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Types of Businesses to Start

How To Go From A Clever Idea To A Viable Moneymaker

Unique ideas can work. But they need to be commercially viable, with the ability to be scaled and leveraged to handle increased volume and growth.

Harry Welby-Cooke

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One of the advantages of being a business coach is the opportunity to work with a lot of different businesses and business concepts, seeing what works and what doesn’t. I’ve been involved in a lot of different, unique and unconventional businesses from ladies fashion to premium dog food.

One of the more unconventional businesses we’ve worked with lately has been a South African company called the Liza Clifford Bra Fitting Studio — a niche company that addresses a need many women have: To find the perfect-fitting bra.

While Liza’s concept was an immediate success with customers, her issue, like that of most idea-driven business owners, was finding a way to make her idea commercially viable and sustainable, shifting responses to it from “That’s a great idea. I’d buy that!” to “That’s a great idea. Here’s my money!”

Related: 10 Business Ideas Ready To Launch!

A Systemised Model

Once that happens, you need to organise your entrepreneurial undertaking into a systemised model that gives you predictable results.

What does that mean? The business can run without you. This simply means there are systems and processes that drive the business, and if anything were to happen to the owner, the business could continue to grow because the business plan, growth strategies and day-to-day ‘default activities’ are on paper and shared with a team, not in the owner’s head.

This also helps deliver the concept consistently to create personalised customer experiences.

Systemisation doesn’t stifle personal creativity or service; it helps define and give parameters for the team to treat every client individually within the context of the company’s values and culture.

In Liza’s case, while each one of her customers is treated to the same private-fitting process that is consistent and repeatable, it is in reality an individualised experience for her clientele.

Related: Simple Money-Making Ideas for Entrepreneurs

Focus On What’s Measurable

Ideas can be nebulous and fuzzy. Numbers, meanwhile, are objective. How many customers at what price points produce profit? What profit margins are needed to sustain growth? How much business can be referral-based to reduce outside marketing spend?

Once those numbers are known, you can be very clear about what you need to do and what you need to pass on every day to be successful. For example, the proper training around a simple retail script can increase daily sales exponentially. Not buying the online discounted ad programme could save resources you need to buy new products. You can only manage what you know in order to measure for the results you need.

Related: How To Start A Side Hustle Without Quitting Your Day Job

Growth Is A Must

Room for growth is built into the company’s structure. Growth isn’t an option for being in business. It’s a necessity. Even if your goal is to be a home-based consultant or you want to manage and control your growth, you will need to get new customers to replace those who move on.

However, if your goal is loftier — such as multiple units, national expansion, franchising — you’ll need to document your processes to multiply and leverage your business concept.

The biggest reason businesses fail isn’t lack of capital, but rather lack of knowledge. Having an idea for a business is great, but knowing the difference between a good idea and a good commercial idea is literally money in the bank.

Harry Welby-Cooke is the Master Licensee for ActionCOACH South Africa. He is also the President of COMENSA (Coaches and Mentors Association of South Africa). ActionCOACH is the world’s largest executive and business coaching company with operations in 39 countries. It is also on the list of the top 100 franchises globally. As a highly successful Business and Executive coach, Harry is a master of teaching business owners how to turn their businesses around and accelerate their growth. Email him at harrywelbycooke@actioncoach.com or call 0861 226 224

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Types of Businesses to Start

10 Businesses You Can Start Part-Time

Find your perfect match for a successful part-time start-up.

Nadine Todd

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Start your part-time business today

Contents

  1. Public Relations
  2. Freelance Photography
  3. Corporate Videos
  4. Small Business Advertising Agency
  5. Writing, Editing and Proofreading Services
  6. Internet Marketing Consultant
  7. Web Design
  8. Tax Accountant
  9. Business Consultant
  10. Business Plan Consultant

Launching a company – even if it’s operated part-time – is all about drawing on your skills, talents and interests to create a viable business. What you know and what you’re good at form a good basis for a part-time business because these companies either become an extension of what you enjoy doing most or they are based on your strengths.

Working part-time while still maintaining a permanent job is time consuming and often exhausting, so choosing what you take pleasure in or are good at can keep you focused and motivated. The right fit is important when it comes to launching a part-time business. Selling a service rather than a product does not require large start-up costs, which means you can grow your business without financing until it becomes self-sustaining.

Are you looking for a business that you can launch in next to no time?

Read: 10 Business Ideas Ready To Launch!

Corporate Communications & Promotions

Corporate communications covers a host of areas, mainly because this is the sector that takes care of how companies look to the outside world – something that is very definitely a service, but also that is not often taken care of in-house.

If you can write, edit, have a knack for advertising, can take photographs or create promotional and corporate videos, you can offer your services part-time to companies both large and small that are in need of these services.

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Types of Businesses to Start

10 Business Ideas Ready To Launch!

Where do you find a good business idea? Right here. Here you’ll find several innovative business ideas that are ripe for plucking.

GG van Rooyen

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Where do you find a brilliant business idea?

It’s not as hard as it may seem at first. In fact, the idea is arguably not all that important. There’s a reason investors talk about backing the jockey and not the horse: It’s often not about the idea, but the execution.

A great entrepreneur can turn even a mediocre idea into a success; all that’s needed is a USP and great customer service.

That said, some ideas are undoubtedly better than others. And some businesses are easier to get off the ground. In the following pages you’ll find a curated list of business ideas that have reached a point where they’re just waiting to be exploited.

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Types of Businesses to Start

The 10 Best New-Age Business Ideas You Haven’t Heard About Yet

Creating the company of your dreams often begins with learning more about something completely new to you.

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You don’t have to over-utilise iPads and smartphones to transform your business into a modern one. Connecting with newer generations is easy when you take advantage of the cool, in-demand ideas at your fingertips.

Here are 10 new-age business ideas to get you started.

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