15 Best Business Ideas for New Entrepreneurs
The year 2020 brought new dynamics into the business arena due to the global pandemic.
It is difficult for traditional business models to survive in the current economic situation. Therefore, new entrepreneurs must seek new and innovative ways to do business.
Realistically speaking, most business ideas for entrepreneurs must resort to web presence. Therefore, most businesses that will take over by the storm must embrace the opportunities created by COVID-19.
However, other offline business ventures will still perform well if properly executed. Here is a list of the best business ideas you may consider in the coming months.
With the continuous growth of businesses worldwide, entrepreneurs are not limited to physical stores. Instead, one can establish an online business and reach clients from different countries. For this reason, there is an increasing demand for translators.
A translator must convert written material from the source to the target language. You could use this skill to make an income if you can converse fluently in multiple languages fluently.
With translation, you can decide to do it alone or as a team. It also provides an opportunity to work from home via the internet. Also, there is a broad market. Thus, a translator has a variety of options to choose from.
Forex is the other word for foreign exchange. It is an internationally localised market in which people trade currencies. Technology innovations have enabled people from various parts of the world to access financial markets and trade or invest in forex.
Forex is one of the best business ideas that allow you to earn, learn and grow. But first, they need to set up an account and deposit some fees to allow them to trade. Some factors that make forex a good business for newbie entrepreneurs are its flexibility, high liquidity rate and the potential to earn high profits.
Health and Fitness Business
If wellness, health, and fitness are your forte, you could use your knowledge to help people attain their body goals. The fitness niche has diverse areas that you can join. You can also decide to begin on your own. If you want to venture into the health and fitness business, these are some areas you should try.
You can be a gym owner and personal trainer to help people on their fitness journey or sell health supplements. Additionally, you can work with sportspeople as a physical therapist to help them regain energy and recover from injuries.
Set up a Clothing Boutique
The fashion industry is a dynamic line due to its ever-changing styles. Its target market is dependent on size, preference and age. The advantage is that people always desire to dress well and look good.
Setting up a clothing boutique might be a good idea if you are creative and your passion lies in fashion. Also, as the business grows, you can launch your own clothing line.
As much as the clothing business is lucrative, it is also very competitive. Therefore, you should know what is required before you begin. The following are some of the tips that may help you as a boutique or brand owner.
- Have a business plan. The plan should detail your strategies, what you hope to achieve and the cost of setting up the business.
- Find out from the state department what licenses and permits are required for the business and the process of acquiring them.
- Know where to source your material and all the supply you need for the business.
- Establish advertising or marketing techniques you intend to use.
- As you grow, establish an online presence and hire a trained salesperson for efficient operation.
Start a Childcare and Crèche Business
This offers excellent business ideas for individuals who love being around children and can take care of them. With most professionals getting children in the prime years of their careers, some may not fully commit to their roles. Providing daycare services allows parents to have a work-life balance.
Additionally, taking care of children builds your communication skills and grows virtues such as patience. Finally, if you are a parent, you do not have to worry about missing your child’s milestones, as you can always take care of them while still running the daycare.
An entrepreneur may rent out a simple house in the neighbourhood or convert some of the rooms in their residence. Next, you must equip the space with safe toys, beds and bedding. Then, finally, get a license to be in good books with the authorities.
Pet services refer to care given to household pets. Veterinary services do not count as part of pet care. You can convert your love for pets into a money-making venture.
Pet services vary, and you need to develop a list of services you can offer. You can also decide to specialise in a niche service. The choice of animal you want to care for will guide you on what services you will offer. Some of the businesses under pet service include:
- Pet sitting where look after or attend peoples’ pets from their homes.
- Pet boarding. In this case, you set up a facility where pet owners can drop their animals, and you look after them while their owners are away.
- Dog training. Some people do not have the time to train their dogs. Some lack the skill and require someone to train their pet.
- Pet finding. Sometimes people lose their pets and need someone to find and bring it home. You can make money by helping owners get back their pets.
Printing comes in many forms, from 3D printing, documents, wears, pillows, beach towels, frame posters, mugs and much more. It requires a relatively low investment and is easy to get started. Moreover, you are good to go if you have exceptional skills and a good marketing strategy. Some of the most profitable printing ventures today are bulk t-shirts and 3D printing.
First, you should identify a niche and know your competition. Secondly, identify your primary area of operation, whether you will mainly rely on offline or online services. Then, finally, launch your business.
