On account of the post-pandemic digital turn, it has become significantly easier for entrepreneurial minds to start a business of their own. Finding the right business idea in a crowded market might appear to be a challenge. However, Hoist has come up with a list of small business ideas for you to become your own boss.
Finding the right business idea in a crowded market might appear to be a challenge. However, Hoist has come up with a list of small business ideas for you to become your own boss.
In the post-pandemic world, industries have taken a dramatic turn in terms of business structuring and consumer behavior. The sudden transition to a no-contact, online world has led to a surge in digital markets and thus accelerated digital transformation.
On account of this digital turn, it has become significantly easier for entrepreneurial minds to start a business of their own. Sure, you might encounter a few risks, but with the right idea and plan in place, becoming a business owner can be quite advantageous. You get the freedom to control your work environment and finances and make a living out of what you are passionate about. Small businesses are now in the limelight for their feasibility and success rate.
Most often, aspiring business owners shy away from taking the plunge due to a perceived lack of business knowledge or a lack of confidence. But that shouldn't stop one from pursuing them. Small businesses are like sandboxes of entrepreneurship. You can learn and experiment without worries. So if you are determined to start your own venture, we’ve got you covered with a list of the best small business ideas.
Did you know that 85% of Americans go online daily? In fact, 45% are online “almost constantly,” and 48% say they go online several times a day. These statistics are even higher among people using mobile phones. With a vast audience present on online platforms, there is no doubt that digital is the future of marketing
Why is digital marketing a good small business idea?
Technical skills required to run a digital marketing business can be effortlessly gained by taking an online course through different digital e-learning platforms such as upGrad, Coursera, etc. Google also offers a full suite of free marketing courses under the Google Digital Garage platform.
As a small business idea, you can choose to offer 360-digital marketing services or even build a niche customer base for skills like SEO content, paid media, and more. If you want to branch into a specific business, check out these popular options under digital marketing:
Social media marketing has become a norm for business owners to connect and interact with the audience and gather the data required to target potential leads, drive traffic and increase sales. This provides a booming network of customers who need the services of an experienced social media marketer. Moreover, with almost all businesses on at least one social platform, it is an evergreen industry with consistent revenue generation.
The cost of setting up the business is low, and you can even start solo. As the team grows, you can consider branching into specific niches like LinkedIn marketing for B2B brands.
Starting a business in SEO will require you to have a good sense of customer behavior and trends, along with the ability to keep up with the fast-paced developments within the field. It is a good idea to practice well before targeting high-end customers. Build your own business website on WordPress or Wix and try out all the SEO tips and tricks you know to see what works best.
You can choose to narrow your business down to a specific industry, like SEO for law firms or insurance companies. This can work in your favor as there will be lesser players offering the same service. If you target businesses with higher customer value, you can increase your service fee, as the ROI from your marketing efforts will be higher.
With an ever-growing need to develop robust and efficient websites, website designing and development is the next lucrative small business on our list.
Web design and web development are the blanket terms that outline the process of creating and developing a website. Web designers focus on the visuals, perception, and intention of the website. Web developers, on the other hand, bring those visuals to life alongside generating programming codes and languages like HTML, Java, and PHP for the core functionality of the website.
To start an agency that specializes in both web designing and web development is a win-win situation for both the customer and the owner. You should have a good sense of aesthetics as well as strong knowledge of various coding languages. Both the skills can be learned through common online learning platforms such as Udemy, Skillshare, etc. You can even sign up for classes on platforms explicitly dedicated to honing web design skills like Design Lab. You can have significant margins in this business as all you need is a high-speed internet connection and a laptop to get started.
Is fitness your mantra? Then here’s a business idea that is right up your alley - Personal Fitness Training. In fact, with the advent of the remote world, you can conduct your operations from the comfort of your home. Clients are also more open to seeking remote personal trainers as it offers them the flexibility of working out from anywhere.
But a passion alone isn’t enough to sustain this business. You will need to get all the necessary qualifications, draft a thorough business plan and arrange for the right space, the right equipment, and the right technology.
Apart from providing personal training, you can even opt to create and sell pre-written and recorded courses. These can be for specific demographics (new moms, senior citizens, etc.) or particular goals (cardio, strength and conditioning, etc.) Use platforms like Graphy to upload and market your course. Alternatively, you can create a website through WordPress and Wix, add your courses and charge a small fee for the same.
Aren’t all the possible apps already out there? Not at all! That is precisely what makes app development rewarding and a great small business idea to explore. Whether it's for engaging games, productivity tools, or business operations, there is always a gap to bridge or a need to meet which requires a brilliant mobile application.
