It’s the perfect time of the year to build your empire. Catapult your way up to the top of your game. Wouldn’t it be nice to wake up one day answering to no one, getting things done on your terms on your own time? Easier said than done, I know. But hear me out.
We all have unique qualities that we do so well compared to others. So what better way to market it? When it comes to business ideas, every aspiring entrepreneur needs to start somewhere. You have to find what ideas are best for you and what would match your skills. Will it fit your personality? What about the budget?
You might be wondering if it’s a smart move for you to start up a business despite the decline in the economy we’re currently experiencing. But if we look back, most (if not all) of the successful businesses we have today are results of some of the most disruptive and tumultuous times in our history.
GE, Disney, and HP have fostered during The Great Depression while The Great Recession of 2008 gave birth to Airbnb, Slack, Instagram, Uber, and Square, to name a few.
And while most businesses were hit hard during the pandemic, some thrived to survive by getting more creative with their products and services. These innovations gave their businesses drive revenue and create new opportunities as the economy recovers.
Greg Goetzman, the founder of accounting and consulting firm Goetzman Group, told LA Times that they are changing the way they do their business by blending both virtual and traditional working setups as they need to do what they can to keep their business afloat.
Now, is business ownership better than having yourself employed? A study published by the University of Minnesota pointed out several advantages of owning your own business. Besides freedom and taking control of your own time, you also get to reap financial rewards and open up learning opportunities and rooms for improvement.
So, have you thought of the businesses you want to do yet? Let me walk you through some ideas you might find interesting.
1. Franchise
Think of it as an investment. A so-called ‘plug and play.’ Franchise businesses are usually business stalls that let others use their brand for a certain amount. It’s beneficial for business owners, especially those still testing the waters, because this field does not necessarily require much experience in marketing or any strategic development. After all, the brand itself is already making the ‘noise’ for you in terms of attracting your customers.
In fact, Franchise Direct listed McDonald’s, KFC, and Burger King as the top 3 in-demand and most successful franchise businesses in 2021.
But of course, it does not only focus on the food industry. It has also been quite popular in other areas of the business world, so you need not worry if you are not really into selling food.
For instance, if you have the skills and experience working for a company that does some repairs and maintenance, you might have a bigger opportunity in hydraulic franchising. Or, if you enjoy organizing and planning trips for others, you might want to look into travel franchises. The possibility is endless.
2. Delivery services
With the outbreak of the pandemic and the rise of precautionary measures and safety protocols, the delivery service industry boomed as people relied heavily on the web as part of the new normal.
According to Thomson Reuters, Amazon’s revenue jumped about 40% amid the pandemic and saw higher service demands as people switched virtually.
3. Bed and Breakfast owner
As vaccines start to roll out and as the economy slowly opens up its windows to the world again, the tourism industry has found its opportunity to bounce back. Those living near tourist attractions can take advantage of this passive income-generating business by having their property rented.
4. Thrift shop owner
Who says the fashion industry is dying? If you are someone who dreams of building their own fashion empire, then this is your chance to make that dream a reality. The good news is, you can already start your own shop and show off your creative side just by posting it on various social media platforms. By selling thrift clothes and accessories, you aren’t only helping the environment by circulating sustainable and fashionable items, but you’re also sharing your taste of aesthetics. That’s hitting two birds with one stone!
These are just a few business ideas when starting your empire. Be it big or small, the important thing is you start somewhere. Have a checklist of the things you want to achieve. Research, and evaluate yourself.
Be confident! Remember that you only have one goal to achieve at the end of the day — identifying what business best suits you and making it work.