In an ideal world, you have a small business idea you’re passionate about and that also happens to be stable and lucrative. If that happened to you, congratulations, because you won the entrepreneurial lottery.
Many small business success stories start by choosing the right product, service, or niche to focus on based on the security and potential for revenue. This is a wiser way to start your own operation.
First, identify the industries that are largely recession-proof and see if there’s a void to be filled in one of them (either online or geographically). Many small business owners can’t compete in terms of price, but they make up for it with customer service or by developing a glowing reputation.
If you’re not sure what type of business you’d like to start, consider one of the following options that promise an endless supply of consumers.
1. Medical devices for mobility
There will always be a market for these devices as generations age, people get injured, and people with chronic pain take action. This isn’t a “nice-to-have” product, but something that’s medically necessary.
The advantage at that these products don’t have the same level of regulatory strings attached from the Food and Drug Administration as, for example, an online drug store does.
2. Luxury pet products or services
Perhaps surprisingly, pampering pets is pretty recession-proof and something pet owners will indulge in no matter what their financial state. However, you should focus either on providing a local service or on selling lightweight and easy-to-ship products.
Pet food, for example, is heavy and not very cost-effective if you offer shipping.
Alcohol is also recession-proof, but there’s going to be some red tape involved if you ship or sell it, depending on state laws. Many bars and pubs go under due to bad management or real estate.
But if you have a knack for marketing, PR, and talking to people, this can be a very lucrative option.
4. App or software development
If you’re tech savvy, then of course you should consider a tech development company that requires little to no overhead, and products or services that aren’t necessarily tangible. Think search engine optimization (SEO), apps, PPC advertising, and website design.
It might seem like a saturated market at this point, but you can compete on price and combine that with some stellar service and results. If you know nothing about this industry, though, steer clear or find the capital to hire the best.
Starting your own business is risky, and you need to optimize the odds of making it work. That starts with the product or service in question.
Originally posted on June 30, 2014 @ 7:21 pm