What Business Should I Start? 5 Ideas to Get Your Business Idea Wheels Turning
Not everyone who wants to start an online business has a clear idea of what business to start with. In my other article I mentioned that Affiliate Marketing is one of the best businesses to start with. However, that’s just one of the hundreds you can start off with. In this article, I will share 5 ideas you can start thinking about.
Before we go into the business ideas, let me tell you one important truth. You need to LOVE what you do; if not, it will soon become very tedious and unenjoyable. So, with that said, let’s look at the ideas.
Idea 1: Start a Writing Business
Wait! Before you scroll down take a minute to read the next two paragraphs to understand how this can actually be a very easy business to start.
Are you good at writing? Do you LIKE writing? If so, there is a ton of opportunity waiting for the grabs. Writing is a growing industry and the opportunity to settle down in this business is quite enticing.
What came to your mind when I stated ‘writing’? Ebooks? If that came to your mind, the next thought would have been to throw it away with the idea that you ‘could never write a book’. If this thought didn’t cross your mind — I’m sorry I put it in there! But here’s the fact. Ebooks are not the only written documents with business potential. Let me share with you some narrowed down ideas you can start nourishing.
Consider these:
- Do you communicate over email with your clients?
- Have you written up analytical or insightful reports/documents for your bosses at work?
- Have you given instructions to your team members via the written form?
- Have you written down ‘talking notes’ in your PPT presentation for a client call?
- Do you maintain a detailed personal journal/diary?
The good news is that if you’ve done any of the above (or something related), you are sitting on a huge opportunity that is, perhaps, going unnoticed.
So, here are the opportunities.
- Start a blog on WordPress and monetize it (or write content for Medium.com and become a partner)
- If you’re good at writing content broken up into paragraphs and bullet points focusing on benefits rather than features, you can try your hand at copywriting. This is writing content for sales pages and is currently in great demand in the Internet Marketing industry.
- Go the freelance way and write articles for publishers who are looking for high-quality articles on certain topics. Of course, you will need to learn some basics of SEO, but that is not a difficult task. One of the best freelancing sites out there right now is Fiverr.com. The basic premise is that you can charge a minimum of $5 for every service you offer.
- Write a book and publish on Amazon. Don’t bank on getting a lot of profit from this venture unless your topic is something in demand and you have a unique proposition that people will buy without second thought.
Idea 2: Run an Accounting Business
If you’ve studied accounting and finance and are stuck with a day job that only has you stuck in the bookkeeping room, stand up and look around — there are so many opportunities for accountants and related services.
Whenever a person starts a new business there is a requirement to start paying business tax. It could be different based on the country you live in. However, the basic requirement is filing taxes.
Not everyone who starts a business knows accounting or is knowledgeable about filing taxes. Tell them that the government will impose a penalty for late filing or non-filing, customers will come running to you!
Here’re the opportunities in this industry:
- People need help with managing their business accounts (bookkeeping services)
- People need help filing taxes in time on a monthly/quarterly/yearly basis
- People need money management advice
If you have the knowledge about any or all of the above, you can surely set up a business that will turn out to be a profitable venture.
Where do you find customers? They could be right there in your Social Media account. You can also find customers on Freelance sites (including Fiverr.com)
Idea 3: Start a Training Company
Every company is in the business of getting the best at the lowest prices. That goes for the training industry as well. They talk to multiple companies offering this service and choose the one that offers the best quality for the lowest amount. The beauty of this service is that Freelancers with good credentials are considered as well!
So, you could be a freelancer offering business training services (I’ll get into what you could exactly offer) or have a company of your own and charge premium for the same services.
Many companies that are just starting out have not invested or thought about setting up an in-house training team. If they did, your service will become redundant. But that’s where your opportunity is. You’re filling in that gap. Your service could be a lot cheaper than if they were to hire a full-time in-house specialist.
So, what are these companies looking for?
- Behavioral training. This is an in-demand service. When companies hire employees right out of college there are chances that these people have no understanding of the basic corporate skills required. Here’s where you come in. The requirement is for you to train these employees in subjects including communication, business etiquette, analytical and decision making skills, confidence building, presentation skills, and many more. If you have any experience in this area, or can project yourself as knowledgeable in this area, you have a business calling out for you.
- Professional development training. This moves away from the generic business programs into specific industry skill related programs. This completely depends on your skill and knowledge in that industry. The good news is that every industry has a need for training. The bad news is that it may not be available in your hometown or place of residence.
Idea 4: Start a Fitness Business
This is a treasure trove. With the onset of the pandemic in 2020 most, if not all, people in the world have suddenly become health conscious. Gyms have started seeing increase in business, natural health remedies have seen an uptick, diet plans and programs suddenly were in huge demand. This demand isn’t going to die anytime soon.
You see, with humans it’s just this: you try something, then after a while you want something else that’s either easier or better. That’s where you can come in.
If you are a health-conscious person or a fitness enthusiast, why not just share what you know about keeping yourself healthy and charge people for it? I know of young people who quit their jobs to make this coaching business their full-time income plan.
To begin, start sharing health tips from your own experience on your social media. Create awareness among your followers/friends about your interest. Create a video course or templates outlining what a person needs to do to stay healthy. Sell this product.
Other avenues you can pursue include coaching and consulting for health and wellness.
The only con with this business is that you need to have a strong disclaimer about the results people get by using your program. Not everyone will experience the same results — and you shouldn’t be sued for it! Be careful.
Idea 5: Affiliate Marketing
I’ve written a book on this topic and you can read it for free with a Kindle Unlimited subscription. Check it out here.
You will get all the information you need right in the book, but I’ll give you some here as well.
This is the easiest business to start with. There are no costs involved. I mean, you don’t need to invest anything unless you plan to make it your only business. The business involves promoting other people’s products to your followers and contacts. When someone buys the product via your link, you get paid a commission.
You can promote these products using blogs, video networks (Vimeo, YouTube) and email marketing.
The potential to earn using affiliate marketing is huge, if done right.
So, there we have it. 5 business ideas you can start thinking about right now.
Keep reading. Keep learning. Keep growing.
I’ll see you in my next article.
