To answer this question you must know that there are generally certain characteristics of the ideal start-up business. Among them you can list those that are very important for you as well as those that are less important in your situation.
Here is a list of characteristics of the ideal business:
- Uncomplicated and easy to run
- Low start-up costs
- Low running costs
- High rewards
- It should not have to deal with any stock issues, such as storage, delivery and suppliers – it had to be a service!
- Scalable product/service – build once, sell many times
- Scalable workers and systems
- Scalable and predictable sales model
- Repeat customers/ business
- Word of mouth opportunity
- Niche market in demand
- High velocity and large market
- Healthy cash flow
- Attractive to be bought or merged
- Limited exposure to legal issues
- Own relationship with and information about customers
- Memorable product/service and name
To give you a few examples of such businesses I can mention a cleaning niche – domestic cleaning, office cleaning, carpet cleaning, gutter cleaning, oven cleaning, window cleaning, gardening, tree surgery, grass cutting, holiday services – watering plants, feeding pets and more, handyman services, waitressing and help for all events, wait in services – e.g. deliveries and many more.
All the business ideas mentioned above are relatively inexpensive, shoestring start-ups. But no matter how much money you have, the points above are worth bearing in mind, because during the start-up phase of a business, every penny counts.