A great man once said that the economy of a country is not built by the biggest companies but by the power and union of millions of small and medium businesses. Today there are more than 31.7 million small businesses registered in the USA alone, and there are millions more who operate without registration. This figure alone accounts for more than 99% of the total businesses in the USA. Let that sink in.
Now let’s talk about the modern millennial. The modern millennial is not only a consumer but also an inventor and an entrepreneur. Whenever a millennial entrepreneur sees a problem that can be overcome and discovers an idea that has the potential to make money, he approaches it with passion and zeal and plans on how to start a business around that idea to serve hundreds of others just like him.
That said, let’s celebrate small businesses and explore some of the most popular small business ideas for millennial entrepreneurs in the making.
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12 Small Business Ideas For The Millennial Entrepreneur
There is an entrepreneur and a businessman in all of us, and I can say this with certainty that at least once in our lives, we have come across an idea that has the potential not only to help those in need but also make us money.
The only shortfall that we feel holds us back is not knowing how to start a business or how to sustain it. But more significant than this is the ideation process. The process determines the steps we need to take to come up with the idea that works well and has potential in it.
If you believe you have the possibility of starting a small business in you and then scaling it up in the future, in this blog post, we will share with you 12 profitable small business ideas that not only have the potential to make you a significant amount of money but also serve hundreds of others like you in the process. So without any further ado, let’s get started.
Print-On-Demand Business (POD)
This is the first and frankly one of the easiest businesses any can start. Print-on-demand business is where you take printing orders from your customers and get them printed in bulk or as per their requirements. Printing on demand might include custom merchandise such as t-shirts, shirts, hoodies, caps, tracks, business cards, flyers, or anything else.
The principle behind this idea is quite simple; you create a website and market it to a niche audience. You can either decide it to be B2B; that is, your clients will only be companies, or B2C; that is, your client will only be individuals. Depending on your choice, you can choose either route.
Print-on-demand services are picking up great, thanks to the growing requirement of custom t-shirt printing from startup companies all around the world. Once your POD website is created and properly marketed, your customers will visit your website and place orders for the materials they want to get printed.
Place the option of uploading their designs, as that means you can save on overheads by not hiring a graphic designer. Once the orders are placed, collect the payment from your customer and forward them to your printing partner. Your printing partner will print all the necessities and ship the order directly to your customer.
The best part about starting a business like POD is the fact that you don’t need to own a warehouse, maintain an inventory of products or even hire staff to help you manage all the orders, making it one of the easiest businesses to start. Along with this, if you market it well, this idea has the potential of scaling into a very profitable small business.
The only downside to this idea is that you need to look for a printing partner who won’t obligate you on a minimum of orders as it will significantly affect your overheads. Once this aspect is clear, you can go ahead and start your very own Print-On-Demand business.
Coffee Shop
There was a time not too long ago when coffee shops were a place only restricted to social calls, but over the past few years the coffee industry has seen tremendous growth, and today, coffee shops are the place where companies conduct meetings, freelancers come to work, and couples come to mingle with each other.
Along with this, most millennials have acquired a taste for fine coffee, thus increasing their visits to the local coffee shops even more. All these reasons come together to make a coffee shop, one of the most profitable businesses and a great idea when starting your own business.
To get started on this excellent small business idea, the first thing you need to invest time and effort in is selecting the location of your coffee shop. As a rule of thumb, coffee shops work best at street corners. Thus you need to look into the real estate value of properties around you and search for one that suits not only your budget requirements but also your location requirements.
The place should be close enough either to houses or office spaces so that there is a guaranteed flow of customers once you open your doors. Along with this, you need to also decide on the fact that your coffee shop would be selling only coffee, or would you venture out in other avenues such as beverages, snacks, eatables, etc.
Additionally, you need to decide on the business model. Will you charge your customers on the products they purchase or on the amount of time they spend in your cafe? A relatively new coffee shop model that is being tried across the world is charging your customers based on the amount of time they spend in your shop.
The reason why this model makes sense is the fact that people usually visit coffee shops and sit for hours, either socializing or catching up on work, and thus charging them on the amount of time spent can be something for you to try. However, make sure that you include all of your other products as complementary and don’t charge any additional amount on them.
