I’m an Entrepreneur Expert: There Are No Bad Business Ideas — 5 Tips To Start Yours

A social media platform for cat lovers, a dating app for people with food allergies, and a fitness tracker for dogs all landed in Faster Capital’s top five lists of “Worst Start-Up Ideas.” Faster Capital, a Dubai-based online business accelerator and incubator, ranked the ideas based on their uniqueness and whether consumers would be willing to pay for the service.

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However, Dennis and Dustin Siggins, co-founders of Proven Media Solutions, a boutique PR agency, said a business’s success lies in its planning, execution and discipline.

GOBankingRates talked to the father-son duo about why there are no bad business ideas, as well as five tips for starting your own.

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Define Your Idea

Dennis Siggins, a 40-year veteran of small business start-ups and lifelong entrepreneur, challenged the notion of a “good” business idea and focused on something more tangible.

“It depends on how you define ‘good’ and what the business owner wants to achieve,” Dennis Siggins said. “Does the product or service have a broad vs. narrow market? Does this product or service currently exist — locally, regionally, nationally, and to what extent?

For example, Leigh Issacson’s idea to combat “cat shame” in the digital dating space landed a $300,000 Shark Tank deal with Kevin O’Leary in 2021 to fund Tabby, a social media platform for cat lovers.

Research backed up Issacson’s business idea. One university study found that men pictured holding their cats on dating apps were viewed as “less datable” by nearly 1,400 heterosexual American women between the ages of 18 and 24.

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Determine Your Financial Runway

Before starting a business, you should have at least six months of living expenses and build a business emergency fund in case of unexpected expenses, slow sales or canceled orders, according to Ramsey Solutions.

However, some start-ups, such as restaurants, brick-and-mortar retailers, fashion designers and farms, may take longer to generate a profit due to high competition, low margins, regulatory issues or capital intensity, noted the Harvard Business Review.

Spend the money you have at the scale you need. For example, Dustin Siggins said to know when to use accounting software instead of hiring an accountant.

“The business owner must be willing to delegate to vendors when necessary,” he said. “You must also be willing to invest (in vendors) quickly and with trust.”

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Market With Intention

A growing trend in books about marketing and branding is to focus on modern challenges, such as the influence of AI, digital marketing and “purpose-driven” brand strategies. Despite the focus on technology, social media and the role of “influencers,” marketing boils down to the essentials — your target market, where they hang out and how you reach them. Once you determine those things, it’s time to create a realistic marketing budget.

While it’s tempting as a small business owner to attend every local networking event, is that where your customer is and the best use of your time?

“How many handshakes do I want to give and receive in the business world?” proposed Dustin Siggins, who also has over 3,000 media mentions. “If there are no barriers to get into the events, then you’re going to be shaking hands with the wrong people.”

Develop Discipline

Dennis and Dustin Siggins recommended distinguishing between “necessary” and “unnecessary” distractions to build your business successfully.

They define “necessary” distractions as taking care of your family, mental and physical health and unexpected events. “Unnecessary” distractions are hobbies that take time and resources away from your business.

“Building multi-level, multimillion dollar companies doesn’t happen by accident,” Dennis Siggins said. “Be single-mindedly focused on building your business. Become focused like an athlete.”

Create Your Definition of Success

Dustin Siggins said social media and the influence of technology in traditional business media can create the false impression that start-ups can grow quickly.

“The vast majority of businesses like a pizza shop, graphic design consultant, or Uber driver are slow-growth businesses,” he said. “About 4% of start-up businesses generate $1 million in annual revenue. Don’t let other people’s perceived success distract you from the goals you’re setting.”

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This article originally appeared on GOBankingRates.com: I’m an Entrepreneur Expert: There Are No Bad Business Ideas — 5 Tips To Start Yours