Finding Business Ideas

You want to start a venture but you don’t know where to start?
Here 5 short ideas on where you can find business ideas.

1.Look for small opportunities hiding in big changes
A big change could be a social or demographic change such as aging baby boomers(health care) or the rising number of obese youth(sugar-free/fat-free). A business opportunity hiding in this change could be to provide a service targeted at these changing demographic trends.


2.Look to past employment
Was there something the company couldn’t do for their customer? You could fill that need!

3. Look at existing inventions
Look at products and think of how they could be improved
Have you ever thought how to improve a something you use everyday?

4. Look at what people want or need that isn’t being provided
This can come from personal experiences or current issues in the news.

5. Political and regulatory changes...
...could support or subsidize particular types of business activities. Think about the carbon market, farm subsidies, banning of trans-fats.

So there are a few places you can look to find a business idea, good luck!

10 Tips For A Successful Business

1. Have a Growth Plan
Invest time into a well thought out and researched business plan and revisit it before making any decision about growth.

2. Location, location, location
Ensure that your business is in the right location and that you are operating at a size that is the best for your current and future needs.

3. Learn Technical Skills
Choose a business where you will require minimal additional technical skills and business management skills, ie. Choose a business area that you are familiar with.

4. Learn Sales and Marketing Skills
Learn proper selling techniques and ways to market your business to ensure success!

5. Learn Financial Skills
Make sure you have the necessary financial skills for your business ie. An understanding of cash flows and budgeting. Don’t hand over the control to someone else.

6. Define Financial Resources
You need a stable cash flow for growth because it can be a slow process over a number of years. Make sure you forecast your cash flows into the future and monitor them closely.

7. In-depth Market Research
Always know what you competition is doing and market trends so that you can capitalize on these trends and stay ahead of your competition.

8. Don’t Invest in Trendy Businesses
Don’t invest in trendy businesses such as the “low carb trend” without researching their potential longevity or you could get caught in a trend that is on its way out before it is even established

9. Under-project sales, over-project marketing costs:
Be realistic in projecting sales AND the associated costs. It may take up to 3 years to generate a consistent profit. The main point is to stay realistic with your projected numbers.

10. Consult Professionals!
Budget money in your business plan for lawyers, accountants, consultants etc. If you are having problem, ask for help, this is why there are there.

Good Debt VS. Bad Debt

There are two kinds of debt in this world: the kind that costs you money and the kind that makes you money. Each one charges interest, but only one costs you money. Let’s break it up into two main categories:


Bad Debt VS. Good Debt

Let’s start with bad debt.

For the sake of keeping things simple, bad debt can be defined as anything that takes money out of your pocket. Really we’re talking about personal consumption items or expenses that are not spent with the intention of earning you money. For example how does buying:

· A Big Screen TV

· Alcohol

· Or the latest trendy clothing

Put money in your pocket? That’s why we say, bad debt takes money out of your pocket.

Lets now look at good debt.

Good debt is money that is spent with the intent that it will earn you more money then what you put in. Most people do not think of going into debt as a good thing, but really if you are borrowing money at, shall we say 6.5% interest, and you are investing it into, new equipment or real estate and earning a 10% return on that same money, you are really making 3.5% positive cashflow.

That’s why we say good debt puts money into your pocket.

Always ask yourself: will this put money in my pocket or out? If it will, do it more

Partnerships - Planning

FOUR ESSENTIAL QUESTIONS TO ASK BEFORE ENTERING INTO A PARTNERSHIP
1. Is your partner compatible?
2. Is your partner committed?
3. What’s your partners marital status?
4. Who will own how much of the business


1. Compatibility

Your partner should fill your weaknesses. ask yourself is your partner actually going to help?

A partner should be someone you can get along with both in the workplace and outside, but watch out things can get complicated when mixing business with friendship and family.

Ask yourself how you will get through the tough times and still be friends or live in the same house?


2. Commitment

2 types: financial & time commitment.

Will this be a hobby or a serious venture for your partner?

Is your partner willing to invest? How much? Now and in the future if you need it?

3. Partners Marital status

Does your partner have a prenuptial agreement with their spouse? Your partners share in the business can be seen as a “family Asset” by the courts in a divorce.

YOUR business can then be split up and the spouse can end up being and owner in your company


4. Who owns how much of the business?

Consider the relative contributions (money, contacts, expertise, the invention, brains, or time) and commitment of each partner

It could even be the partners NAME if they are well known or trusted.

Write everything out and divvy up ownership in a way where both partners think is fair now and in the future.

FIGURE IT OUT. THEN GO MAKE SOME MONEY!!

Welcome to All

SIFE (Students in Free Enterprise) is a international organization of post-secondary students who seek to create economic opportunities around the globe and educate individuals on entrepreneurship and financial literacy. Education is the path to personal freedom

This video series is meant to aid and encourage individuals to pursue greater economic freedom through their own entrepreneurial aspirations.

Together we can make things better for people around the world.

Feel free to send us your input on these videos or any other related ideas

Please contribute a video by emailing us: sifelessons@gmail.com