Do you ever get inspired by an entrepreneurial idea?

[Fern]

Do you ever see a great niche for a business idea?

I did the other day. I was thinking that in my town, there'd probably be good demand for someone who would be willing to go to town hall and spend the hours of time necessary to trace back the ownership of your house. We have lots of old colonials that are pre-Civil War and i know there are lots of time-pressed homeowners who would love to have that history but don't have the time to research it.

When i did my house, it was fascinating to see not just the names of who owned my house before me, but also what price they paid, what profit they made when they sold, how long they lived there and where they came from.

You'd probably have to charge an hourly fee becus some properties would take much longer than others.

[tinapbeana]

yes... i've been toying with the idea of a wake-up service for a couple of years now...

[PRICEPLUS]

I get inspired but sometimes am put off by the start up costs. Maybe one of my ideas will pan out some day!

[boefixepa]

The ideas are great, but being in small business and seeing all the costs that people really never think of until they get the bill....really puts me off. All the different kinds of insurance, the taxes...did you know you have to pay taxes every year on all of the office stuff you already paid taxes on when you bought them...really...the people who just decided they are not going to pay you...etc...etc...etc. It really get to be depressing at times. Granted you could keep it small, but I really would rather just work for someone else right now. I like working for a small business and being able to see all of the aspects you just don't see working for a larger company.

It's a real risk too, one really mad person with a good lawyer or a sypathetic judge can cost you some money. One job gone south could cost you your business and the security you've spent years building. One badily injured employee, even if you do have Worker Comp, can have a HUGE impact on you. Taxes, or legalities you didn't know about or understand can become HUGE expenses. I've seen them all, so beware. Make sure you know what you are getting into.

[jodi]

I've had several ideas in the past that I've toyed with, but never anything solid enough to go out on a limb. I currently am working one over in my head - not many start up costs, no employees other than myself, potential large base of clients using the Internet...but not sure I have the skill and expertise to go for it. Maybe I'll post a little more in my blog to get some feedback! Nice topic...

[tinapbeana]

jodi, i'm intrigued! blog away, i want details...

[Broken Arrow]

I hope I don't come across as a wet blanket or anything.

However, while great ideas are important, I don't believe that is the key to a successful business. Rather, I believe success lies in great planning and execution.

And that's the trouble I find with a lot of people who have pitched ideas to me or with me. I find that they get all excited and tell me how the world is lacking this or that, and they can fill that gap.

That's terrific. Then, with as much support and sympathy as I can possibly muster, I would ask them how they would go about accomplishing this? And that's when things would turn towards an awkward silence....

I honestly believe that people can still succeed with a mediocre and unoriginal idea... so long as they have good business sense and are making smart, sensible decisions along the way. Unfortunately, for many starting out, this is usually not that the case.

I was one of those, in fact. Some of you may recall that I had a failed video editing business once. I just don't want you guys to think I am being critical from the safety and comfort of the spectator seats.

I still get the business itch once in a while, but I won't act on it without a solid plan.

[jodi]

Does this link work? Not sure I know how to post them.

http://jodi.savingadvice.com/2007/01/

BA, I certainly understand where you are coming from. My problem is the opposite - I think about all the negatives and risks and promptly decide NOT to take any chances I guess there's a lot to be said for both planning and having a bit of a risk-taker's attitude!