The only downside to this business idea is the fact that it requires a heavy investment from your end as real estate prices all over the globe are constantly increasing. Since you need to either buy the space or take it on a rent lease, you will need to have access to liquid funds. Once this point is settled, you can go ahead with opening your very own coffee shop.
Bakery
After the idea of starting a coffee, if there is an idea that has the potential to both make you money as well as fuel your potential, it is the idea of starting a bakery. Opening a bakery is easily one of the best picks for starting a home-based business, and also easy to scale up if you have the right skills.
One of the best parts about this idea is the fact that you don’t need to take out a property for lease or rent in an initial couple of months. You can conveniently make use of your home as your base of operations. If you love the idea of baking custom-made cakes and other confectionery, this idea will become a natural hit with the right kind of marketing. All you need to do is make sure that you are delivering the best quality items, and keeping your prices reasonable.
Along with this, another plus point of this business is the fact that you do not need to spend a lot of your finances on your marketing, as this business idea calls for small yet effective marketing practices. One technique that you can utilize to market this business properly is to get into your neighborhood social groups.
These groups will not only give you access to a number of potential customers but also, if your customers like your preparation and offerings, you can quickly scale and expand to other neighborhoods by merely the word of mouth praise. However, a fact you always need to keep in mind is that the only difference between your bakery and a full-fledged chain of bakeries is the love, devotion, and commitment you invest in your bakery items. Serve a smaller audience but serve them well, and you will be on your way to owning one of the best home-based bakeries in town.
The only downside to this business is that you need to be good with baking to be successful. Thus if you are not that great with baking, look for hiring someone who is, and you will be in a better position to succeed.
Food Truck Business
Every day more than 250 million people travel from their homes to their workplaces. Businesses continue to evolve around the world, thus demanding more sincerity and time commitment from their employees. This leads to more people lacking time to prepare food at home and take it to the office.
But as humans, we have to eat, and that’s the business opportunity here. The food truck business has emerged as one of the most successful small businesses, thanks to its potential of catering to hundreds of people regularly. And choosing the right menu and location can make you a lot of money.
Getting started with this business idea will require a little bit of investment from your end. You can also go ahead and search for a second-hand food truck that’s already fitted with all the necessary equipment, or you can just look for a normal truck that you can customize and convert into a food truck.
If you are a foodie and know how to cook, it will save you from the trouble of hiring a chef, but if you are not, you can ask a friend or hire a cook you know. Either way, the necessary investment to get started on this business is quite low, making this one of the best picks for starting a small business.
One of the main concerns of this idea is the potential of the location you choose to go ahead with. You need to make sure that you choose a location that is not only prime but also free of competitors, as, in the beginning, it will be difficult to survive if both are against you. Keep both of these points in mind, and you can easily start a successful food truck business.
Spicy Point: When setting out to get a logo for your food truck business, make sure to play around with food icons and lively colors as color psychology play a great deal in logo design and colors have the ability to subconsciously influence the palate of a customer.
Ice Cream Parlor Or Stand
As summers start hitting cities all across the globe, more and more people all around the world come out of their homes and have ice creams. Children and adults alike, everyone likes the taste of ice cream, thus making this an instant hit among small business ideas.
For starting an ice cream stand or parlor business, you need to decide if you want to be a franchise partner of an already established ice cream chain or do you want to create and promote a homemade ice cream which not only has the taste of home craft but also has the power of reminding people of how homemade meals and treats feel.
While the former option is easy to get started with, if you have the will, the patience, and the skill to make ice cream at home, we feel that the later will be suitable for you and you can have it as a home based business cutting down on a lot of costs involved. Let’s discuss the way to get around for either of the options.
If you choose to go ahead with being a franchise partner, all you have to do is connect with the marketing or franchise team of your favorite ice cream chain and apply online or in person for obtaining their ice cream franchise. There will be a list of documents that you’d need to submit and also an upfront franchisee cost that you will need to arrange.
Along with this, you will also need to submit proof of ownership of a commercial property(leased or rented) that your franchise partner can convert into an ice cream parlor. All the documentation process is transparent, and your franchise partner will vet you and make sure you meet all their guidelines, following which the process of starting your ice cream parlor will get started.
