Talk to any budding entrepreneur and they’ll tell you how the market is saturated and how difficult it is to leave a mark. While it is true – there is stiff competition and you need to be the best at what you do if you want to find success.
The most important thing is your idea. If you pick a redundant idea, you won’t be able to find success.
To help you make the right decision, here are five business ideas:
Content marketing is always an idea as companies look for creative ways to get their business message out there. Some firms do it in-house, but if they want to supercharge their marketing efforts, they’ll outsource it to someone like yourself.
As with any new business, decide on your niche and establish where your market is. Use tools like Google Trends and SEMrush to see which keywords and topics are more valuable – high search, low competition.
With an increased focus on sustainability and using existing resources, second-hand goods are becoming more desirable. Enter: reselling.
Some traders curate used items and sell them on websites like eBay and Depop. Find treasures at markets and car boot sales as well as other websites or wholesalers. Get to grips with your selling fees (such as PayPal fees), additional charges, postage costs and listing limits.
Be sure about what you want to sell before you begin, such as furniture. Establish where your audience is in-line with what you want to sell. For example, clothing would do better on a social media platform like Instagram as people use it for shopping. It’s wise to cross-list over relevant platforms to maximise your selling potential.
A decent camera is essential for photographing your goods, even a high-quality smartphone camera is enough when you’re starting out.
Food trucks are a popular choice for food businesses that are flexible to the changing Covid-19 guidelines, all without the worry about overheads.
Specialise in any cuisine – or any fusion of cuisines – and find out if there’s a gap in the market where you live. Just be aware that you’ll need to have a food hygiene certificate as well as any food distribution licences required by your local council.
Next, think about where you’re going to pitch – festivals, the city centre, popular tourist destinations or somewhere else entirely.
Finally, consider the cost of a van or a gazebo for a larger event as well as the cost of equipment, fuel, energy and staffing. When doing your business plan, you may want to consider how you want to go, such as moving towards servicing weddings and corporate events when you’re more established.
Virtual events and conferences
We’ve seen sophisticated developments in online conferencing software and the scope of remote events over the past couple of years. However, unless they have an in-house events team, businesses won’t even know where to start when it comes to organising a virtual events.
If you have experience in event management then you could use your expertise to bring high-quality events to businesses big and small, armed with the sensibilities of running an online event. These could be conferences, networking events, seminars or any other virtual gathering.
Establish how much you’re going to charge per hour or per day. According to Starter Story, a typical virtual event business charges $22 (£17) an hour.
Due to the strain on mental health during the pandemic, counselling is a fast-growing field, with more services being offered over video call or telephone. Have a look at what other counsellors are working in your area and what they specialise in. If there isn’t someone who works with clients who have addictions, for example, there could be demand which you could fill if that’s where your experience is.
It’s key to get legalities right here. Have the right business insurance in place, namely public liability and professional indemnity cover. Some insurers offer specialist therapist policies which cover other emergencies like a cyber security breach compromising confidential data.
Set how much you’re going to charge per session and whether to offering a sliding scale based on clients’ ability to pay. Suss out what your cancellation policy is before you get started. Get form templates sorted early – it’ll streamline processes later on. Above all, have a quiet space which is comfortably furnished for your clients.
Network with other therapists so that you can refer clients who aren’t suitable for your expertise and they can refer relevant clients to you. They can also give you tips around running a private practice.
How to start a business
If you are just beginning to step into a fresh business, you need to develop a corporate identity by throwing in a different yet useful idea. Base what your business does on your unique selling proposition (USP) – this could be a new way of offering your product or service, such as British cuisine with a Spanish twist.
After coming with an idea, you need to set short, medium and long-term objectives as well as a purpose for your business.
Of course, you should be putting these in a business plan to explain what your business is, along with competitor analysis, financial forecasts, financial assistance you plan to take on and more. Have a look at some example business plans here.
Think about how your marketing strategy is going to play out. This could mean a range of things, such as what content you’re going to post on your website’s blog, what you’ll put on social media (such as cooking or mental health tips) and at which point you want to start exploring paid promotion.
Find your community, be they fellow content marketers or resellers, as they can be collaborators as well as invaluable sources of information.