6 Of The Most Successful Business Ideas You Can Start
Which would be the most successful business ideas you can start? Probably you know that most businesses fail after a while… The majority fail between the third and the fifth years, while the rest follow suit within 10 years. Depending on who you ask, and which metrics they are using, this percentage of business failures will be anything from 50% to 80% in the first five years, and also between 70% and 90% within 10 years. These statistics still do not stop new entrepreneurs from launching new business ventures. The majority will still fail, while few will succeed, and very very few will become super mega-successful… One secret to success then will be to find out the difference between the failures and the Winners. At the end of this post I will reveal the real truth about success, but first, let’s see how one can increase her chances of winning in the entrepreneurs’ game…
Most businesses simply fail because of managerial or financial issues. With this Insight, it little wonders that the majority of successful businesses either have a management genius running the organization or that the nature of the business itself requires little or just simple management. Cases in which most people can easily work out the business’ needs without needing to read a book. It also means that most successful businesses either require little capital or the owners were just lucky enough to have access to enough capital.
Some Of The Most Successful Business Ideas
The following is a list of the 6 most successful business ideas you can start, based on ease of management and flexibility of capital requirement.
6. Local Care Services
There is another type of business that is often overlooked, and that is the offering of care services like a baby day care center, or even specialized care for the elderly, including an adult day care. The success of this business model depends of course on the location. If there are already such services around, then starting out may be difficult, unless you have an edge, a unique business model that the competition does not have. Once started though, such a business usually becomes almost a facility in the locality. Take baby day care services for example, more and more parents are getting back to work earlier, after having a baby, and this trend will definitely continue. Additionally, day care centers can be easily expanded.
5. Online Businesses
Online businesses are another group of business venture with the potential of healthy profits and long-term stability. There are just two basic barriers stopping most entrepreneurs from trying out an online venture, and those are technical know-how and competition. Once you have enough technical know-how and a business idea or market niche with less competition, you can surely be guaranteed success. As a beginner, you are better off forgetting the big-business models like social networks and search engines, and try out freelancing, search engine and social media marketing, or niche specific websites about topics that you are quite knowledgeable about, and which generates enough interest. All these businesses can generate good, steady income, with very low costs.
4. The Private Practice
If you are a licensed dentist, chiropractor, or even a doctor or any other health professional, then starting your very own private practice could be a great way to boost your career. It offers freedom, recognition, potentially more income, and of course long-term stability. If you are not licensed on the other hand, but you know someone who is, you can always develop a business idea in which you team up with either one or more licensed professionals to create a unique service that offers great value in your location. Even probably combining different professions into one location.
3. Professional Services
The business services industry is an evergreen industry which has continued to expand with even the Internet. There are many services you can render to small firms in your area and even larger ones over the Internet. These include accounting services, payroll services, tax preparation and bookkeeping, and even certain office administration services. Over the Internet, the Virtual Assistant has become a very important part of everyday business, ranging from Asian to American Virtual Assistants, this is another industry yet in its growth stage. Who knows? the Virtual Assistant business could one day grow larger than traditional professional services firms like Ernst & Young, KPMG or Price Waterhouse Coopers.
2. The Franchise
Joining a franchise is one of the easiest ways to become a business owner, as long as you can afford the required capital. The franchiser will normally be very knowledgeable about the business, and therefore has developed the perfect business plan for the franchise to follow. There is still hard work involved in running the company though, and there are still chances of failure, for instance when the wrong business location is being used. Else, once you do your business research well, it’s easy to tell how successful or not, a particular franchise will be in a given location. Franchises usually have a capital requirement anywhere between a few thousand dollars for a travel agency for instance, all the way to a few million dollars for a McDonald’s restaurant.
1. The Landlord
The business of real estate leasing has been known to create more millionaires than any other business in human history. The only issue with real estate investing is the high cost of real estate. This problem can be solved by borrowing from banks, if you have good credit. In such a situation, you will still be required to make a down payment, which could be 20% of the cost of the property. 20% of $200,000 is still $40,000, and of $800,000 is $160,000, plus all other little expenses that will come later. Still, if you can afford the down payment for a good rental property, or for a few lesser-valued properties, then you are golden. Nothing beats the business of rental real estate, for peace of mind, stability, risk management and steady cash flow.
There are many businesses that can be ventured into, to create long-lasting wealth. Having a boatload of money will not guarantee success, but it does help. Knowledge of and experience in the particular business is what matters a lot, as well as a proper understanding of business management in general. With these three keys to business success, and a pinch of some entrepreneurial spirit, you too can succeed in most businesses, but you will do even better in these six.
The last, but not the least, here is the real truth about success, it’s simply mind-blowing, you don’t want to miss this out: https://businessideaslab.com/the-real-truth-about-success/
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