A new year can be an opportunity to finally take a shot and start that business you have always dreamed of. There’s always room for small businesses to grow and branch out, you just have to find a service or a product people need and no one is currently providing. Obviously, a business idea doesn’t have to be completely original – improving an already existing one can bring you a lot of money, as well.
Here are a few startup ideas that have been catching the attention of investors lately.
Traditional shopping has been losing ground for a long time now. Everything can be ordered online and delivered in a matter of days. This trend is now taking over the fashion industry as well. All you need to start an online boutique is a website (or preferably an app) and a talented photographer. Except for the clothes, there really aren’t any other startup costs, but don’t start advertising until you have a delivery system in place – losing orders can damage your reputation before you even get started.
Electronics recycling is a growing business as old gadgets are starting to pile up. Research local regulations and permits needed to apply for government grants available for eco-business. Decide whether you want to invest in a recycling facility or use the services of an existing one (the latter is preferable for those who are just getting started). Then, it’s all about advertising and setting up a grid of collection depots on strategically chosen places. Create a few consolidation points, where you will gather and pack all the equipment and after that, the actual recycling is all that’s left. The business can grow quickly, but there are a lot of initial costs to think about.
Accounting and payroll services are always needed – you just have to make your business stand out. Beginners usually offer their services to small businesses and individuals, but if you have the manpower, you can target larger companies as well. It’s also a good strategy to have a niche (for instance agro-business), but don’t set it too narrowly because you won’t be able to grow. The biggest expense is hiring professional accountants and getting the word out to potential clients. Using old contacts and networking is fine at first, but think about investing in a website and online presence.
With e-commerce businesses on the rise, a lot of companies require storage facilities and management. Starting a business isn’t that hard to do, but maintaining it is a different story. The location is your number own priority – a warehouse should be well connected to both businesses and customers. Other expenses include equipment such as scissor lifts and hand-held tracking devices. Once everything is set up, don’t be afraid to spend a bit of money on building up a client base. Connections and referrals will come later. In the first couple of months, you will need to advertise your business.
Healthy food delivery
Healthy food is becoming a concern, especially for young people. They also don’t have enough time to learn how to cook or enough money to eat out. Therefore, this is a perfect niche market. A business delivering healthy food with simple instructions on how to make it could easily grow and expand its services. There will be some initial costs regarding permits as is always the case with dealing with food. You need someone to write easy and simple recipes, healthy produce and a delivery system. It takes a couple of months to set up and then you will start making serious money.
The key to starting a small business is finding the market that can grow but isn’t overcrowded with competition. Take your time and do research diligently before you spend any money. Next to hard work, knowing your customers is the most important aspect of business.