How do I Find New Project Ideas?
Good project ideas are the seed of a successful company, but the question remains: How do you create an idea whose profit does not decline in the future? The secret is choosing a domain that is scalable to give you more options and flexibility in the future.
The good news for you is that the business ideas below exist in high-growth, high-demand markets. But to ensure greater profit, you have to create your own niche. Instead of starting a company that targets all clients, try to aim to become the first agency that specializes in a specific field and free from crowded competition.
This article highlights 15 of the most important and successful small business ideas at the present time, divided into online and offline ideas.
The best small business ideas online
Global internet use has grown by 82% since 2012. This trend has not slowed down, with nearly 1 million new users logging in every day.
One way to capitalize on this growth is to start a blog. Most people think of blogs as a kind of online magazine, where every now and then one person writes on a topic for a few readers. But this stereotype is far from the truth.
Many bloggers hire ghostwriters to produce content, salespeople to sell ads, social media managers to run Facebook and Twitter campaigns, and the list goes on. Of course, you don’t need any of these people to get started, you can save on startup costs and do the business yourself, then expand your business as your readership grows.
The key to blogging success is finding the right niche, i.e. a topic that readers are searching for and that also offers solid revenue opportunities.
2- Content Creation
As mentioned above, there is a lot that goes into running a blog as a business. As your blog grows, you’ll find that you spend less time writing and more time on other aspects of your business, such as managing staff, looking for revenue opportunities, networking, and strategizing.
So you can create a content production agency for bloggers who don’t want to spend most of their time writing or for websites or companies large or small. The biggest driver of this need for content is customer acquisition. So if you are good at producing content that rank well in Google, you will be inundated with customer requests out of nowhere.
Don’t limit yourself to written content, there are other forms of content you can create, such as videos and photos. Or you can also specialize in repurposing existing content, such as reformatting existing YouTube content for use on TikTok.
3- Digital marketing
With more companies turning to the internet to sell their products and services, the demand for digital marketing professionals is increasing exponentially. And while you can start digital marketing as a one-man show, it is also an excellent opportunity to develop a business.
This is due to the presence of many specialized skills in this field. You can try to master them all on your own, or you can put together a team of people who are experts in one or two skills and then offer a full package of high-level services to your clients.
The Clickminded Guide to Digital Marketing lists seven different areas of digital marketing:
- Writing and curating content that converts leads into paying customers.
- Produce and promote content that helps brands build their profile.
- Search engine optimization
- Email marketing
- digital advertising
- Social media marketing
- Read and interpret traffic directions
One of the best places to start if you are new to digital marketing is social media’ and in particular by running paid ad campaigns on Facebook. The latter has tools that allow for very specific targeting of users based on things like age, place of residence, and interests. If you understand how to use these tools effectively, you will be able to run cost-effective advertising campaigns and thus generate great returns for your clients.
You might be a little surprised to see bookkeeping in this list of the best small business ideas. But the fact is that Entrepreneur Magazine has listed bookkeeping as the most profitable venture two years in a row. Due to the fact that many people are fleeing towards starting their own business, the demand for part-time bookkeeping services is increasing.
Start-up costs are low, as is the training required. It’s also easy to find clients through sites like Fiverr and Upwork.
5- Electronic commerce
Online shopping has exploded in recent years, people are literally buying everything online especially on Amazon. There are several different ways to create and manage your Amazon online store:
@. You can list your items on Amazon and have them shipped to your customers. You will pay Amazon approximately 20% of the final sale price, and will be responsible for all aspects of customer service and delivery.
@. You can ship your items to an Amazon warehouse and sell them through the Fulfillment by Amazon (FBA) program. You’ll be able to set your own prices, but Amazon cares about customer service and delivery.
@. You can work as a dropshipper and sell items that you don’t own. When a customer places an order, you simply pay your supplier to ship the item directly to the customer. You’ll still be responsible for customer service, but this option significantly reduces your workload and overhead costs.
One of the best ways to make money selling on Amazon is through white labeling, when you buy items in bulk directly from the manufacturer, then brand them with your name and packaging.
6- Website design
Although web design is not difficult to learn, people are willing to pay huge sums of money for quality web development services. The price for complete websites ranges from a few thousand dollars to $100,000, with average rates often in excess of $100 an hour.
