Business Idea - Gourmet Doughnuts

Doughnuts are not that hard to make and their profit margin is astronomical - around 80% or so! Many tiny storefronts can gross over $150,000 each year. Seventy cent doughnuts only cost a few cents to make. One fellow featured on “Throwdown with Bobby Flay” on the Food Network sells his gourmet donuts for $3.00 each. Offer unique flavours with interesting fillings. Sell to coffee shops or offer to take office pool orders and have them delivered. Hire a part-time student during busy times to assist with deliveries and sales.

Business Idea - Candy Shop

There are hundreds of success stories of candy makers that started out in a home kitchen and then grew into multi-million dollar operations. Every year North American consume over four billion pounds of candy, shelling out a collective $11 billion for their sugar fix. Use quality, gourmet ingredients and sell informally from home or at farmer’s markets and festivals. Sell non-perishable candy, i.e. caramels, and toffee by mail order or online.

Why do you want to go into business for yourself?

One business coaching book I’ve been reading states that this question should be posed before going into any business. I’m not completely convinced. I’ve seen people plunge into projects and do okay with very little self-reflection. (I’ve also seen the opposite, lots of work, no results, so maybe this author has a point... but I’m still dubious.)

In high school I had a teacher who liked to separate out the cynics on the first day of class, so he’d ask “What’s the first priority of every politician?” He’d sneer at the beauty-queen answers “world peace”, “save the environment”, “lower taxes” (well, the last may be more of a Republican beauty queen, God love ‘em) etc. And then the warm sunshine of his snaggle-toothed smile would fall upon the Chosen One, which for that year was me. My answer? “To get elected.” Because unelected politicians just aren’t worth very much.

It seems to me the number one goal of every business is to make money. More importantly make a profit. Other goals are just gravy, secondary trail markers that tell you if you’re on track or not.

The important thing is that at some point you have to give up the navel-gazing and just plunge in. Go make money.

I’d love your comments and/or your stories.

Business Idea - Classified Ads/Free Paper

I helped edit our yearbook in high school, so this idea really appeals to me. Put together a paper of just classified ads in either broad sheet or booklet form. Sell ads by undercutting your competition. Leave stacks of your papers in corner stores, gas stations or coffee shops free for the taking. Or deliver door-to-door. You’ll need a small office to answer phones and sell ads. Compose the master layout on your home computer. Photocopy your paper or have it printed professionally. One Canadian company started out this way and added jokes and very short stories to their paper of classifieds. They focused on distributing their papers to coffee shops and casual restaurants - anywhere a customer might linger and look for something to read. And now their sales are in the hundreds of thousands of dollars.

Business Idea - Candle Sculpture

I remember a news story when Princess Diana died of an artist who had sculpted candles in her likeness and was selling them at the Place D’Alma, a site located above the tunnel. (They looked really neat, but I felt her timing was more than a little opportunistic.) Anyway, my point is you need only a small amount of creative talent to achieve some great results. I’m sure there are plenty of books on this particular type of craft. It’s an interesting and unique gift idea and your profits can be very large. Your raw materials for each candle cost you a buck or so and your finished products can retail for $20 or more. For about $200 bucks you can start up production in your own home and launch yourself on your way to becoming a sculpted-candle mogul.

Business Idea - Charcoal Portraits

Who doesn’t love a charcoal portrait of themselves? - Assuming the artist is responsive to my requests for “editing” my hook nose and prominent chin, I’m a beauty in charcoal. And everyone definitely loves a portrait of a loved one. Charcoal softens and warms the features of a sitter. If you are average or better at drawing, you can easily master this type of portraiture. (And if you’re a struggling novice, consider reading Drawing on the Right Side of the Brain, it’s a phenomenal book. Your inner artist will amaze you.) Set up where loads of people pass by - sidewalks, parks, farmer’s markets. Draw for ten minutes for a fee of $20. Display and sell other artwork at the same time.

Business Idea - Hand-Painted Jeans

Oh, to have a svelte jeans-wearing body... For those that do, hand-painted jeans are very popular. Purchase jeans in bulk at wholesale prices on eBay (look under “wholesale lots”). Hand-paint interesting designs using fabric paints. Reassure your customers that the design will hold with careful washing. And then resell at four to ten times what you originally paid, selling to boutiques, department stores or on eBay. Take special, customized orders for a higher price.