Your Idea Is Definitely Better Than These Bad Business Ideas

I can’t tell you the number of times I’ve woken in the middle of the night with a world-changing idea.

The greatest business idea ever. An invention that will make everybody’s lives easier, not to mention make me rich. Inspired, I’ll open the notes app on my phone, write down my earth shattering revelation, then go back to sleep, dreaming contented dreams of awards and adulation.

Until the next morning, when I find that my ‘great idea’ is either:

  • already in existence and making someone else rich
  • a nonsense list of words, e.g. “metallic suitcase engineering dance class”
  • or the worst idea ever.

But occasionally I get an idea – usually during daylight hours – and it’s pretty good.

It’s certainly better than the ideas in this video.

And as a matter of fact, a business idea doesn’t need to be perfect or world-changing to be worthwhile.

Basically, if a) you’re selling a legitimate product or service and b) there’s actual demand for it, it’s a start.

Another key part of making sure your business isn’t a bad one is just straight up professionalism. We’re not talking about wearing a suit ­– you can be professional in a t-shirt and jeans. Professionalism is about maintaining a business-like demeanour whenever you deal with colleagues, clients and customers.

This means ensuring your products or services are up to scratch. It means communicating clearly with the people you’re selling to, and having a clear point of contact. It also means having an appropriate system for dealing with your finances. In other words, a business bank account is essential. Trust us: you don’t want your business funds mingling with your brunch funds.

If you’ve got a good business idea, then it’s time to follow through. You never know where it could take you.

Your business is more than a hobby. Keep your personal finances separate from your business expenses with a Westpac Business One Low account. Apply by September 29 and you’ll pay $0 monthly plan fee for the first 12 months. Read the terms and conditions and ensure it is appropriate for you.