Many entrepreneurs dream of starting their own company, but what happens when you’re unsure what type of business to start? Whether you’re interested in working for yourself or just looking to invest, it can be challenging to decide which startups are the best ones to join or invest in.
Before you jump into any business, make sure you know exactly what you’re getting into, including how much money it will cost and how much time it will take up of your life. This blog post describes six of the best startups to start, including the cost and amount of time required from each founder.
Business Consulting
Starting a business consultancy is an excellent option for those with a knack for understanding business problems and solutions. Not only will you be able to help new and existing businesses alike, but you’ll also have time to run your own!
Business consulting is one of those great opportunities where you can go from employee to entrepreneur in no time — and without spending much money. Of course, there are costs associated with starting any business, but consulting is one of those ventures that let you test drive entrepreneurship before making a long-term commitment.
Vegan Snack Shop
If you’re already vegan, you know how difficult it can be to find snacks. After all, many prepackaged products contain animal byproducts. Vegan snack shops are popping up in big cities, and for good reason: not only is there a higher demand for vegan products, but these stores eliminate some of those challenges that come with finding healthy food on the go. The cost of starting a store ranges from $1,000 to $10,000, depending on your location and how much inventory you plan to carry.
Construction Company
If you’re considering starting a business in construction, there are several important considerations to make. Make sure to investigate everything and create a spreadsheet listing all of your expenses — both short-term like equipment and long-term like lease, as well as revenue projections. If starting your own construction company is overwhelming since it will require a lot of preparation, especially with finances, you can create a residential construction franchise instead.
A business franchise for residential construction is an option where you can be provided with everything you need to get your business off to a good start, including training. It can provide structure to your startup and allow you to feel confident in your abilities before jumping into things on your own. Franchises offer plenty of support if anything goes wrong or if there’s something else you don’t know how to do.
Smart Home Technician
By 2025, there will be at least 481.9 million smart homes across the world. Based on these statistics, it makes sense for professionals who can provide services for various smart home devices to have an interest in starting their own business. All of those numbers will likely mean that demand for technicians with experience working with smart devices will continue to grow. That said, keeping up-to-date with changes and improvements in technology is crucial if you want to stay competitive within your market as a smart home technician.
Digital Marketing Agency
A digital marketing agency can help startups build, implement and track their brand’s social media presence, allowing you to create a community of loyal customers. A digital marketing agency may charge between $1,000 and $20,000 a month for these services. Businesses with larger budgets may consider hiring an in-house marketer who has experience building and engaging a social following for other brands.
Small businesses often team up with digital agencies that offer specific expertise, such as web design or search engine optimization (SEO). These specialists will handle designing your website and bringing traffic to it through online advertising campaigns.
Insurance Agency
It is a great business to start if you have experience or education in risk management, claims adjustment, insurance adjuster, or a related field. Your startup costs will depend on how you choose to run your agency. You can operate as an independent agent, using relationships with local and national carriers to market your business. It works well if you live in a populated area where demand for insurance is high and competition is low. You can also choose to open your own office and hire employees who specialize in various types of coverage.
With some market research, a business plan, and a bit of determination, you’re ready to launch your own company. Keep in mind that your startup may not be profitable right away. Patience is key, but if you work hard and are smart about it, you can learn to start a business and succeed.
