The business universe is huge and it offers creative individuals countless investment opportunities. The number of options grows bigger every day thanks to digital technologies and new communication channels. However, that doesn’t mean that finding a feasible business idea is easy.
Many entrepreneurs are struggling to identify a project that has long-term potential. Reports show that 20% of small businesses fail in their first year, while 50% of them fail after five years in business. In such circumstances, finding a fruitful business idea to invest your money in is by far the hardest and most difficult step.
You need to be careful and research a lot of options, but we can give you a few hints as well. Here are seven interesting business ideas that don’t require huge investments, but have the potential to grow long-term.
Sell Services or Digital Products
The first business idea on our list is simple and easy to execute. Namely, you can start selling digital products or services online. It’s a straightforward tactic to make use of your skills and avoid investing too much in your new project. How does it work?
Let’s say you are a fitness instructor who wants to go beyond physical borders and sell services to users all over the world. In this case, you can create a website and social media accounts to attract clients who need a tailored exercise program.
Jake Gardner, the best essay writer at Assignment Holic UK, says the same goes for digital products like templates, eBooks, images, and so on, “This process might be even easier because there are lots of platforms out there selling digital goods, so you can quickly sign up and offer your own works.”
Invest In Cryptocurrencies
Knowledgeable traders can think about cryptocurrencies as the new means of financial investments.
Today, digital coins make a $128 billion market and represent an excellent opportunity to earn money relatively quickly. But unlike the tip we mentioned above, this one requires more time and efforts to truly understand how cryptocurrencies function.
What is interesting about digital money is its price volatility. For instance, the most popular cryptocurrency, Bitcoin, reached the value of over $20 thousand in late 2017 just to plumet to less than $10 thousand six months later.
Ups and downs still happen rather frequently, but it’s not a problem for investors who study crypto coins and learn to predict the forthcoming trends. If you are interested in this type of business, we advise you to consult with some of the best learning sources in this field.
Join the Pet Care Market
Did you know that over two-thirds of American households own pets? It’s a huge market and you can make use of it by offering unique products or services. You can consider various options:
- Sell pet food
- Sell pet accessories
- Open a dog day care
- Start a dog walking service
- Shoot pet-related images and videos for social media
- Launch a pet-sitting agency
If you want to launch a business without spending too much money, then blogging should be one of your main considerations. All you need is a website and a fair share of creativity to start writing your own blog. Of course, there are other things to think about, too:
- Niche and topics: What do you write about? Do you understand the niche and can you write quality posts?
- Competition: How many competitors are there and can you outperform them?
- Planning: Can you write new articles consistently? If not, you had better be ready to hire assignment help such as Best Essay Tips.
If you can cope with all these challenges, you can start a blog and monetize using one or more ways to make money blogging. The usual suspects here include advertising and affiliate marketing.
All of you photographers out there have a great chance to turn your pleasure into full-time online businesses. Shooting photos is probably your main hobby, but why wouldn’t you walk the extra mile and grow revenue simultaneously? All you need is quality equipment and an eye for detail. If you fulfill these two requirements, there is the whole bunch of ways to start earning money. Here are the main ideas:
- Sell images to stock libraries
- Become a wedding photographer
- Create a photography-related website
- Shoot events
- Participate in photography contests
- Start teaching photography
- Become a social media influencer
Open a Bar or a Restaurant
Here’s a piece of old school advice for you – open a coffee shop or a cozy restaurant in the neighborhood. This is by no means easy, but the hospitality industry is evergreen and needed everywhere. No matter where you live, you can probably find a nice place to launch this type of business.
If you are a talkative person who loves to please guests and make them feel comfortable, a bar is definitely the way to go. However, we recommend you consider two main things before making any moves:
- Style: Choose a bar type that suits your personality and keep it consistent. That way, you will establish yourself as a reliable and unique host.
- Competition: Avoid neighborhoods with strong competition. This includes streets which have both global brands like Starbucks and small independents coffee shops.
Sell Handmade Products
This is another old school proposal that fits perfectly into the new rules of digital business. If you are the kind of person who enjoys craftsmanship, then you could focus on one area exclusively and begin selling your products using online marketing channels.
For instance, you can create a website and a couple of social media accounts to promote handcrafted items such as clocks, candles, jar sleeves, coasters, and mirrors. What you choose depends on your own inspiration and creativity, but rest assured handmade goods sell very well these days.
A lot of people think about starting their own businesses, but they struggle to identify the right idea with long-term potential. This is a difficult task that requires strategic planning and analysis, so you’ll need to approach it with all due attention.