Top 5 Successful Smart Business Ideas That You Can Try This Year

In the last quarter of 2020, ITS Logistics launched an almost entirely virtual sales process that ultimately ended with its acquisition by GHK Capital Partners in mid-2021. CEO Scott Pruneau says navigating the process without bringing anybody under the tent was a challenge. Capital Plus' Renee Tyack, Roetzel & Andress' Erika Haupt, Matesich Distributing Co.'s Sarah Schwab and AB Bernstein's Kara Lewis on how they navigated the most difficult questions regarding what to do with the family business. Fifth Third Securities' Matt Francati, Cyprium Investment Partners' Beth Haas, Signet Enterprises' Anthony Manna and Oswald Companies' Jeff Schwab on mitigating risk and navigating current trends in today's volatile sell-side environment.

Build A Good Business And Investors Will Find You

We have access to financing for whatever your need, be it cash flow, inventory, equipment, or real estate. Many websites and blog owners are on the lookout for engaging and unique content to woo their readers. If you have a flair for writing and knowledge of a group of writers, the best small business idea for you would be to start a freelance content writing or copywriting agency.

Building A Testing Capability

Cornerstone Business Services' Scott Bushkie explores the importance of timing in the sale of a business, and offers both his insight and advice on how sellers can leverage timing to their advantage. RLXDatix's Jeff Surges, Entrinsic Bioscience's Stephen Gatto and Aon's Nick Surges talk about leveraging M&A, and the role of IP in value, in a hot deal market. Physna's Paul Powers, Blacksmith Applications' Terry Ziegler and Fifth Third's Jeremy Gutierrez and Joshua Sosland talk about building strong capital stacks to finance growth. RTC Partners' Tony Brindisi and Plumb Line Capital's Matt Lindberg, along with RSM's Steve Menaker and Luis Galarza, explain how they approach valuation creation, as well as current trends you can apply to your next deal. Within3's Lance Hill, along with Huntington Bank's Jamie Lynch and John Langenderfer, University Hospitals Health System's Eric Beck, and ValueHealth's John Palumbo explore how health care entrepreneurs fuel growth.

A Company Built By People For People

NOBULL Co-Founder and CEO Marcus Wilson on the myriad lessons learned on his — and the company’s — whirlwind journey, including what investors bring to the table beyond funding and why building an engaged community of loyal customers has been the real key to success. Mykolas Rambus is a serial entrepreneur who founded and sold two previous companies, including Wealth-X, where he served as CEO until its 2016 sale for more than $20 million. Most recently, Mykolas raised early-stage rounds of capital in 2021 to build out Hush, a company that offers cybersecurity services. Though the capital raise process went well, Mykolas talks about how better pitch materials would have made for a smoother raise. One tricky aspect of establishing a long-term testing approach is determining when to retest.

CKE has attained an enviable hit rate in new product introductions—about one in four new products is successful, versus one in 50 or 60 for consumer products—and executives say that their rigorous testing process is part of the reason why. If you have had occasion to enjoy a Monster Thickburger at Hardee’s, or a Philly Cheesesteak Burger or filepapa a Pastrami Burger at Carl’s Jr., you’ve been the beneficiary of CKE’s efforts. These are just three of the successful new products that were rolled out after testing proved they would sell well. Finally, formal testing makes sense only if a logical hypothesis has been formulated about how a proposed intervention will affect a business.

This includes your long-term goals and short-term benchmarks that act as mile markers throughout your company's greater journey. Many business owners often focus on making decisions that will maximize revenue, while forgetting that more revenue does not necessarily generate a higher profit. It all depends on how much you spend to generate each dollar of revenue earned. So, it's essential to know all of your costs to the cent on every type of project, job, service, and client. If you have not set clear short-term and long-term goals for your business, you will undoubtedly find yourself floundering to make decisions. When it comes to making big decisions in business, it's essential to adopt a growth mindset.