Starting a business means finding the right product or service, in the right line of work, in the right industry. Not so easy, is it?
Many people prefer to do market research to identify promising sectors and industries that will be on the rise in the coming months.
For this year, we've selected 10 profitable business ideas or ventures that you should consider launching. Although some of these ventures aren't new, they're set to experience a surge in popularity in the coming year.
1- Start a dropshipping business
Dropshipping is an easy business to start and the first of our “great business ideas.” Dropshipping is a fulfillment model in which a third-party supplier stores and shipsinventory to customers on your behalf. It’s one of the best businesses to start because it’s low-cost, hands-off, and scalable. The main cost comes from advertising, although you can explore other channels (such as SEO).
You don't have to manage the products yourself. All you have to do is make the sales and place orders with your supplier. In fact, it's one of the fastest and least expensive businesses to start.
You can organize products from one or more suppliers in your own online store under a theme that focuses on a specific niche, such as yoga gear for yoga enthusiasts or water bowls for dog owners.
When a customer buys a product from you, the order is sent to your supplier, who fulfills it on your behalf. However, you are still responsible for your own marketing and customer service.
Dropshipping is a low-investment way to test a product’s market fit and launch a business before investing in your own original products (transitioning from dropshipping to e-commerce).
Just be sure to always order a sample for yourself to make sure your supplier is reliable and that the quality of the products is suitable for sale to your customers.
2- Design and sell on-demand printed T-shirts
Unlike the dropshipping concept described above, the focus here is on customizing products with your own designs to create something original. Whether it’s T-shirts, hats, phone cases, hoodies, skirts, or tote bags—all of these items become canvases for your creativity.
You can come up with witty slogans for developers or references that resonate with cat owners. If there’s passion and pride within a community, there’s a potential T-shirt business you can start.
Even if you're not a designer, you can find one to work with through freelance websites.
With many print-on-demand services, you pay per item. The base price per unit will be higher than if you were ordering in bulk. The advantage is that if a particular T-shirt design doesn’t sell, you haven’t paid for the item yet (only for the design, if you outsourced it).
3- Publish your own book
A book is really just another type of product when you think about it. There’s nothing new about that, yet reading (including digital reading) has experienced explosive growth since the first lockdown, and the trend continues to rise. You can create a book to meet a specific market demand.
These may include:
- Cookbooks;
- Picture books;
- Comic books;
- Poetry books;
- Photo books;
- Table books;
- Novels and even e-books.
If you have knowledge or creativity, there are a variety of original books you can bring to market. The options are endless, which is why this is one of the best businesses to start.
Print-on-demand publishing is a relatively safe way to test the waters and get started with self-publishing. It also allows you to control the quality and appearance of your book.
Publishing your own book can be a great way to monetize a blog if you have one or want to start one.
4- Start a charitable organization
Starting a nonprofit organization isn't the only path you can take to help fund a better world.
Making it your mission to support a business and set aside profits for a cause is also an excellent approach. It gives entrepreneurs a unique way to position their business in the market while tackling the issues that matter most to them.
While many social enterprises offer their own original products, you can also take one of the small business ideas listed above and partner with a nonprofit organization. You can also carry out this social initiative on your own, as long as you’re transparent about how it works.
As part of your marketing efforts, you can highlight the impact your customers have by supporting your business. You can do this through a blog post about your community outreach or a real-time impact calculator on your website.
5- Start a pet business
The pet industry is full of opportunities for all kinds of small business ideas.
Your pet business can be based on products or services. You can sell accessories, food, or toys.
When it comes to services, pet sitting is becoming increasingly popular among pet owners. We’ll devote an entire section to this topic a little further down in the article.
Other services are available to you: grooming, walking, training…
6- Sell handmade and homemade products
If you are a manufacturer, whether you are:
- Soaps;
- Candles;
- Sauces;
- Pottery.
You're in a unique position to come up with an online business idea. Product development and sourcing are literally in your hands.
Unlike many of the other ideas on this list, you'll need to consider shipping and inventory management. You can start small, with just one order or a small batch, until you begin to generate consistent sales.
In fact, many Shopify sellers started out with a home-based business idea. They achieved their goals by selling on Etsy or eBay, or to friends and family through word of mouth. They became full-time small business owners after establishing demand for their products.
Just be sure to follow all the regulations for your product category, especially for anything that customers will eat or inhale.
7- Childcare and Pet Care
As travel increases, so does the need for home and pet care while people are away. With the rise of remote work, extended vacations are becoming more and more common. So, even though you might be able to leave your home unattended for a weekend, a month-long trip may require more care.
House sitting and pet sitting are good business ideas. Give them a try if you feel comfortable taking care of a stranger—and possibly their pets.
You can create your own website on Shopify to market and sell your services. There are also websites and apps dedicated to home care and pets that you can use.
8. Start an online fashion store
If you love fashion, you might want to consider starting your own online fashion store. You don’t need to be a fashion designer. You can simply sell items from other suppliers through your own online store. You can sell the following there:
- Dresses;
- Shoes (if you want to start your own brand);
- Swimsuits;
- Accessories.
You can create your own fashion brand using one of the many product-finding apps for Shopify. You’ll then showcase them in your own product photos and social media posts. This way, you’ll build an online following as a trendsetter.
9- Join an affiliate marketing program
Affiliate marketing refers to a performance-based marketing strategy in which a company pays individuals—that is, affiliates—to promote and sell its products. Each time an affiliate brings in a new customer, they receive a commission from the company.
Affiliates can promote products on their blogs, social media accounts, websites, or within online communities. For many, affiliate marketing is a low-cost side hustle that grows into a profitable business over time.
10. Build an audience that you can monetize
In today's connected world, the ability to capture and hold others' attention is an asset. It's a skill that many companies are even willing to pay for.
Whether you choose to grow your audience on YouTube, Instagram, or a blog, you have many options for monetizing your audience.
Taking a customer-focused approach to your small business idea means you’re in it for the long haul (it may take months before you realize this). You don’t need millions of followers to do this.
If you'd like to share your own business ideas to launch this year, head over to the comments section. I look forward to reading your thoughts.
