Entrepreneurs always keep an eye open for new business ideas and have laser sharp vision when it comes to identifying upcoming profitable trends. They first look for opportunities in industries and sectors of activities they know well, such as real estate, fitness or product design. Then, they perform market studies to assess whether or not the market is ready for their new idea.
Entrepreneurs are looking to solve existing problems or to solve problems their potential customers didn’t even know they had. They are interested in who their customer is, what their customer wants and why does the customer want it. Entrepreneurs then focus on finding solutions to their customer’s problems, or better yet, they focus on creating new needs that only their products can solve. Their ultimate goal is then to solve their customer’s problems while making money.
Let’s take a look at five new business ideas that successful entrepreneurs undertake.
1. Landscaping and Gardening
Entrepreneurs who offer landscaping services generally solve their client’s problems by mowing, weeding and fertilizing their grass. They cater to home owners who are looking to outsource these tasks or to owners of revenue-generating properties. Entering the landscaping business requires the purchase or the rental of specific equipment, such as land mowers and chainsaws. Moreover, there is a capital investment in inventory, such as grass seeds and weed control.
Entrepreneurs can extend the traditional landscaping services offered to reach new realms. For example, trimming bushes can be transformed into topiary, which is the horticultural practice of trimming shrubs and trees into geometric forms. Moreover, once in the client’s yard, entrepreneurs try to upsell their services. Perhaps the back yard could use a new fence or the front yard could benefit from an irrigation system.
2. Private Label and e-Commerce
Entrepreneurs who are interested to design their own products but do not have the capacity to manufacture them can definitely benefit from a private label strategy. Private label products are manufactured by one company, but are packaged for sale under the name of the retailer. Therefore, entrepreneurs can solve the problems of the market by offering products with specific features and by benefiting from a high turnaround.
Entrepreneurs who own these types of private label products can sell them via various channels, including their own e-commerce. Entrepreneurs who sell online have the choice between being in possession of the physical inventory or dropshipping the items from the manufacturer directly to the client. While being in possession of the inventory offers greater control on the quality of the products, dropshipping offers many advantages as well. Indeed, dropshipping products to the customer directly from the manufacturer allows the entrepreneurs to outsource the shipping process and enables them to focus on their core business.
3. Fitness and Well-Being
Fitness trainers can either work as staff in a gym or offer their fitness plans on a freelance basis. Personal trainers who decide to start their own fitness business must carefully listen to their clients’ needs and create specific programs catered to their requirements. It is very important for entrepreneurs to establish a steady client base, because this industry has a high client turnover. Having low client retention rates renders a fitness company unviable.
Fitness trainers can increase their business by offering private label products that complement their services. Products can include dumbbells, DVDs, supplements, etc. Ultimately, fitness trainers no longer solve only the problems their clients initially had, but also extend their services to solve problems clients didn’t even know they had.
4. Real Estate Photographer
Real estate listings certainly fare better when they have appealing pictures. Home owners who put their houses for sale often take pictures that fall short of looking professional. Real estate agents sometimes lack the professional equipment required to take attractive pictures of the products they are selling. There is therefore a market for entrepreneurs who are interested to offer their services as real estate photographers and to solve their client’s needs.
Real estate photographers can extend their services by offering video marketing to their clients. Indeed, video marketing is a powerful sales tool that not many agents offer. Therefore, agents that operate in the high-end market might definitely be interested to distinguish themselves from the competition by offering video experience to their clients. Entrepreneurs can even take the experience one notch above traditional video marketing techniques by offering aerial photography and video by drone servicing.
5. Event and Wedding Planning
Entrepreneurs who are interested to start an event planning company can organize countless events, from birthday parties to weddings and corporate events. An event planning company is a very profitable business that necessitates large amounts of organization and big doses of creativity. Event planners have a vast network of alliances with various other businesses such as caterers, flower shops and suppliers party decorations.
Event planners offer various pricing packages and bill according to a value-based pricing structure. Indeed, value-based billing allows these entrepreneurs to price their services according to their client’s perceived value of the service. Event planners use this pricing method because it enables them to maximize their profits since they adjust their billing according to the complexity of the event. Value-based billing, as opposed to hourly billing, enables the client to stay on budget and to better control costs. This pricing structure also enables the entrepreneur to control the scope of the project and to manage time more efficiently.
In conclusion, entrepreneurs are alert to new business ideas and are interested to take advantage of new profitable opportunities. They constantly try to find new inspiration by reading articles online and by bouncing ideas off other successful entrepreneurs. Their ultimate goal is to find solutions to problems that result in feasible and scalable business ideas. Entrepreneurs can definitely benefit from extending their traditional services into new realms.