Advice for small businesses and potential investors usually involves starting a retail store or looking into real estate, but there are many ways to find success in business that aren’t as typical.
If you’re looking to start a new business, you may still be in the brainstorming process of trying to figure out a niche or get a brilliant idea off the ground. There are some more basic business ideas that many people jump to first, such as franchising a fast food place or starting a retail shop online. But, some viable business ideas you might not even think about could be quite lucrative.
Find out more in this guidebook and learn three great business ideas you might never have considered.
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Start a pet-related business
People love pets. According to Shopify, pets are part of a $100 billion industry, so even though there are already many pet products on the market, there’s room for you to get a slice of that enormous pie.
One way to stand out is to think beyond just cats and dogs. While more people have these two pets than any other species, there are lots of pet owners with small animals such as ferrets, rodents, or reptiles. If you’re a pet owner yourself, you’ve probably had a time when you were looking for a product that didn’t exist or couldn’t find any that met your standards.
You could be the one to fill that need, as there are other pet owners out there who probably think the same thing.
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Open a brewery
While it might seem like there are many small breweries in your area already, many industry experts agree there is still a lot of opportunity in this field. While there are more pitfalls if you try to open a brewery-meets restaurant, there are many options to fill niches in small-sized cities.
You could consider a taproom or a small distribution company that focuses on local service. The only complicated issue here is setting up your equipment itself, as you’ll need high-quality items like breweries wall panels and a bottling process. Still, once you get these foundational elements covered, you’re good to go.
While things get more complex when you think nationally, there could be ample opportunity in your local community, as many people want a place or a product that’s relatable.
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Sell a service instead of a product
While this category is broad, it allows you to assess your personal skills and how much time you have. While starting a business that involves selling a product can be complicated as you have to figure out inventory, selling your skills such as SEO services, graphic design, or even house cleaning is more straightforward.
The biggest downside here is that you are the one doing most of the work. You’ll need to be sure you have the extra time in your schedule, but if you’re looking to be self-employed, starting a business that doesn’t revolve around selling a product could be the right step. You’ll also be able to set your own schedule as you get the company off the ground, so you don’t have to “quit your day job” right away if it doesn’t feel right.
Play To Your Skills
Starting a business is more than just taking financial advice; you also have to have passion. If you love what you do, you’re much more likely to succeed as you start a new brand or business.
There’s always going to be competition, so you need to choose something that makes sense fiscally and emotionally.
