Do you want to be your own boss, but don’t know where to start? This guide will help you come up with ideas for starting your own business. There are several tried and tested business idea generators and you should try all of them before making your final decision; you never know what he will come up with.

Use your current skills, talents, or knowledge

This is one of the quickest and easiest ways to start a business, as you will already be familiar with the product or service that you would like to sell. The people around you have already started their own businesses in this way. Plumbers, electricians, beauty therapists, builders, architects, and veterinarians have used the skills they have learned while working to get others to start their own business. This idea is not just limited to trained professionals. You could, for example, open a newsstand if you’ve worked at one for years and know how they work. However, if you are familiar with financial products, you could offer your services as a financial advisor.

Hobbies can also be a good starting point for a business. You can turn your passion for knitting into a lucrative business, selling your wares in local markets or making garments to order.

If you don’t already have a hobby skill that you think you could turn into a business, you can always consider learning one. Evening classes or home study courses are perfect for this as they won’t interfere with your daily routine.

Use existing business ideas and methods

You don’t have to reinvent the wheel, use an idea that already works. Many people think that your idea has to be unique, but that is not true. Think about how many sandwich shops you know. Are any of them very different from the rest? Most sell cheese, ham, salad, tuna, etc., the usual suspects in any sandwich shop, and still succeed. Sometimes it can be more a question of demand, if there is enough demand for sandwich shops then there is no reason why yours cannot be as popular and successful as the others. Of course, the great advantage of taking an idea that is already in use is that you know it works. You can be sure that there is interest in the product, you just have to figure out how to get people who already use it to come to you instead of your usual supplier. This can be by finding a new angle or offering special offers, etc.

Buy existing businesses

If you have a little more money to work with, buying a business can be a great way to become your own boss. It usually costs more because you are buying more. You will probably be buying, among other things:

• the goodwill of the trade name
• an established customer base
• local
• stocks
• vehicles

It is normal that you expect to pay more for a business that is already established. In reality, you are paying for the effort and hard work of the previous owner. They have done the groundwork for you, now all you need to do is keep building it. You should be able to make a profit from the first trading day.

Buy a franchise

Very similar to buying an ongoing business; however, you will simply buy the rights to trade under that name (the franchise) for a fixed period of time. Owning the franchise allows you to use:

• the commercial name
• the goodwill attached to that name
• the customer base that accompanies you
• the tested and proven business practices and methods used by the company

Most franchises also offer:

• help with the choice of suitable premises
• advertising materials, including general marketing support
• assistance and advice in commissioning
• any additional training required.

Owning a franchise has its restrictions, you will have to:

• maintain any uniforms already associated with the brand
• keep the same products or service options
• use the prices established by the franchise
• use company brand products

So finding a business idea is not as difficult as it sounds. Just look around for inspiration, be sure to do your research, and if possible, get the inside scoop on what it’s like to run the type of business you’re thinking about before making your final decision.