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Generating Online Business Ideas for Your New Business!

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What are your favourite online business ideas? Some people, when they get bitten by the entrepreneurial bug, know exactly what they want to do.  Many, many others though, struggle to pin down their choices, they just know that they want to own their own small business.

creating an online home business

Do you know what is your business going to be?  

The first thing you should do when you are working out which online business ideas appeal to you is to do a little bit of self-analysis.  Get some paper and a pen and write down everything you love doing.

Think about those times when you get so engrossed in something that you lose track of time.  

Think about your past experiences, are there any area of your personal or professional life that you are knowledgeable about?  

What expertise do you have that you could share with other online?  It doesn't have to be a commercial idea - my first money making site was about knitting!  

It is important that you spend a bit of time generating several online business idea for further investigation.  If you settle on one to soon, you might find after doing some market research that it is not really viable.  If you have two or three business ideas, you can compare the results and make a select based on more complete information.

So what are some of the methods of generating online business ideas?

Nine Methods of Generating Online Business Ideas

1: Can you turn the skills or knowledge you already have into a business?

One way of generating a business ideas is to investigate your current skill set. Do you have existing skills or experience that you could translate into a small business venture?

Are you the type that wakes up in the middle of the night with a brilliant idea for a new product or service? Is there something that you have always thought would be handy if only someone would make it? It could be that inventing a new product or service could be your small business idea.

It might mean doing the same thing you are doing  now, but instead of doing it for a wage, you work for yourself.  Or it could be something completely different.  To investigate this option, take some time to consider what you have in your skill set that other people need or want.  If there is real demand, you might be able to create a business with those skills.

2: Can you take an existing product or service and make it more appealing (i.e., value adding?)

Do you know how to make a better mouse trap?  A bit cliche-ic, I know, but if you do know of a way to improve an existing product or service in a way that would wow your potential customers, this option is probably well worth looking at.

3: Does buying an existing online business appeal to you?

If you can find a good online business that is reasonably priced and has room for improvement, buying an existing business can mean that the start-up phase of your small business may be a bit easier than starting from scratch. The products or services will be (hopefully) well developed with an existing customer base.

But you need to be careful.  Not all aspects of an online business are always visible, there may be critical applications or accounts behind the scenes that are not obvious to the casual observer.  If you are considered an existing online business, take the time to ask questions about how it all works, where they source their products and what services they use to support their online business.

4: What about Network Marketing?

Thinking it might be easier to adopt someone else's small business idea? 

Networking Companies offer an established business model and training and support for their independent distributors.

The contract conditions vary from one networking company to another and some are more equitable than others.

So if you do decide on a network marketing business, read the fine print very carefully, and get independent advice before signing up!

Click  here for more information on online network marketing

5: Doing What You Love!

One way of generating a business idea is to look at the things you love to do. Could you turn your Hobby into a small business? If you are into a particular sport, it may be that you can develop a business model based on your knowledge about the sport.

Do you have a passion for something you do in your current job? You may have saleable skills that you can translate into a small business on a freelance basis?

6: Business to Business

There are almost an infinite number of possibilities for a successful small business in the business-to-business area. Are you or could you be a bookkeeper? Do you know your way around desk-top publishing software?

What about using your writing skills to edit and proof-read Business publications? Or perhaps you could use your organizational skills as a Virtual Assistant.

7: Personal Services

Do you like people? Personal services business are exactly that, businesses that provide personal services for busy people, unwell or unfit people, children, etc.

Some of the services are specialized, like Financial Planning or Professional Catering, and require the business owner to have the appropriate skills and experience.

Other personal services, like Dog Walking or Errand Services, require less training and are relatively inexpensive to set up. 

You can easily get this kind of business online using local directories, social media or a static online brochure style website.  You can even automate bookings and accept payments online for new and existing clients.  

Click here for more information on Generating Leads Online for an Offline Business

8: Product Sales

Is there a particular product or range of products that interest you?

I particularly like books, small business books, psychology books, self-help books, science fiction books, and biographies, to name just a few.  

A little online bookshop would hold my interest for a very, very long time.  And as you may have found wandering through this site, I did have a lot of fun operating an online knitting supplies store at one time.

How about you? Could one of your favorite products be the basis of one of your online business ideas?

Click here for more information on eCommerce Online Businesses

9: Online Content Marketing Businesses

I am not talking about Get Rich Quick (GRQ) businesses here. There are literally thousands of them on the net, all clammering for your credit card details promising untold riches for no effort on your part.

If this appeals to you, go and buy yourself a lottery ticket. You have more chance of winning the lottery than making money with a GRQ scheme.

Having said that, there are many legitimate ways to build a successful business online, but they all take just as much, if not more work than an offline business.

Click here for more information on Content Marketing Online Businesses

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