Whether you have a large number of members to be your staff or you’re all alone, this year is the best time for you to begin with your new business. You must be worried about the very idea of starting your own business keeping in mind the drawbacks and all other factors, but all you need is a little more courage and passion for the business you are about to start.
Below, we have a list of my top 5 favorite business ideas that you might like to start off your journey with!
- A Retail business
This kind of business is a great option for all those who want to get into the sole proprietorship form of business. Well, this form of business entails a lot of work in the initial stage, but achieving desired goals is easy when you execute proper plans in this kind of business.
Planning includes deciding so many things for example – the products that you’re gonna sell, the kind of transportation chain you will use, your marketing strategies, etc. Apart from that, you have to find a suitable place or site for your retail shop.
Once you’re done with finding a location, go for all the legal formalities and documentation that are necessary for the commencement of your business, then after that select a catchy name of the business, plan your strategies and you are good to go. According to a business report, the second highest income level of about $2.5 million to $5 million is generated by the retail business industry.
- Want to become a real estate business manager? This is your chance!
The job of a real estate property manager is to deal as a third party in real estate dealings and day-to-day works. Basically, his work is to look into rent management stuff and discuss the terms with the tenants. Adding to it, he also works as a collector of rent and looks after the repairing work of the apartments as well. This job is perfect for those who have proper skills in communication, socializing, etc.
Also, a real estate property manager needs to be aware of the finance, accounting, and taxation policies too.
Various business analysts in their reports depict that average income for a property manager is roughly about $47000 per annum for noob level managers and up to $72000 per annum for experienced experts.
- Become a seller at E-commerce stores
This is one of the most popular business modes lately. The task is simple, you just need to become a seller on e-commerce site, sell your product and earn a decent income. You can go with trusted brands like – Amazon, Flipkart, etc. Through these sites, customers can buy any product online from the comfort of their home.
There is a wide range of products that you can sell on such sites. It includes like – books, wrist-watches, electronic items, clothing & fashion, etc. All you need is proper knowledge about online business and the policies of the companies that you’re planning to work with!
This business requires huge inventory which means you need to make purchases in bulk which will let you get them at cheap rates and display them on these sites at a reasonable price. In this process, you have to look for the charges that may incur in any case of returning of an order.
- Social media management business
All brands and companies use social media nowadays to crack deals and look for expansion of their business as we know that it is one of the most dependable platforms for new startups as well as already established businesses. Having said that, it is also necessary for companies and brands to have proper knowledge and time to manage these social media effectively.
This is the time when brands and companies have realized that proper social media management can help them promote their product and services to a wider audience, which makes it one of the most important factors in marketing for the business. This will help any business get higher sales results and achievement of group goals.
The fact is that almost all companies are willing to spend a huge amount of money on the management of their social networking handles and therefore, it makes a way for you to earn a decent amount if you’ve got the skills to manage social media efficiently.
You can start your own social media management business and earn a satisfactory income per annum.
- Freelance B2B services
Bookkeeping and Accounting
When it comes to freelance B2B services, accounting and bookkeeping are the inseparable part of any business. This is where many young entrepreneurs fail! They are unable to manage the money nicely which leads to unnecessary expenses and loss in business.
In order to become a Freelancer providing B2B services, you need to master the art of B2B service. You have to understand B2B services scrupulously and also have a CPA license to start off things and that’s it! This way you will become one of the most eligible to start your own business in this industry.
Having a profit margin as much as 20% of these services are surely one of the most profitable businesses for young and emerging business leaders.
It doesn’t matter which business form you’re going to choose, if you’re passionate and well-versed about that form of business, then you will surely succeed in your new venture.
So, which one business type from the above is perfect for you?