Despite the best of intentions, the sad truth is some startup business don’t survive. Sure, they might be putting in all the effort and work that their enterprise demands. But, one of the major issues a lot of startups have is not doing plenty of market research!
If you’re going to start a new business in 2015, you have to be confident that it will be a success. One way to ensure that happens is by starting up in an industry or niche where you can remain competitive.
Are you thinking of quitting your day job and working for yourself? If so, you might want to consider operating in one of these industries:
When an organization wants to sell their wares online, they need an e-commerce site. The trouble is; setting one up isn’t for the novice website builder. In fact, there is a plethora of options and settings that must get configured beforehand.
With the rise of mobile Internet usage in the world, there is more demand for e-commerce sites. You could take advantage of this lucrative industry by offering your services! If you’re proficient at Web programming, you could become an e-commerce consultant.
Your business could offer a range of services, such as:
- Installation, setup, and tweaking of e-commerce sites;
- SEO (search engine optimization);
- PPC (pay-per-click) advertising; and
- Ongoing administration and software updates.
A business owner would rather pay someone to handle such matters for them. That way, they can concentrate on other areas of their enterprise.
Machinery servicing and maintenance
Plenty of businesses use machines to some degree. From the photocopier in an office to a combine harvester on a farm, machines are everywhere.
As with any electro-mechanical item, they need periodic maintenance. If that doesn’t happen, they will start to malfunction and soon stop working altogether! If you’ve got the skills and a good business sense, you ought to consider this niche.
The service sector is one that will survive even in the toughest of economic climates. You just need to make sure that you’ve got dependable sources of parts at your disposal.
Let’s say that part of your repairs involve replacing bearings on equipment. Rather than paying retail prices, you could bulk order from a bearing manufacturer direct. That way, you can maximize your profit.
Believe it or not, there is an enormous demand for businesses that cater to the legal marijuana industry! As you know, most parts of the U.S. have legalized the use of medical marijuana.
Since 2009, the industry has seen at 16% year on year growth. In monetary terms, that equates to around $4 billion. As you can imagine, there is plenty of money to get made in this niche.
The only downside to setting up such a business is the need for strict government compliance. Still, as long as you do things by the book, you are almost guaranteed to make a regular profit!
Well, I hope you have enjoyed reading today’s insightful article. Feel free to share a link to it with your friends on social media!