This is one of the easiest businesses to start and if you conduct your research well in choosing a partner that is not only well known in the market but also produces great quality products, you will be on your way to own a successful ice cream parlor.
The second option is for you to start a boutique ice cream parlor. Boutique, in this context, essentially means a parlor that excels in making and selling homemade ice cream. For this work, the first aspect you need to invest time in is to figure out the recipe for your homemade ice cream.
The necessity here is not only to make it original but also to make sure that it makes use of natural ingredients and results in a taste that your customers will like. Research recipes online to create unique flavors and also make sure that you consult seniors at home, as often the best recipes are kept in the family.
Once you have zeroed in on the recipe, all you need to do is market your ice cream brand and set it up in a favorable location. This will ensure that your unique ice cream flavor gets the customer attention it deserves. Once the customers’ tastebuds get a hang of your unique flavors and recipes, there’s no looking back.
The only downside to this business idea is similar to that of the coffee shop. You will need to have access to liquid funds, as you will need to invest a significant amount in setting up shop either via lease or rent, and this remains true for both the franchise option as well as homemade ice cream option.
Brownie Point: A catchy small business logo is extremely important for your business’s growth. A unique and memorable logo helps establish an instant connection with the customers, which combined with a great offering gives you a headstart.
Home Food Delivery
As our lives continue to get busier and our lifestyles do not allow for the time to cook at home while managing the demands at the workplace, the demand for home food delivery services has swiftly risen over the past few years.
Today, thousands of people order their food online and get it home delivered on a regular basis in the United States. The demand is continuously rising as well, making this one of the best ideas for starting a small business. Not only does this idea have the potential of making you a lot of money, but also cater to hundreds of other people by making sure that food reaches their table on time on a regular basis.
To get started with this business, you can register yourself on a vendor platform like Uber Eats that caters to such needs. In this option all you need to focus on is your food quality and marketing on the platform.
The delivery part is mostly taken care of by the vendor platform. But If you intend to go all on your own, you also need to have a good delivery network to start with, at least a couple of delivery boys to start with. And some initial grind setting up your own business brand through your marketing efforts as well.
Similar to the bakery idea mentioned above, for this idea as well, you will need to invest time and effort in intention-based marketing. You need to identify your target audience and from there on start marketing your services. For this idea, too, you can request your presence in the neighborhood social groups as they can prove to be a potential customer base.
The potential downside to this business idea is that you will need to establish credibility in your customers initially, as you are a new company serving food. Once you have established your credibility, you will be all set, and the home food delivery orders will start to pour in.
The great part is, you can start off as a home based business and gradually move to favorable commercial locations as well offering dine-in services, once you establish your brand amongst your customer base.
Cooking Classes
If this Quarantine has taught us one thing more than anything else in this world, it’s that all of us need to know how to cook for ourselves as well as for others. There was a time not so long ago when most of us would primarily survive at the mercy of our favorite restaurant chains, take out options, and local delis. But as our options started getting limited, all of us realized that not knowing how to cook and cook well is a skill we regret not having.
If you are a naturally good cook, one of the best small business ideas for you would be to open a cooking class online. Not only would you get an ample amount of audience online, but if you choose your spread well and preach properly, your audience will keep coming back to you again and again. One of the best advantages of this business idea is the fact that you do not need to own a place to start it.
With so many teaching platforms available on the internet, you can easily conduct all your classes online and thus create a fully online business that not only serves hundreds but also holds the potential of making you rich and famous. If you are thinking how to start a business with no money, this is a great option to invest your time and energy into.
One of the possible downsides to this idea is the fact that with this Quarantine, the number of cooking classes available online has significantly risen, and thus you can expect fierce competition. But as they say, if your content is right, no one can stop you from winning.
Product Or Business Reviewer
Every day more than 200 businesses and new companies get started in the United States and thousands more across the globe. As new businesses, these companies not only lack credibility but also customer trust, both of which are essential factors when it comes to selling their products and services.
While there are many methods these companies can try to get the word out and market themselves, one of the easiest and cost-effective methods is to get their businesses reviewed both on public directories as well as private ones. The reason behind why getting business reviews is one of the easiest and most effective is because, before the modern customer purchases any product or service, the first thing they check is the reviews posted by previous customers.
