Business ideas and monetising new concepts

3 Tips for Starting a Company in an Unfamiliar Industry

It's not crazy, and it's actually doable. Ignorance of the market can make it possible for you to...read more

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What are the best ways to market for a community-based cafe?

John lewis
If you send me you location, I can provide a map of the catchment area, showing areas of about 300 dwellings with estimated discretionary income, and a complete list of all addresses for these areas.Your cafe is more likely to be successful if you can attract more regulars from your catchment area, compared with your competitors.A key part of success will depend on the quality of your overall hospitality offer, as well as the value in special offers that you provide to the locals in your catchment area.
Michelle Gentry
Michelle Gentry
I've sold a niche Instagram account to an investor and she is now monetizing that account. Hope you can elaborate what you mean by community-based cafe. Is it built by or for the community?
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Where can I find angel investors?

I have a business idea and planning to present it to investors but I do not know where to find... read more

Marcus TjenOwner at Rugged Computing
Put yourself in an investor's shoe, would you give a stranger your hard earn money because he/she has an idea? Anyone who is a professional investors would not give you a time of day if you only have an idea, you need to develop your idea into something tangible such as a patent, a prototype, or something that shows that it is of value and not just in your head. Even if you have a patent or a prototype, investors are not going to line up to see you, most of them want to know whether there is any potential return for their investment and how long they have to wait to get a return which is why most people who are successful in getting investors are people who already start a company and already getting sales or subscribers or members or users for their services. If you only have an idea, you're a long way from getting a professional investor to invest in you.Most people with good idea can find investors but they're not professional investors or angels. Your potential investors are your parents, your family members, your friends and colleagues. Approach them about your idea and see whether they would be excited to make your great idea into a reality. If you can't convince people you know that you have a great idea, chances are you won't be able to convince professional investors who do it for a living.
Yee Trinh
Yee TrinhCo-founder at SavvySME
Great to have you on board Greg. I think you are far from funding stage, of any sort. With simply a business idea. You don't need a lot of money, if any, to do some initial mockups or tests to assess results and viability of your business idea. Focus on the business first and foremost. Show some traction. Doesn't matter how little. You'd be hard pressed to find any investor who will take you seriously otherwise. Once you have driven some results and or traction, then look to ask for funding. Having said that, always build connections early on. This is a great time to look for mentors and connect purely for purposes of advice or insight. Over time, invest in your relationship, demonstrate to them what you are able to achieve.
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Questions

How do I crowdfund for my business idea?

I have heard about crowd funding. How does it work? read more

Marlon Muya
Marlon MuyaFounder and Owner at Casino Financing
Have you started crowdfunding Clive? How was it?
Jef Lippiatt
Jef LippiattOwner at Startup Chucktown
There are essentially 2 ways to crowdfund a business. The first model made popular by Kickstarter and Indiegogo is anyone can contribute to your idea in exchange for a future product discount, specific rewards based on amount of contribution or getting access before available to the general public. In this model the contributors do not get any business equity. This is seen as informal crowdfunding.The second model is being crowdfunded by "syndicate" or a group of accredited investors that have pooled their money to spread the risk (think mini Venture Capitalism from the stand point that these typically aren't companies but just groups of investors that have decided to band together). In this model you very well may give up business equity to make the deal happen. This is a more formal crowdfunding approach. I believe both Angel List and Gust both have this as part of their online platforms.But before pursuing either, you need to know how much money you are trying to raise. What will that money be spent on specifically if you get access to it? What percentage of your business are you willing to give up to make the deal happen? How will you thank or reward contributors? How quickly are you trying to raise the money? Why do you need the money (product production, raw materials, scaling for larger quantity runs, distribution, etc.)?
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How do I increase turnover?

My turnover isn't paying bills. read more

Greg Rogers
Greg RogersFounder and CEO at REthink HQ
Hi Paulette,Having owned and operated a restaurant myself I can certainly identify with your problem.The previous replies are good ones and should be looked into, the biggest challenge in providing any feedback though is the lack of detailed information. This is the first point I always request of clients. Get armed with as much detail (information) as possible, when you have this then you can make informed decisions and choices.I suspect your initial problem is not having enough information to ask for help that is more defined than simply 'how do I increase turnover'. Baseline data is the key!Information for you, right now, is to quantify, do this by making everything measurable. How many days are you trading? Breakfast, lunch dinner? What is the average spend for each service time?What are you food costs? Wage costs? Rent as a % to turnover, you make the comment that there is nothing you can do about the rent, I would respectfully suggest this can only be answered accurately when the question is actually asked.What is the value of the 5% monthly increase you are looking for? Is it simply more customers X the average spend? If so this will mean a different course of action as opposed to perhaps investigating starting a breakfast or lunch service.You have hit a wall after 7 months, does this mean that you were achieving your 5% increase prior? If so have you stopped doing something, can you do more of what was working?I agree that simply reducing staff levels to the point that it affects service is pointless, no or bad service = no customers. Is your staff mix and rostering balanced?It may seem I have compounded the problem by asking questions rather than offering solutions but if you haven't gone through an exercise like this, then any answer is more akin to throwing a dart blindfolded. You might hit the target, you might not. The biggest problem is that you won't know either way!I wish you all the best in whatever course of action you take and I acknowledge your courage in putting it out there for help...always a big first step to overcoming a problem.CheersGreg
Ideal home
Ideal homeOwner at Ideal Home Storage
Very nice
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Questions

Should you share business ideas with others?

