3 BEST SMALL BUSINESS IDEAS
Owning a business is not everyone`s cup of tea but through proper planning, sheer determination and perseverance one can generate quite handsome revenue from it. Almost everyone in this world thinks of starting his or her own business and quitting their typical 9 to 5 job but can`t do so because they feel unable to reach a proper and foolproof plan.
The biggest shackle in starting a new small-scale business is that one is unable to decide and take the first few steps and begin their entrepreneurial journey. First, we have to change the mindset of our planning and instead of looking for a plan for ourselves; we should look to solve the problems society is facing. After figuring out the potential problem, we can take the adequate plan and idea to solve them, which will result in less competition and high demand.
Small startups/businesses are the most suitable for the boots trappers and newbies as they include few or even no employees and are easy to manage moreover, such businesses include less or almost no financial investment. In most cases, no technical expertise is required even.
After completing the initial step then one should move to the next step, which is “RESEARCH”. We cannot deny the importance of Data and research while starting up your own new business because data gives you an idea that how much competition you would have to face in the market, what is the market`s potential and many other things. Your research has to be systematic and in deep way. Have an outlook on the market and how will it perform for you. The second major thing to consider is “Funds”. The data will give you knowledge about how much financial investment is needed to initiate that particular business. After figuring out everything, you have to consult a legal consultant to discuss the legal concepts and do the proper documentation.
After completing all of the above-mentioned steps, look for some like-minded and capable people to build your team and just start your business!
Following are the best three small businesses you can look forward to: -
(1) DROPSHIPPING
If I simply explain drop shipping it would be “BUY PICK PACK AND SELL”. It is one of the easiest and most rewarding businesses one can opt for as it is low scalable with low overhead. It includes buying the product from the market at a decent rate, packing it on your own and then handing it over to your supplier who will transport your product to the buyer. In this sort of startup/business supplier acts as an intermediary and is of key importance. If he is not right and does anything, wrong while transporting etc… even then you have to take responsibility because your customer will trust you while buying the product.
You should have to build up your website first which will act as the digital shop and will give you access to Local as well as International customers depending on how you “market” your products and build your customer`s trust in your brand and specifically you.
In the nutshell, find the product-market fit, a reliable supplier/intermediary and build a good and strong customer care relationship with your customers. You will earn a lot once your business gets stability whose key is the customer`s trust.
(1) FREELANCING
Freelancing is more of a more lucrative way of earning through which one can generate handsome revenue even while sitting at his home leisurely. All you need is a good computer and an internet connection. It is a skill-based service business in which you sell your skills online. There are many websites on the internet in which you can get yourself enrolled and make your “gigs” that will act as your digital representation. Once you start getting your orders, you can have both local and international clients which means more money!
Once you start getting a large number of orders you can start outsourcing them and can make up a reliable team that will help you grow. As told earlier, there is no financial investment and this is just skill-based work so there is no need for any degree or diploma as well. Your “time” is your investment. The more time you will put into your skill enhancement more orders you will get.
(3) Child Care
Child-care is one of the best yet risky and high responsibility businesses. Covid-19 had affected this pool of businesses quite well as people were mostly at home so this industry had almost collapsed. But as the situation is getting better and almost the world proceedings are now normal, these businesses are starting to emerge again with less competition. All you need is just to develop the trust of your customer that you will provide their children with the best possible environment so that they keep coming to you again. As mentioned earlier, It’s a rewarding yet quite risky business that demands a highly responsible attitude.