Reading reviews is not just a tried and tested method to instill trust in customers, but also a social proof of the company’s transactions and business practices, all of which are factors necessary for determining the success of both new as well as established businesses around the world.
If you are naturally good with words and love reading about and testing new businesses and their products and services, this is one of the best small businesses you can get started with, without any initial investment at all.
There are two ways to get about this idea. The first is to register yourself on a freelancing platform from where you can start sourcing clients. The second is to go out on your own and pitch directly to companies. The first option is comparatively easier as the number of freelancing websites that cater to such needs of companies is steadily on the rise.
All you need is to research the best freelancing platforms out there and get yourself registered. If you choose to pursue the second option, you will need to make the most of your network. One of the best places to get started is LinkedIn, as it is a social network meant for companies. Register on the platform, complete your profile, and you will be on your way to reaching out to companies you like and get started with reviewing them.
The only downside to this business idea is the fact there is a steep competition out there, along with the fact that in most cases, companies might demand you to write them great feedback despite the fact that their product might be faulty and not up to the mark.
Accounting Or Bookkeeping Services
As the number of businesses around us continues to rise, one of the biggest demands that will rise in the industry is that of bookkeeping and accounting experts. No matter the size of the business or the establishment, bookkeeping and accounting are two tasks that need to be undertaken by every business. But what do they essentially mean?
Bookkeeping can be simply explained as maintaining a professional record of all the transactions that take place in business, mainly in the form of credits, debits, and balances. Bookkeeping not only helps the stakeholders derive a clear understanding of where the business stands but all the liabilities and the assets the business holds.
On the other hand, accounting is a process of keeping financial accounts. To the inexperienced eye, both bookkeeping and accounting can look one and the same, but there is a slight difference between them both. In the simplest of terms, bookkeeping is responsible for recording and proper documentation of all the transactions that take place in business, while accounting is the process of cataloging, analysis, and processing of all the transactions.
Both these processes help business owners understand the true standing of their business, as well as their fallbacks and advantages from a financial standpoint. Additionally, accounting and bookkeeping enable a business owner to make sure all taxes are paid on time, thus securing the business against government intervention.
By now, from this explanation, you must have understood why every business, no matter its size, needs bookkeeping and accounting experts, thus making this an ideal small business idea. If you are new to the concept of bookkeeping and accounting, you can simply take courses online to learn the nitty gritties of both and get started with your business.
Similar to the business review idea shared above, here too, you can either choose to register yourself with a freelancing website from where you can start sourcing clients or use the leverage and power of your network and acquire clients. While the former process is easier, you need to be aware of the fact that freelancing platforms charge a considerable fee from your payment if you serve clients on their profile, while on the other hand, if you acquire clients on your own, you will get to keep the full payment.
The only downside to this business is the fact that you need to have a license from a recognized institution to function as a professional accounting and bookkeeping expert. Once you have cleared the tests and got your license, you will be on your way to starting your very own accounting and bookkeeping business.
Currency Trading
If you have an interest in the financial markets and the world of stock trading, chances are high that you have come across this idea before. Currency trading is a form of online trading wherein professionals predict the movement of global currencies and earn profits or losses based on the relevancy and accuracy of their information.
For instance, a common trade in the global currency market is the Japanese yen versus the United States Dollar. As the market progresses and economic factors change the value of each of these currencies change. For example, if 1 USD=1 YEN today at 9 am, by 5 pm, the Yen or Dollar might have fallen or risen in value.
As a currency trader, you will be responsible for studying the market movements, analyzing information, and then make predictions on how the currency will change in value in the future. If your information is accurate, you will draw a profit, and if it is wrong, you will draw a loss.
The idea of starting a currency trading business is easily one of the most radical and exciting on this list. But we must make you aware that this is a high-risk business. If you have an analytical mind and a knack for mathematics and numbers, this is ideally one of the best businesses you can start.
In the beginning, you can start the business with managing your own money, and as time progresses, you can start taking outside investments and start managing them. However, this business has potential downsides, one of which is the high amount of risk associated with it.
Along with this, you also need to have a trading license yourself or take the help of a broker to conduct your trades. However, the fact remains that if you have the confidence in you to analyze a huge load of information at once and derive sense from it and predict changes, then this is an exciting business meant for you.
