What Business Should I Start? 5 Innovative Ideas for the Budding Entrepreneur
by Mashum Mollah Entrepreneurship 19 January 2019
If you’ve always dreamed about starting your own business but can’t decide on the right idea, you’re not alone. It’s not an easy decision. What sounds like “the next big thing” today may sound trite tomorrow.
If you’re looking for a few ideas to get your creative juices flowing, look through this list of five new-business ideas to find your inspiration.
1. Transportation Services:
You probably think of Uber and Lyft when you hear the term transportation services. But, transportation covers a range of possibilities. For example, Alex Perdikis, a D.C. entrepreneur, recently started a monthly vehicle rental service to meet the needs of a people who don’t want to lease on a long-term basis.
Other transportation-related ideas include running errands, courier and messenger services, and package delivery. Driving for Uber or Lyft is also an option if you want to jump right in and start making money as an independent contractor.
2. Online Sales:
Shopify, Amazon, and Etsy make it easy for the enterprising individual to set up shop. If you’re a jewelry maker, clothing designer, photographer or other types of artisan, the opportunities to take your work beyond the weekend flea market are wide-open.
To become a successful online merchant, you need a niche product and high-quality product photos to get started. According to the U.S. Department of Commerce, e-commerce sales continue to increase with no sign of leveling out. You won’t leap into monster sales status right away, but if you keep at it, your sales will grow over time.
3. Short-term Housing Rentals:
Offering short-term housing works well if you live in or near a popular tourist location and have space to rent. Online sites like Airbnb match your rental with guests who want a less expensive as well as unique experience.
You don’t have to leave your living space and rent your entire home if you don’t want to. The earning potential is quite high if you live in a popular area and don’t mind sharing your space with strangers on a short-term basis.
4. Fast Food in a Truck:
Food trucks in the middle of New York City aren’t new, but the popularity of food trucks in towns across the country is. Restaurant growth remains steady at an annual rate of 2 percent, but since 2013 food truck businesses have grown at a substantially higher annual rate of 7.9 percent.
Coming up with a niche food item is key to building a successful food truck business. Popular choices include burgers, smoothies, tacos, grilled cheese, and even lobster. A rising trend in the food truck industry is a menu of healthy fast foods.
5. The Tiny House:
You’ve probably seen tiny houses. They’re compact and affordable. Maybe you thought the little homes on wheels were a fad that would quickly fade. But, the tiny house industry isn’t going anywhere. It’s growing. And with that growth comes multiple ways to take advantage of the tiny house craze.
For example, tiny houses require a different set of products than the typical home. Compact appliances and space-saving furniture with storage are just two ideas you could utilize. Other niche business possibilities include pet products for compact living as well as tiny home interior decorating.