7 Great Small Businesses Ideas And Start-up Opportunities

How To Come Up With Good Business Ideas

Want to set up a new business in Coventry or Warwickshire but not sure what! We know firsthand how overwhelming it can feel, that’s why we have created this article to help you to navigate those first steps. Our wealth of knowledge with supporting businesses at Coventry & Warwickshire Chamber Of Commerce is here to take you right from the start of an idea to the setting up stage, so you can get your new business up and running with ease.  

Firstly, when we’re thinking about setting up a new business, there are a few things that are important to consider- 

• What do you enjoy doing?
• Is there anything you are naturally good at?
• What experience and skills do you have? 
• What are your personal strengths?
• Do close friends or trusted former business colleagues have views of your skills and strengths and see potential that you hadn't considered?

7 Great Small Businesses Ideas And Startup Opportunities 

Read this article to inspire a new start-up business idea or opportunity that might be suitable for you. It may also be beneficial to speak to a professional business adviser. 

1. Could you run a home-based business? Many people start their business from home as it’s convenient, saves on-premises costs, and can give flexibility with childcare. Home-based business opportunities are becoming increasingly varied. Many people set up 'kitchen table' enterprises, such as producing homemade cakes or printing t-shirts on-demand and selling them via their own e-commerce websites or online marketplaces such as eBay. The rapid growth of cloud collaboration tools makes it increasingly easy for freelancers and consultants to provide services such as writing, editing, accountancy, marketing, and design from home.  Click here to discover how The Fabulous Fudge Company got started 

2. Could you provide a mobile business service? There are many business ideas that do not involve fixed business premises such as beauty therapists, hairdressers, tattoo artists, personal trainers, dog groomers, car valeting, and computer repairers are just some examples of people who offer their services on a mobile basis. You will need a vehicle to carry your business equipment, it’s also important to consider that some mobile businesses may require a specially adapted and fitted-out van. 

3. Are you creative and can make things to sell? If you are creative there are numerous opportunities for you to use this skill and make items to sell. There is an endless list of options to consider for instance hand-crafted jewellery, wedding stationery, or candle making. There are also opportunities for more traditional creative craftspeople such as bespoke wood items, stained glass artists, or pottery. Click here to get inspired by Fire Formed story Online marketplaces such as Amazon, eBay, Etsy, are increasingly popular sales channels for designer-makers and creative businesses. You could also sell your products at a pop-up stall or street market, they are increasingly popular across the UK and can attract a lot of visitors so it’s no surprise that they can offer a good income stream to the stallholders. They are also a great way to add further promotion to the business as you can hand out leaflets, talk to customers and build relationships. The advantage of a business being mobile in this way enables the business owner to get where your ideal customers are from outside a train station, to a festival, to a Christmas market.

4. Could you turn a hobby into a successful business? Consider your hobby as the basis for a business idea. Skills do not have to be work-related - they can come from a hobby or personal interest. If you are a keen gardener, could you set up a local gardening service? If you like cooking, could you set up a personal catering service for people having dinner parties or children's parties at home? Click here to discover how Into Adventure LTD was created 
   

5. What skills do you already have that could be the basis for a business? Many people, take what they have been doing as employed and become a self-employed service-based business and turn their skills and knowledge into their own business. The list is endless consider accountants, web designers, tradespeople, they sell their time and skills by offering their services. A few more well-known examples are plumbers, beauty therapists, hairdressers and writers are well-known examples. It is possible to apply skills you have acquired in education or another job role to a new business idea. Ex-servicemen or police officers could offer intelligence or security-related services, or a personal assistant in a large corporation could go freelance and work as a virtual assistant for a number of small business clients. 

6. Do you enjoy working outdoors? Consider business opportunities that involve working outside that could include services such as general garden maintenance and landscaping, garden clearance, or fencing for householders. There could also be potential to carry out conservation work or woodland maintenance for local authorities and landowners. Other outdoor opportunities could also include small-scale enterprises such as free-range egg production or beekeeping. 

7. Could you sell or refurbish items? There has been an increasing demand for 'Upcycled' furniture so for those people with creative or artistic skills you could consider refurbishing or sometimes repurpose items of furniture. Create a unique new look for an old sideboard, reupholster a family favourite vintage chair, or a paint job to create a new look to an old wooden dining table. These statement pieces of furniture can be fulfilled with the customer’s specific need in mind, albeit the colour or by adapting the design these bespoke items can then be sold at a premium. You may need a van to have the ability to collect, repair, and return the furniture. You could trade from home, sell at a local market stall, or online via your own website or online marketplaces such as eBay, Gumtree, and Preloved.

Next steps 

When you feel clear about the product or service you will be providing, it is also important to be sure there are people that are willing to pay for it. This will generally require more research and consideration, such as testing the marketing, and market research. Having a clear understanding of the next steps is invaluable which is why at the Coventry & Warwickshire Chamber Of Commerce we offer a wide range of business support services for Start-up businesses. We help people just like you in Coventry and Warwickshire to create the business success they aspire to achieve. 

Click here to read more about what free fully funded business support we offer with our Start-Up Programme