As the economy starts to improve, many people are considering striking out on their own in the near future. Here are five ideas for a new business which you might consider:
A web-based business
With only a very few exceptions, much of your prior experience in previous businesses can lend itself to creating a web-based business to provide a source of income. Although this does still require careful business planning and research, many of the essential infrastructure features (such as shopping carts and drop shipping) have now been standardized, making this one of the easiest businesses to start successfully. It is also possible to take a hobby or other specialized field of interest, and appeal to niche audiences in ways that traditional businesses will overlook as not being profitable enough to be worth the effort. Limited inventory costs and the ability to create information products as demand requires makes a web-based component something every new business should consider.
A franchise business
Franchises have much higher rates of longevity than many other businesses which you might start on your own. One of the biggest advantages of a franchise is that the chain has already figured out many of the mistakes you might make when starting a business, and has procedures in place to prevent these from occurring. Franchises also make use of wider-scale advertising than you could manage when starting out on your own. The only downside? Franchises can be more expensive to start.
A software development business
Software development can take many different forms. Many of the newest smart phones have application stores, and so there is strong demand for a variety of programs, from games to productivity enhancing tools. For those who have the technical background, software development can be a great way to enter a high-margin business with low or no inventory requirements, and a multitude of opportunities available to the enterprising.
A consulting services business
Consulting is another field where you can re-purpose knowledge acquired in other fields, and use it to improve a different business. Some of the challenges posed in starting a consulting business are that it involves delivering an intangible service, and that it can be difficult for customers to realize how good your service is, when compared with others.
A specialty care service business
A specialty care service can range from taking care of someone’s pets or children while they are out-of-town, to a service business which helps the elderly who are not yet ready for a nursing home. Since the United States has a significant portion of its population which is growing older, these businesses should experience growth in the coming years. If your business also has specialty skills (such as first aid or physical therapy), these can be additional selling points when marketing your services.
Therefore, if you plan on starting a new business, you should consider a web-based business, a software application business, a franchise business, a consulting services business, or a specialty care business. Each is highly attractive, and should well in 2010 and well into the future.
Copyright 2010, by Marc Mays