Jef Lippiatt
Jef LippiattOwner at Startup Chucktown
Nick,building on the previous answer, I would also say that there are really 2 schools of thought. I'm not talking until we all sing NDA (Non-Disclosure Agreements)I'm telling everyone I possibly can and hoping for feedbackIn the bright world of 2016 most people, companies and definitely Venture Capitalists (VCs) have stopped signing NDAs. Why? It isn't worth their time. Why else? It limits them from hearing an analyzing other ideas in a similar industry or field. It is really only needed if you have and are showing registered Intellectual Property (IP) such as Patents or Trade Secrets.The argument against NDAs is mentioned above. Execution is key. Everyone has ideas, in fact I have more than 8 notebooks filled front to back with more ideas than I could ever execute on. However in those notebooks they'll never turn into anything. I've tried to give some of the ideas away.Keep in mind, many people will belittle your ideas. It really is hard to get someone to steal your idea (most people wouldn't want to put in the effort). However, if absolutely no one wants to steal your idea, you may not be trying to create something that anyone (or at least not enough people want or need).If you aren't sharing your idea, you aren't getting feedback. Chances are, you'll need to make some tweaks to your original idea anyway. So be open about what you are trying to accomplish and realize that there is room for competition and that it is a healthy driver of innovation in and of itself.
Prosper Taruvinga
Prosper TaruvingaDigital Marketing Expert at Livelong Digital Pty Ltd
The dream is for everyone, but the hustle is sold separately. What I mean here is, When you have an idea, it is worth nothing if it's not executed.So if you share your idea, someone may not execute it as much as you would or as good as you will. You can actually buy lists of ideas ready to implement, so your idea is only as good as the execution.You wanna know the wealthiest place in the world, Nick? It's not Dubai, It's not America. It's the graveyard!There you will find, dreams and ideas that were never realised. People die, clutching their ideas, books, or whatever gifts they have because either, they are not willing to execute or share with others what they have.Usually fear stops people from sharing their ideas. Fear of failure, fear of ridicule. That should not stop you from getting your idea out and getting feedback.Speaking of which, what was the idea about?
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Business ideas and monetising new concepts

This VR Company Wants to Add Missile Explosions and Race Cars to Your Workout

Many people watching new startups and online companies would have already noticed that Virtual...read more

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Questions

What are some good business ideas for a partner/spouse team?

What business ideas might be best suitable for a team of two consisting of spouses or partners?... read more

Asked by:
Yee Trinh
Yee Trinh Co-founder at SavvySME
Jef Lippiatt
Jef LippiattOwner at Startup Chucktown
Well, I can't answer this from a personal perspective yet (although my wife may get pulled into helping with my ventures at some point).First, it is important to keep separate actions and attitudes. At work you must fill your role and do your part, but you can't take any attitudes from that into the personal relationship (at least not long term). At work they may be your equal, superior or subordinate, but at home you are equals and must treat each other as such.From business that I know spouses have gone into:Creative AgenciesRestaurantsLaw Firms Retail (specifically boutiques)Why do I think the above types of businesses work for partners? Typically because the are more traditional small businesses (they aren't trying to be the next internet juggernaut at least from the ones I'm aware of). The roles they have are either equal or complementary.Example 1 (Law Firm)Husband is a Business Lawyer, Wife is a Family LawyerExample 2 (Creative Agency)Wife runs business operations, Husband is a designerExample 3 (Restaurant)Husband cooks, Wife manages
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Business ideas and monetising new concepts

50 Most Fun Home-Based Businesses

Starting your own small business is not necessarily all about making money, it can also be a way to...read more

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Can anyone suggest the best products to sell online?

I am a big fan of your website and have great admiration for how you have successful converted your... read more

Yep great answers, passion and niche as already mentioned are key. You need to stand out from the competition and when you are niche you have less competition so easier to grow into that market. One more I would add is know your products and their market. Don't just sell camping equipment if you have never been camping for example.It really is very easy to sell anything online, but knowing your products inside out is essential to be able to build confidence with your customers and allow you to sell the right products rather than the most profitable products.A customer who spends $500 and gets something that perfectly matches their needs is much happier than a customer that spends $1000 which doesn't do everything they want. The $500 will come back and tell their friends.
Nicole McIverOwner at Nicole McIver
My suggestion is selling something you are passionate about, you will do much better and your job will be easier and more enjoyable if your selling a product you are truly passionate about. Find your niche and stick to it.There is also LOTS of brands overseas thats are freaking awesome that arent in Australia yet, find something new, unique and super cool and import it and get distribution rights to it in AU.If you have any further questions email me :)
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Questions

How do you know when it's time to let an idea die, rather than pursuing it?

