Many people around the world are seeking to quit the routine of the conventional 9-5 working week, and instead, become their own boss. It can be extremely satisfying to oversee the direction and destiny of your own start-up firm. However, it should be recognized that the trading environment is characterized by intense competition in all sectors and, as such, a business needs to stand out from its rivals to succeed. It is estimated that nine out of ten start-up businesses fail. This is often down to not fully understanding the market in which a firm operates and consequently providing a product or service that does not generate sufficient demand or is not as good an offering as that currently provided by key competitors in the market. If you are looking to start up a new business venture, the prime first consideration should be what to make or sell. In this article, three unique types of business start-ups are explored which should serve to provide ideas and inspiration for any entrepreneur.
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Food and Beverage Production
One sector of business that is guaranteed a constant customer base and demand is the food and beverage production industry. Put simply, people will always need food and drink. Whilst this sector of business is highly competitive and is dominated by big brands that can dominate supermarket aisles, there is room for new products that can be suitably differentiated from the competition. The demand for healthy foods and beverages continues to increase as people seek an improved diet and this can often be a highly profitable sub-sector of the overall food and drinks industry. When setting up a food and beverage production company, the factory must adhere to the utmost standards of hygiene and food safety. Some foods will also require the use of specialist equipment and production line components in their manufacture. The use of c22 hastelloy tubing and fittings in food-making production lines is an important consideration when making products that have the potential to corrode conventional pipework. This is common when products such as isotonic drinks or foods containing vinegar are used.
For entrepreneurs who do not have access to significant sums of start-up capital, drop shipping can be the ideal first business. Drop shipping works by the entrepreneur offering other companies’ products for sale on a company website. When an order is made the entrepreneur will contact the supplier who will fulfil the order and dispatch it to the customer. Drop shipping allows supplier firms to enter new markets and allows the entrepreneur to have minimal costs as no stock needs to be bought or transported. By offering products for sale above the price charged by the supplier, a profit can be generated.
Sell Your Expertise
The demand for knowledge-based products and services continues to grow as consumers seek to broaden their skills for both their careers and their enjoyment. If you have a skill that can be of benefit to others, consider creating a training course that allows you to share your expertise. Online platforms, such as Udemy, host thousands of bespoke courses that are made by individuals with specialist knowledge. Once you have created a comprehensive course it will generate a persistent income and may only need to be updated as new knowledge becomes available.