These days, it seems like it’s harder to come up with hot new business ideas than it is to secure funding for them. Because if the idea is profitable, investors will come to you running, instead of the other way around. But before we jump to the top 10 small business ideas, we have to clear some things up.
What makes good small business ideas – good? If someone tells you that it shouldn’t be something that’s seen or heard before, don’t listen to them. Like Barbara Grizzuti Harrison once said,
“There are no original ideas. There are only original people.”
There are thousands of creative small business ideas out there, but you only have to pick the one that you truly love, believe, enjoy and are good at. Anyway, for that idea to succeed and make money, there has to be a demand. So, for the millionth time, before you go all-in do your market research! There’s too much competition? Well, competition is good so no need to panic.
Then again, you should know that the business environment and climate always change depending on the socio-economic events (e.g. recession, pandemic, natural disasters, etc.). Knowing how to adapt and pivot at crucial moments will make the difference between bankruptcy and growth.
Which small business ideas are good?
Take inspiration from this list of creative small business ideas, but don’t forget to trust your gut and think outside the box.
1. Bicycle repair shop
With humanity taking a greener path into the future, bicycles have become a popular mean of transport and recreation in recent years. According to a research from NPD Group mountain and electric bikes are the fastest-growing types. Moreover, they report that in the US sales for bike services/repairs has grown by 3%. In the same manner, as a result of the Covid-19 pandemic, Germany is seeing a spike in bicycle sales and the Italian government covers 60% of the bike price.
2. Wall art
This is one of the hot new business ideas for those with artistic skills. Wall decor has been a huge trend in interior design lately. Truth be told, all you can see on Instagram these days is walls full of art in all forms: paintings, photography, graphics, topography and what not!
On another note, during the pandemic, people stuck at home quickly rediscovered their love for decorating and renovating. Not to mention the number of people who had to make a home office in order to work. Being locked at home made us all realise the importance of having a nice living space.
So do what you do best, put it in a frame, pack it nicely and come up with a catchy brand. You can sell it anywhere: Etsy, Amazon, eBay, Aliexpress, your own e-store, Instagram, Facebook… the options are limitless.
3. Home-made meal delivery service
We’ve become more conscious about what we put in our mouths more than ever. Vegan, organic, gluten-free, unprocessed, ethically sourced… But one thing they have in common is that they are healthy. So use this craze for healthy-eating and turn it into cash source.
As an antonym to fast food, home-made food has made its comeback and its popularity is growing by the day. Once again, the pandemic had a major influence on this as well – with restaurants closed, food delivery thrived.
Take your old recipe book out and start creating the menu. Don’t be afraid to offer something different. This is an emerging niche, but the competition is already tough. Find your market, listen to their needs and deliver quality.
4. Unisex apparel
If Beyonce is doing it, then it has to turn big profits because this girl never puts her fingers onto something mediocre. Her voice might be her best asset, but her entrepreneurial mind is right behind it.
Fact is, huge brands saw the potential in unisex clothing and went straight after it. But so did the small business community. So why not take a piece of the cake? There’s enough for everyone. With talks about gender neutrality gaining more recognition each day, this is possibly a million-dollar worth idea. Moreover, the shifts in our society imply that this is not just a current trend, but it’s here to stay.
5. Organic skincare and makeup
One thing is for sure, clean skincare is here to stay and is one of the hot new business ideas to rule the following decade! Individuals, organisations and companies are already on the move to make authorities change out-dated laws that allow the use of nasty chemicals and harmful ingredients in the cosmetics industry.
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