a business idea is broken down, and understand each part so you can really develop a business idea that has potential to make money and be successful.
The equation also helps make sure that the business ideas you do develop are ones you can actually launch when you’re ready.
The equation is made up of 3 parts, so be sure to read all three. It will make your journey as a new or aspiring entrepreneur much more clear and structured.
Read about part 1 of the Business Idea Equation.
Want to read about unique business ideas?
Looking to read about unique business ideas that you may actually want to launch? Or, maybe you need ideas for inspiration. Well, at Business Idea Insight, I write about all the business ideas I think of, so you can have inspiration or use them if you wish
If you are looking for specific business ideas to your country, you can check out the lists below:
Business Ideas for the USA
Access the list of business ideas designed and developed for the USA, using credible and reliable research from ground-breaking consulting firms. Even if you are not from the United States, you may want to check out these ideas as you may be able to start one of these in a different country.
Business Ideas for India
Live in India or are looking to start a company there one day? Check out this list of ideas that you could potentially launch. Again, these ideas are backed by credible research on active industries and evolving trends. Read the list here.
Business Ideas for Canada
As someone from Canada, this list of business ideas are developed from both credible global consulting firm research, as well as my own research and considerations from living in this country for 20+ years. If you live in colder countries that have similar demographics to Canada, these ideas may apply to your specific location too.
Looking for more side-business ideas?
Check out this epic list of 100+ business ideas designed for new and aspiring entrepreneurs.
Want case studies about the idea process from successful entrepreneurs?
Learning how successful entrepreneurs thought of and developed their business ideas can save you years and years of effort from the trial and error methods. At Business Idea Insight, I’ve had the opportunity to interview a range
Case Study: How This Graduate Launched His First Business
Learn how a young university graduate launched his first business idea. Through the interview, we dive into specific details of how he thought of, validated, and eventually built a team to launch a company. With no previous entrepreneurial background, he was able to launch a business that is generating revenue.
Read more about how this young 20 something entrepreneur launched Bpzoo – an online platform for quality customized graphics.
Case Study: How These 4 Companies Created Their Successful Business Ideas
This in-depth case study looks at four successful companies based in Vancouver, BC. Each of them has a unique story of how they came up with their business ideas.
From an innovative 3D printing company that goes into the story of how they made their first product in their kitchen, to a business idea started from piggybacking off of Airbnb, there are some great stories in here that can teach you a lot. Check out this in-depth case study about business ideas.
Looking for more help?
Finding The Fit: The Practical Guide on How To Come Up With Side Business Ideas That Fit Your Goals and Lifestyle.
It’s designed to help any new and aspiring entrepreneur understand the fundamentals of a side-business, guide you through how to develop great potential businesses, and then choose one that you can launch. Plus, it includes 60 unique side-business ideas that you can launch or use for inspiration.