Whether you’re looking to launch a side hustle or quit your day job, there’s a low entry point for entrepreneurs. All you need to set up a business these days, is a phone, computer, and internet connection.
Before jumping into business plans and structure, start from scratch and figure out what you want to do. This stage is the tricky part of launching a business. Choose a startup idea that requires low investment and generates high returns. Your business should also offer services in high demand. However, don’t get carried away by profit. Launch a service you’re good at and upskill as much as possible to guarantee success.
Consider these startup suggestions when exploring your next business investment opportunities:
Suggestion #1: Social Media Management
Social media management goes beyond uploading pictures and writing mindless captions. There’s an art to it. There are also many branches of this business, like community management, content creation, and marketing. Although different people can fill these roles, you can start by mastering all these duties to get a high-level idea of the business. The best part of this idea is that you can scale to become a massive agency if you make the right moves; through networking and an excellent referral system.
The essential tools for this business include a phone, computer, and working internet. You’d also need design tools like Canva and scheduling apps like Buffer for efficiency. Start with the free versions of these apps until you can scale your business.
Suggestion #2: Office Space Rental
The era of traditional offices is slowly ending. For this reason, an office space rental is a highly recommended startup suggestion. More businesses are using office-sharing models to save on rent and utilities. Recent entrepreneurs also use office-sharing spaces to build their network with other professionals. Holding meetings with prospective clients in co-working spaces makes freelancers appear professional. Either way, this business idea serves many people.
Now, if you have an existing property, consider converting it to a shared working station. While the cost of designing might set you back financially, your monthly rent collection should cover this. However, if you’re not yet a property owner, this idea can cost too high in investment.
Suggestion #3: Online Tutoring
We’re in an era where people find knowledge only a few clicks away. Humans want to learn more about our fast-changing world. This want opens a startup opportunity for prospective entrepreneurs. Online tutoring seems to be one of the most profitable ventures of this period.
There are many formats this model can take, from white papers to ebooks and webinars. Ensure to have advanced knowledge on whatever topic you seek to teach. Otherwise, consider language tutoring. If you can’t speak any other language, consider working as an English tutor for international students.
Suggestion #4: Travel Concierge
Travel concierge as a business provides curated experiences for tourists. Travelers are unique based on their individual lifestyle choices. For instance, the solo tourist has different tastes from a family of travelers. One might enjoy a food tour while the other group would want family-friendly locations.
Travel concierges help travelers enjoy experiences unique to them. From airport wait time to specific food choices, a startup like this serves a high-demand industry. You’ll need a small team of researchers and project managers to manage this business.
Suggestion #5: Destination Wedding Planning
Many couples find wedding planning stressful because there are too many details to put in place. There are dresses to pick, DJs to book, and vendors to interview while working long-hour jobs. Not everyone can handle these duties, so couples hire wedding planners to make their work easier.
The average cost of a Canadian wedding is $30,000. However, destination weddings cost less depending on the country. Many couples go this route to save cost on their dream wedding.
However, before launching this business, there are things to consider. You must have powerful organization and project management skills. You must also be able to remain calm during hectic situations because wedding planning can be a nightmare.
Suggestion #6: Phone Repair Startup
New mobile phones don’t come cheap. Unfortunately, many people have to buy new devices because of the scarcity of phone repair businesses. With the phone accessory industry looking to grow by over $100 billion by next year, the repair industry is another profitable tech startup to consider.
From broken screens to faulty buttons, you can offer a myriad of services for mobile phone users. Design an app that diagnoses phone faults, picks up the device, and delivers after repair.
Suggestion #7: Community Grocery Delivery Service
Contrary to popular opinion, the grocery delivery market is far from saturated. While younger consumers use popular apps, there’s an opportunity to cater to senior citizens and other people who aren’t familiar with mainstream delivery platforms in your area.
All you need is a truck, cell phone, and organizational tools to coordinate your deliveries.
Suggestion #8: Medical Courier
The healthcare industry is fast changing to make life easy for patients and service professionals. Keep up with the times by launching your medical startup. With a pandemic upon us, many patients struggle to pick up their prescriptions from their doctors.
Medical couriers help deliver medications and prescriptions. They also transport packages like specimens and equipment. All you need is a cell phone, delivery vehicle, and connections to hospital management.
Suggestion #9: Virtual Mailbox
With more people working from home, there’s a need for virtual mailboxes. These boxes allow people to receive mail via a virtual address for safety purposes. Other entrepreneurs like you with home-based businesses also need to receive mail at a separate address from their home address. This model sends the mail via digital scans, which you can file or recycle later.