One of the biggest mistakes most entrepreneurs make is to spend more than they need to on unnecessary costs including technology and equipment. Remember that your business is SMALL and focus on building a profit first, and then look to scale, expand, and automate.
Bonus: If you are tech-savvy and have access to some seed money, consumers are wanting a price comparison search engine. One that compares prices from the Disney Store, Wal-mart, Sony, eBay, Amazon, and Best Buy.
The Top 20 Business Ideas List (Updated)
1 – Yoga Center. These are hot right now and springing up in neighborhoods everywhere. You are helping people become more healthy and fit. The key is to have certified instructors, a safe environment, and competitive pricing.
2 – Catering Business. Look for niches you can help fill instead of being a “one all, be all.” Just left a career in the real estate business because the grind was too much? Look to handle the catering needs of realtors which was something that is a stress for most realtors.
3 – Travel Agency. Everyone loves to travel. If they know they can SAVE money and allow someone else to handle all the details, they will gladly let you do it.
4 – Fast Food Shop. Having a locally-owned shop instead of a franchise will help you save on costs that you can put into having quality food and service.
5 – Chocolate Cafes. Probably reserved for larger cities with a significant amount of foot traffic to feed off the love of chocolate. Unlike traditional cafes, you aren’t going to get repeat business daily, so you need access to a large group of customers.
6 – Fitness Programs. People are busy and want to be more healthy. The problem is, they just don’t know-how. Create specialized programs for people to help them make their goals more manageable. MyOnlineFitnessCenter is a great example of this space.
7 – One Product Restaurants. Focus on one type of food and capitalize on it. Again, just like #5, you will need to be in a large city and be in a district that is trendy for this to work.
8 – Hosted Security Provider. Get paid to help keep company’s websites, computers, and servers safe from hackers, spyware, trojans, worms, and viruses.
9 – Data Backup. This is one area that most people just forget to do or think it is too much of a hassle. Make it simple and affordable.
10 – Surveillance Camera. These are hot, and demand is rising. With all the crazy people out there and many areas seeing a rise in break-ins, especially with theft of Amazon packages, surveillance cameras are the affordable solution.
11 – Massage Business. In an era of high-stress, affordable massage is highly sought after by the general public. It is vital that your providers be certified to avoid lawsuits from injured clients.
12 – Home Improvement and Handyman Services. If you have the talent, you can be the provider. You could also use your management skills to control many providers for your clients.
13 – Children’s Educational Programs and Services. As the time for parents continues to get squeezed by corporate America, the more needs are for their children to get the help they need for their school work.
14 – Software Products & Application Development. If you have a programming background, this could be the perfect place to showcase your skills. The negative is you won’t be boxed in by upper management. That’s a positive!
15 – Consulting Services. Using your skills and expertise for a wide range of clients for a premium price. Do this so you work fewer hours for the same pay as your old job.
16 – Selling Car & Machinery Spare Parts. In this niche area, you will rely on your ability to get the right relationships to fulfill demand.
17 – Professional Car Washing Business. While many cities have self-serve car washes or gas stations that offer free car washes with a fillup, most people want a car wash done by hand.
18 – Internet Connection Provider Services. With more services becoming available, you can act as a broker and help people get the right service for their needs and collect a monthly fee.
19 – Furniture Business. People are looking for quality furniture. If you are a top carpenter, or you can find one, you have the basics needed to start this business.
20 – Purified Water Production. It isn’t as tricky as it sounds and you can offer the water not just as bottles, but in many deliverable ways.
What makes a good business idea?
It’s not enough to just have a good business idea, it must also be commercially viable and a thirsty crowd wanting what you plan to offer. If the idea can’t turn a profit in the first year, you should seriously consider something else.
How do you know you should open your own business?
How difficult is it to start a business?
What if I have no formal training in writing a business plan?
What about good online business ideas?
Is a consulting business a wise choice during a pandemic?
Bonus – Selling on Amazon/Ebay. There are many aspects you will want to familiarize yourself with before you jump feet first into selling on Amazon and Ebay. The first is to understand how products are ranked which is referred to as Amazon Sales Rank and Selling Books on eBay. There is software to make selling textbooks easy on Amazon, it’s called Textbook Money Scam, is it? We cover that.