Author Topic: Vetting a Business Idea  (Read 669 times)

StashthatCash

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Vetting a Business Idea
« on: March 02, 2017, 09:11:56 AM »
I am trying to come up with ideas for starting a business that I would actually enjoy.  One thing that I keep thinking of is how to start a business that would take my wife and I to Hawaii.  While doing some research I found that there is a potential ban of Styrofoam on the Islands so that got me thinking... My thought is that I could "import" bio-degradable/compostable containers and cutlery that they would then be required to use.  Would someone be able to give me a sanity check and tell me if I'm crazy or not? 
   

swick

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Re: Vetting a Business Idea
« Reply #1 on: March 02, 2017, 09:39:56 AM »
I would think that you need to do a lot more research before buying tickets.  If a ban is going in, there are going to be companies with already established suppliers and distribution chains that would be able to easily make the switch and establish market dominance before you are up and running.

Why would a restaurant or food service provider add another supplier to their business when they could just ask a supplier they already have to start carrying it?

There are plenty of easier and less risky ways to incorporate a trip to Hawaii as a business write-off if that is what you are looking for. Take a training course, attend a conference, look at importing stuff from Hawaii to the mainland...

J Boogie

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Re: Vetting a Business Idea
« Reply #2 on: March 02, 2017, 10:14:21 AM »
I agree with Swick.  Go to Hawaii but don't kid yourself, you're doing it for fun.

If you care about sustainable packaging, as I do, there's nothing stopping you from researching and learning more about it and, to use a very businesslike term, truly adding value.

A lot of us in the packaging field, even at an innovative company like 3M, are very busy with our day-to-day responsibilities and don't have as much time to develop the next best packaging material/product.

pianomom

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Re: Vetting a Business Idea
« Reply #3 on: March 02, 2017, 11:49:47 AM »
If you want to live in Hawaii, I would look at finding a way to make money from anywhere. Freelancing is something that comes to mind. Then if you want to do something different after living there for a while, you can see what the local needs are and build a business that way.

StashthatCash

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Re: Vetting a Business Idea
« Reply #4 on: March 02, 2017, 12:51:15 PM »
Thanks for the feedback all, I think everyone seems to see the point that my wife and I just want to move to Hawaii but have no idea what we can do there at the moment for money given our relatively specific degrees.  Mine is in packaging engineering and her's being food science.

J Boogie

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Re: Vetting a Business Idea
« Reply #5 on: March 02, 2017, 01:49:29 PM »
I have a friend that has done quite well buying condo units in older buildings in Hawaii renting them out on AirBnb.

Otherwise I can't think of too many cool business ideas that involve Hawaii specifically.


Axecleaver

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Re: Vetting a Business Idea
« Reply #6 on: March 02, 2017, 02:26:05 PM »
I spent a year in Honolulu in 2012-2013. You can do Hawaii on a budget. Housing is the most expensive part of living in the Islands. If you're willing to modify your diet, and eat what's lower cost (tuna, pork, tropical fruit, rice) and forego dairy and chicken, you'll be just fine. The city buses are spectacular there, it's easy to get around without a car.

I remember a company doing containers made out of taro starch, they were at the big farmer's market downtown, and I saw them once at Eat the Street. Don't recall the name. Hawaii has a huge food truck scene, check out http://eatthestreethawaii.com/eat-the-street/ and talk to some of them for what they need in bio containers.

SeattleCPA

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Re: Vetting a Business Idea
« Reply #7 on: March 04, 2017, 06:38:13 PM »
I am trying to come up with ideas for starting a business that I would actually enjoy.  One thing that I keep thinking of is how to start a business that would take my wife and I to Hawaii.  While doing some research I found that there is a potential ban of Styrofoam on the Islands so that got me thinking... My thought is that I could "import" bio-degradable/compostable containers and cutlery that they would then be required to use.  Would someone be able to give me a sanity check and tell me if I'm crazy or not? 
 

I don't know if this will help you, but I've observed (after working with hundreds of small businesses over decades) that you can categorize small business models as falling into one of six pigeon holes. Here's the longer discussion:

http://evergreensmallbusiness.com/six-common-formulas-for-small-business-success/


Axecleaver

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Re: Vetting a Business Idea
« Reply #8 on: March 05, 2017, 08:50:28 AM »
Great article.