Ideas For Business

[Lucy Wu]

Hi, we are working on this co-op project where we need to create a small business and make some money, I was just wondering if you might have any ideas of what people need these days and any business ideas. Although remember we are just students and not some multi millionaire people so we need to start small. So what can we do that you think would be a good start up business?

[David Hurley]

Hi Lucy,

This sounds like an interesting project. OK, I understand this is a venture on a shoestring budget, which is fine, but could you give us a bit more information?

What kind of small business do you have in mind?

Do you want to offer a service or offer a product?

Do you want to be the product producer or a reseller?

Is the business to be online, offline, or both?

Are you looking for ideas that you can sell in your locality, or nationwide, worldwide?

What are you and your group interested in? (I mean hobbies, activities and stuff like that.)

Best wishes,

David H

[topeyinka]

What a good post. And I really appreciate all the intruding questions asked by David. I must say that David, you will be a good consultant.

Business ideas will only thrive when it is well spelt out because each business ideas you are embarking on, you must know what you want and be specified what market you want to reach or group of people your business ideas will solve their problems.

so, please give more details.

[Lucy Wu]

Thanks for the advice=)

We actually had 2 ideas in mind.

one would be to resell pastries we buy from large food corporates like "Costco" and then reselling for a higher price.

For example: Selling cookies and snacks to people in areas with little commercial attention.

The second idea is more complex. We were planning on starting a website, where we do online business of selling used products from ourselves and others who sell it to us at a lower price. We could make fliers advertising our website around Toronto too. The only problem to this idea is that we do not have enough money to buy the products from the people that want to sell their products.


- If we did the second idea, it could be international. Then again, the budget problem for shipping.

[Kevin Lee]

Thanks for the advice=)

We actually had 2 ideas in mind.

one would be to resell pastries we buy from large food corporates like "Costco" and then reselling for a higher price.

For example: Selling cookies and snacks to people in areas with little commercial attention.

The second idea is more complex. We were planning on starting a website, where we do online business of selling used products from ourselves and others who sell it to us at a lower price. We could make fliers advertising our website around Toronto too. The only problem to this idea is that we do not have enough money to buy the products from the people that want to sell their products.


- If we did the second idea, it could be international. Then again, the budget problem for shipping.

Hi Lucy,

Can I ask how you came to choosing these ideas? For instance, do you (or your classmates) have an interest in baking or Ebay/Craigslist?

If you're concerned about the budget problem for shipping, why not just put that cost onto the buyers? That's what I do when I sell things internationally on Craigslist.

[GT Bulmer]

We actually had 2 ideas in mind.

one would be to resell pastries we buy from large food corporates like "Costco" and then reselling for a higher price.

The second idea is more complex. We were planning on starting a website, where we do online business of selling used products from ourselves and others who sell it to us at a lower price. We could make fliers advertising our website around Toronto too. The only problem to this idea is that we do not have enough money to buy the products from the people that want to sell their products.

- If we did the second idea, it could be international. Then again, the budget problem for shipping.

Hi, Lucy:

You are on the right track by considering your options and interests and by researching the methods and costs and by seeking input from active businesspeople.

Regarding your first idea, that one is good for basic experience. I think it would be a good introduction to business responsibilities and dealing directly with customers. Nothing beats in-the-field training and experience.

I don't think it would be a big moneymaker if you are simply marking up an existing product. Also, it is more labour and time-intensive.

Your second idea has quite a bit of potential, I believe. Your challenge is setting up the website, the business, the bookkeeping and the distribution process, including oth shipping and tracking.

As far as the cost of purchasing product for resell goes, you might start by advertising within your own families and circles of influence (neighbourhood, school, community groups) that you are starting up this business and are looking for donations of unwanted items to sell. As students, you could offer to exchange a service for the items: you will cut their grass, wash their car, do some form of easy, quick labour in exchange for a few saleable items.

Around your communities, you could advertise in a similar way, but instead of exchanging services, you could just say something like, we are starting this business and are looking for items to help us get started. If you have any unused items you want to get rid of that are in saleable condition, we will gladly take them (or, we will haul them away free...) - something along those lines.

I would be very careful about buying things to resell unless you know for certain you are buying them at a very low cost. That's the other thing. You could advertise that you will by used stuff and you could simply negotiate a drastically low price. If they won't sell it to you at that low price, don't buy it.

The first thing, though, is a business plan. Figure out all that you have to do to set up such a business, including anticipated costs, then do some figuring to see if your group can manage it.

