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3 Reasons Most Businesses Don't Reach 6 Figures

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Alex Charfen is an entrepreneur, author and speaker who has used his experiences to coach small business owners on gaining momentum and growing their businesses. Charfen has experienced both tremendous failures -- like going bankrupt during the 2008 recession -- and incredible successes -- like launching a business and growing it to a revenue of more than $10 million per year. In this interview at Click Funnels’ Funnel Hacking Live conference, Entrepreneur Network partner Emily Richett talks to Charfen about the importance of taking care of yourself, knowing your market, and building a team. Charfen recommends these three things to build momentum:  Reduce the pressure and noise in your life Charfen teaches fast-growth entrepreneurs about how to take care of themselves first with hydration, nutrition, breathing and what he calls "daily momentum planning." “If you have the earning potential of a multimillion dollar athlete, you should treat yourself as one,” Charfe
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The 5 Best Small Business Ideas

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Most articles you read about business ideas have been written by freelance writers who have no business experience and have no idea of what they are talking about. And they certainly don’t know what makes for a good business idea.
This list of 300 business ideas is based upon my vast business experience. My name is Bob Adams. I have started dozens of businesses and made millions of dollars. I also have an MBA from Harvard Business School. I have run not just lots of businesses, but also many types of businesses, including a number of very small businesses that I started before going to business school.
I learned what works in business. And I learned what doesn’t. I learned what are good business ideas and what are not. I learned that choosing a good business idea is critical to succeeding in business. It could be one of the most important decisions you ever make.
Unfortunately, many people go about choosing a business idea the wrong way. They more or less stumble upon it. Maybe they overhead a hot tip about a particular business or they happened to read about it and it sounded like fun. This casual approach to finding your business idea is risky. Maybe you end up with a good idea. And maybe you don’t. I see a lot of people who use this approach ending up wasting a lot of time and money on a bad business idea.

The secret to finding a great business idea

Here’s the secret to finding an awesome business idea. You need to be systematic and you need to be thorough. You need to put together a solid list of proven and practical business ideas. Then you need to carefully evaluate which ones would be most likely to work for you.
If you want to learn more about how to carefully choose your business idea, check out my course, How to Find a Great Business Idea. In this course, you will learn my 6-step approach for finding the perfect idea for you. You will also get worksheets to help you evaluate ideas.

About this list of 300 business ideas

While this is a long list of ideas-I have carefully edited it for you. I started with a much larger list and ruthlessly chopped off the weaker business ideas that I didn’t want you to consider. If you really want to be your own boss, I am sure you will find an idea that you really like on this extensive list.
To learn more about turning your idea into a business, explore my courses at BusinessTown. These courses will teach you everything including how to get started, how to get customers and how to write your business plan.

Art Gallery

I see two routes to success in this business: 1) Focus on artists with well- established followings that you are comfortable that you can sell or 2) Take on less well-known artists on a consignment basis, meaning you don’t actually buy the painting from the artist until the day you sell it. This can be a finicky business–people’s tastes can change and a gallery that is successful one year can find itself struggling enough. So, keep your overhead manageable and watch for changing trends.

Bartending Service

Sign up for a bar-tending course at the local community college or adult education center, get a safety certificate if your state requires it, and then you’re ready to start serving. Usually the client will provide the booze and the glasses, you might bring a few mixing tools or even a service cart if you want to get fancy. Demand for this service will run strongest on the weekends, making it a great part time gig!

Boat Tours

You don’t need to own a big boat to take people on evening boat tours! You can lease the boat, market the tours and build a business without the overhead.
To make it more fun, you can buy a few small drive-it-yourself speed boats and lead your customers around the local harbor. What could be more fun than that!

Cake Making

I can barely “cook” a frozen dinner, but you may have the cooking skills that I lack! People will pay good money for a really awesome cake for special occasions. Get some great cake pictures up on your website, promote your skills to event planners and build your clientele!

Clothing Boutique

My kids did an upscale sneaker and related goods boutique. This can be a lot of fun but it may be harder than you think to make money. First make absolutely sure your location has great foot traffic—stand there and count heads before you sign a lease! Then develop a distinctive plan for merchandising, and don’t be afraid to mark down what isn’t moving.

Clothing Line

Yes, you can start your own clothing line with just a few items, be successful and have a lot of fun along the way! Look at Ralph Lauren who started by selling a couple neck ties and then built that into a multi-billion-dollar empire. Contract out the manufacturing which is the really hard part of the work. Then focus on developing eye-stopping designs and talking it up with potential re-sellers, or sell the items yourself online!

Clown Service

Wouldn’t you enjoy making kids smile and laugh? What a great way to earn some good money, especially at kids’ birthdays and Bar and Bat mitzvahs! Business will be heavily focused on weekends, so you can hold onto your day job as you build your clientele. I met a professional clown who told me that he charged $200 an hour…for that price I’ll put the clown suit on right now!

Coin or Stamp Dealer

I loved to collect stamps and coins when I was a kid. In Boston, the dealers’ stores were all side by side on Bromfield street. Today some coin and stamp dealers still have retail locations but many others work primarily online. This is a great business to start part-time and then consider going full-time later on. Or is it just a hobby with the potential for making a lot of money? American President Franklin D Roosevelt would spend many enjoyable hours alone with his stamp collection.

Coffee Bar/Tea Salon

Yes, you can compete with the Starbucks and Dunkin Donuts of the world! However, these chains have raised the bar, so your coffee or tea must be not just good, but awesome! Your ambiance better be good too. Your location needs to be good as well. Plus, you need to be distinctive. One way to stand out is to compliment your world class beverages with some fabulous foods. So yes, you can compete, but you’ve gotta be firing on all cylinders in this competitive space!

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