For many people, the toughest part of starting a business is actually understanding what they want to do. Some business gurus often talk about solving a problem through your business. Others talk about focusing on your passion and just being the best at what you do. Some will talk about working smarter and not harder so that you are able to make the most amount of money with the least amount of effort.
In the modern era, the best business idea is one that incorporates a bit of each of these elements and is also future-proof. Since things are changing so rapidly, it can be hard to put your finger on something that you are sure will be around for years to come. Here are a few ideas that are profitable, easy to start, and also have great future potential.
The real estate market is currently on fire. In many parts of the world, property prices are increasing in suburban areas and small towns, and are decreasing in big cities. Together with this, there is a huge demand for homes as people want to buy their own property and find some semblance of stability. The pandemic has motivated people to leave their small apartments in the city and move into bigger suburban homes where they can live a more cost-effective lifestyle. Moreover, the new buyers in the market also have different tastes and they prefer larger, more spacious homes in quieter areas. As remote working is becoming common, the need to live in big cities has decreased tremendously.
Amidst these changes, the demand for construction has also shot up. Combined with the shortage of workers in the construction industry, the cost of building a home has also increased. Construction companies are able to benefit from this shortfall. In fact, being involved in the construction business in any part of the chain is a profitable decision at the moment. This does require a bit of an investment, but the return is certainly worth it.
The pandemic has also boosted eCommerce a lot. As people have been stuck at home, buying goods over the internet has been a way of life for most. Businesses were also seeing a decrease in traffic at their physical stores, so they were forced to move to the online space. However, even though things have begun to return to normal, the eCommerce trend is still going strong and many people prefer this form of business rather than going out to shop physically.
eCommerce is an excellent place to start since you have the option to sell a lot of different things and it doesn’t cost too much to start either. Just as you would a traditional store, you can set up an eCommerce business as an ltd company meaning you can have partners, directors, and stakeholders and the company will have its own identity. This is a great option for any kind of business but is especially useful for eCommerce because of the flexibility and anonymity that it affords the owners.
All you need to do is get started with your own website or utilize a platform and start developing your brand. eCommerce has a lot of potential, but the market is competitive. The sooner you start and the more prepared you are when you do start, the higher your chances of success.
Fast Moving Consumer Goods (FMCG) will always be in demand no matter what happens. Today, as we have more people on the planet than ever before, the demand for these goods has reached unprecedented heights This is a business that does require investment, but the profit margins are great and the average turnover is even better. You can start an FMCG business in both physical and digital formats.
You could even start a little further back in the supply chain and operate as a wholesaler or distributor of a smaller range of products. No matter where you are in the supply chain, this is a great industry to be in. Your risk is diversified across thousands of products and it is an active business where you get to engage in a variety of activities and meet a lot of different people every single day.
If you have any skills, then you could sell your expertise or become a consultant. If you are a designer or a marketer or even a chef, you can start providing these services on your own and be your own boss rather than work as an employee for an organization. The next step would be to hire your own team of professionals and start delegating tasks to them so that you can continue to manage things and get orders completed. This can be the stepping stone to making something much greater. Look at the specific skills you have and see how you can leverage them to make you money.
Food is another product that we can never get enough of. In fact, you don’t even have to sell human food. You can sell food for dogs, cats, fish, reptiles, birds, or any other kind of domestic animal and make a great deal of money. People make millions selling horse feed for purebred racehorses. If you enjoy cooking or you have experience in the hospitality business, you can start a kitchen from home and deliver through the many food apps currently available.
This way, your investment is minimal and you get to cater to a huge audience. If you have some knowledge of manufacturing, you could even start selling premade, packaged meals, or frozen items that people can buy and prepare on their own. Food is a very diverse and extremely profitable industry to get into.
Starting a business in the modern era is cheaper and faster than it has ever been, but that doesn’t mean it is easier. Getting on social media, sorting out payments, marketing your business, and hiring a team is just as challenging as always, but your access to resources is now much improved. Initially, you will be able to do things on your own, but if you want to take it to the next level, you will need to look for skilled people that you can share this business with. Later on, you can even seek funding to help you expand your operations further. In any case, starting a business today is a fantastic option. If you want to be your own boss, take the necessary steps today.