At the same time, starting a new business can be tricky and anxiety inducing. The margin of risk is high, and it requires a lot of planning and hard work to create a sustainable business. But, those who have taken the plunge will tell you that it is worth all the sweat and tears, and you won’t regret sinking some of your financial resources into the venture.
That’s why for 2020, we believe that you should devote time and energy into starting a new business. Here are a few ideas for you to mull over.
Consider Franchises
A franchise is essentially a local outpost of a well-known and well-established chain. The risk factor with these tends to be rather minimal since there is already a modicum of brand recognition with the public.
The work you will have to put into publicizing will be far less than if you were introducing a new concept to people, so that’s definitely a plus. Also, there are so many different kinds of franchises that you can start, covering a wide swath of interests: coffee, crafting, clothes, or different kinds of fast food and frozen treats to pursue with an FBD partnership and the like. While this might be the “safest” option, that doesn’t mean it is a boring one.
Get into Printing
If you are good at graphic design, sketching, and know how to use a camera, then you can look into starting a print-on-demand business. This is a great idea for those with a creative flair; you can turn your work into posters, framed wall art, greeting cards, and so on. You only need to do due diligence and make sure you own the rights to the content you are drawing or photographing.
If you don’t know how to draw or take good pictures, then explore other skills you know you have a talent for and cultivate them. For example, if you are an excellent baker or cook, begin a small independent catering business.
Everyone loves fresh-baked cookies, or purchasing a specialized, internationally-flavored dish that no one else can make. Print up a few business cards advertising your handiwork, drop them off at local neighborhood haunts, and watch as your business grows slowly through word of mouth – and of course, hard work.
Or, say that you are a talented knitter. There are many websites now wherein independent artisans can sell their unique wears online, allowing them to reach new potential customers on their own every day. No matter how inconsequential your hobby may seem right now, it could very well be the key to your financial independence if you work to develop it and aren’t shy about sharing your output with the world.
Home Renovation Contractor
If you’re handy around the house, then working as an independent home remodeling contractor could be perfect for you. Good contractors are hard to find, and the well-known ones are always busy. Home renovation can be a lucrative business, even when there is an economic downturn, so it might be worth your while to look into this business idea.
So, if you have hands-on experience with construction, are a meticulous organizer, personable, can get good contacts within the industry all while getting the proper licensing and certification for your jurisdiction, then this might be the perfect profession for you.
Other Skilled Trades
A few decades ago, the idea took hold that those who worked in skilled trades made less money. Which is a shame since nothing could be further from the truth: just like home renovation, people who work in the trades tend to make a very good living whilst making their own hours, allowing for more free time.
If you happen to be good at carpentry, plumbing, welding, HVAC systems, and so on, then it’s only natural for you to get the proper certification and start a small business that way. If you’re good at any of these things, then ostensibly you enjoy doing it and therefore, you can eventually find a way to become financially independent.
As you can see, there are so many ideas out there for you to pursue, some requiring very little in terms of a large initial down payment or investment. But the key is to getting the necessary certification for your skillset, as well as developing a solid business plan. Once you do that, the world is your oyster.
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Interesting related article: “What is a Startup?“