If your small business is trying to make an impact in the current landscape, you aren’t alone. It isn’t easy to come up with great ideas for a business, new or old. Right now, especially, you might really be feeling the pain of not having any fresh concepts.
To help you out, we have scoured the internet for a list of our favorite new business ideas, and we think some of these are great for all businesses.
Our first article comes from Braveen Kumar at Shopify. He outlined some of the best business ideas to start from home. His article goes into some great detail about how to make these business ideas come to fruition, but we have some personal favorites for new and old businesses alike.
If you like to fix things or are good with your hands, there are several great opportunities to explore. All of these occupations and businesses are expected to have above-average growth over the next 10 years . Not everyone is cut out for high-tech. And, that’s OK.
General home repair includes minor remodeling tasks to simple wiring and installation of electronics. If you like fixing things and are good with people, this could be an excellent opportunity for you. Hourly rates vary significantly depending on the region of the country in which you live and operate. Pay and demand can vary. Therefore, this may be better as a side business that a full-time new business idea.
If you are willing to gain or have the necessary qualifications the next three options pay higher and are expected to grow faster.
According to the Bureau of Labor Statistics, the plumbing profession is expected to grow at a rate of 5% per year for the next 10 years. The average plumber earns around $60,000 per year. The business model is solid, and there are plenty of benchmarks to choose from when building your business plan. It does require training and certification, but not a four-year degree. Trade school tuition is significantly less than a traditional college.
This is the final ‘tradesperon’ idea. Both are seasonal businesses, so they may be better as side businesses than full-time new business ideas. Alternatively, you may want to consider Landscaping in the spring and summer and augment those services with handyman/woman services in winter. This business model is a little more complex because of the seasonality, but if you love working outdoors, this might be a great small business idea for you.
This is one of the fastest-growing occupations on the Bureau of Labor Statistics’ list. This profession is expected to grow by 8.4% per year. The average electrician earns around $60,000 per year. It also is built off a solid business model, and there are plenty of examples of successful business plans to copy. Like, plumbers, it requires training and certification, but it can be a good idea for those with an electrical bent.
These are great small business ideas for those who are looking to work from home. These ideas are scalable so the can work both as a side business or a full-time job. It will depend on the breadth of products and services you ultimately offer.
If you have a great creative eye and can work in multiple media, there are many possibilities from which to choose. From logo design, packaging, presentations, to website user experience design, a skilled graphic designer can make or break these projects. This business model tends to be built on word of mouth, but social media can be a great way to showcase your work, especially using visual platforms like Instagram, TikTok, and Pinterest.
Content is king in today’s marketplace. The key to great content is a great writer. This is the perfect new small business idea if you want to work from home. It will allow you to set your hours so you can spend time as you like, as long as you meet your deadlines. This is predominately an online business idea. It too is a business model based on word of mouth and friends and family connections. However, social media is also a great way to become known. Twitter, Facebook, and LinkedIn are great places to showcase your writing skill.
If you are interested in opening a videographer business, you may want to start with photography. Photography is cheaper, and by doing photo shoots for your family and friends you can start to build a solid portfolio. Once you have a solid portfolio, you can start building your Facebook, Instagram, and Pinterest base. Tagging clients and asking for referrals can grow your following.
Given the upfront costs of video production, the business model is more challenging than photography. This is why we put the two together. It is an easier build from photography to
videography, plus you can start with a base of clients. However, if you aren’t interested in photography, then you can make videography work by deploying the same business plan as photography. Start with friends and family to build your reel. Then promote your reel through video-heavy social media channels such as YouTube, Vimeo, etc. The business model is more challenging but not insurmountable.
This is the fastest-growing sector in the Bureau of Labor Statistics report. While most healthcare businesses will require an advanced degree, not all do. When it comes to healthcare business ideas, it requires a passion for caregiving. It also requires knowledge of the specific laws and regulations that govern this sector, which can vary from state-to-state. While the growth in this sector is expected to be great, it comes with a cost. The business model can be complex, especially if you are being paid by a 3rd party like insurance or Medicare. As such, the business plan will require more thinking, time, and attention for it to work well.
As more and more people want to age in place, the home healthcare market has boomed. This trend is expected to continue for the foreseeable future. Home healthcare does not require advanced training. You do need to have a passion for spending time with seniors, helping them with daily living tasks. The start-up cost is minimal. Referrals and word of mouth drive demand, so you will want to ensure that you ask for reviews from the person in care and his or her family.
This occupation is expected to grow by nearly 15% per year for the next 10 years. Over a quarter of these roles are filled by solo-practitioners. These roles require a Master’s degree with residency training. Therefore, it is a significant upfront investment. However, as technology improves, as evidenced by models like TalkSpace, caring for the mental health of patients in care is likely to move to a more digital model. Therefore, this may be a great online business idea for those professionals considering a solo practice.
As medicine is becoming more complex, the need for health education is increasing. In fact, this profession is expected to grow by 11% per year for the next 10 years. Healthcare educational specialists can offer an attractive mix of working from home and working in teaching settings. This business model is a bit more complex as it will require a contract with a healthcare provider such as a clinic or hospital. We expect that the delivery of this service will continue to move to a digital formation, making it a great online business idea for the future.
