When people become sick and tired of their 9 to 5 schedules, the same boring jobs and bosses, many make a decision to start their own businesses. Though business is a risky affair, it can bring substantial revenue. You’ll become your own boss and lead a wealthy and flexible lifestyle.
With so many startups launching regularly, it can be hard to figure out which is worth pursuing. Some business fields are developing faster than others, especially those that are comparatively young. Enthusiastic entrepreneurs are jumping on new trends to take advantage of the current opportunities. If you are one of them, make sure that your choice is right. Here’s a list of promising business ideas worth considering.
1. A vape business
The vaping industry is growing fast as the vape mods are approaching a mainstream status. The vape community comprises millions of people all over the world. The industry is predicted to be worth 27 billion by 2022. Thousands of entrepreneurs, mainly millennials, have capitalized on the vaping boom, and contributed to it at the same time. The trend on electronic smoking devices doesn’t seem to leave us yet.
A great number of vaping focused online shops are already active. But there’s still a gap in the lineup of shops that cater exclusively to local communities. The opportunities also include:
- creating your own line of e-liquids
- launching your own vape mod brand
- starting a wholesale and distribution of vape devices, juices, and accessories
- starting a franchise business
- writing product reviews
- joining an affiliate program.
One of the stumbling blocks of this business is regulations. Vaping and its safety remain a topic of debates. So, it’s important to know what the law in your country, state, or city currently says on this issue.
Moreover, you should become an real expert on the topic. Customers often want to know more than how vape mod kits work. They ask questions about the benefits of vaping over smoking, want to know about upcoming vaping events, and more.
2. A repair service
The repair business opportunities are included nearly in every list of the best or most profitable startup ideas. Indeed, we all use many devices, and sometimes they break down. So, the services that repair cars, computers, and appliances are always in demand. Electrical, plumbing, or construction services can also be a good choice.
To start a repair business, you’ll need to have a good understanding of how things work. So, either choose the area where you’re a specialist or take a vocational course to get an appropriate level of knowledge. And if you’re going to hire people, make sure they are well-qualified. It’s vital to provide a quality service, as this is a key to success in this industry, and any other as well.
To start a repair business, one needs a relatively small investment. And with an unlimited market, and a gained reputation as a reliable company, you can earn a lot of money.
3. E-commerce
This is a popular money making idea currently. E-commerce is one of those businesses that have different ways of doing it. People who want a side-earning activity outside their main job choose the simplest route and sell various items on marketplaces sites, such as eBay or Etsy.
Drop shipping is another e-commerce business model where you take the role of the middleman between wholesale suppliers and your customers. You sell the products on your site (but you don’t store them), and pass on the orders to a third-party supplier, who then ships the products to the customers.
The most difficult form of e-commerce is the one where you have to store and deliver your own products. This startup requires significant funding. The most profitable ideas for an online store are selling electronics, jewelry, apparels, mod vape hardware and flavored e-liquids, and e-commerce solutions that are described below.
4. Digital marketing agency
The digital economy has been growing at triple the pace of U.S. gross domestic product (GDP). Companies are spending more money on digital advertising than ever before. Many small and mid-sized businesses prefer outsourcing it than hiring an expensive in-house team.
Digital marketing is data-driven and targeted brand promotion through technology. With the right skill set, you’ll take the most out of the opportunity. You need to be acknowledged in SEO services, content marketing, web development, and social media management. Companies who use the services of digital marketing expect for boosting a customer flow, increasing a brand’s recognition, and take overall profitability to new levels.
If you’re going to launch a digital marketing agency, start with your personal brand and build credibility as the local expert. The industry is still young, and there’s a massive opportunity out there.
5. Mobile app development
Mobile devices are one of the major channels through which companies reach consumers. Developing a useful or engaging mobile application can bring huge success. Pokemon GO, Instagram, Angry Birds, and many other apps made their owners super rich.
So, the rewards may be high, as well as the challenges. Mobile app development is costly. And promotion isn’t cheap, too. Because of this, many businesses hire the specialists in this sphere to get the job done right for the first time. However, statistics prove that only 25% of app developers earn more than $5,000 per month.
The giants of the app business provide mainly games. But this doesn’t mean that you shouldn’t try your luck and offer users a new game.
Lots of companies these days have their own mobile apps because of how beneficial they are. And this trend isn’t going anywhere anytime soon. Do you think you’ll be able to create a mobile app that would drive engagement and promote your client’s brand? Then this can be your means of earning a living. There are many other ideas for making money. But whichever way you choose, it will take your time and effort. To reduce the risks as much as possible, develop a strong business plan. It will provide a roadmap for your business and help reach success.