Until a few years back, setting up a business required huge expertise and investments. Moreover, some companies had a monopoly in the market. Thus, new entrants could not force in. However, with time, the government relaxed rules and allowed more participants to set shop. The main aim was to create a sound economy with more jobs.
However, it brought several challenges. The cut-throat competition made businesses fail in the first year itself. So it is crucial to shortlist businesses that will not fail. You can do without huge capital, but deciding upon the nature of business is most crucial. Moreover, it is not just offline that you can consider today. There are plenty of online options as well.
Here you will know of the business ideas that are least likely to fail.
Suppose you are a first-generation entrepreneur and scared to take the plunge. In that case, you can start by becoming a partner of a well-reputed, established chain of daily products through investment in a grocery store or pharmacy. These are recession-proof businesses, and markets will always be stable. People need food and medicines to survive. Moreover, these are essential components of life. If you fear failure, then these can be good options. For both, a business plan will be the most important part to start with.
- If you choose the independent route for the pharmacy, you need to research the market well, make capital arrangements, obtain permits and drug licenses, and hire staff. Additionally, you have to find out the fast-selling medicines. You can also buy an existing medical shop and transfer the ownership to your name. The store will have a fixed customer base. You also get the staff. However, the amount may be big. So, taking a loan may be necessary.
- For the grocery store, things may be simpler. But you still need the plan and research about the market. Moreover, you have to secure food licenses as applicable in your jurisdiction. Grocery stores generally depend on local customers. Most stores cater to small neighborhoods, college campuses, and housing complexes. Apart from dry groceries, you must include wet ones in your supplies. The storefront has to have some impulse buy goods, like personal care products. Women will surely fall for lotions, shampoos, and face washes.
If you are still unsure, you can take the franchisee route. The known brands generally have all the profit-making guidelines set up. You just need to agree on the terms and sign a contract. The brand does the rest, like setting up the shop, installing accounting software, and branding. The moment customers see a known brand in the locality, footfalls come in.
If you are inclined towards basic house repairs and maintenance work, this may be for you. Some handyman tasks include plumbing, carpentry, electrical, and paint jobs, which are always in demand. However, as with other opening a corporate firm, you need to plan first. Decide what equipment you will need, which might give an insight into initial investment costs. Apart from that, you need to get a license and advertise.
Additionally, you have to let people know about your business. So market well. It is important to let others know that you are in the industry. You can also try interning under a company for a few months before starting independently. This is one service that people will need, as long as they have a roof over their house. Apart from residences, you can also secure commercial deals.
Child Care Services
You can start this business with zero investment as it is the inclination and energy to deal with children that you require most. There are various options like babysitting and daycare. The best part about this business is that you can start from home. Most couples are working today and do not have a support system at home. There are couples juggling family and work at the same time. You can be their savior. Start with weekend services, and then you can expand it to a full-time business. You can use the funds you amass to set up a separate space for your child care services.
You can also try brushing up on the kindergarten syllabus if you are dealing with toddlers. This will be an additional service to parents and the children. Once people start knowing about your business, you will get clients. The mode of promotion here is mostly word-of-mouth marketing. The better your service, the better is the marketing you get. So, you do not need to spend a huge amount on advertising. What matters most is your intent.
These are only a handful of options; there are so many more. You must always choose a business that fits your pocket and mindset. This combination will fetch you the best returns.