Sometimes you want to start a business, and sometimes you don’t care what that business is. Plenty of experienced entrepreneurs know that passion is one of the most important qualities in a business owner — but only if that passion arises from building a business from the ground up. Typically, it isn’t wise to start a business in a field that interests you; it is unlikely you will be unable to choose just one passion to follow, and it is incredibly unlikely that such a field will yield outstanding profits.
Instead, if you are interested in starting a business that is almost bound to do well, you should consider one of the following entrepreneurial opportunities that are ripe for investment in 2018.
In cities and suburbs around the world, a revolution is taking place. Instead of investing heavily in gas-guzzling, insurance-needing, traffic-worsening, emissions-producing vehicles, young people are searching for low-cost alternatives that are less impactful on the environment. For most commutes, young people are finding that public transit and walking or cycling is sufficient; but when they do need a vehicle, they are turning to car sharing.
Car sharing is a type of short-term car rental. Car share programs position sharable cars in convenient lots around cities; when a driver wants access to a car, they use a computer or smartphone app to check it out and start the engine. Typically, car sharing programs cost a low monthly fee and rack up additional charges for time or distance in use. To those who require vehicles infrequently, car shares are handy as well as economical.
As an entrepreneur, you can capitalize on this emerging trend before the market is set. Experts believe that once autonomous driving technology becomes widespread, car sharing will be the primary mode of transportation. Already, there is some competition in the car sharing industry, but with the right brand and business model, you can still find success.
You live and die by your smartphone and laptop, and everyone else relies on their tech just as significantly. In fact, most people live in fear that something bad will happen to their devices, something like a long fall, an upturned coffee mug, a yawning toilet, or poorly trained pet. Yet, even if this does happen to one of your devices, there should be someone you can turn to: a device repair specialist.
As the prices of tech climb ever higher — and they will, as demonstrated by the cost of Apple’s latest smartphone — consumers can no longer replace broken tech with tech that is brand new. Thus, the device repair industry will undoubtedly grow, and you can take advantage of that growth. Though some repair shops exist, they typically are poor at marketing themselves to consumers, who often believe replacing their broken devices is the only option. Thus, by offering lower prices than phone provider service programs, like AppleCare, and better advertising than other repair shops, you should ensure success.
The average American wedding costs nearly $33,400. All this money goes into producing the most elaborate and complicated event of most people’s lives, an event that will include heaps of fresh flowers, tables full of catered food, truckloads of sparkling wine, and spinning service people in every corner who are performing the ceremony, playing the music, serving the food and drink, and more. Worse, it isn’t just weddings that have become so complex; baby showers, milestone birthdays, housewarmings, and other events must be extravagant, so few people even consider trying to run a party without a professional coordinator.
All you need to run an event coordination business is a good eye, an organized schedule, and strong communication skills. Eventually, you should develop relationships with vendors and other hospitality industry professionals, which will help you serve your clients in producing the event of their dreams. However, it is important to remember that events often occur in seasons — winter weddings are uncommon — so you should develop a strong cash flow management plan at the start to succeed into the future.
Thanks to stagnating salaries, the one-income household is a rare breed. Though it is possible to squeeze by with one income, most families need at least two to ensure a comfortable, financially strong lifestyle. Because of this — as well as a lack of parental leave options in the United States — day care has become a mandatory service for most households, so much so that it has grown into a $48 billion industry that you can capitalize on.
If you excel at child care, running a day care from your home shouldn’t be difficult. You will need to invest in child care supplies, such as educational tools and safety equipment, as well as insurance and licensing if required by your state. However, you can limit the costs and challenges of day care services by operating only part-time or excluding certain age ranges, which will help you build success slowly but surely.