When an entrepreneur establishes a business, their goal is to be profitable within the shortest time, and sustain these profits for years to come. Therefore, the first step in being able to achieve this is choosing the right business venture.
Most businesses will require the right skills and some level of experience. However, sometimes a business just requires the right timing and the right product offering that addresses consumer needs satisfactorily. We take a look at 3 of the best business ideas for you to consider in 2018.
#1 Incorporating virtual reality (VR) in your business
Today, more and more consumers are looking for immersive and experiential product or service offerings whether it’s in the entertainment, education, recreational or medical industries. In this case, virtual reality is currently the best option available as it gives consumers a very realistic experience, almost as the actual real life experience itself. Economic experts estimate that this market will be worth over $40 billion by 2020. The beauty about VR is that it can be incorporated in literally any type of business where customers need to experience a scenario, a process or an event. So far, VR has been used in gaming and entertainment, medicine, real estate, team building and even meditation. This is still virgin land with plenty of opportunities.
#2 Skill based businesses
For the past couple of years, there has been an overemphasis on white collar jobs as more and more young people lose interest in skill based professions and instead want jobs they consider more ‘clean’ and better paying. This is usually based on the assumption that skill based trades are not well paying. It’s important to note that with less people interested in skilled trades like welding, carpentry, plumbing, masonry and metal works, among others, it means there is a shortage in the market therefore resulting in a high demand for these skills. If you are familiar with the laws of supply and demand, which you should be a business person, you should be well aware that the market is currently willing to pay a premium for these services. This is therefore an idea that will be worth considering in 2018.
#3 The children’s services market
With children being born on a daily basis, parents getting busier as they work towards making ends meet so that they can take better care of their families, and other parents simply striving to give their children the best that life has to offer, there is a growing demand for services in the children’s market. These include daycare or babysitting services, quality pre-school education, art and music classes, tutoring services in important skills like math and science, and sports and fitness. These are essentially services that ensure children have an environment away from home that will help nurture and equip them with qualities that will give them a step ahead in life. These is a type of business that will be competitive but as long as you provide unique and innovative ideas, the market will have plenty of opportunities for you and your business.
The beauty about all these businesses is that they will require a relatively small starting capital and don’t have many barriers to entry.
We invite you to share with us your experiences and success stories in your business adventure.