Business & Finance
By Felix Osezua Oct 05, 2023
If you’re someone who’s just starting on your journey to become an entrepreneur, you might be thinking about how to make your idea stand out in a crowded market.
The beauty of entrepreneurship lies in its infinite possibilities. There are unique business ideas all over the world that can be developed for niche markets that serve unique needs and present opportunities for beginners like yourself.
● There are a lot of unique business ideas and markets all over the world that present opportunities for beginners.
● Starting a business from scratch begins with market research, followed by creating a business plan, then, registration of the business name, funding, building a team, and marketing.
● Funding options for business as a beginner include personal savings, support from family and friends, crowdfunding, and equity financing.
● Another way to fund your small business is by getting a loan from a bank or a lending institution.
Starting a small business from scratch is both an exciting and challenging journey. However, with the right mindset, and the right tools you can get your small business up and running towards sustainability and growth. Here is a step-by-step guide on what to do to kick-start your small business from scratch.
Market research will help you understand so much about what you’re getting into such as target audience, current market trends, competition in the industry, etc. It’ll also help you establish realistic goals and strategies for tackling problems too.
A business plan is very necessary in the beginning which will act as a blueprint for your business development. The business plan highlights everything about your unique idea, your niche market, and your funding plans. A business plan also helps you set objectives and measure your progress, so you are sure you are on the right track.
For businesses that require third-party funding going forward, potential investors would need the business plan to determine the business's value and thus give out money.
The registration of a business name and the obtaining of relevant licenses and permits serves as a credibility step for a business.
A business's understanding and regard for legal requirements related to the operation of its business operations sets it aside from the ocean of unregulated and unprofessional businesses.
Having decided your business nature and complied with the legal requisites, you can now focus on arranging the finances. If you don't have sufficient personal savings to fund your business, you could consider options like crowdfunding, taking out a small business loan, or seeking investors. More on funding will be discussed below.
A group of dedicated people is crucial to your success. Depending on what type of small business you have, you might need to hire people or outsource tasks. Having an efficient team significantly increases your chances to succeed so choose wisely.
The key to attracting customers is marketing, but that’s not all it does. It keeps them around too so don’t slack on this one. Modern-day businesses cannot survive without a robust digital presence. Consider creating a website and using social media platforms to engage with your customers. Regularly updating your website or social media pages with valuable content can convert potential leads into loyal customers.
Since the world has been plugged into a health crisis, digital health services have become a major aspect of people's lives. There is a growing need for online doctor appointments, telemedicine and digital health solutions today. In most countries, non-emergency medical cases are usually handled online or via phone calls.
A beginner with a little experience in health care can venture into this niche, creating a platform for virtual medical consultations, or developing a service around this niche like health tech solutions, or managing health care databases.
Improving your overall health and wellness is easy with this free online health and nutrition course.
This Diploma course is rich with insights into human nutrition and the roles macronutrients and micronutrients play in maintaining good health.
Salary: $62,000 - $83,440
🎓 141,212+ Learners already enrolled
Personal fitness, well-being, and lifestyle businesses are thriving. With an increasing focus on fitness and a healthy lifestyle, businesses founded on personal training, specialized fitness classes (like yoga, Pilates, etc.), wellness retreats, and wellness product lines have great success potential. For beginners, starting a fitness or wellness blog or offering online personal training services could be a good place to start.
Increasing awareness around health and nutrition has led to a surge in demand for healthy snacks. In India, the concept of a healthy snack subscription box has gained popularity. Consumers get a box of assorted healthy snacks delivered to their doorstep, which supports their desire to eat healthily and their need for convenience. For beginners, this model could be adapted for other product categories or markets.
The tradition of sake brewing has a long history that's much revered especially in Japan. Despite its regional roots, sake is appreciated worldwide. With an increased interest in craft beverages and locally sourced products, starting a small-scale sake brewery could appeal to beginners interested in the food and beverage industry. Moreover, you can emphasize its cultural significance to attract a niche customer base.
Many companies are at the forefront of educational technology (EdTech). Creating educational platforms that support learning processes or developing EdTech software can present several opportunities for aspiring tech-oriented entrepreneurs.
Considering the increasing concern about climate change, renewable energy business models constitute a unique and essential business opportunity. Green energy solutions might include the installation of solar panels, the promotion of wind energy, or biofuel production, among many others. According to the International Energy Agency, sustainable energy ventures continue to expand rapidly and could occupy up to 95% of the net increase in power capacity by 2025.
