Many individuals want to become entrepreneurs. They need a place to start, a new business idea. Many fields offer opportunities for individual freelancing or for an entrepreneur with a team. Traditionally, businesses have required physical space to operate. Now, technological advances, most notably the internet, bring new opportunities to operate an online business.
For any business, the entrepreneur must be committed, hard-working, and passionate about the product or service to succeed. Specific skills are often desirable in the market and lead an entrepreneur to a specific path naturally. A person who excels at fixing things around the house can try their hand at becoming a handyman. Use similar thinking in line with your skillset.
Some entrepreneurs with business acumen are looking for opportunities to jump on at the right time. If you need an idea for your next business, consider popular, in-demand trends in communications, entertainment, business services, information technology, creative and crafting, hospitality and food service, retail, personal services, and education.
True entrepreneurs are wired differently than people who work for others. They’re willing to risk money, time, and whatever is needed to start and run successful business. Owning a business takes hard work and requires a commitment to ultimate responsibility and accountability, things a successful entrepreneur must be willing to do. Some entrepreneurs find one business and manage it for many years. Others are serial entrepreneurs, taking on several businesses at a time or sequentially.
Becoming a business owner takes passion and belief in the product or service you’re providing. It requires a belief that the business can succeed in the current market. Many types of businesses exist in the world, and technology creates more and more opportunities for new ventures that don’t require physical space to start up. For some entrepreneurs, they have a longstanding passion for a certain type of business and prepare for it. Others want to open a business and are searching for an idea they can get behind and run with.
Are you an entrepreneur searching for a business idea? Certain fields are ripe with opportunity for the right business person. Find inspiration in our discussion of potential new business ideas, based on the type of service or product.
Communications and Entertainment
With fast, widespread internet service, many careers are possible in today’s communications and entertainment marketplace. You can find thousands of podcasters and videos online daily. Many people have found ways to monetize their online content and have created businesses in online communications. Other examples include freelance writing for web content and for copywriting and social media management entrepreneurs. Sometimes, an individual runs a solo business. When the business gets big enough, staff members are brought on to help.
Today’s businesses are more apt to hire out certain services rather than hire employees to do all the necessary tasks. If you specialize in tax consulting, accounting, bookkeeping, marketing, graphic design, personal assistance or web design and development, you can create a business and offer your services to other businesses. Let’s say you’re experienced in business and maybe have run multiple businesses in the past. You might consider business consulting to help other organizations get started or to help them improve their bottom line.
For many years now, IT professionals have been in demand. More and more of them are being hired as independent contractors. They may take one or more projects and may have a team of people working on various aspects of IT. We’ve already mentioned website design and development, a must for many businesses that don’t have the expertise on staff. App development is the key to the success of many companies today, helping them reach customers. In either of these IT specialties as well as other, starting a business seems like a successful idea.
Creative and Crafting
The success of sites online such as Etsy shows the popularity of crafted items. Many creative people can more easily find outlets to sell their work since the online audience is effectively limitless. Many towns have local weekly or permanent markets filled with small business vendors marketing their wares including art, hand-built or refurbished furniture, printed t-shirts, home décor, and more. Residents like to shop local and the markets are a fun experience that seems here to stay.
Hospitality and Food Service
It used to be a common dream to open a restaurant. It’s still a dream for many entrepreneurs. These days, there are so many more possibilities for business ownership in food service. Food trucks are on side streets and lots in every town. Craft breweries, often serving food, have become increasingly popular. Some cities see pop-up restaurants that are temporary, possibly as test cases for permanent restaurants.
On the hospitality side, the biggest development in the industry in recent has come from the bed and breakfast, or people who have rooms, parts of homes, small homes, apartments, and so on that they rent primarily through the internet. It seems like everyone is renting a place they already own or purchasing a home or condo to rent out. The traditional rental market is still strong in many places, too, with people buying and fixing up houses to rent out. Is it time for you to get into the rental game?
Event spaces, especially wedding venues, are popping up all over. This indicates demand. Those entrepreneurs that enjoy coordinating the services and working with clients that are holding meetings, conferences, and parties would enjoy this type of business. A related niche of event or wedding planning, which is more client-focused.
People will always shop for gifts, clothing, and home goods. Resale has become fashionable, saving people money while helping others clear their homes of unwanted goods. Specialty and organic foods are hot items in the 2020s. More and more, shops are moving online. In many cases, the seller doesn’t physically handle the goods and drop ships from other companies or provides links and gets paid as an affiliate. Which would you do: open a retail business with a physical storefront or create an online shop?
Here’s a category that has unlimited possibilities: personal services. You could start a landscaping business, open a beauty salon, provide massage therapy, or become a personal trainer. Of course, some of these careers require training and licensing but if you have a special skill that has demand and you meet all legal requirements, you can start your business around that skill.
A business in education can mean many things. When considering school students, becoming an online or in-person tutor in subjects like math, science and English can net financial gain. If you think bigger, open a tutoring center. Various franchising opportunities exist.
Adults need education, too, in many areas. People love to learn to paint or to make crafted objects. Some people want to learn to shoot a gun and to obtain a license. There’s a set of adults out there who need one-on-one training on how to use their computer. The list goes on. If you like to teach, consider becoming an education entrepreneur.
Have You Found Your Business Idea?
If you’re driven to own your own business and willing to work hard and take responsibility, you’ll do it sooner or later. Hopefully, our summary of business ideas and categories create the spark of an idea that will turn your entrepreneurial dreams into a successful business reality.