When you know deep in your heart that you want to start a business, the next thing to know is what business that would be. With all the opportunities available for LLC businesses, enterprising businessmen will not run out of business ideas to choose from. A brainstorming session with key personnel and would-be LLC members is a necessary step to take before actually establishing and registering the business.
Getting the Brainstorming Session Started
– Start with things that you like
When brainstorming for ideas for LLC businesses, think about the things you like doing or resources that you have a lot of. It could be as simple as milk from your small herd of cows. Think about the different milk products you can produce from the resources you already have. This way, you need to put up less capital since you can tap those resources that are readily available to you. Aside from bottling fresh milk, you can think about making your own line of cheese and perhaps even whipping up your own ice cream or yogurt flavors.
– Think of worst-case scenarios
Don’t live in a bubble where everything is expected to go well because you got everything planned down pat. There are things that happen to LLC businesses that can happen to your business too. Identify potential risks and put together contingency plans. If there are risks that cannot be addressed by contingency plans, assess whether it is worth taking the risk or not. While it is good to take calculated risks, wantonly ignoring some risks might cause you to lose everything but the shirt on your back.
– Use the worst-case scenarios for alternative business ideas
In adversity, there is opportunity for LLC businesses. Even when the risks seem to be unmanageable, you might actually find opportunities lurking on the other side of these risks. Find out if there are alternative scenarios you can bank on. Get creative with your ideas. Yet, be realistic as well.
– Don’t hold back in brainstorming
You may not realize it yet but some crazy ideas end up bearing sensible alternatives to the worst-case scenarios that popped in your head like turning spoiled milk to cheese. It makes you think if the sour cream you bought at a grocery store was made from spoiled milk too. Crazy but that idea just made money. Think out of the box. It sounded crazy at first because no one else has tried it yet. You might be the first one to make money on an opportunity no one has seen lurking behind the hurdles.