Operating your own business is an exciting proposition. You’ll love the independence it brings, and you’ll enjoy watching it grow step by step.
If you have the entrepreneurial spirit, your first step will probably be to explore what types of businesses would be a good fit for you. This means doing a realistic assessment of both yourself and the potential markets to make sure that you’ll not only be doing something that appeals to you but also something that will sustain itself (and you) financially for the foreseeable future.
We live in a very dynamic economy these days, so it’s not as easy as it used to be to find that ideal opportunity. Nevertheless, if you consider your options with a critical eye and you’re honest with yourself, you can make a good decision.
Here are some examples of business opportunities that are popular today, with a representation of how you should assess the viability of each one.
It seems like the movement of physical goods is a lost industry. Nobody is talking about investing in the shipping business because they’re all too busy with opportunities that are centered heavily on tech.
Ironically, much of the commerce that’s driven by tech results in the movement of goods in some form. Consumers use social media to get recommendations, use coupon apps to get discounts, shop for the products online, and pay for them electronically. But guess what? It still has to ship.
If you have experience in shipping management or as a driver yourself, this can be a great opportunity. E-commerce is causing more and more of our products to be shipped greater distances, so the demand for your services will be great. Add in the benefit of freight factoring as a cash flow enhancement tool, and you’ll find shipping can be quite popular. The downsides are the usual travel items—bad weather, fuel price spikes, and so forth. But good planning can get you around these.
Social Media Management
People who rely on a prominent public profile cannot escape social media today. They need to use as many platforms as possible, as frequently as possible, to stay engaged with clientele, potential customers, and the press. Yet the more time they spend talking about what they do, the less time they have to actually do it.
That’s where social media management comes in. The client works with someone who handles all of his or her social media activity, within the parameters that the client wants.
There are some nice benefits to this line of work. Because it’s internet-based, you can work from anywhere, and you will probably need little additional equipment. For people who are already on their phones for hours each day, it may not be a drastic lifestyle change.
The downsides are that you may struggle to meet the client’s expectations, which is more likely if he or she is vague about the tone or topics desired. And you may find yourself chained to your phone even more than you want.
Is that really a thing? Yes, it is, and it can be a very good thing for the right person. We’re all busy with work, kids’ activities, charitable commitments, education, and so forth. Some of us just don’t have time to pick through racks and racks of clothing trying to find outfits that look good on us. Others have the time but lack the fashion sense to look their best.
Enter the personal shopper. These entrepreneurs connect with time-deficient and style-deficient clients and help them take care of their wardrobe and even home décor without such a commitment of time and frustration.
If you have a flair for fashion and color, this can be a great opportunity for you. The downside is that it can be very easy to make a lot of dry runs, bringing outfits to the client only to see them rejected. And there’s a lot of overhead involved in all that time on the road, bouncing from boutique to boutique.
Whatever your particular interests, you can identify or develop a business opportunity to suit you. As you build your enterprise, be sure to look objectively at your prospects for success and durability.