Creating an application is getting increasingly simple with several easy-to-use softwares like Appy Pie (which does not require coding experience), Kobiton, and Zoho Creator. You can also club app maintenance services along with app development. Businesses rely on various apps for parts of their daily internal operations, and the maintenance of these apps is often outsourced. Anyone with technical knowledge of coding will be brought in to fix bugs and update or adapt them further.
With continuous demand for this skill, you can start an app development and maintenance business to leverage this need in the global market. It requires little to no initial capital, granted that the technical skills required for the same are fulfilled. You will only need to pay for a laptop or a PC, internet connection, and certain software licenses.
The painting industry is quite underrated among small businesses, yet holds a lot of potential for profit as the demand is always on. There is always a house or office space that needs to be painted. But the task requires patience and precision, which is why it is frequently outsourced to more skilled hands. That is where you can step in and grab the opportunity.
Reasons to start a painting business:
With the painting market being so vast, the only challenge you might encounter is positioning yourself the right way against competitors and attracting the best talent to work for you. But with experienced professionals like our team at Hoist, tackling these challenges becomes a whole lot easier.
How can Hoist support your small business?
When you partner with Hoist, you get all these features and more at a subscription of just $667 a month. Interested? Talk to our team today and let them guide you through our seamless process.
Have professional knowledge on any subject that you would like to share with the world? Starting a tutoring business is just for you!
Although it is one of the most convenient small businesses to start, entrepreneurs shy away from this venture, thinking it is not a lucrative field. But, with low overhead costs and scope for continuous revenue, there is no doubt about its profitability. If you simply want to test the waters, you can start by taking it up as a side gig with flexible hours and soon expand your business to take in more students from across the globe.
When it comes down to the operations of your business, you can choose a home-based model to provide individual and group tutoring or even opt to join a tutoring franchise like Grade Power Learning or Tutor Doctor. Keep in mind that a franchise comes with its own set of limitations, so do your research before signing up.
If you do not have the time to start with tutoring, you can upload on-demand courses that cover important or tending topics like trading or STEM courses. Build an account on platforms like Udemy, Skillshare, or even YouTube and publish your material there.
Though they might sound similar, translation and transcription are very distinct. Translation is converting text from one language to another, while transcription is the process of converting audio text into written form. If you have professional knowledge in any foreign language and a knack for writing and editing, then this is something that can be started without much effort. Just like many other small businesses, a specialty like medical or legal transcribing can help you thrive in the market with less competition.
Here are some businesses that require translation and transcription services:
If you do not want to source clients on your own, you can create an account on platforms like GoTranscript, UpWork, and Rev. These often put out listings for transcription and transcribing jobs, and after a small test, you can start picking up work.
As every organization requires detailed bookkeeping and auditing, the skills that an accountant possesses are in very high demand. However, unlike certain other small businesses, starting an accounting business needs proper certification and qualifications with added years of experience. The more qualified you are, the bigger your clientele will be.
A bachelor’s degree in accounting is the minimum requirement to conduct business as an accountant. For Assurance and Auditing services, you need to be a CPA (Certified Public Accountant). This is an added qualification, and you must meet your individual state’s requirements to get your license.
Don’t have your certifications yet? You can try your hand at bookkeeping, which does not specifically require a degree. If you want a comfortable side gig while pursuing your education and acquiring your license, you can find simple bookkeeping opportunities online for small businesses.
Many small businesses often lack the storage space for their products, and large-scale logistics facilities prove to be too costly for their stock. If you own a building or piece of land, then you can run a warehousing business and provide a secure space for retailers and manufacturers to store their products.
As your business becomes more profitable, you can extend other services like:
Your initial costs will involve capital for acquiring a storage unit or the space to construct one, as well as hiring logistic employees to handle on-ground work. To keep operations cost low, avoid taking up everything all at once. Decide beforehand the kind of product you want to store, like paper products or electronics, as it will help you determine the size and facilities of your warehouse. The initial investment can be made profitable by renting the space to short-term or long-term clients.
With a plethora of entrepreneurial options to choose from, the world is indeed your oyster. We’ve listed some of the most lucrative business options in 2022, but you can further branch out and find an opportunity that plays to your strengths and passion.
Once you’ve locked in on your idea, do thorough research of market trends, understand the needs of your target audience, and factor all that into your business plan. Make sure you utilize your network, development forums, additional tools and resources like Hoist, and other opportunities to help your business scale onwards and upwards!
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