Successful Startup Ideas That Can Make You Rich

 In Personal Finance

Startup Ideas

Ask 10 entrepreneurs where they got their startup ideas and you’re likely to get 10 different answers. For some, it was the freedom of charting their own course in life. For others, it was about creating something from nothing.

Still, others started their companies because they had a need to serve or help others. You may fall in one of those camps, or your reason may be entirely different.

With the rise in technology, it is easier than ever to start and run your own company, even if you have little to no business experience.
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The Secret to Successful Start-Up Ideas

The secret to a successful startup is actually quite simple. Your customer has a problem. You have a solution. If you find a solution to their problem, you’re in business.

Think of the great startup ideas that have made their owners rich. People want a way to share pictures with their friends. Enter Pinterest, one of the hottest photo sharing and message board sites around.

Paul Graham, founder of YCombinator took this concept and used it to fuel his own successful startup. He simply found a problem and presented a solution. Your idea doesn’t have to be earth-shattering or an entirely new concept.

Don’t try to re-invent the wheel. There were other dating sites on the market before Tinder. The creator simply tweaked the online dating concept for a new audience and made millions.

Finding the Right Startup Ideas

I know you want me to give you a list of startup ideas that will make millions of dollars overnight, or be the next Tinder or Pinterest. You don’t need me to do that. I’m sure you have plenty of well-researched ideas of your own.

What I well tell you is this—you have to know your audience and focus on them with laser precision. The surefire way to fail at your startup is to try to be everything to everyone.

Your focus will fall into one of two camps. Either you create a product or service that a small group of people really want urgently, or you create one that a lot of people kinda want and maybe will use eventually.

Let’s say you manufacture dog toys. There are a lot of pet owners who might buy a pet today every once in a while, and they may be inclined to purchase that toy from you.

However, if you manufacture pet toys that are designed to ease tooth pain in older dogs, you have a niche that people will pay for. In fact, since your product is so specific to this group, they will pay a premium price for this product.

The Best Product is You

In order to have great startup ideas for your business, you have to be the type of person that can create an amazing startup. Are you creative? Are you hard-driving? Are you persistent? Are you in an unending quest for knowledge?

These are the qualities that most successful startup owners possess. You have to be a perpetual learner. You have to know not only your own strengths and weaknesses but those of your competitors.

You have to be able to make connections with people who will help grow your business. Promote yourself as an expert in your field, and the money will follow naturally.

Starting Your Business Doesn’t Have to Cost a Fortune

Many people are reluctant to start their own businesses because they believe that you need a lot of money, years of experience or costly infrastructure to get started. The reality is that many people start businesses from home, starting on shoestring budgets and expanding later. Carl Willis, Internet Marketing, and Business

Consultant suggests that for new business owners, home-based startups allow you to get your feet wet with entrepreneurship. Willis, who teaches other aspiring entrepreneurs how to get their businesses up and running, is a self-taught expert who understands what it takes to succeed.

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Home-Based Businesses Are Creating Millionaires

When many people think of home-based businesses, they often think of low-level jobs that bring in a few extra dollars for a stay at home parent or a retiree. While this may be the case for some home-based businesses, there are some that are raking in the big bucks each year.

Home based business owners run the gamut from wedding photographers to desktop publishers, party rental companies, and travel companies.

These business owners are able to run their operations with little to no overhead while enjoying the flexibility of working from home. One business owner works from home simply renting out cotton candy machines and chocolate fountains for parties.

It doesn’t have to be a new, glamorous or innovative idea. It simply has to be one that people are willing to pay for.

Things to Consider When Planning Your Startup

In the past, it was a major undertaking to start a business. You needed an idea, tons of capital, a storefront, employees and professionals to help you put it all together.

Now, the Internet has created a low barrier to entry that means more people can get into the game. This, however, doesn’t mean it will be a breeze. In the past, you might have to compete with the business down the street.

Now you have to compete with companies from around the globe. Consumers expect to get a better deal from you than they get from Wal-Mart or Target. They expect your ads to be as slick and your website to be as perfectly designed as the big boys with the Madison Avenue budgets.

Startup culture is not for the faint of heart. Starting a company from scratch often means working long hours—rising before the sun and catching two hours sleep per night.

Startup culture is intense. “Hack-a-thons” can last all night, requiring exhausting mental energy. In the early stages, expect to put in 70, 80 or 90 hour weeks. You might not see your wife for a few weeks. Your kids make a cut-out photo of you and put it in your chair at the dinner table. It’s all par for the course.

But remember, it’s temporary until you “get off the ground.” Just like an airplane needs to expend a great deal of effort to get off the runway, you won’t be able to coast until you’ve roared along at 200 mph and made it safely into the sky.

When it comes to fueling your startup, you will need stamina, determination, and drive. You will need the will to succeed that is impervious to criticism, pain and fear. You can become financially free through small business ownership so that you can live the life you want to live.

Finding the right startup ideas is the first step. Just keep taking more steps until you reach your destination.
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Sergey Sanko
Sergey had started an IncomeClub after years of being an investment advisor for high affluent investors and managing fixed income securities. He is the lead investment advisor representative and holds a Series 65 license. Sergey earned his Executive MBA degree from Antwerp Management School.
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