Starting a new business can be daunting, and a confusing process when trying to find the right idea. With hundreds of ideas to choose from, finding the right small business idea starts with what you love and enjoy and how you would like to serve others. Furthermore, understanding your target market and what they need will determine how your business evolves. This article will discuss some of the best business ideas to get you started.
When you first plan to start your business you need to consider the type of business: a Sole Proprietorship, Partnership, LLC or Corporation. Each business type will follow a different structure with its own set of regulations and benefits like limited liability protection. LLCs are more common choices when forming a business due to its simple startup procedure and tax benefits.
The value of online businesses is estimated to reach over $700 billion in the next couple of years. More people are starting online businesses especially in eCommerce. More businesses are also creating an online presence through websites, going beyond the brick-and-mortar establishments. If you are thinking of starting an online business here are some ideas.
There are different types of online stores to start with, popular store platforms include eBay or Etsy. Whether it’s selling and shipping physical products or providing online services, these can be tailored to suit your interests and skills. Online stores facilitate more flexibility of time and require minimal startup costs.
Graphic and Website Design
If you are a professional graphic or website designer, or aspiring to be one, this can be done from anywhere in the world, all that is required is a laptop and good internet connection. This profession typically requires prior education or certifications, however, these are widely available to study online, which also assists in creating an online portfolio to grow a client base.
An online writing business can be diverse and done on a freelancing basis or with an agency. There are different types of writing, ranging from blogging, ghostwriting, review writing, technical writing, resume writing, starting an online magazine, grant writing, and other areas within the field, for example, proofreading and editing.
Social Media has opened a diverse set of platforms for online marketing and networking opportunities to expand a business or brand. Facilitating different media like video, audio, or visual, businesses can reach millions of people and potential clients. Some of the popular social media platforms right now include YouTube, which is a video-based platform, Instagram, which is more visually focused, ideally photographs and graphics, and Facebook, which facilitates graphic aspects like photos, but also written content like blogs.
Starting an environmentally conscious business can go a long way, benefitting not only the environment, but your clients. There are various options to choose from if eco-friendly is a business value. Examples include sustainable gardening, landscaping, different types of farms like herbs, mushrooms, hydroponics, and greenhouses. Other areas include providing green beauty and hygiene products, eco-friendly cleaning detergents, or reusable products like grocery bags.
Food and Hospitality
The Food and Hospitality industry will always be in demand and depending on your skills or aspirations there are a variety of opportunities to start a business. Examples include starting a restaurant, which can range from family-style, fast food, bakeries, smaller food services like kiosks, food trucks, or meals-to-go. Other areas include specialty food stores like olive oil, hot sauce or a spice business, as well as a grocery store in your local area or a franchise.
Businesses able to withstand economic lows like recessions are good options for anyone who needs financial stability and safety. A few options include health services like pharmacies, clinics, health and wellness coaching and consulting, home health services like medical supply stores or hospice services. Convenience or grocery stores supplying essential food and hygiene products will always be needed, and tutoring or day-care services are especially valuable for parents who need additional support for their children.
Whether it’s an online or brick-and-mortar store, these are only a few of the best business ideas right now – the options are endless. Knowing your business needs is an important first step.