After all these calculations for my ETF asset allocation model, I have decided to leave the ETF world for a moment to go back into another area of experimentation; Business Start Ups! Between a struggling economy and employers always looking to get more from their employee while paying less, starting up a small business on the side seems like a logical alternative. Getting a start up business idea will definitely be the first step to financial independence.
When I started up my web business, the goal was to eventually reach financial freedom. I wanted to create a business big enough to sustain all of my basic financial needs. While I am not there yet (I can’t quit my day job to live solely from my online income, yet), I have reached another level of freedom; I am not dependant of my employer anymore. Having an MBA combined with a side income gives me the possibility to sleep well at night and not having to worry about losing my job.
We hear a lot of stories like mine. Some of them are even better because the start up business leads directly to financial independence. But before dreaming of working with a laptop on the beach, one must find his start up business idea. I’ve started to think about where I get all my ideas and they come from 3 specific places. Here they are;
Start Up Business Ideas – Where To Get Them
A) Solve a Problem – Start Up Business Ideas from Problems
The first place where to get start up business ideas is to look at problems and ways to solve them. For example, I have noticed that many people are financially uneducated. This is why I have decided to share my financial knowledge and try to help them. My start up business idea came from a real problem; people don’t know much about finance and finance is important. The way I am trying to solve this problem is to write about financial strategies on different websites.
Finding start up business ideas based on solving problems is quite easy as we encounter annoying things in our lifes every day. The key is to be aware of these problems and try to find solution to them.
B) Comfort a Fear – Start Up Business Ideas from Fear
We are all afraid of something. Some people are afraid to get robbed (home security system), some others are concerned about being overweight (Açai berries, exercise machines, etc.). If you find a way to relieve people of their fears, you will have something that people are willing to pay for.
The best way to design a start up business idea from a fear is to start from something that YOU are not afraid but that people around you are. Why? Because you probably know the how to comfort others and relieve them of it ;-).
C) What is Your Passion? Start Up Business Ideas from Passion
This is my favorite way to find a start up business idea. Think about what you love in life. Most of the time, you know more about this topic than most people around you. Your goal then is not to become the most knowledgeable individual on the planet about this topic, but to share what you know with young people starting up.
I love writing and I love finance. What do I do? I have started up a business that enables me to help younger personal finance bloggers to grow their blogs and make money online. This is my start up business idea; beginning from my passion for writing to transmit my knowledge and methods to others. There are tons of bigger bloggers than me in the blogosphere. However, it doesn’t mean that my tips are not good for a young blogger. This can be applied to any kind of topic from gardening to mechanics.
So What is YOUR start up business idea?