Starting your own business is the best thing you can do if you do not want to worry about work timings and taking orders from superiors. Starting a business on a small scale needs a certain amount of capital at the start, and with some hard work put in, but after the business gestation period, it can become profitable consistently.
There are some considerations to be taken in mind before planning for a business; like making a comprehensive business plan, arranging for appropriate finances, hiring related resources, and setting up the other required necessities.
Top Businesses to Start in 2013
Smartphone Apps
Apple approved the 1 millionth app for the iStore in November 2013, Google Play Store is expected to hit the mark in June 2013, and Windows is steadily climbing the ladder with 120,000 apps. What I'm driving at here is simple - app development is a hot market, driven by global demand and part of a stable platform of operating systems.
However, this business is for people with original ideas, and one must have a genuine, marketable idea which can be translated into an application for a phone, and retain its USP. There are many thousands of apps out there competing for essentially the same OS real estate, so you will have to come up with a new value delivery mechanism. Games are a huge chunk of this market too, although developing them may cost much more than social networking apps. A sufficient amount of coding knowledge is also required for app development, although one can always outsource this to a third party. Developing costs depend on the type of app and its complexity vis-a-vis the operating platform, and can range from a few hundred to a thousand dollars too.
Once you have your app ready, the second, and possibly the most important step is to get it registered with your choice of platform - Google, Apple or Windows. The platform may charge a certain fee, ($100 a year in case of Apple) or may have a one-time fee for hosting the app ($25 in case of Google). In certain cases, the app store may also host the app for free, as is the case with a lot of 'lite' versions of popular games. Revenue from apps can be amazing if it becomes a hit with the smartphone public.
Catering Services
A food catering service is undoubtedly one of the best small businesses to start. In order to set out with this kind of business, you need to do a simple market research regarding this niche in your locality. Check out other catering services in your neighborhood to understand how they function, what they offer, and what they don't. Then build a business model around some exclusive value-additions for your catering service. The start-up capital required for this small business opportunity is believed to be ranging from $500 to $1,000, but this again depends on whether you hire a facility or do the job at home. Also, you should have a long-term growth plan, and deliver good service to your customers to gain a competitive edge over the others.
Building Green
Another up and coming niche in the contracting sector is eco-friendly building, using material which are naturally recyclable and free of toxic components. Not to mention, they result in neat tax advantages and a better environment. Green building is primarily focused on enhancing water, energy, and material efficiency in construction. Starting such a business requires solid investment, and also technical expertise in the form of architectural engineers and interior design experts who are aware of green building norms. Green material can be used everywhere, from paint to tiles, wallpaper, roofing, and waste management. Also, the demand for eco-freindly homes and office buildings is increasing, as corporates, governments, and homeowners become more environment conscious.
Student Tutoring
Home tutoring is another area where one can exploit a business opportunity. The education system being what it is, has made homeschooling a viable option for many parents. However, not every parent can afford to undertake the full-time educational responsibilities of their kids, and need tutors to fill in. Setting up a small agency of qualified home tutors will prove profitable in the long run. The business model is simple - the teachers will be sent to various homes according to the requirement, and give a fee to the agency handling them. Plus, the subscribers can pay for the services via a one-time fee.
Entrepreneur Consulting
According to the latest numbers from the Kauffman Index of Entrepreneurial Activity, a leading indicator of new business creation in the US, over 540,000 new businesses are created in the US each month. Many of those businesses are being started by first-time entrepreneurs. Anyone that has started a company knows how much work goes into even getting it off the ground, let alone sustaining early success. Of course, there are a number of people out there that can help maximize the possibility that operations will run smoothly in the beginning - lawyers, accountants, marketing consultants, and so on. But the vast majority of first-time entrepreneurs are starting their companies without much more than a great idea. Funds are limited, and as such, so is the ability to hire a large team of specialists.
If you have experience starting successful businesses, why not think of starting one more as an Entrepreneur Consultant? The knowledge and experience gained from building a successful business can be transferred to those folks that are just starting theirs. You can advise on all things - from taxes and formation to accounting, marketing, business planning, and product roll-out. For entrepreneurs just starting out, cash is minimal. Hiring a consultant that can give them the basic tools and knowledge to succeed may be a preferable and much cheaper option as compared to hiring multiple professionals.
Online Marketing
Due to the advent of Internet technology and its wide reach in both urban and suburban locales, there are many different business opportunities that now revolve around online resources. You simply need to have an Internet connection and understand the correct techniques of making money online. There are many online money making concepts such as article writing, affiliate marketing, blogging, online product selling, and numerous others. It is a good idea to design a website and include good informative content on it, which can be used for top rankings on websites, and thus further online advertising possibilities.
Automobile Towing and Maintenance
This is one of the best small businesses to start for men who want to earn some extra income. In order to get into this small business, you will need to have some resources such as the technical know-how and the tools required for the job. You can hire a truck, start an automobile towing service, and if possible, even start offering services for basic car maintenance. Those who want to start this business on a medium scale will have to invest a good amount of money into it. Be it on a small or large scale, it is suggested to adhere to the licensing requirements and other local formalities. Automobile towing and car maintenance is one of the most lucrative small businesses, and it is believed that it will never go out of demand.
Recruitment and Staffing Agencies
Owing to the employment slowdown, some might think that starting a recruitment firm at this time is not a very good idea. However, if you look from a different perspective, this can actually be a very good business plan. Since there are limited jobs in companies for full-timers, you can coordinate jobs for part-time employment too. Some of the common jobs you can coordinate include data-entry, consulting, technical projects, and so on. In order to succeed in this field, you need to establish a network in local companies and communities. As there is an increase in job demand in the economy, you can later deal in full-time jobs as well.
Yoga and Massage Centers
Due to a hectic lifestyle and busy schedule, most working professionals suffer from stress, depression,etc. This is where meditation and physical exercise comes into good practice. At present, it is believed that people are ready to spend thousands of dollars for yoga and massage therapies, despite reduction in earnings. You can take up a yoga training or massage course, and start your business. In addition, you can even put up a stall for yoga and massage therapy products to complement your business. For example, you can offer herbal oils and yoga apparel, or any similar product.
Computer Repair
This is probably one of the best businesses that you can choose if you have a liking to work with technology, especially computer hardware. There are many small courses that are available at technical institutes and colleges, which last for a few weeks or a couple of months. Since almost all people use computers nowadays, there is a wide scope for this business to be successful. The only condition is that you need to provide quality service, and that too at a decent rate as compared to professional PC service centers. However, you need to keep yourself updated with the latest computer technologies introduced in the market, in order to provide satisfactory service.
Here are some of the miscellaneous opportunities that are also good bets for new businesses in 2013.
- Landscaping services
- Driving schools
- Fashion design
- Interior design
- Wedding planners
- Website design
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