By Mercy Meuni
Top 10 Most Successful Business Ideas of the 2000’s.
Being a business owner comes with a lot of perks. You will have more independence and flexibility, experience greater personal fulfillment, and you may reap the financial benefits of running a successful business. Not having to worry about getting laid off is the icing on the cake.
Starting a business, however, may seem like a daunting task. It’s easy to feel overwhelmed by all the different information available on what a successful business entails. In this article, we will create a straightforward roadmap to a successful business and explore some thriving business ideas.
Regardless of the type of business, you need to consider these four factors to build a proper foundation for a successful business.
It is easier to commit yourself to something that you love. If you genuinely enjoy doing an activity, it ceases to feel like work. Therefore, you need to align your business idea with your interests.
Successful Business Plan
Planning goes a long way in ensuring the prosperity of your business. You need to think about the initial investment, operating capital, employees, a growth and marketing strategy, and the competition. A business plan will aid you in identifying your strengths and weaknesses beforehand, thus enabling you to prepare accordingly.
Starting a business is half of the journey. The other half is in selling your product. You need to explore the market for your product and identify its size and growth potential. In this age, social media has been a game-changer in the marketing world. Incorporating it into your marketing strategy will set your business apart.
Your customers can make or break your business. You must aim for customer satisfaction. Ensure that you obtain feedback from your clientele and make the necessary adjustments to improve their experience with your product.
If you make these considerations, you are setting your business up for success. Some of the most successful business ideas are;
1. Online Retail
The internet has revolutionized how business is conducted. A physical location is no longer compulsory when starting your business. You can sell your products online.
If you are hesitant about running a business without a physical location, think of the fact that you will have access to the largest market in the world! Moreover, the market grows further every single day.
An estimated 4.57 billion people worldwide were using the internet as of July 2020, a figure that represents 59 percent of the world population. The online market is one of the best places where you can reach your target customers directly.
It is pretty easy to venture into online retail since the startup requirements are few. A website and basic knowledge on how to update the site are enough to get you started. It is, however, not compulsory to take the website path as you can sell your products through social media. All you need to do is post good photos of your product and tell potential buyers that you are selling it.
Online retail is an appealing endeavor since it is cost-efficient and requires low investment capital.
2. Personal Training and Fitness Instructor
In this era, many people understand and value their health. Exercise is recommended for everyone, making fitness centers a lucrative business to establish. The health and fitness industry generated an estimated 94 billion U.S. dollars globally in 2018.
You can transform your passion for fitness into a business. It is advisable that you first earn a professional qualification as a personal trainer before you start your business, a process that is simple and inexpensive.
It is possible to venture into personal training and avoid the expensive overhead associated with renting a huge space and purchasing all types of equipment. You can offer one-on-one home sessions with your clients and group classes at the local park, all with minimal equipment. To take your services a notch higher, personalize nutrition plans and exercise regiments for your customers.
Optics is crucial in the fitness industry, and carefully curated social media posts will guarantee the prosperity of your business. Post motivational quotes, tasty recipes, and some fun workout videos on social media platforms to market your business. Remember to optimize your social media posts with keywords and #hashtags to generate organic leads and reach a greater audience interested in your services.
3. Senior Care Services
The life expectancy of people worldwide has increased dramatically. According to the World Health Organization (WHO), it is expected that by 2050, there will be 2 billion people aged 60 years and above, up from 900 million in 2015. In 2018, 125 million people were aged 80 years and above, a number expected to skyrocket to 434 million people worldwide by 2050. Clearly, there is a vast market for senior care services. You can support the graying community and launch a successful business, a true mark of a satisfying venture.
There are endless opportunities in this industry. Seniors require services such as; Mobile Beauty services, house cleaning, adult daycare, senior exercise classes, nutrition consultation, medical claims assistance, errand services, pet care, and money management, among others.
Your clientele needs to trust you for you to succeed in elder care. For this reason, you must be licensed and insured. Word-of-mouth is a vital marketing tool in this business since it inspires a level of trust in your potential customers.
You need to diversify your marketing by incorporating both online and offline marketing techniques because some seniors are tech-savvy, while others are not. You are also targeting their adult children who play a role in caring for their parents.
Senior care is evidently a viable and lucrative business that you should consider if it aligns with your passions.
4. Cleaning Service
Most people want to maintain a clean home or workplace but have no desire or the time to clean. This fact creates a lucrative business opportunity for you if you are willing to get your hands dirty. The cleaning service industry is expected to generate over $46 billion in 2020 and grow a further 10% by 2026. It also currently employs 1.7 million people, a number that is slated to grow by 6% yearly.
A cleaning service business is a straightforward business to launch, requiring staff members, cleaning supplies, and transportation. You can market your business by maintaining an online presence using a website and social media accounts. You can elevate your marketing by launching an app for your business.
To set yourself apart, you must outperform your competitors. You are only as good as your employees in this business and should, therefore, invest in their training, accord them respect and offer them incentives for exceptional work.
A cleaning service is not the most glamorous business to start, but its low cost of entry and potential for growth make it a sound financial investment.
5. Event planning
There is never a shortage of events and milestones such as weddings, graduations, bar and bat mitzvahs, birthdays, and anniversaries that people want to celebrate. Planning such an event as an individual can be stressful and draining since there are too many moving parts that need to be aligned. The need for an event planner arises from this situation.
