As an aspiring entrepreneur, you understand the real potential of money, and you’ll be more conscious about handling it. When you’re able to save up a considerable amount or have a bank loan approved, you know that it’s wise to invest it instead of spending it all on a shopping spree. Putting up a small business should be a good start.
If you’ve been thinking about venturing into a small business for quite some time but you want to know what your best options are, below is a list of hot new business ideas you can try:
E-Commerce or Drop Shipping
Online shopping is every modern shopper’s favorite. That is why e-commerce and drop shipping platforms like Shopify and Magento are also becoming popular among e-entrepreneurs. You can ride the wave of this trend and start your own online store as well. With drop shipping, you don’t need to worry about storage or having an actual physical store. All you need to do is sell products online from your suppliers and then have them delivered directly to your buyers’ doorsteps. What you’ll need to start your e-commerce business are a computer and a strong internet connection. Once this is set up, you’ll have to hunt for reliable suppliers and set up your online store on an e-commerce platform. You’ll definitely need a website for your business as well.
Web Development and Design
If you’re a website building expert and you also have an eye for aesthetics, you can start a web development and design service. Many individuals and companies are in need of a well-built website to boost their business’ digital marketing efforts. If you don’t have the skills, but you have the capital, you can hire an experienced web developer instead while you focus on finding customers.
Digital Marketing Services
Digital marketing has become an extremely significant tool for businesses right now. There are thousands of companies and business owners who can use some help in stepping up their website’s SEO and generating more leads. If you have a knack for online marketing and you’re an expert in SEO and lead generation, then you can start your own digital marketing service or agency. You can offer consultancy services if you’re doing it alone. But if you want to widen the scope of your business, you should have a team composed of web developers or designers and SEO experts for your digital marketing agency.
Accounting and Bookkeeping Services
The accounting will always be at the heart of every business operation. You would agree that accounting is of utmost importance in any organization if you’ve worked in the corporate setting or have rendered accounting services in a company before. But not every business owner has an in-house accountant. This is especially true for other small business owners. You can lend them your accounting prowess and provide accounting and bookkeeping services. You can help them file their taxes, analyze their financial reports, and offer advice whenever it’s necessary.
Pet Sitting and Walking
Some pet owners are too busy working during the weekdays that they can’t look after their dogs or cats anymore. You can use this as an opportunity to start your own pet sitting or pet walking business. You’ll have to be a pet lover as well so you can interact with different pets. Dog walking is easier if it’s just around your neighborhood. For pet sitting, you can either provide a place in your home where your clients’ pets can stay or be a reliable and trustworthy sitter and do it at your client’s home. You can rate your service on a per-hour basis and have additional fees if you’ll provide the food and temporary shelter for the pets. You can also use pet service apps like Rover, DogVacay, and Wag.
Offer Storage Space Rentals
Is there a huge space in your home? Maybe there’s a storage room or an extra space in your garage? You can turn that into space into an income-generating space by starting a storage rental business. Some people will need a storage space to temporarily store their things when they move to a new place. Others have a lot of things at home that they can’t sell yet, so they have them stored instead. You can have your clients pay for the storage of their things either per hour or per day.
There are still many business ideas that could be added to this list. You have to do your own research and assess your skills and resources. Starting a small business also requires passion and commitment to make it successful. So, you need to have a degree of self-awareness. You wouldn’t want to end up losing your business after a few months, so it’s best that you choose one that you also value by heart.