Saying you’re thinking of launching a side business to make some extra income. Or perhaps you’re sick of your day job, and you’re ready to put your entrepreneurial skills to the test and turn a passion project into a lucrative profession.
Before you build a road map for your business, you need an idea that’s both popular and profitable. To help you jump-start your search and get started, use these pro tips and discover small business ideas well-suited for a variety of aspiring entrepreneurs.
Here’s how to determine the type of small business that’s right for you:
- Brainstorm, based on your passions and skills.
- Consider your resources.
- Determine whether your idea will match your aspirations and meet your goals.
Depending on your interests, experience and what you’re looking to get out of the business, there are plenty of side business concepts to consider. Read on for strategies to ensure your small business idea is a success and the right fit for you.
As the artificial intelligence industry continues to heat up, the demand for coders is likely to continue. Plus, you can easily start a coding business from home. The only con: You may be sitting at your desk all day, which can take a toll on your health.
4. Computer repair
While you’ll likely have minimal startup costs, computers and devices change so quickly, you may have to spend a lot to take classes or seminars and stay caught up and keep your skills fresh.
3. Web design
A web design company comes with the bonus of minimal startup costs and the opportunity to work remotely or from home. The only drawback: You may face steep competition in a saturated marketplace
2. Making your own line of food
Starting your own line of food is expensive and time-consuming, so you’ll likely want to start small, with steps like bringing your branded cuisine to festivals or a local farmers market. However, if you build your exposure, you may be able to find a company that will help package your food and turn a profit.
1. Any online business that you can run from your home
Operating a business from home comes with low overhead costs, but keep in mind that you’ll still need to invest time and energy to build a client base and establish your brand. And, if you’re planning to sell products such as baked goods, photography or antiques, you’ll need a place to keep your inventory.