GT :-]

[juliusfaraday]

Hello Lucy,

you may consider this list for Ideas for Business: (Top 23 list)

Rank Company
1 Google
2 Genentech
3 Wegmans Food Markets
4 Container Store
5 Whole Foods Market
6 Network Appliance
7 S.C. Johnson & Son
8 Boston Consulting Grp.
9 Methodist Hospital Sys.
10 W.L. Gore & Associates
11 Cisco Systems
12 David Weekley Homes
13 Nugget Market
14 Qualcomm
15 American Century Invest.
16 Starbucks Coffee
17 Quicken Loans
18 Station Casinos
19 Alston & Bird
20 QuikTrip
21 Griffin Hospital
22 Valero Energy
23 Vision Service Plan

[dsoteros]

I think you are going about this in the wrong way.
Ideas are a waste of time unless you have a customer or at least a customer is at the table when you are discussing ideas.
Start by asking potential customers what they want!!
This will take all of the guess work out of discovering a market.
http://alrym.blogspot.com

[Lucy Wu]

Thank you for all your great replies. Right now me and my partner only came up with an idea to sell snacks on street and hot coco in the winter. However truly honestly we would prefer to do something more complex then just a bake sale.

Any ideas on how we could possibly make our bake sale more professional, like something that has not been done a lot before?

And here’s our plan so far:
1. We buy our products at "Costco" and sell them for higher price.
2. We play live music to entertain people.
3. We need to find a good location for this. (Which we do not know yet where, but any suggestions would be helpful. We are located in Toronto)

[jvprosperity]

Hi Lucy,

I've posted random Businesses Startup idea in the Young Entrepreneur forum. Let me know what you think:

viewtopic.php?f=9&t=2767&p=15175#p15175

[jvprosperity]

And here’s our plan so far:
1. We buy our products at "Costco" and sell them for higher price.
2. We play live music to entertain people.
3. We need to find a good location for this. (Which we do not know yet where, but any suggestions would be helpful. We are located in Toronto)

1. I like the hot Coco and Apple Cider idea. If you can wear clothing to go with a theme (like Carolers during Christmas) you will get more attention.
2. The weather is getting colder in Toronto - Are you sure you and your partner are up to playing live music outdoors?
3. distillery district, Nathan Philips Square, Subways stations (need TTC vendor license and it's warmer), in fact any public/Tourist ice rink (Mel Lastman Sq, Harbour Front, Nathan Philips)

I hope you can spend some more thought on this idea. Look for something that you are passionate about but there is a "screaming want" in the Toronto market. Also the idea should be duplicate-able.. what do I mean - well it should not have to depend on you being present to have the business run.

Selling Hot Coco and Apple Cider only is duplicate-able because you just have to show someone how to do it once and they can now do it in multiple locations.

Warning about the idea though: Canadians can be very skeptical about purchasing food products that are sold in public and not out of a retail store - how do I know - I just asked 10 random people here in the office that live downtown and all 10 said they would never even consider purchasing it in that fashion - it's not the Idea - It's just a "trust" thing.

[GT Bulmer]

Hey, Andy:

Great ideas, insight and suggestions! I like the on-the-spot random survey of real, potential customers for Lucy's idea. Talking to the person-on-the-street can be revealling and helpful.

GT

[Lucy Wu]

Thank you again, for all your comments.
I am glad for all the support from true business owners.


Me and my partner were actually thinking of Mel Lastman Sq or Nathan Phillips Square for the location. Which do you guys think will attract more customers from the hours 12pm-3:30pm on a friday?

Also about the TTC vendor license. Does it cost money to apply for one? and how might we purchase one?

[jvprosperity]

Lucy,

Visit ttc.ca for info on the Vendor license to operate on TTC Property only. If you plan on not operating on TTC property you will not need this.

I would recommend Nathan Philips on Friday afternoons to catch the Lunch time crowd - Tell me when you plan on performing - I will attend as i work right beside Nathan Philips.

I forgot about Yonge/Dundas Square - This place is packed everyday during lunch and after work hours.

I can attend to watch you there 'cos I work close to that area as well.

[galbaras]

Hi Lucy,

You know, sometimes it's the quirky ideas to draw people to you, and once they are close enough, they will trust you and buy from you.

The 19th of October has been declared Global Free Hugs Day. Being a veteran hugger, I can tell you that people respond very well to the "free hugs" sign and many come for a hug. You can offer your hugs as an attraction to people, who may "accidentally" notice someone right next to you, wearing the same shirt (which says "free hugs" or something similar on it) and then buy.

The live music should be great, but is must match your target audience, because music is very niche-specific and the wrong music will put people off.

If you ever consider the website idea again, think about the concept of consignment, where your supplier lends you products and you pay for what you've sold (or damaged) and return the rest.

Also, you can create a drop shipping agreement with your supplier, who will fulfill your orders directly and charge you wholesale prices.

Good luck!
Gal