Food Delivery Business
Many Americans seek flexible dining options due to work commitments and tight schedules. Moreover, many restaurants are overwhelmed in accommodating new customers due to space constraints. Further, the global pandemic is forcing restaurateurs to consider delivery services to boost their sales.
Decide on the kinds of meals you want to deliver, whether fast foods, home-cooked or healthy foods. Next, identify the delivery area radius and which restaurants you want to partner with. Next, invest in good food service bags to maintain the temperature and freshness of the meals. Finally, look for a classy but cheap logo design for your business.
Individuals and small businesses will always require someone to help them financially. That said, if you have a solid bookkeeping background and the necessary certifications, bookkeeping is a good business idea.
You need to invest in accounting software and decide on the services that you can offer. Moreover, ensure that your business is registered with the required documentation. Some services you may offer include account receivables, credit card management, bank reconciliations and account payable.
Office Space Rental
Many small businesses find building their business premises an unnecessary and expensive affair. However, they still require a presentable and conducive work environment for maximum productivity. It is for this reason that office space rentals exist.
An office space rental provides technology, infrastructure and business support to ensure small businesses can focus on their core mandate. It provides an opportunity for networking with different organisations, enhancing the company’s productivity.
Office space rentals provide a high-profile business image in prime locations. As a result, it attracts more business and clientele to tenants.
An office space rental business is ideal for generating a constant flow of passive income. The venture requires little investment if you own the building. However, if you do not own the building, you require considerable capital to get started.
A business consulting firm specialises in providing advice to help organisations improve and maintain professional business processes. However, you must have several years of work experience and exemplary performance to become a company advisor.
Your job as a consultant is to look at client’s management, structure, operations, profitability and strategy.
Additionally, you will assess and guide the implementation of different plans. Lastly, your job will be to recommend the best solutions to any problem.
Beginning a consultancy does not require much capital to get up and running. However, depending on the field, it may be necessary to have the proper certification and approval from national bodies.
As long as there is the existence of the internet, websites are here to remain. Website development is a lucrative business with many growth opportunities.
It entails mastery of coding and programming languages. Additionally, you need to be updated with the current trends and supporting technologies to be successful.
As a web developer, you will help businesses venture into the online space. Your job is to design websites, offer WordPress support and update client information on their websites.
Further, you will help existing sites to rank highly in organic search. If you have zero skills in web development, start by taking online courses and watching tutorial videos on YouTube.
Reaching potential customers online takes more than just having a website. It entails many campaigns and promotions to convince people to visit your website. Additionally, it takes more effort to persuade your audience to purchase your products or services.
A career in online marketing requires designing ads, creating backlinks, copywriting, web analytics, and marketing software. You can source jobs from online sites that have become popular today.
Some well-paying digital marketing jobs entail SEO, email marketing, social media promotions, pay-per-click and affiliate marketing programs.
Mobile Application Development
With the ever-rising number of businesses online, so is the need to create mobile applications. Additionally, there is a need for a better user experience in some of the existing apps.
Mobile applications help users to access services and products by different companies easily.
Starting a mobile app business is not as complicated as it used to be.
Today, there are many platforms to help you bring your idea into reality with only essential or no coding experience. Also, many companies are willing to pay for a great product that helps them generate leads and conversions.
Rideshare businesses have brought much convenience to travelling. No longer do people have to wait for scheduled taxi services. Selection of the type of ride you want and pricing is already available on your smartphone.
You require a four-door vehicle, a valid driver’s license for at least a year, and good knowledge of your city.
However, the minimum requirement for individuals under 23 years is at least three years of driving experience. You can choose the number of hours you want to work based on your financial goals.
Concluding our Business Ideas
Over the years, tough times have forced most employees to lay down many employees. As a result, the promotion rates are declining, and the demand to get a salary raise depends on work experience and the level of education.
It is not a surprise that most people turn to business to make ends meet or supplement their sources of income.
Luckily, numerous business ideas for new entrepreneurs do not require huge capital to start.
Also, many of these businesses fall under activities people love to do for leisure. Turning your passion and talents into money-making ventures is possible with patience, zeal, and time.
Author Bio: Patrick Watt is a content writer, writing in several areas, primarily business growth, value creation, M & M&A, and finance. His other interests include content marketing and self-development. Say hi to Patrick on Twitter @patrickwattpat.