So you looking for independence, you want to write your own cheque and you believe starting a small business is the way to go. Naturally the first place you turn too to find the best small business ideas is the internet.
As you research you will be bombarded with countless ideas and you might be left confused on which route to take. I personally have analyzed various small business ideas and I have come up with a list of the top 5 ideas:
- Online Home Business
Starting an online business is one of those opportunities that provides many benefits. The start-up capital that is required is minimal and the idea of working from a computer is attractive to many. But in all honesty the opportunities out there over promise and under deliver.
It wouldn’t be rare for someone who is searching for small business ideas to come across a product or ebook that offers an opportunity that sounds too good to be true. In most cases these products are over-hyped and they do not work as stipulated by the product merchant.
If you intend starting an online home business you must realize that there is a learning curve, and the online market is highly competitive. But with the right business model and a strong desire to succeed you can make a comfortable living by pursuing an online business.
- Franchising
When people think of a franchise their thoughts automatically turn to the bigger franchises like KFC, McDonalds, and Nandos. But there are many smaller franchises that offer services like cleaning, gardening, and laundry services. These types of franchises are much cheaper to enter and they are usually focused on services that are necessities and in high demand.
There are many advantages to opening a franchise: you often receive a business in a box, but I must emphasize that as a franchisee you will be paying royalties and other expenses to the franchisor that are not associated with an ordinary business.
- Utilizing Your Skills
Your personal skills can offer an opportunity for you to start a profitable small business. If you have some sort of specialized knowledge and a reasonable level of experience in a certain industry you can make a go of it. Someone with an accounting degree can open a small accounting practice or a mother who loves a children can start a day care centre. The opportunities are endless if you possess a specific skill.
- Airtime Reseller
This is one of those small business ideas that not many people have heard about. It is a market that has exploded with growth in South Africa. Companies like Vodacom now offer opportunities for anyone to print and sell airtime on their behalf. Everyone who owns a cellphone needs airtime and as a result becoming an airtime reseller offers endless potential for profits.
- Multi-Level Marketing (MLM)
We have all heard of companies like Amway who offer an opportunity for you to use and sell their products to start a business of your own, and there is even a local company called Be Motivated Today which has succeeded in the MLM industry. Although the MLM model is not a pure business model where you will be in full control of the business, you are however given partial independence. Many of the risks associated with running your own business are negated when one joins an MLM.
The MLM business model has been endorsed by people like Donald Trump, but before you decide to join an MLM company you should evaluate the quality of the product, the size of the market, and the company’s willingness to support its members to achieve success.
The small business ideas mentioned above are very popular but my personal belief is that it is sometimes more profitable to take a risk and chose a route that is unique. Every business should have a Unique Selling Proposition (USP) that differentiates them from their competitors.