Becoming a personal trainer does require some upfront training and course work, especially if you want to be a licensed or accredited trainer. To access most facilities' equipment or training space, accreditation is a requirement. Demand is highest in the major cities.
The second comes from Max Freedman at Business News Daily. He focuses on ideas which do not require a significant upfront investment. When working on a budget, you don't have to drive yourself crazy. Most of the what Max discusses are perfect ideas for new businesses, but some of the ones that might be able to be useful as side gigs as well:
The personal service market is expecting average growth over the next 10 years according to the Bureau of Labor Statistics. In
this section, we are looking at new business ideas that can be side businesses or full-time gigs that do not require a heavy upfront investment. Therefore, they may not be the fastest-growing ideas but they offer inexpensive business models and simple business plans.
If you like attention to detail and are highly organized, then you have the right skill set for being a personal assistant. A personal assistant can be an office-based job, but it doesn't have to be. The virtual assistant market is booming. It's the perfect online business idea, which allows you to work from home and requires little to no upfront expenses.
Pet owners love their pets and are devoted to their care. If you are an animal person, then pet sitting, dog walking, and other pet care businesses may be right for you. They may not allow you to work from home, but they are good ideas for online businesses. Pet owners are a tight-knit community so word-of-mouth works well in driving referrals and demand. The business model is simple and the business plan is straight-forward. Since these services are predominately provided during the day, these can be perfect side gigs for entertainers, actors, etc.
This may be the least sexy of these new small business ideas, but it is a cheap and easy business model to operate. If you enjoy cleaning and organizing, then it is something worth exploring. Again, this is a word of mouth driven business, so your business plan should include discounts or incentives for referrals.
Some of the fastest-growing jobs in the market are based on specialized skills. Three are outlined below. By definition, specialized skills require training and experience. These are great new small business ideas for those professionals who are looking for a side business, second carrier, or a way to work from home.
If you have the right skill set and enjoy teaching, tutoring can be an excellent side business to consider. Depending on the level and pedigree of the tutor, tutors can earn between $50-$100/hr for their services. The downside to tutoring is that it requires a lot of word-of-mouth referrals. Digital platforms are continually being explored so over time this may become a good online business idea. Start-up costs are negligible.
Consulting is a bit of a catch-all term. The most common consulting jobs focus on business or technical skills. They can be industry-specific, such as healthcare, or they can be skill-based, such as marketing, finance, or business operations. Consulting rates vary significantly based on experience, reputation, and specialty. It is a great new small business idea to work from home, it is predominately, an online business idea. The business model is relatively simple and low start up costs to execute.
This list wouldn't be complete without web development. This is one of the fastest-growing new business ideas. Building a site for your family and friends you can help you build a solid portfolio. Once you have a solid portfolio, you can start leveraging them on your site. Remember, your site is your business card so you want it to be perfect. This is a 100% online business idea. Word of mouth is powerful, so you will want to get as many reviews as from past clients.
Sometimes you have to think a bit out of the box when it comes to finding new business ideas. It's not always obvious, but some of the following might make for some interesting side businesses.
Do you have a gift for small talk? If you are a person who is good at generating a conversation, then this side business opportunity might be right for you. Social media is an important part of today's marketing mix. There's always a demand for people who are good at developing and nurturing conversations. It may not be a full-time job, but it's a great way to make some side money.
As we said earlier, content is king. The only way that content makes it to market is if it is edited and produced properly. This is a time-consuming activity, but if you like video and audio editing, then this could be a nice side business for you. Some of the equipment can be expensive, so I would recommend that you start small and build from there.
Continuing with the content is king mantra, voice-over talent is key to make content come to life. Not everyone has the gravitas that they would like for the content. Not everyone has the skill to make the voice interesting and engaging. Great voiceover talent can make boring content sound interesting. If you know how to read emotion into text, this can also be a great side business as well.
Our clients, family, and friends are always a source of inspiration for new ideas. I find it really fascinating just to listen and to watch what other people are doing. Not in a creepy, stalker way, but more like an anthropologist. You can learn a lot by just observing what people are or aren't doing. Like, how ultra-causal dress is becoming more common and accepted as people do more remote calls.
It was a minor observation, but I think it illustrates the point. I remember my first formal business call after COVID. The women wore make-up. Men were clean shaven. Everyone was business casual. By week 3, the make-up was gone, stubble was in, and sporadic ball-caps showed up. By week 7, it was t-shirt, caps, you name it. While this might seem trivial, I think it will have a long-term impact on work fashion. It's hard to put the genie back in the bottle.
The point here is use your eyes, look around. There are literally new business ideas popping up everyday
There are 3 thoughts that we would like to leave you with regards new business ideas.
Enjoyed this post? Consider following us daily.
Brian Cairns, CEO of Prostrategix Consulting. Over 25 years of business experience as a corporate executive, entrepreneur, and small business owner. For more information, please visit my LinkenIn profile
When you're marketing your small business, it's important to note that over 60% of people now primarily view content on mobile devices.Gain More Insight!
While digital marketing is always incredibly important, there are ways to market your small business offline, even in 2020Gain More Insight!
If you're stressing out about marketing your New York City small business, you're not alone. A local marketing consultant can make your life easierGain More Insight!
Schedule a discovery Call and find out what ProStrategix Consulting can do for you!Book Discovery Call!