Any innovative business ideas?

by jalvar69. Posted on Sep 15, 2020    0    8

Hello everyone! I'm 23 years old in the US and I have 20K in free capital and I want to start my first business yet I'm indecisive on what type of business I should start building. I've written down a couple plans but nothing too concrete.

Does anybody here have some outstanding ideas for a young future entrepreneur? Thank you in advance!!


igordimitriev 1

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procrux 1

I would try very low barrier to entry businesses first.... I know I failed at 5 businesses between 18 and 23. If I had 20k to spend, I would have lost it for sure before I knew what I was doing. 🤦‍♀️

Above all, find a way to add value to the marketplace.

CovetousDuke 1

Think of areas where you are passionate/ knowledgeable. Then narrow down and search for problems. Don't try to start off with a solution. Find a problem that truly exists and work on solving it.

abzane 1

i would keep trying to think of something that you’re passionate about yourself that you really care about that way you’ll be a lot more likely to see it through if there are bumps in the road. that being said. i’ve heard some good things about hummus. you should look into it

OkTerrificYouTube 1

Lots of things, though people will be pretty reticent to tell you their innovative new ideas, as they will have actioned the idea themselves.

What are you passionate about or what do you have experience with?

Have a think about something frustrates you about your hobby, or a problem that occurs/occured in your work. Think about how you can solve this problem in a unique (or more efficient) way.

Could even solve a supply issue, e.g. you could live in a country/state where its hard to get a supply of a certain item, like miniature paints, or key chain attachments. Become that supplier.

ctiscarv 2

First and most important tip: research!

2nd: plan and take action

3rd: measure and iterate

4th: fail fast

CleanAccount69 2

+1 on fail fast, learn fast.

I’d shoot for e-commerce. The beautiful thing going doing something in e-commerce, shall you go that route, is EVERYTHING is data driven. You can track down conversion bottle necks from ad itself to actual on page optimizations.

Another great thing about trialing e-commerce, you can absolutely test a bunch of different angles before investing in physical product. Test 2-3 at a time, if a store starts to convert, refund purchases and find someone to white label the product. You’ll save thousands instead of trying to find product first.