A young entrepreneur may be attracted to businesses that have minimal risk, low cost, and an immediate following. These businesses may seem appealing, especially with the heightened demand and the quick expansion which can follow. Trends do that; they catch on quick but die down as fast like a firecracker at New Year. Entrepreneurship, by definition, is not about following trends. It is about running a business despite the difficulty with funding and following.
Some entrepreneurial businesses focus on critical services, while others focus on specific business practices. If you are struggling with finding your place in this formula, consider these three business ideas:
There are many forms of a media company. You may opt to go traditional print media with self-published magazines and zines or online with your website. There are so many opportunities for creating content by creating profit with the sale of your product (either a hard copy or ebook), advertisement revenue, or subscription payments for exclusive content.
When starting your own media company, you may opt to slowly work your way up by self-funding or go online with crowdfunding sites. With consistent content and a good branding strategy, you can find your place among companies like Buzzfeed and The Huffington Post.
A restaurant may seem like a robust industry to break into considering the amount of capital you need to start, but it’s precisely in uncertainty that entrepreneurs thrive. You can focus on creating or franchising a restaurant that caters to a specific need as opposed to a cuisine trend like a kosher restaurant in Manhattan.
Food is a basic necessity. There will be no lack of people looking for places to eat. The struggle is in creating something that is interesting enough for people to move over from their go to areas and be good enough for people to want more. Instead of putting your money towards an expensive location and decoration, first, start with an experienced chef and solid advertising. Be the small find.
If you are more of a hands-on person, maybe an event planning business is for you. Instead of maintaining a store, a small office and a decent website are good enough to launch your business. Event planning relies on short-term contracts, so having repeat customers is an essential.
The struggle with funding this kind of business is that it will take a while before you can break even considering you are living from contract to contract. There is also the possibility that things may go wrong and it is beyond your control. The flowers won’t come, the host calls in sick, or the catering service is stuck in traffic, there is no short supply of mishaps. It is essential also to have a long list of business connections that will come in a pinch.
Each of the businesses suggested comes with their own set of risks, but the beauty of being an entrepreneur is making everything work. Remember that when moving forward your business idea, you should have a clear vision in mind. Creating feminist content, serving kosher food, or planning for weddings no matter what you choose to do, do it with passion and do it well.