Successful Business ideas for Entrepreneurs by Melvin Feller.

Successful Business ideas for Entrepreneurs by Melvin Feller.

Melvin Feller Business Ministries Group in Burkburnett and Dallas Texas and Lawton Oklahoma. Our mission is to call and equip a generation of Christian entrepreneurs to do business as ministry. We provide workshops and resources that help companies discover how to do business God’s way. When the heart of a business is service rather than self it can be transformed into a fruitful business ministry earning a profit and being of service to the community and their customers. Melvin Feller is currently pursuing another graduate degree in business organizations.

New business ideas are something entrepreneurs think about all the time. However identifying a great business idea that no one else has thought about is almost impossible. Some people are lucky and fall on the golden egg business idea straight away, whereas others have to work for years trying to think of a new idea that no one else has thought about.

In tough economic conditions, we are being encouraged to set up a business and look for ways to generate an extra income. For most, this can be a scary thought. Starting a new business takes ages to plan when you consider everything you need to look at. For example:

What product or service is your business going to offer? — Are you going to operate your business from home? — How much money is your idea going to cost? Can you afford to invest in a business startup?

There are many best small businesses ideas available online for people to choose from. People need not be wealthy or highly educated for starting a small business.

Firstly, the person should come up with an idea of what product or service he would be selling in the businesses. Friends or family together can brainstorm and come up with creative ideas for starting the businesses. Once an idea has been figured out for the businesses, choose a name for the company, which describes the business. It is important to decide if the businesses will be run by just one person or by a group of people. Startup businesses benefit more if there are two or more people in the team. This will help to bounce ideas off one and another.

People who make the team define the business. The group of people should be assigned with their specific job descriptions. Everyone involved in the business should be reliable and trustworthy. The next step is to implement the Successful Business Ideas. A business plan should be created which summarizes everything about the business. Everything from investors for the business until the job descriptions for everyone involved should be noted down. Executive summary should mention the funding for the overall business. Finances should be planned for each phase of the businesses.

It is necessary to understand about how the business is going to fit into the market. The target audience for the business should be analyzed. The different ways to deliver the products or services to the customers must be figured out. A competitive study should be done for the business to learn about the potential competitors whom the businesses may encounter. The process of creating the product from assembly to packaging, storing the products and delivering them to the customers must be identified and documented.

To start your own business, ideas are available online for different fields as a home based on a small scale business, woman owned businesses, environmental friendly businesses and so on. In order to successfully start up businesses few essential steps have to be followed.

Summarize the business plan

Get trained with the basics of businesses

Choose a location

Identify the investors for the businesses

Employ a legal advisor for identifying the ownership

Choose a name for the businesses and register it

Get a unique identification number for the business

File for the taxes

Obtain permits for the business

People should learn and train in the businesses world in order to be a successful businessperson. It is important to start small and gradually grow into a big businesses company.

Thousands of people dream about starting a business every day, yet only a very small percentage will ever turn their dream into a reality.

If you follow these five important tips then your business idea can get off the ground. Not only that, it can also succeed and become a sustainable venture for many years to come.

Get your head out of the clouds.

The first important lesson when considering a new business venture is to be realistic. Whether you want to open a shop or an online venture, you must be realistic. Without a realistic approach, you are likely to fail. Far too many businesses fail in their first 3 years simply due to unwarranted expectations. Business owners expect their business to flourish quickly instead of having the patience to gradually build their brand and company.

You need to ask some serious questions before you start your business. Will it work? How much money do I need to get it started? What are the business risks? How much do i need to earn to survive? You must consider these questions carefully. If the responses are positive, go for it!

Market research.

You must carry out lots of market research before you start your first business. You do not have to pay a company to do it for you and you can do it yourself. Find out who your target customers are and ask them if they would be interested in your product or service. Avoid asking friends or family relatives, as they are likely to tell you what you want to hear, as opposed to some truthful and honest feedback.

Do not borrow money from a bank.

Unless you are absolutely 100% certain you have the next big thing, avoid the banks. Try instead borrowing from friends and family but make sure you limit the risks and the amount you borrow.

Avoid flash cars and fancy offices.

When I started my first business, I spent the first 3 years operating from my basement. This was great as it allowed me to operate with very low overheads. Far too many business start-ups get flash cars and nice offices when they really do not need them. If you do buy a flash car, pay cash for it!

Be patient.

Do not rush your business. It must be an enjoyable experience. When I first started my business, I wanted it to be huge as soon as possible this was a mistake. I have now been going for 40 years and it is a successful venture and very profitable. I put the success to eventually realizing that all good things come to those who wait. Be patient, be meticulous and be very careful whom you work with!

By following the above five tips your business will be certain to become a sustainable venture.

Melvin Feller Business Consultants Ministries Group in Texas and Oklahoma. Melvin Feller founded Melvin Feller Business Consultants Group Ministries in the 1970s to help individuals and organizations achieve their specific Victory. Victory as defined by the individual or organization are achieving strategic objectives, exceeding goals, getting results or desired outcomes. He has extensive experience assisting businesses achieve top and bottom line results. He has broad practical experience creating WINNERS in many organizations and industries. He has hands-on experience in executive leadership, operations, logistics, sales, program management, organizational development, training and customer service. He has coached teams to achieve results in strategic planning, business development, organizational design, sales, and customer response and business process improvement. He has prepared and presented many workshops nationally and internationally.

Melvin Feller Business Organization Graduate Candidate, Business Owner and Business Coach

President of Melvin Feller Business Group With over three decades of executive coaching, speaking, and most importantly, real-life, in-the-trenches experience.