Business Opportunities Every Entrepreneur Should Grab
BY: VESELINA DZHINGAROVA ON FRIDAY, AUGUST 03, 2018
Starting a new business is quite easy these days, thanks to the internet. From the initial setup to taking care of ongoing growth, there’s a lot you can achieve with the help of various online resources. Having a good idea remains one of the most important factors in the whole ordeal though, and you must make sure that you have something viable on your hands before you proceed to invest a lot of time and money into it. Some say that ideas don’t matter that much and it’s mostly about execution, but that’s not quite the case. Just check out a place like EcoSecretariat.org and you’ll find no shortage of success stories based largely on a good idea.
Internet of Things
The Internet of Things is becoming a more and more popular concept in many fields, especially in some industrial circles. It’s an interesting concept that is showing huge potential, and the best part is, a lot of that potential is still largely untapped. If you have more advanced technical skills, that’s a great market to explore that allows you to apply your creativity and combine it with technical know-how. You’re most likely going to need a partner to help you navigate these fields though, as even people with experience in technology and computers may sometimes find themselves stuck in this line of work.
It’s also important that you come up with an original application for IoT devices in the first place, as we’ve already seen various less than successful attempts. This has had the unfortunate side effect of relating the concept of IoT to snake oil in the minds of some people out there, but the truth is that it’s a field with a very strong potential that just isn’t universal – that is, there are some fields where IoT is definitely not the most appropriate solution.
Dropshipping hit a popularity peak around one year ago, although the market is still quite fresh and attractive to those who can find a good enough niche. It’s all about picking the right product at the moment, and if you have more knowledge about a specific type of product that can be sold at a good margin, you are already one step ahead of everyone else trying to make a living through dropshipping. It’s important to make sure that you are fully compliant with all relevant laws though, as tax authorities have recently started to crack down on those relying on dropshipping as an alternative source of income without declaring it for taxes.
Running several shops at once is also something you’ll want to explore sooner rather than later because the volatility of products in this market is quite high, and attractive deals come and go all the time. The interests of people tend to fluctuate greatly and paying attention to the market is important if you want to stay afloat. Don’t be afraid to close off a shop if it’s not performing that well either. Unfortunately, this happens more often than you might expect in this corner of the market.
The Prinker arrived on the market recently and has already been making quite the name for itself – and surprisingly, not many people have caught on to the idea yet. There’s a huge opportunity in this for those who can get the right setup, and it doesn’t even seem that hard to provide the necessary additional equipment in the first place. A booth at a mall can work nicely as a “studio”, and the rest comes down to having a selection of designs that are interesting enough.
Allowing people to print their own designs is another great option that will separate you from the average temporary tattoo vendor or artist, although you’ll need to be careful that you don’t break any laws regarding intellectual property. As long as the images you provide yourself are not copyrighted though, you shouldn’t have much of a problem in this regard.
Something else you can offer to separate yourself from the rest of the market quickly and stand out more easily is to do customized designs. For example, graffiti that allows customers to change the text, giving them the opportunity to write their own names, for example. This can be easily realized with a computer at your printing station and considering that you’re going to need one for your business in the first place, you’re practically all set.
Virtual Reality is another major revolution on the horizon of the tech world, and it’s getting closer and closer to mass availability. There are still some things to be ironed out in the way VR works and is distributed, but we’re getting there steadily. The market is in a good state right now – it’s nicely populated with a variety of titles, and yet there is still a lot of room for new players to enter with their own interesting ideas. Don’t disregard the benefits of using VR for alternative purposes either, such as marketing, education and other non-gaming activities.
Many people have started to explore the potential of VR technology in these aspects more deeply, and we’re likely not that far from seeing some interesting solutions coming up. One of the issues that must be addressed properly before this can happen is the availability of VR tech to consumers, so if you think you have a solution to this problem, you might direct the efforts of your business in that direction. It’s more viable than you might think, especially if you’re an entrepreneur who understands technology better than the average one.
