Business Ideas With the Most Chance Of Success
Sometimes it's difficult for entrepreneurs to decide what business to start, especially when there is a downturn in the economy. We all know that lots of businesses are closing at the moment -- even large well-established companies are going under -- so how can you decide which business ideas have the most chance of success?
Even in challenging times, there are a few business areas that are thriving and many are a good bet whatever the state of the economy. Consider the following:
Service businesses are always in demand and there are plenty of people who are not directly troubled by the economic circumstances because they have independent financial means or just a good income. There will always be a need for skilled workers such as plumbers, car mechanics electricians and piano tuners because things still break down and need to be maintained whatever the state of the economy. Consider businesses offering the following services:
Commercial and domestic cleaning
Pet sitting and dog walking
Car maintenance and repairs
Home maintenance and repairs
Helping the elderly and infirm
There are probably plenty more to add to this list but just think along the lines of essential services and you could build a successful business.
If you have capital to invest, there are some excellent property investing opportunities around at the moment and with banks and financial institutions offering such low interest rates on savings, property seems to be a good bet.
Sadly for some property values have plummeted in recent years but there are some very good bargains to be had for investors. Over the long term, property is still a good investment and if property prices rise again in the future, you could make a lot of money for very little effort.
If you buy a property as an investment, you could consider either buying to let or buying to develop and improve a property to sell on.
If you have skills in technology, especially computer technology and the biotech industry, you could start a very successful business -- particularly if you can repair computers or are involved with research or developments on the cutting edge.
Technology-based services are also in demand including marketing services and legal services. The Cloud is another area where there will be huge developments and an increase in demand in the coming years.
With more and more people becoming obese, there is a growing demand for weight loss products and services such as slimming clubs, weight loss systems, slimming books and slimming products. There is an enormous industry around weight loss but that also means that there will be a lot of competition, so if you intend to get into the weight loss business, you should make sure you have something new, unique or innovative to offer rather than be just another seller of a common food supplement such as acti berry, for example.
Health is another huge industry and there are so many diverse products and services that there is bound to be a niche that you can find to develop a small business. Consider some of the following ideas:
Sport and fitness: equipment, fitness clubs, fitness manuals and books, personal training
Arthritis: pain relief, copper bracelets, diet and nutrition, herbal medicines, heat therapy and books
Alternative medicine: acupuncture, massage, reflexology, homoeopathy, Chinese medicine, books, diet and nutrition
Stress: stress management, coping with stress, lifestyle changes, counseling and coaching
Back pain: heat pads, massage equipment, chiropractors, osteopaths, pain relief, inversion therapy
Making and saving money
People always want more money and especially in a financial crisis, products and services that help people to make more money and save the money they have will always be in demand. You could write a book of money-saving tips, advice on investing or property dealing or starting a small business. If you have some expertise, you could make money as a business coach or mentor or you could run specialized courses on subjects like wealth creation.
Food products and services
People have to eat whatever the state of the economy and although many restaurants have struggled to get customers through the door, there is certainly still a strong demand for reasonably priced restaurants, cafes, bars and convenience stores. Don't try to compete with large supermarkets but look for a small niche where you could offer something unique that you can't get in the large stores, such as specialty confectionary, authentic oriental dishes or special recipes, for example.
Often in a recession, people will treat themselves in small ways and food is usually high on the list, so consider the vast variety of food products and services that could form the basis of a new business.