Graphic design is an essential component of great web design, and a profitable business option in itself. Graphic designers typically start at rates around $50 an hour, but they can earn much higher with experience.
7- Sell handmade items on Etsy
Etsy offers unlimited possibilities and unparalleled flexibility for the stay-at-home crowd. So if you are looking for a creative and convenient way to make money, consider starting this business idea. Etsy offers a wide range of diverse products from digital art to crafts to custom clothing.
Face masks are a great trend in terms of demand right now, but you can find an audience interested in the different types of products you may decide to offer.
8- Resale of used goods
Do you like going to flea markets? If so, you can make money by reselling the items you find for a profit. Your inventory can be anything you find, from rare books to vintage clothes and everything in between. But the success of this project depends on understanding the market and its requirements.
9- Virtual Assistance Agency
The job of virtual assistants is to handle a variety of administrative tasks that vary depending on the person hiring. But like most of the projects on this list, you need to find a niche and expand into it. And if you want to turn your idea into a business, you can set up an agency where you train other virtual assistants and then assign them to do specific jobs.
The best offline small business ideas
10- Airbnb host
This project idea has become increasingly popular in recent times, as travelers increasingly look to get away from the big, expensive hotels. There are multiple ways to turn almost any space into a money-making asset.
Most people are familiar with the platform, but if you’re not, then it’s a website and app that allows people to offer their homes to travelers looking for short-term accommodations. This project gives you the freedom to set pricing and the option to add a cleaning fee.
You will keep most of what you earn, because Airbnb only takes 3-5% commission. Couches usually cost between $25 and $35 per night, depending on the location.
You can use your skills and experience to provide some additional services such as cooking and tour guides to your guests for a specific fee.
11- Walking dogs
Dog walking may seem more like a side job than a business. But your income from this job depends on your skills in running your business. Think of it like Uber for pets, people will pay you handsome to walk their dogs. You should also consider ways to expand and transition from being a freelancer to being a business owner. start with:
@. Come up with a good name for your business
@. Get a local business license
@. Create a simple, professional looking website
@. Get business cards with your logo, website address, and email address to hand out to potential clients.
Remember that you must win the trust of customers so that they are willing to hand you the keys to their house and secure you their best companions. Therefore, branding yourself as a company will allow you to develop and improve your reputation.
12- Organizing weddings
Wedding planning is a small scale business with the potential for big profits. The wedding party is among the most important parties for most people. There will be thousands of photos of this event that will be preserved online forever. Which drives many couples to get the perfect planning for their wedding.
You can work as a volunteer with a party planning agency to gain some experience which will give you more freedom to raise your income level, since people are always reluctant to take risks with a planner with little experience.
13- Cleaning services
Cleaning is hard work, but it can be a good option if you lack a college degree or have limited work experience. People need to clean various facilities and things like:
*. the cars
*. offices and restaurants
*. Tools and equipment…
If you want to start a cleaning service, you will need to offer the services yourself first. I know it doesn’t sound like much fun, but when you prove your credibility and reliability, you will be able to get more clients which translates into higher salaries.
In this case, you can start your own cleaning company by following the same steps as setting up a dog walking business, and then hire other people to do the cleaning for you.
14- Repair services
The process of transitioning from a worker to a project owner is similar to the steps mentioned in the above projects. As a handyman, your income will always be limited by factors such as the economy, your hourly work rate, and the amount of work your body will allow you to do. One of the perks of running a repair services agency is that you are not locked into one field, but have the full ability to move into more lucrative areas such as home remodeling and flipping.
15- Delivery service
People get everything from the internet these days, which makes delivery one of the fastest growing sectors of the economy. Grocery and food delivery jobs are probably the first things that come to mind when you think of this field, but with recent events and people looking to expand their delivery options, there is no limit to the products you can specialize in delivering.
You don’t need a formal business plan to take advantage of these small business ideas, but you will need to take some time to think about how they fit into your current level of resources, as well as your current state and future goals.
Do you have enough time to start one of these companies? And do you have enough money to stick with it even if success takes longer than you expect?
Even the best small business ideas will run into obstacles and suffer setbacks along the way to success. But the rewards for becoming your own boss are enormous and totally worth it. And in most cases, you’ll have a greater income, giving you more freedom to prioritize the other things that matter most to you in life.