Those who’re more experienced with computers can easily make a living supporting others and providing technical services. You don’t even have to be that advanced in your knowledge, especially if you know how to use Google properly in the first place, although having some prior experience fixing computer issues does certainly help. Make sure that you look into legal concerns regarding your liability in various repair procedures, as this is something that many people tend to ignore until it’s too late and end up suffering quite a lot when something goes wrong during a normal operation. Typically, customers shouldn’t be able to hold you entirely accountable for issues like that, but it depends on how exactly your contract with them has been drafted.
You can also expand this to various other technical services related to computers and mobile devices, such as setting up a system for business use, or something along those lines. Try not to spread your efforts too thinly though, as you’ll want to still be able to provide a top-notch service to everyone. That’s usually the most common problem of people running computer support services – upon realizing that they can cover a larger market, they jump right in with full force. Take things slowly, grow your business naturally, and only focus your efforts on niches that have proven to have a strong long-term potential.
Another one for tech lovers with a lot of experience, if you have a bit more business sense you should be able to see great results from flipping sites. The basic concept is the same as with real estate and other types of properties – you buy something that’s being sold at a discounted price because it hasn’t been performing as well as expected, fix it up, and sell it back to someone else at a much better rate.
Flipping sites successfully is mostly about knowing how the Internet works, specifically with regards to online marketing. There are various intricate details that you’ll need to keep in mind, including seemingly minor ones like the way the domain name is written and how “attractive” it is. Our recommendation here is to look into another area if you don’t feel that confident judging the potential of different websites to perform though. As great as this field can be, making too many mistakes can quickly stack up and leave you without any significant resources to do any further work.
Exotic Food Truck
The increasing rate of globalization across the world has had some interesting results. For example, it’s easier than ever to get access to a variety of different exotic foods from other countries no matter where you live – and on the flip side, it doesn’t matter what your own country of origin is, there is a good chance that you don’t live in it at the moment.
And if you’re good with cooking, this often creates an attractive opportunity that can be easily utilized – setting up a food truck on the street with your own local cuisine. Of course, this largely depends on what kind of food your nation prefers exactly and how easy it is to transfer to a fast food format, but with a little creativity, a lot should be possible. In fact, don’t even look at established food truck styles – try to come up with something more original, such as an exciting local twist on your own original cuisine. There are plenty of opportunities to be realized here, so take a walk down your local street and find out what’s hot right now – both literally and figuratively.
Something else for food lovers – if you’ve got a good connection to sources of proper bio foods, you can earn quite a nice commission on reselling them, especially if you live in an area populated by more health-conscious people than the average city. This is a huge trend right now and many are profiting quite nicely from it, but there is one barrier to overcome initially – you’ll need a decent level of startup capital in order to establish your position on the market properly. The competition is fierce, and you’ll quickly go under if you’re unable to meet the huge demands of the many people out there that are constantly comparing deals on healthy foods.
The good news is that a large percentage of buyers are willing to pay a premium price for a bioproduct and won’t question the price tag too much as long as it’s within reasonable bounds (e.g. not much more expensive than a competing product). You will have a lot of freedom in playing with prices, so take advantage of that while your business is still growing and find a nice sweet spot that leaves both you and your customers happy.
DIY Products and Accessories
Last but not least, a market that’s still managing to see a lot of active growth is the DIY one. It’s not hard to come up with an idea for some craft that you can practice regularly and sell off the results, and it’s also quite easy to set up a virtual storefront with the right tools as well. You may not even need a dedicated shop at first and might be able to get by with something like a simple Facebook page advertising your products. Get creative here, see what others are doing and try to fill a niche that’s still not that populated.
One of the great things about DIY products is that they have a very good potential margin if you play your cards right. Nobody has to know how much you’re paying for supplies, and on the other hand, you’ll find that people are quite willing to pay a little extra for something handmade with a clear attention to detail. Make it obvious that you care about your products more than the average vendor on the market, and you’ll be able to take off faster than you might expect.
The main thing to consider in all of these cases is how populated the market is at the moment. There are various niches that are yet to be explored fully and jumping on them quickly enough is what separates those who end up successful from those who keep trying one thing after the other and failing. And on that note, don’t be afraid to give up either – if things aren’t going like you expected, it might not make that much sense to keep pushing forward and trying even harder.