How to start a business without a revolutionary business idea

Are you interested in being your own boss but can’t think of a great business idea. You don’t have to reinvent the wheel when you start a business. Read our guide on how to succeed without creating a completely unique business idea.

In the UK, dreamers are a common sight – whether we’re thinking of winning the World Cup or the lottery. It’s no surprise that so many want to start their own businesses.

The UK’s appetite for enterprise is evident and shows no signs of slowing down, including the 5.5 million start-ups and small businesses already existing.

There’s always one big stumbling block in the way of our dreams of becoming our own boss: the business idea itself.

When you don’t seem to be able to get that lightbulb moment to happen, what do you do? Is the dream of being an entrepreneur already over?

But don’t let that discourage you. Thankfully, we’ve put together a guide on how to launch a business without having a revolutionary idea. Get ready to start a business by reading on.

Become a franchisee

As a proven business model and low-risk way to get started, franchising is an excellent way to do it on your own. You don’t even need a business idea, as the franchise has already been successful.

You may also be required to buy or rent necessary equipment in order to operate a franchise opportunity under the brand name and image of the franchise brand. Subway, McDonald’s, and Coffee Republic are among the well-established franchises in the UK.

The brand name will immediately give you a marketing and advertising strategy that most consumers are already familiar with.

The first half of your battle has already been won when you tap into already established markets, and you can immediately begin trading and engaging with the general public, who often flock to newly opened franchises.

Additionally, the franchisor will offer constant support and mentorship in the form of training processes for new employees, customer retention, and payroll assistance.

Often an overlooked consideration for emerging business owners, your franchisor will select and choose where your premises will be located so you can benefit from massive footfall in areas you could not otherwise afford.

Furthermore, banks and lenders traditionally lend more to franchises than start-ups because they believe that franchises have a greater chance of survival.

Launch a low-budget business

The misconception that starting your own business will cost a lot of money – especially if you fail – hinders many people from taking the plunge.

There are, however, some start-ups that do not require large sums of money for them to succeed. You can start earning money straight away with some low-budget business ideas, unlike in certain industries where your start-up costs may take months to pay off.

Maybe you can start a business on the cheap if you are still waiting for your eureka moment? If you decide to wind down, your net losses could be extremely small even if you don’t succeed or survive.

You can start a business on a low budget with the following ideas:

eBay entrepreneur

It is much easier and cheaper to sell your products online than you may realise for many businesses. Creating an online eBay profile, uploading images of your products, and selling to a global audience of 18 million in the UK and 167 million everywhere is all it takes to become an eBay entrepreneur.

Some sellers trade in antiques, single items with extreme value, or even just bric-a-brac, while others buy products in bulk from wholesalers. Basic business packages start at just £25 a month.

An eBay account can prove to aspiring entrepreneurs that what is trash to one may be treasure to another.

Cleaning business

Start a cleaning business if you prefer a more hands-on approach and don’t mind making a big investment up front.

As you’re more likely to need professional equipment when operating a business, you’ll typically incur higher start-up costs in the commercial market than in the domestic market.

We recommend carrying out the first few months’ work yourself to keep costs low, even if you’ll want to hire staff to do the cleaning for you.

Most of the equipment you’ll need for your start-up costs will be found in the houses you clean, with most other costs going towards advertising.

Handyman

The same applies to people who are tired of their nine-to-five jobs and want to become handymen.

Since handymen are ‘jacks of all trades’, starting a handyman business is relatively inexpensive since you typically own many of the tools you’ll need. The majority of your equipment can be transported with a scooter or by renting a van.

In spite of the fact that you won’t be reinventing the wheel, low-budget businesses allow you to take a chance on starting up without fear of losing substantial amounts of money.

Start with a tried and tested business model

Taking the most-frequented path is a great way to come up with a business proposition that stands out.

You start your own business with a proven business model, since imitation is the most flattering form of flattery.

