Are you looking to start a business but can’t figure out what kind of business to start? It can be hard to choose which industry to get into as there are many factors that come into play. You have to consider everything including scalability, startup costs, competitiveness, marketplace maturity, audience, etc. Rather than thinking about the industry, it helps to think about the business model first and go from there. To get you started, here are seven startup business ideas to consider.
The Best Startup Business Ideas to Try
1. Business Consultant
Do you have a business expertise in a specific field of business? If so, you may be able to create a consulting business for yourself. Many small businesses, companies, and organizations are looking for experts to help guide them in the right direction. Many businesses are willing to pay high consulting fees to get the right advice because they know that it has a significant impact on their bottom line. Some will even go as far as keeping trusted consultants on retainer which means that landing just one client can lead to a long-term income.
The downside of this business model is that it is very hard to scale. It is possible to build a consulting firm and turn it into a brand. However, it will be challenging to build a team of experts and properly train your team so that your clients are satisfied with your services. With that said, the big benefit of this business is that you can often telecommute and that the startup costs are very low. There are some businesses consultants that want to stay small and simply work out of their home offices.
2. Freelance Marketing Specialist
Can you fulfill an important marketing service for a business? If so, you may want to be a freelance marketing specialist or even start your own marketing firm. Many marketing firms have been growing over the years due to how lucrative it is to offer marketing services to businesses. The business model is built on residual billing fees that tend to last many months to several years.
Businesses need help with everything from email marketing, direct mail, TV advertising, print advertising, SEO, to social media. If you have the knowledge and expertise to build campaigns and help your clients succeed with their marketing, this may be one of the better startup business ideas for you.
3. eCommerce Business
Looking for startup business ideas tied to consumers? eCommerce has grown into a huge industry and is poised to continue growing. More consumers are going online to shop because of convenience, larger selections, and better deals. While Amazon has the largest market share in this industry, many smaller eCommerce businesses are still thriving in the consumer-driven digital world.
The eCommerce companies that are successful are businesses that have focused on specific niche markets. Because of their focus on that market, they’ve been able to offer better selections, deals and customer service to their audience. It’s possible to do the same thing by finding your own market and audience. The great thing about this business model is that there are many third-party service providers that cater to eCommerce business owners from eCommerce website builders and marketing tools. This makes it easy for anyone to get started.
4. Software as a Service
If you’re more on the techy side, you should consider the SaaS (software as a service) business model. This is a business model where you offer access to an online based application for a monthly fee. Some great examples of SaaS businesses in the B2B field include Hubspot, Salesforce, and Zendesk. In the B2C field, there’s Mint, Evernote, and Dropbox. This is a very challenging business model, but once you build a strong foundation, it can take off very quickly.
5. Mobile App Development
You’ve probably never seen yourself as a developer, but there are a large number of tools online that can help you develop your own mobile app. Mobile device usage has continuously gone up over the last few years, and there are no signs of slowing down. If you have a great idea for a mobile app, now would be the best time to bring your idea to life.
There are many free tools you can use to design your app, prototype your app and test it. There is also a large pool of freelancers that you can hire to code and design your software application if you don’t have the knowledge or expertise. Many entrepreneurs are in this industry because they’re passionate about apps. If you share that passion, you should strongly consider creating your first mobile app.
6. Selling Digital Products
Selling digital products is one of the simplest yet proven startup business ideas to consider. Moreover, many entrepreneurs have built successful businesses by selling a line of digital products. One of the biggest benefits of this business model is that you can create a product very quickly for a relatively low price. In most cases, all you need is simple recording equipment (mic, software, camera, desktop video recorder) and a respectable amount of time.
Once you finish creating your product, you can start advertising or marketing on various digital channels like social media, display ads, and the search engines to see if sales come in. Many entrepreneurs like this business model because there are no production or shipping costs. In addition, most of the sales, delivery and customer support issues are automated, making it an undemanding business.
7. Affiliate Marketing
You’re probably already familiar with affiliate marketing. It’s a business model where you promote the products and services of other businesses for a cut of the action. Affiliate marketing has gotten very difficult due to strict industry laws and the immense amount of competition. However, it’s still one of the most worthwhile startup business ideas to look into if you don’t have any ideas of your own. In most cases, you’ll need a decent startup budget to get into this business. Expect to lose some money and expect it to be an uphill battle.
In conclusion, these seven startup business ideas should get your creative juices going. Look into how each business model works and see if it can be applied to a particular industry or marketplace you have an interest in. If you put enough time into your research, you’ll get an idea worth exploring in no time.