Website Design Services
More than 59 percent of all the businesses that are operating today are either fully or partially based online. As technology has progressed over the past few years, it has become easier for companies to set up shop online and thus drastically cut down on the overhead costs associated with running a business.
Besides this fact, one of the most important things that any small business registered today needs to succeed is a great website. Having a well-designed website not only allows the business to showcase all the products and services they render and sell, but also market themselves better and open up to new opportunities.
Along with this, recent research indicated that more than 85% of modern customers research about a company online, before they go ahead and make a purchase, which means that the modern consumer is not only highly invested in the researching and buying process but also relies on the company having an official website so that all the information he or she needs, can be easily retrieved.
Thus for any new business, having a website is not only important but also extremely crucial. But the fact remains that not everyone knows how to design a website. Superficially it is a complicated process, and although with the right investment of time and effort, anyone can learn the skill, most business owners do not have the time to do it themselves, thus increasing the natural demand for professional website designers.
If you have a knack for designing and coding, starting a website designing company can be the best small business idea for you. If you want to get started on website designing, there are two main ways you can go about it. The first is to learn how to create WordPress websites, and the second is to learn how to code and create websites in Php and other coding frameworks.
If you are a beginner, then choosing the former will be the best option for you. Learning WordPress and how to design stunning websites on it is pretty easy and straightforward. If you can commit the time and effort, you will be able to create good looking websites for your clients in no time. While there are multiple resources to learn WordPress, one of the best we find is to search for free tutorials on YouTube and use them as your starting point.
If you choose to go with the latter, we suggest that you get started with HTML 5 as that is the most in-demand coding language at the moment. A versatile and end to end coding program, HTML 5 allows you to create stunning and functional websites in little to no time. However, the learning curve is a little steep here, and if you have no prior experience with coding, you might take some time to get used to all the different features of HTML coding.
The only downside to this business idea is the competition you will face, especially from developing nations. Thus you will need to figure out how you can beat the competition as well as showcase your USP as a website designer that separates and differentiates you from the rest. Once you this figured out, you will be on your way to starting a successful website designing company.
Digital Marketing Services
Next to creating a stunning website, the other service that any modern company needs is help with their digital marketing efforts. As technology continues to evolve, thus leading to new avenues to market a company’s products and services, the requirement of established digital marketing firms is constantly rising.
If you wish to start a digital marketing company, you will be essentially helping your clients market their products and services online and thus reach their potential audience. However, one of the most important aspects to realize here is the fact that you need to have a prominent set of skills to become an established digital marketer.
If you have a knack for marketing services and know-how to sell, then starting a digital marketing company might be one of your best decisions. The first step you need to take to accomplish this goal is to take a course and learn all the finesse of the trade.
Aspects such as Facebook marketing, Google Ads, Organic Traffic, and SEO need to be studied in-depth and practiced. Along with this, you need to make sure that you market your services well because if you can market your services and catch a customer’s eye, it means that you can market a customer’s portfolio as well.
One of the potential downsides of this business idea is the steep competition you will be facing as the number of people with access to the internet is increasing by the day. More and more people are undertaking courses to become certified digital marketers which means more hardwork for you to shine out.
Thus not only will you need to make sure that you learn the secrets of the trade well, but also distinguish yourself by attaining a competitive edge. Once you get done with this, starting a digital marketing company will be a walk in the park.
Closing Thoughts On Small Business Ideas
Starting a small business might look daunting and frightening at first, especially if you lack the idea of what you want your business to be about. But every day around the world, more than 1500 new businesses get registered. And this tells us that genuine effort and hard work triumph any kind of hurdles.
From the list of business ideas we shared above, we hope that you would’ve found some food for thought that will not only help you start your own small business, but also scale it to greater heights in the near future.
However, before you start executing your idea, make sure you conduct proper research as to the feasibility of the same. Times are evolving and technologies are also taking over. Ideas that used to work like a charm yesterday may not work today or in the future.
Make sure you assess all the pros and cons before saying the word ‘GO’. Do take the present situation in context and come up with foolproof ways with which you can make your business work. Once you get in the groove, there’s no stopping you.
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