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30 Do’s And 20 Don’ts In Starting A Small Business

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Thursday, August 23, 2012

The Worst And Best Startup Ideas

Worst and best start-up ideas depends on the location and environment where you'll be starting the business. In any business initiative program, it is best that you first consider the location and the market personality before jumping into conclusion whether a business or start-up idea is worst or not. For example, if the location is populated by health buffs and health conscious individuals, then no matter how many magazines or reviews point out that exercise and workout studios is a no- no, it might just work in that area.

The key here is to conduct a market research and evaluation to determine the best possible business idea that would work or succeed in that particular type of environment. Now, let's say that you have a business idea in mind (e.x. high-end restaurants), you need to find or locate the market niche where this business would really flourish and develop patrons and loyal customers.

Like what I've said earlier, there is no specific "best or worst" business idea. Others might say that "this is a good business" this year, but after some years it would just go bankrupt and all. It is best that you stick with a business that you like and love doing. After that, everything else would follow.

That said ... Kenneth Larson, a volunteer counselor with SCORE and Micro Mentor the last 6 years, considers these the worst and best startup ideas in his experience....

WORST

** Franchises
** Exercise Studios
** High End Restaurants
** Travel Agencies
** Construction and Real Estate Related Enterprises

BEST

**On line administrative assistant
** Services to the elderly- transportation, errands etc
** Pet Care and Training Services
** Federal government contracting to tap stimulus funding coming through 123 federal agencies in almost every field of endeavor
** "GREEN " Environmental initiatives in almost every venue
** Maintenance, Repair and upkeep of foreclosed properties
** Non-profit organizations for community development chasing grants
** Self-Help Guides for Business
** Training on all aspects of small business Management
** On-line Books

Successful small businesses are developing enterprises in these fields through market research and business plans to deliver unique products and services - then pricing them and comparing them to the existing market, the competition and client demographics to determine feasibility before applying for financing and launching an enterprise.

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