Operating and running a new business venture successfully is a tough job. According to a report, about 80% of new businesses close down in the first year.
This is a huge failure rate and should make you even more watchful about the steps you take to establish your startup.
Technology has made starting your own business simple, affordable, and possible.
For some businesses, all needed to start is a phone, a computer, and an internet connection.
Coming up with a good business idea is often one of the hardest hurdles. Ideally, your business idea should consist of three things:
- Something you like doing,
- Something you are good at, and
- Something people would spend on.
If you are planning to start your own business, then having that passion for entrepreneurship is not enough. You need to have a great business idea that is not only in demand but unique too.
To help you get started, I have put together a list of in-demand and profitable business ideas you can start right away.
Photography is not only about capturing pictures but emotions too.
Taking pictures is now no more a hobby as it has turned into a business.
In 2015, the digital photography market was estimated to reach $80 billion; it is expected to touch the $120 billion mark by 2021 worldwide.
In fact, I have a friend who goes by the name Mr. Onsongo Founder of Bliss Photography Studios in Kitengela he’s really been doing great in the past one-year setting the bar for creativity so high among his competition.
According to various reports, the way we work now will be changed in the future.
The outsourcing business will boom by 2025 as more than 20% of Kenyans are working independently and making money through their own small businesses online.
Due to the high cost of hiring full-time employees, startups are outsourcing their work to minimize expenses and maximize profits.
China and India are examples of countries where operational costs are relatively low.
India over the years has become a hub for outsourcing service like call centers due to its English speaking population and low operational cost. You could tap into this growing industry and work as a freelance writer, graphic designer, video editor, photographer, and so on.
What’s more? It’s totally flexible and you get to choose when and how you get to work.
Footwear, knitting, jewelry, natural body cream… there are so many handmade goods out there.
Unfortunately, prospective entrepreneurs often overlook this one because it isn’t one of the ‘fancier’ business options.
But it is absolutely viable, and there is a huge market for it.
There is especially a market for these types of goods when they are marketed with your own personal story.
For example… let’s say that your baby has sensitive skin, and can’t use regular sunscreen. Maybe he or she breaks out in a rash if they do because their skin is just extremely sensitive. If you can come up with a sunscreen that actually works and that’s non-toxic, and safe for your baby’s skin, and made with natural ingredients… That’s a real, viable product! And the fact that you can market it using a real-life story is really powerful.
You can end up building a brand of your own.
Anyone who considers himself or herself a good driver can sign up with Uber or Bolt and make a living driving people around town, carpooling, or hiring their vehicle.
While working as an Uber driver may not sound like an exciting career, it’s certainly a great way to put food on the table when you find yourself in between jobs.
Set-Up An Eccomerce Store
This is one business that keeps growing each year and will only get bigger in the new decade.
In fact, there’s been an average annual growth rate of 25.6% in eCommerce sales from 2014 – 2019.
Over the past few years, people have become quite accustomed to shopping online as a unique niche marketplace is introduced every day in the e-commerce business.
There are ample opportunities to start a profitable online store to fulfill consumer needs. You don’t need to compete with the countless online stores that deal with clothes, shoes, or electronics; you could open an online food delivery store or even sell baby items.
Currency trading can be one of the most lucrative and fascinating small business ideas. If you are someone who is good with numbers, willing to work long hours, ready to take high risk, then this is the ideal business for you.
If you are extremely organized, detail-oriented individual, who loves to organize parties, then you have the right personality to start an event planning business.
You may either choose to specialize in a specific type of event (wedding, birthday parties, company meetings, etc.) or can go with all types of events. The choice will totally depend on your skills or experience.
Taking care of children when parents are away from home is high in demand. But for parents finding a right or trustworthy daycare is a little difficult.
Fill a need in your neighborhood by opening a daycare business.
It is not only the best business to start with little money, but also provides flexibility, recession-resistant, and non-seasonal markets.
The agriculture business is all about the production and marketing of agricultural goods through farming items related to crops and livestock.
If you have empty land that is suitable for agricultural activities, then agriculture business can be the best home-based business idea.
Here is a list of business ideas in agriculture:
• Agriculture Farm
• Vermicompost Organic Fertilizer Production
• Fertilizer Distribution Business
• Poultry Farming
• Bee Keeping Business
• Fish Farming
• Basket Weaving
• Dried Flower Business
• Dairy Farming
• Fruits And Vegetable Farming
It is one of the most creative business ideas to start your entrepreneurial journey.
The trend of interior designing is growing tremendously as the industry has become so competitive and flourished that individuals have started considering new business ventures in this niche.
When it comes to interior designing, there are so many areas to get specialized in. Some of them are residential projects, workplace projects, commercial projects, etc.
Interior designing business requires meeting new clients every day and in order to make an impression and market yourself, you need an impressive business card.
Companies from all around the world have come up with innovative beauty products that have started giving more confidence not only to females but males too.
Make-up artistry is one of the most successful home-based businesses available today.
It is the most lucrative business that provides flexibility, recession-resistant, and non-seasonal markets. If you know how to create magic with powders, lipsticks, and shadows, this could be the business for you.
The online teaching service industry is growing rapidly with the continued development of technologies and widespread usage of the internet.
Individuals who don’t have time to attend full-time classes have started taking these online classes.
Just choose the field you are passionate about and help others in gaining knowledge by providing virtual classes.
At every stage, people love to learn new things. So having online tutoring can be a profitable business
The growing popularity of dance T.V shows has increased interest among people of all ages to take dance classes.
If you have a commercial space that can be adapted to a few classrooms and wider performance area, then you may consider opening a dance studio.
You can also rent it to the aspiring Youtubers who can dance but need a space for shooting.
In conclusion, choosing a business is totally a personal decision. You may find a lot of other possibilities, but coming up with some small business ideas that yield higher profits is a little tricky. So, choose your passion from the above list and turn your dream into reality.