The global pandemic emphasized health and wellness. Many people are now open to getting help from wellness coaches who guide them through nutrition, fitness, stress management and overall happiness. A Market Research Future (MRF) report predicts that jobs in this field will grow 17% between 2017 and 2025 – faster than any other occupation.
The demand for Virtual Reality (VR) and Augmented Reality (AR) have made it into profitable businesses.
Businesses use VR and AR to provide interactive product demonstrations and virtual tours. An IDC study estimated that worldwide spending on AR and VR will reach $18.8 billion in 2020, nearly an increase of 78.5% over the $10.5 billion estimated for 2019.
In a technology-driven era, e-commerce has become a popular business model, and with it, opportunities for delivery services have grown. Many consumers are starting to rely on home deliveries whether it’s groceries, clothes or electronics. It’s predicted that this market will grow by 77.5% by 2025 according to Statista.
If cooking is your passion, start a personal chef business. With people seeking healthier home-cooked meals, this is a definite hit.
Starting a small business can be an exciting yet challenging venture. Especially when it comes to funding; the biggest obstacle in the way. Instead of fighting with banks and institutions, there are other practical methods to fund your small business from scratch.
● Personal Savings
This is one of the most viable sources of funding. Saving up that much may seem impossible, but personal savings are an excellent source of capital. Not only does this approach allow you to keep control over your business, but it also avoids debt completely.
● Friends And Family Support
Another good option for small business funding is through friends and family. Many entrepreneurs find success through this method due to the faith and trust their loved ones have in their business potential. However, it's crucial to treat such arrangements professionally to prevent any potential strain on personal relationships.
● Equity Financing
Equity financing through investors is another noteworthy method. By selling a portion of your company's shares, you can gain funding without accruing debt. This option is particularly attractive for high-growth businesses that can attract venture capitalists or angel investors.
Crowdfunding, increasingly popular through online platforms, is another potential funding source. The advantages of crowdfunding include the potential to validate your business idea, build a customer base, and secure funds without giving up equity or getting into debt.
The process of getting a loan for your small business can be difficult especially if you are taking this route for the first time. Allow us to provide you with a step-by-step guide to securing a loan for your small business.
Step 1: Detail Your Business Plan
The first thing to do before applying for a loan is to have a comprehensive business plan for your business idea. The business plan contains the details of your business idea, your marketing strategies, the market niches you are targeting, the amount of money you need to start the business, and your estimated projected income. This plan will enable the lender to understand your business, what you need the loan for, and evaluate your ability to repay the loan.
Step 2: Determine The Amount You Needed
Make a thorough evaluation of your business needs to ascertain the amount of funding required. Overestimating might lead to paying unnecessary interest, while underestimating could result in cash flow problems. Therefore, accuracy is vital to adequately finance your business without incurring excess debt.
Step 3: Consider Your Credit Score And History
A strong personal credit score and positive business history indicate financial responsibility, thereby increasing your chances of loan approval. Frequently check your credit reports for any inaccuracies and challenge them if discovered.
Step 4: Explore Your Loan Options
There are various loan options for small businesses, including bank loans, SBA loans, and online lenders. Each loan type and lender has distinct requirements and terms. Therefore, research each option to identify the one that best suits your business needs and repayment capabilities.
Step 5: Prepare The Necessary Documentation
After choosing the loan type that suits your needs, get all the required papers or documents together. This usually includes bank statements, tax information, legal papers for the business, and financial statements. These documents must be recent, accurate, and presented in a well-organized manner to facilitate the process of the loan application.
Step 6: Apply For The Loan
Submit your loan application to your chosen lender. Be prepared to clarify any details in your application, business plan, or documentation. Know that the time frame for approval varies among lenders. Therefore, you will need to be patient with the approval from your lender.
In conclusion, if you are a beginner, consider these unique business ideas and various factors such as local market needs, your skills, and passion while starting your own business. Remember, intentionality to growth is key here. If you’re genuinely passionate about your business and know how to solve problems with it, then you have nothing to worry about.
Informations published are not financial advice see our terms of service
We use diverse first and third party softwares on our website, see our privacy-policy
If you found an error, misinformation, or something harmful or unusual on this page please report it now!
This page or pages of this website may contain affiliate links that earn us commissions when you use them at no additional cost to you, see our affiliate disclosure.
© ICPF All Rights Reserved