Use These Small Business Ideas To Increase Your Income

Certain small business ideas can go a really long way in supplementing your income. With well directed research you can be earning a sizeable amount of extra money every month.

Choose a particular hobby you love intimately and turn it into a small business. A lot of people make the stressful mistake of following the tide and trying to make money the exact same way other people are making it. Take for instance a person’s passion for music. You can very easily open a small music store that is a regular supplier of old and new music.

If you are a passionate dancer you can offer dancing classes for the youth in your neighbourhood. Business is an energy sapping activity and the best way to go at it is by following your heart and not following the tide. If you follow the tide you might all of a sudden find yourself in a situation you hate, all alone and miserable.

As a recognized professional in your field of expertise you can diversify your portfolio and offer services to private clients. An accountant can very easily do the books for fellow friends and family at a low cost. A lawyer can also represent clients with legal battles he or she stumbles upon on a daily basis. At the very core of this effective strategy is a good listening ear. This means you must not only be geared up for exciting social interactions, but be alert for opportunity. The awesome thing about doing this is that you will have the experience to back you up, plus of course your company’s reputation as a proof of your competency.

Open a small store in your neighborhood. This store can be a grocery store, a shop that sells organic vegetables, or even a store that sells electrical goods or other needed items. However, it is very important to talk to your neighbors as a way of finding out what their immediate needs are. Once done, your task will then revolve around providing a crucial service instead of a simple commonplace product which can be obtained on one’s way home. So do thorough brainstorming and come up with a list of the different items you can sell. Another tip is to be diverse and provide a wide range of products.

There are several business ideas in the field of service provision. If you are in the rainy summer months it will be very profitable to provide grass cutting services. Grass grows really tall when it rains and sometimes home owners hardly have the time to be doing their own yardwork. Provide this service and you will reap great rewards. Small business ideas can earn you big returns and they can be very simple ideas that no one else is doing.

Statistically, there are a few things that successful businesses do, that give them success year after year…

…even in a hard economy.

These are the same things that you will absolutely need to do if you want to guarantee your success in your small business.

First, we need to define what a successful year will look like. Here are a few goals that will let you know that you have had a successful new year:

You reach all of your revenue goals.

You have a consistent flow of customers into your business.

You deliver outstanding customer satisfaction (you really have satisfied customers).

You have a more efficient and effective operation.

You have a great and capable team.

You increase the value of your business.

Though there are many more things we can add to the list – these are the main ones that small businesses should be looking to achieve.

The next step is identifying the tools that will help you achieve these goals.

Here are 4 things you will need:

1. A Marketing Plan – A marketing plan will focus you on accomplishing the most effective marketing efforts – and keep you from wasting time and money.

Also, statistically, people with a marketing plan are 80% more successful than those without one.

2. A Strategic Plan – A strategic plan gives you the step by step road map – on what you need to do week after week to achieve your goals for the year.

You will never have to wonder, “What do I need to do this week to build my business,” – because it will already be laid out for you for the whole year.

3. A Financial Plan – A financial plan helps you to project how much money you need to make to succeed in the new year.

Most importantly it helps you set the financial controls (budget, spending guidelines, etc.) you need, to make sure you spend your money wisely this year.

Remember, lack of cash flow is the biggest downfall of most small businesses. A financial plan eliminates this obstacle.

4. An Accountability Group – a group that supports you, and holds you accountable to do the weekly action steps that you need to do to reach your goals.

5. Expert advice and training – You’ll need new ideas on how to effectively reach your goals using less time, effort, resources and money.

Since you are limited in your time, effort, resources and money – you have to make sure the decisions you make are right the first time. Having expert advisors will help you do that.

6. A Determination to succeed – Success means doing things that our outside of our comfort zone. You will needthe determination to do the things that are uncomfortable to get what you want.

Conclusion

Can you face the new year without doing the things I mention above? Of course you can – but you will greatly limit your success in the new year.

Can you absolutely guarantee you will succeed by doing the things above? No…But by doing them you’ll get really darn close.