How do I get new project ideas? 2023
Statistics show that 60% of startups start from home. Yet 40% of startups are able to turn into profitable businesses. This applies to you too! Check out the following list of the best new business ideas that will help you in your journey towards achieving your dream of becoming a successful entrepreneur as soon as possible.
Freelancing has become a profitable business idea as it requires minimal initial investment. Whether you are a writer, developer, interior designer or digital marketing professional, it is very easy to offer your services online. Here’s what you need to get started:
*. niche market
*. Appropriate skills and experience in your chosen field
*. Tools and resources for service delivery
*. Good communication and project management skills
*. Some testimonials on the quality of your service
Freelancing is a unique business idea that gives you the flexibility to control your own projects and work hours. Be the master of yourself!
2- Online advertising
Online advertising or digital marketing is taking over traditional marketing at a great pace. This is because even local businesses with physical stores are looking for ways to reach and interact with their target customers online. As a digital marketing professional, you can easily earn $50,386 annually by providing services such as:
*. Search Engine Optimization (SEO)
*. Content writing and marketing
*. Email marketing
*. Social media marketing
*. Pay-per-click (PPC) advertising
This is one of the unique new business ideas that you can start from home. All you need is to have experience in marketing and copywriting, then to have the right set of tools that will help you plan, implement, track and measure your campaigns.
You can offer online advertising services to individuals, startups, small businesses, SaaS companies, e-commerce brands and influencers. You can also offer your services to big brands and agencies once you gain enough experience.
The next idea on our list of new business ideas is landscaping or lawn care business. If you like to work for yourself and enjoy gardening outdoors, then starting a landscaping business is perfect for you. You will need:
*. Understanding the basics of landscaping and caring for it.
*. Conduct market research.
*. Define your services: lawn mowing and maintenance, gardening, landscaping, shrub pruning and removal, etc.
*. Buy or rent your own landscaping equipment, including trucks, trailers, lawn mowers, etc.
You may also consider earning a degree or certification to set yourself apart from the competition.
4- Walking dogs
Are you a dog lover and want to earn money while spending time with these cute creatures? Starting a dog walking business can be a good choice for you. You can easily earn $20-$30 for as little as 1 hour of service. To grow and develop your business, provide related services such as obedience training for pets.
This business idea only requires minimal start-up costs, in addition to the flexibility that gives you enough time to enjoy your life. Your customers vary from the elderly and employees who are unable to take care of their dogs, to travelers who need a long-term dog sitter.
5- Personal training
Opening a gym is one of the most profitable new business ideas on this list. If you have the space and the necessary equipment, be prepared to reap big profits. You will need to hire some fitness trainers and invest in marketing to reach the largest possible customer base.
If you do not have access to space and equipment, you can offer your service to schools, offices, community centers, etc., or even offer fitness classes online.
6- Electronic educational courses
The size of the e-learning market exceeded $250 billion in 2020 and is expected to grow at an annual growth rate of more than 21% between 2021-2027.
The first step to starting this project is to determine what you are good at, and to analyze whether people need this kind of skill. If you want to grow your business later, you can consider conducting one-on-one tutoring and question-and-answer sessions with clients.
There are many online course platforms such as Thinkific and LearnWorlds that may help you create and sell your own courses online. You can also take inspiration from the business courses offered by the Online Business Academy.
7- Cleaning work
Cleaning is one of the most time consuming jobs, leaving most workers constantly wondering who might do it for them. Cleaning services are not limited to one thing only, you can diversify and provide other services such as:
*. Residential cleaning services
*. Commercial cleaning services
*. Carpet cleaning services
*. Window cleaning services
*. Car wash services
You can implement this business idea with minimal start-up costs, even if you hire other workers with you.
How to start your own business from scratch
Regardless of the business idea you choose, you need to follow a set of specific steps to start and grow your project successfully. This part of the new project ideas article will provide you with the steps you need to follow to turn your idea into a profitable business.
Define and validate your project idea
First you need to determine the ideal idea for you. You can either choose one from the list above or take inspiration from something else. Here is one of the effective methods that will help you at this stage:
*. Analyze your interests, skills and experiences.
*. Do market research to see if there is enough demand for what you want to offer.
*. Check if you have the right resources and tools to get started, and if you can afford to pay for them.
Write a business plan
Before implementing your project idea, it is important that you obtain a documented plan that clearly defines:
*. What your business does, your products or services, your customers, your business structure, value proposition, etc.
*. Your competitors and their strengths and weaknesses
*. Your budget, startup costs, and financing plans
*. pricing model
*. Marketing and sales strategy, target market, and marketing ideas
Register your business as a legal entity
This step is just as important as the previous steps. Most small businesses start out as an LLC because of the flexibility this business structure offers, plus the perks of minimal compliance and the protection of the owner’s personal liability. But no matter what type of entity you choose, you will need:
*. Choose your project name wisely
*. Submit the required business incorporation documents to the state authorities.
*. Submit required ongoing reports and fees.
Dealing with all these legal procedures can be tedious and confusing, so hire a professional to do them for you if you can.
Choose the right tools and resources
Even the best new business ideas need adequate resources, effort, and time to flourish. Make sure that you have chosen the right tools and resources based on your idea.
If you intend to start your own digital marketing business for example, you will need tools like project management software, SEO tools, email marketing platforms, social media marketing platforms, etc. But if you choose to start a landscaping business, you will need to purchase equipment such as shovels, wheelbarrows, tillers, augers, etc.
Set up your workspace
Even if you intend to work from home, it is important to have a dedicated workspace. This will help you work professionally and maintain a healthy balance between your work and home life.
Working from home may not be possible for some business ideas. If you want to open a gym, for example, you will have to look for a space to rent.
Prove your project’s presence online
The easiest way to do this is to create your own website with WordPress and WooCommerce or create an online store on platforms like Shopify.
Start selling online and promote your business on various social media platforms using various digital marketing strategies to reach the largest possible customer base.