If you are a young entrepreneur wanting to make your mark in the world of business or a seasoned business owner looking to diversify your business interests, you will want to make your new business a successful and long-lasting venture. The world of business is an increasingly competitive marketplace where key skills such as building brand awareness and increasing website traffic are required activities for any successful venture. It is a fact that in this intensely competitive marketplace less than 80% of businesses survive their first year of trading. If you are planning to dedicate significant amounts of your own time and potentially substantial amounts of your capital to start a new business, you need to be sure that it will be competitive and relevant to consumers. In this article, three new business ideas are discussed that have the potential to be successful when combined with business acumen and hard work.
Start a Recycling Operation
It is a fact that the recycling industry is big business. In 2020, the sector was valued at over $54 billion globally and is expected to grow at a rate of 5.2% from 2020 to 2028. As we enter a period of human history that is characterised by a clear and present danger of environmental problems and the reality of climate change, eco-friendly firms will be in greater demand. Whilst starting a recycling business can be a complex process as various environmental permits and legal agreements need to be in place, thankfully there are pieces of modern technology that make the process of recycling at scale highly efficient. Technology such as recycling balers are vital parts of any recycling operation. This equipment is used to compact and store enormous amounts of plastics and other recycling materials quickly and efficiently before the material is transported to buyers. Such technology reduces the amount of labour required in a recycling plant which in turn saves money.
Whilst recycling is a great business opportunity, the initial start-up costs may be prohibitive to entrepreneurs without sufficient capital or access to finance. A business start-up that requires minimal financial outlay is the growing industry of drop shipping. Drop shipping is a business model where you sell products and goods on your website but do not make the products yourself. The suppliers whose products you advertise for sale receive your orders (when your website makes a sale) and they deliver the products directly to the customer. Any profit over and above the price charged by the supplier is yours to keep and the key is selling in-demand products with a markup price that remains competitive but allows you to make a meaningful profit. Drop shipping can be a brilliant way for young entrepreneurs to start generating income and can be a springboard for funding larger business ventures.
If you are an internet expert and competent with programming skills, you may be well placed to set up an SEO consultancy firm. Search engine optimization is a key requirement of all modern businesses as it helps to ensure that their webpage rises in the google rankings (and thus their internet visibility improves). Businesses know the value of great SEO strategies and how vital these are to attract and retain their customer base. By offering such a service to businesses, you will also get the satisfaction of knowing that your expert knowledge is helping businesses to grow.