Top 6 Business Ideas with Tremendous Potential In 2018
While the textbook definition of ‘business’ is comprised of capital, investments, and locations, there’s no denying the value of getting the right business idea and executing it. Finding your niche and executing the plan slowly and steadily keeps you on your feet. The fate of your business is not determined by recent market trends, but navigating through the trends and innovating unique ways to impact customers.
If you’re in the beginning stages of starting a business, here are six helpful tips:
1. Home Restorations
Statista projects a whopping $28.7M in 2018 sales for the home care market in the U.S. An average American homeowner spends over $3,000 per year on renovations. This particular industry is best suited for self-employed professionals. The investment is comparatively lower than remodeling companies and contractual work.
2. Bike Rentals
Biking is a popular outdoor activity, 72.9M people, approximately 24% of the nation’s population, rode a bike more than six times in 2014 alone. Another study by People for Bikes showed Americans spend approximately $81B annually on biking, thereby creating more jobs. With easy manufacturing and low maintenance costs, it makes the venture less demanding.
3. Senior Care Initiatives
Palliative care forms a psychological burden on the American working class. A recent article on IBISWorld estimated that palliative care and hospice combined amounts to a whopping $31B with a 1.4% year-on-year growth. Published in March 2017, the five-year growth rate from 2012 to 2017 is 4%, supporting over 5,000 businesses. Palliative care involves a complicated regimen of various medications. You have to be well-versed in the medical aspect as well as with patient insurance.
4. Cakes and Confectionaries
Businesses like Bakeway lead you down the path to a successful bakery business. From a cake shop in the basement to an online cake business, the opportunities are endless. Given the digital age and the fact that everything is a click away, an e-store makes perfect sense. All you need to do is create buzz online with either an Instagram feed and/or a Facebook page, laced with alluring pictures of your scrumptious desserts.
5. Tattoos and Piercings
Tattoos and piercings have grown as a form of self-expression and they are great conversation starters. All you need is a crooked sense of visual expression, hard-work and the determination to excel.
6. Coffee Shop
An independent coffee shop might not seem that as lucrative of a business idea given the existence of brands like Starbucks and Barista. However, if you look up the statistics on National Coffee Association, 64% of the survey participants had consumed coffee in the last 24 hours, including 36% of the those surveyed stepped out for their caffeine fix. Furthermore, 48% of millennials believe that the coffee they drink is gourmet. This is indicative of a huge shift in the US market where coffee is clearly overshadowing the consumption of other beverages, including cola.
A business idea is chased by trends, driven by consumers. The need to innovate and the determination to thrive and prosper against all odds is what motivates one another.
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