There are a number of popular models, including:

• (SaaS) and subscription model:SaaS refers to software that is available online instead of being purchased and installed on a computer. Typically used in B2B services like accounting, salesforce automation, and human resources, SaaS models usually allow users to pay a monthly fee for expensive software. Appsumer, for instance, offers recurring monthly fees for mobile-first brands to access specialist analytics.
• Traditional subscription model: Similar to the SaaS model except for product-based businesses, examples include tails.com and Cornerstone.
• Traditional e-commerce business: This business is old fashioned, but still viable because consumers gain immediate possession of products when they buy them from your website. Solesmith, a Derbyshire company that designs and sells personalised socks, is a good example of this.
• Online marketplace: A marketplace that connects buyers with sellers, charging a fee to sellers or taking a commission from each sale. A good example would be LendInvest.
• Freemium model: You offer a free basic version of your service, but additional features cost extra. Azoomee, a Startups 100-ranked company, uses the freemium model. Spotify, LinkedIn, and other companies use the freemium model.
• Pay-as-you-go model: Customers pay when they use your service. Airbnb owners can arrange viewings through Hostmaker, which offers a pay-per-viewing
• Affiliate and commission model: Instead of charging the consumer for your service, you make money by referring sales to affiliates or charging third parties. Laundrapp, for example, uses this model.

Research trends and use market insight

Business has an old rule: ‘you don’t have to be first; you just have to be better’.

Unicorns (companies worth $1bn or more) mostly improve upon existing businesses or trends, not create something brand new. Research trends and market insights are essential for any business startup. By staying up-to-date with the latest industry developments, new businesses can identify opportunities and avoid potential pitfalls. Market research can also help entrepreneurs understand their target customer base, and tailor their products or services to meet the needs of those customers.

Additionally, by monitoring trends in consumer behavior and market conditions, startups can anticipate changes in demand and adjust their business strategies accordingly. To make the most of market insight for a business startup, entrepreneurs should regularly conduct research, analyze data, and use the results to inform their decision-making processes.

Read more: Starting a business with no money

Maximise on your hobbies and interests

You won’t work a day of your life if you enjoy what you do.

Even though this is well-worn advice, it is surprising how many people do not consider their hobbies as potential careers.
The benefit of working full time on your passion is that you will already have a wealth of knowledge about the industry and space, as well as a natural fit for the working environment already.

It may be possible for you to set up your own dog-walking or pet-sitting business if you’re a cat or dog lover or setting up a bakery if you’re good at making desserts.

If you choose to produce your own products at home, you can also sell them at market stalls and expand your brand.

Don’t quit your day job just because you want to be a business owner. Alternatively, you may be able to pursue part-time business opportunities or continue your current role as a freelancer. The flexibility it gives you will allow you to work more hours and days when it’s convenient for you, as well as expand your client list and expand your offering to suit your own needs.

If you’re a teacher, you might be able to earn a lot of money through freelance tutoring or IT consulting, for example.

Travel

Taking a break might be all you need if you can’t seem to come up with a business idea. In recent decades, a number of UK entrepreneurs have made their fortune off ideas they picked up while on vacation, and the trend is showing no signs of slowing down, despite the world becoming smaller and more connected.

It was recently revealed that 29% of business owners take trips to the countryside to get their creative juices flowing, while 17% choose to go to the beach to get their creative juices flowing – proof there is no need to leave our not-so-sunny shores to find the missing piece.

Although many holidaymakers experience exotic and alien cultures abroad, your imported business idea needn’t be that exotic. The UK’s favourites are getting some international spins thanks to a number of successful start-ups.

For example, Joseph Sopher was inspired to found his gourmet popcorn brand Joe & Seph’s from his travels to Chicago, while a trip to Brazil paved the way for brothers Charlie and Harry Thuillier to found healthy ice-cream brand Oppo.

So, why not clear your desk, pack your bags, and set out to start your own business?

These are the steps you can take to start a business without a revolutionary idea:

• Become a franchisee
• Launch a low-budget business
• Start with a tried and tested business model
• Research trends and use market insight
• Travel

Conclusion

In conclusion, starting a business without a completely unique business idea is not only possible but can also be successful. There are several options to consider, such as becoming a franchisee and tapping into an already established business model, launching a low-budget business such as selling on eBay or starting a cleaning or handyman service, or using a tried and tested business model like SaaS, subscription-based, e-commerce, or online marketplace.

With determination, hard work, and smart decision-making, aspiring entrepreneurs can turn their dreams of being their own boss into a reality, even without reinventing the wheel. So, don’t let the lack of a groundbreaking idea hold you back. Take the leap and start your entrepreneurial journey with the resources and options available to you. Success may be just around the corner!