Running a new business successfully is a tough job. According to multiple reports, 80% of new businesses close in their first year, which is a very high failure rate. One of the reasons for this failure rate may be rookie entrepreneurs who choose the wrong business idea for them.
If you’re planning to start a business, you need an amazing business idea that’s not only unique but in demand too.
To help you, here are three great small business ideas budding entrepreneurs might want to consider to start your business journey:
Food Trucks
People who love cooking usually dream of having their own restaurants. However, unless you have a good amount of savings or are lucky enough to get funding from other people, you may not be able to afford the big initial investment to start a restaurant.
Don’t worry, there’s a good alternative for aspiring restaurateurs like you.
Food trucks are a good starting point for people who want to try opening a restaurant business. They usually require low initial investment and are a great way to test your products and figure out your target market. Food trucks are also mobile so you can always try different locations — unlike restaurants that are rooted in one spot only.
Once you’ve figured out how to handle a food business and acquire a good amount of capital, then maybe you can evolve your truck to that fancy restaurant you have always been dreaming of.
Coffee Shop
The coffee industry has seen rapid growth over these past few years. Just look around any business district, and you’ll see multiple Starbucks and The Coffee Bean and Tea Leaf cafes. This just shows how essential coffee has been in our daily lives.
So, if you want to be the next “big thing” in the coffee business, you might want to start with a small coffee shop of your own.
Having a coffee shop might require a bit more initial investment compared to food trucks. However, with the proper research and getting the right suppliers, you can save a lot of money. Also, since a cafe can’t be as mobile as a food truck, figuring out the right location is crucial for your business’s success. As the popular adage says, business is all about three things: location, location, and location.
Print-On-Demand (PoD) Online Business
Print-on-demand is one of the easiest ways to make money online. This business idea also requires a low initial investment, which is always great for rookie entrepreneurs.
Basically, you sell shirts with cool designs online. To start this business, you only need to find a good t-shirt designer and a supplier to create your shirts. Sound like a problem? No worries. There are thousands of freelance designers you can hire to make your designs. As for suppliers, you can always check online for printing businesses near your place. This way, you get profit without having to think about maintaining a warehouse or having extra supply of stocks.
That’s it, three cool small business ideas you can try out once the global problem settles. Just a reminder: choosing a business is entirely a personal decision. Finding a business that yields high profit can be tricky and most of the time, requires luck. So start a business from your passions so you can turn your dreams into reality.