Have you ever had a business idea that you kept coming back to, but seemed like it was never going... read more

Hitesh Mohanlal
Hitesh MohanlalDirector at WOW! Advisors & Business Accountants
If it is a business idea then I always say it needs to make money. You may have a great idea but if there is no market for your service or product then you could be wasting your time. You need to do market research. Will it sell? If there is a market the next thing you need to ask is if you are passionate enough about the product/ service to make it work.
Lisa Ormenyessy
Hi Suzie, This happens not just with business ideas but lots of other things in life too. Are you talking about something you are deciding to 'let go of' because it is not working? Or an idea you just can't seem to shake?Warmly, Lisa
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Questions

What is the best way to market my home and office cleaning service?

Hi, My name is Michelo, I am new to running my own business and in need of a lot of help. Can... read more

Lisa Ormenyessy
Michelo, How is it all going?Our cleaner just left and it made me think of this post.I rave about our cleaner and often send him referrals.He WOW's us everytime by always suggesting we do something that needs doing - like the skirting boards or the windows - things we don't notice but our clients might. This builds trust.The other thing he does is after cleaning the toilet he folds the toilet roll in a Vshape (like they do in the hotels) and put a stamp of a bee on it. Easy, but again just a little extra that no other cleaner has done.Think of ways you can WOW your clients and the referrals will come in easily.
Hi Michelo,Some really great ideas posted above. Just one extra I'd like to throw in, I've seen cleaning companies do really well at BNI groups, which if you haven't heard of it before is a referral networking group and there are chapters all around Australia.If you haven't been before, go along as a visitor and check out a few of your local chapters. They are an awesome way for business owners to build relationships and grow their business.Good luck with it all. :-)
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Questions

How do you turn a good business idea into reality?

Turning a good idea into a full fledged business is often harder than we think. What are the key... read more

Asked by:
Phil Khor
Phil Khor Founder at SavvySME
Steve Osborne
Steve OsborneOwner at Smarthinking
For me, the key steps for a start-over would be very simple. I wish I had come to this realisation much, much earlier in my 25+ years in business instead of searching for an elixir. First, ensure the product range and service delivery is properly worked out. Once you have something to sell, you need just two things to run a profitable firm:1. a method for attracting new prospects2. a scalable system for converting those prospects into profitable clientsThat's it.If you can consistently get those two things right, any business will be successful. Get them wrong, and you will be doomed to continually wonder and wander, looking for magical solutions. It's a cliche, but what that really means is: get the basic stuff right and the rest will follow.
Lisa Ormenyessy
Phil, I think the hardest thing I have found in business is the persistence. Over 15 years the business has certainly had its ups and downs, a ton of learning, and at times has felt like a hard slog. What am I doing differently now that I didn't do in the early days? These days I am more prepared to invest in education and professionals and mentors that can either shorten my learning curve, implement strategies quicker or assist me in keeping on top of the rapid change we are experiencing. Great question,Cheers, Lisa
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Business ideas and monetising new concepts

Pinterest Introduces 'Place Pins' to Showcase What Your Business Location Has to Offer

The new feature links high quality photography to maps, making it easier to visit and share in real...read more

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Business ideas and monetising new concepts

How to Transform Your Passion into a Successful Business

Starting a new business is an emotional roller coaster. That's why it helps to make a living out of...read more

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Business ideas and monetising new concepts

3 Big Misconceptions About Bitcoin

Bitcoin is everywhere these days, and so is the confusion. Here are three myths about the virtual...read more

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Business ideas and monetising new concepts

Wannabe Social Entrepreneur? How to Navigate the Growing World of Impact Accelerators

Impact accelerators are increasingly sprouting to support the specific needs of social...read more

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Business ideas and monetising new concepts

Groupon Moves Deeper in the Discount Space With "Freebies"

The daily-deal site has added a new category to its repertoire that includes digital coupons,...read more

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Business ideas and monetising new concepts

Richard Branson on How Small Businesses Can Innovate

Just because your business isn't loaded with resources, doesn't mean you can't come up with...read more

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Business ideas and monetising new concepts

How Blind Smartphone Users Helped This Startup Test the Waters

The co-founder of Fleksy explains how focusing on a niche demographic prepared him for the mass...read more

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Phil Khor
Phil KhorFounder at SavvySME
Great example of out of the box thinking and breaking down visions into bite-size chunks; a great lesson for startups looking to carve out a realistic scope and execute on it well.