If you are looking to dip your toes into the waters of event planning, consider starting your business from home. In the first few months of business, you need to keep the overhead costs low, and cutting out rent would help with this. As the business picks up, you can reconsider the necessity of an office.
As an event planner, you’ll be in charge of food, decoration, venue, travel, accommodation, and entertainment. The most important items while starting are; a computer/laptop, WiFi, insurance, and a phone.
Marketing yourself as an event planner is crucial, and it can make or break your business. You need to set up a website and social media accounts to create an online presence. Ask your clients to leave testimonials and reviews on your website and social media pages. You should also tell everyone, including family and friends about your business as they may require your services or know someone else who needs them. Ensure that you provide exceptional services to your clients, then ask them for referrals.
6. Freelance Writing
Freelance writing is best suited to individuals who are passionate about writing and are proficient in grammar. The world of freelance writing offers a wide variety of jobs ranging from a traditional magazine article to a Facebook post.
It is easy to feel overwhelmed by all the categories of writing that you could do. Some of the significant freelance writing jobs are; article/feature writing, copy/content writing, blogging, social media content creation, and editing. You should diversify your income stream by writing in two or more categories while starting as a freelance writer.
Freelance writing can be an intimidating field to venture into, but here is a short recipe for success in the discipline. First, you need to decide on the category of writing you want to do based on your interests, background, experience, and qualifications.
The next step is to identify the best sources of the work that you are interested in doing. The internet is your best friend for this step. It would help if you came up with a portfolio showcasing your work, which you can use to market yourself.
Freelancing writing jobs do not just come to you. As a beginner, you constantly have to pitch for jobs. However, this should not discourage you as it is only a part of the growing process. In due time, you will carve a niche for yourself and no longer have to pitch as much as you will get commissioned for some jobs.
7. Food Trucks
Fine food and drink will always be in demand since food is a basic need. A restaurant, however, may not be a profitable business due to the substantial overhead costs. The solution to this problem lies in the food truck business.
The cost of operation with food trucks is significantly lower, and this translates to increased profit margins. Since your business is mobile, you can drive it to gatherings such as festivals, farmers’ markets, and sporting events to maximize sales.
You can create a brand for your food truck business by coming up with a catchy name and a unique, distinctive decal for your truck. This type of branding can make all the difference in helping your business stand out and become more memorable to your clients.
Another marketing strategy that you can employ is the use of social media to help your customers track your location since your business is mobile. Twitter, Facebook, and Google+ are the best social platforms for a food truck business owner to engage with the customers.
Most parents work full time and require some help with their children. According to a 2017 study by Child Care Aware of America, child-care is one of the most prevalent items on a family’s monthly budget. As of 2018, the annual average spending on daycare centers was over 10,000 U.S. dollars per household.
If you love working with kids, a daycare could be the business for you. You will provide an opportunity for children to socialize with their peers and acquire a level of independence from their parents.
To succeed in the daycare business, you should ensure that you keep the children happy by providing excellent care. Before opening this business, you will have to obtain all necessary permits and licenses. CPR and First Aid certifications are also essential when working with kids.
You can market your business by having an informative website and social media accounts to improve your online presence. Posting some testimonials of parents you’ve worked with will increase your credibility
Approximately 409 million people view upwards of 20 billion pages every month. You can make a considerable income running a successful blog. If you decide to take the blogging path, you need to pick the right niche and focus on it. The niche you choose impacts the success of your blog profoundly. Your decision should depend on the competition, your passion, and the commercial value associated with the topic.
Advertisers are drawn to popular blogs, as this means more exposure to their products and services. You will earn through advertising revenue from running ads, sponsored posts, banner ads, and affiliate marketing. You can also make money by creating an information product such as an ebook or a course, and offering consultation services. Monetizing a blog is an art that you need to master for your blogging to be a financially sound idea.
Making long blog posts that are over 2000 words, proper use of keywords and frequent uploads are some of the tips that would generate organic leads and propel your blog to growth. Providing regular advice and helpful tips on your blog will also increase the popularity of your blog. Invest your time and effort in ensuring that your blog looks spectacular, and your content is top-notch. A well-run blog can certainly be a profitable venture.
10. Digital Marketing
Every business requires proper digital marketing to thrive, and most entrepreneurs are aware of this. Most marketing budgets now center on digital advertising creating a huge demand for services in this industry. Further, the majority of small and midsize businesses prefer to outsource marketing services, rather than have an in-house team, mainly because it’s cheaper.
As an online marketer, your work would involve formulating digital marketing plans, strategizing, and implementing them. To perform these duties, you need to be skilled in;
- Pay-per-click (PPC) advertising
- Search Engine Optimization
- Content marketing
- Social media management
- Web development
There is a lot of buzz around digital marketing, and now is a good time to venture into this industry. An additional incentive is that you’ll be working from home and can, therefore, enjoy all the perks that come with it, including flexibility, more quality time with family and friends, and the luxury of working in your pajamas.
These are some of the most viable and lucrative businesses that you could launch. Remember that it is okay to start small. A giant successful business such as Nike had a humble beginning too.
A startup is demanding and requires a lot of work and sacrifice to take off, but if you commit to it, your efforts will come to fruition. If you need help, reach out to Booming Businesses. All the best in your business endeavors!
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