People who dream of being their own boss might look forward to making their dream come true in 2018. Naturally, venturing off into a new business adventure is never risk-free, so it’s for the best to stick to something you know has a great chance of becoming a commercial success. Every year, different trends, technologies and events condition the business world to evolve, which means that the preferable business choices also change. With that in mind, here are six profitable small business ideas, which may actually align with one of your hidden talents or past times .
1. Athlete chef
The first idea you should try out is within the food industry, however, starting a catering business can be incredibly expensive in terms of equipment (unless you already have a high-end kitchen), staff (in order to work on larger events) and certificates. On the other hand, becoming an athlete chef is much more frugal, albeit, a tad more complex. Here, you need to learn how to make an eating schedule and prepare meals so that you preserve essential nutrients. You need a high level of knowledge as a nutritionist in order to tailor your menu to their current goals and lifestyle/training. Finally, you need to become much better at counting calories and planning of macronutrients.
2. App development
Those with some background in IT might want to seriously consider the prospect of developing their own app. In this way, you maximize the potential of a profit, even though you are exposing yourself to a substantial risk. Unless you believe you can do all on your own (which is never a wise thing to do), you need to hire a team that can code and manage development, as well as properly tests it all later on.
3. Online tutoring agency
The next thing you can do is start an online tutoring agency by rallying several fellow freelance tutors and looking for a way to branch out. The greatest problem with this lies in the fact that people often assume that being a good tutor automatically qualifies you to run a tutoring agency. Sure, understanding the dynamics of work does help, yet, you also need to be an entrepreneur.
For instance, when you start a business in Australia, most of your clients/students will be from non-English speaking countries. What you need to do is take all of this foreign money over a preferred payment gateway and repatriate it in a legal way, as well as pay the taxes along the way.
4. Selling at a farmers market
Organic food is at the peak of its value, as well as one of the most appealing products you could possibly hope to deliver to your target market. Still, growing it is a lot of effort and selling it at a farmers market takes an immense amount of talent. Unless you know how to make your stand… well, stand out, you might find yourself working at a loss. Boosting your on-spot marketing and your overall skills as a salesman is the only thing that can deliver you a success.
The appeal of starting a copywriting business or at least starting out on this career path on your own lies in the incredibly low entry fee. You can (even though you don’t have to) buy MS Word and the rest is optional. A grammar checker is also a useful feature but here also you get to choose between free and premium version. Once your business starts to take off, you can start bringing others into your employ, which gives you a possibility to initiate as a one-person startup and later increase your operations as your workflow increases.
6. Personal trainer
Lastly, if you’re fit and knowledgeable enough about the training and nutrition, you might want to become a personal trainer. Keep in mind, however, that this is not an industry where you can let yourself go in either physical or mental sense. Your body is your best commercial, seeing as how no one wants to listen to an advice of a person who clearly doesn’t live by the principles of this lifestyle. As for the constant self-improvement of your knowledge, new surveys are published each day and studies that get published tomorrow might completely dispute all you believed you know about fitness.
At the end of the day, each of the above-listed occupations and industries offers something completely different, a new perspective and a new angle in the business world. So, what you need to do is pick something that’s A) good for you, B) allows you to achieve your own entrepreneurial goals and C) seems feasible in the nearest future and aligns with your skill set. Although this might sound simple enough, finding an occupation that meets all of these criteria might be much harder than you think.
Once your business expands, you’ll definitely need to start bringing in some specialists. This means outsourcing to the best accountants you can find, outsourcing to skilled customer service and HR representatives and even reaching out to a skilled IT team. It’s much better, however, to consider this aspect of running a business long before you actually have to.
“The opinions expressed by BizWitty Contributors are their own, not those of BizCover and should not be relied upon in place of appropriate professional advice. Please read our full disclaimer."