Earl Nightingale states, “Everything begins with an idea”. There are millions of business ideas in the world right now, and in all fairness, anyone can start an enterprise if they have what it takes to operate one. One viable business idea is all you need to be the next multi-billion entrepreneur. If you’re unsure which top ideas to pick from, don’t worry: we’ve got you covered. Here are the top 10 modern business ideas you can choose from to make the most of your investment.
1. Business Consultancy
The fact that you are looking for a business idea should prove that all aspiring entrepreneurs need consultancy services. Consider how many people need help picking a business idea, implementation, and post-startup solutions. Thus, this niche could be an easy pick because it deals with new and existing companies. Business consultants add value to enterprises through expert advice in marketing, management, and IT. You can start a consultancy alone or with a partner. However, it’s important that you have licenses and academic qualifications like a degree in business management.
2. Cybersecurity Services
In 2017, Yahoo revealed shocking news about the loss of 3 billion user accounts to hackers in one of the worst cybercrime cases in history that took place in 2013. Considering Yahoo is one of the biggest web services providers, you may imagine how direly other businesses worldwide need cybersecurity services. Cybersecurity aims to protect computers, phones, and data from cyber-attacks.
As you would expect, you need IT knowledge and certifications like Certified Information Security Manager (CISM) and Certified Cloud Security Professional (CCSP). You may want to venture into the financial business sector to maximize your profits. A lot of money is at stake in this industry, and people want to protect theirs at all costs.
3. Real Estate
The real estate business is at an all-time high, and economists do not think the housing market will slow down soon. Depending on your capital, you can start by flipping houses, building property for rent, or selling them for profit. To run this business, you’ll need to collaborate with real estate agents, mortgage brokers, and appraisers. If you have trouble locating reliable professionals, use Leadar or Upwork to get all the verifiable contacts. Real estate is as profitable and marketable today as it was ages ago, and with supply falling short of the existing demand, this makes it a guaranteed success.
4. Online Store
It is estimated that around 76% of adults in the US shop online. Online shopping has become convenient for people, especially in the aftermath of the COVID-19 pandemic. Online store business requires very little startup capital and space during its inception. All you need to do is find a niche, have a target audience, and choose an eCommerce website like Shopify or Wix to host your products. If you can perfect the quality of your products, you stand to outdo most people already in the business.
5. Affiliate Marketing
Affiliate marketing is a business model in which brand partners with individuals to promote their products and services and, in return, pays them commissions for sales they generate. If you need a quick business to start, this is one you should consider, and here are some reasons:
- You don’t require space or storage
- You have little to no startup costs
- You can easily use personal social media accounts for marketing
- You can work in the comfort of your home
Start by finding an affiliate program that suits your interest. Once you’re approved, start creating content, and promote your affiliate links on your website or social media accounts. The only catch to this may be the need to have a sizeable following and traffic. The advantage of affiliate marketing is that it helps cut marketing budgets for owners. Subsequently, you could work with multiple companies simultaneously and still make a killing cumulatively.
6. Food Truck
The food truck business is a great alternative to a restaurant because of the following:
- You don’t rent space
- Low starting capital
- The truck boosts advertisement
- You can stop in strategic places next to your target customers
This business continues to boom with the increase in demand for fast food. It’s okay to start alone until you can afford to hire more staff.
7. Creating Online Courses
During the COVID-19 pandemic, online learning became the only way to acquire education worldwide, which might have set a precedent. It is expected that by 2027 the E-learning industry will reach $1 trillion. Establishing this business requires some knowledge and skill in the course you prefer to sell, but it doesn’t always need you to be expert-verified. Do your research, develop relevant content, and register to sell on top platforms like Udemy, Digital Class, and Skillshare. The best-selling niches are trading and IT.
8. Daycare Services
As the world goes through economic struggles, there has been a significant shift in parenting. Today parents prefer to hire daycare services as they work instead of staying home to take care of their kids. This creates a huge opportunity for those who have a passion for children and basic knowledge about early childhood development.
The main advantage of running this business is that childcare is a top priority for most governments; therefore, it’s easy to get grants and loans. Start small by looking for necessary equipment like beds, toys, and reading materials, and establish the business where you are. You will also need a license recognizing you as a daycare services provider.
9. Software Development
Software development is the use of computer coding skills to design, create, and document software. In the contemporary business world, almost all companies have embraced cyber technology. As businesses advance, developing better and more efficient software is also needed. It is one of the most in-demand skills in the world and was ranked fifth in the 100 Best Jobs of 2022 in the US. The advantage of this business idea is that it doesn’t require a degree. In fact, most software developers are self-taught through free courses on YouTube and other social media platforms.
10. Electric Car Maintenance, Servicing, and Repairs
The world is shifting towards green energy. This shift subsequently means an increasing need for electric vehicles technicians. For this business, you will have to undergo training to gain some experience. This business is expected to grow as more electric vehicles are produced, and global sales continue to grow.
While most businesses doing well today are from the past, rapid tech growth has accelerated several emerging ideas. Now, you can see more shifts into green energy and remote-work-friendly businesses. All in all, if you’re lost on where to start, now you have a handful of business ideas you can adopt.