Yes, I know! It’s hard when you’re suddenly fired from your job. You’re fed up and just want to quit. This is a familiar feeling among most who are fired. But, you need to get right on your feet again, stronger than before. Remember that this is your chance to sit back and observe your thoughts. Ask yourself: What do I really want? Ask yourself whether to continue working for someone else or start your own business?
If you think, “Nah! Business is not for me, ” this post is not for you. But, if you want to start your own business, this is it. This is the post you have been waiting for. It’s okay if you don’t have an idea yet!
These are the 10 Business Ideas you can think of when starting a business. You may like some of them or none of them. It’s okay! At least just take a look…
But before that, I want to clarify one thing: These are not side hustle ideas. Only a handful of Side Gig ideas actually make money, and some of them are outrageous, to say the least. All the 10 Business Ideas I have mentioned here are legit and have a great future.
With this, let’s go…
Business Idea 1: Freelancing
I learned about freelancing a few years ago when one of my relatives, let’s call him Dave, was fired from their job. Dave had to care for the family and needed money to stay afloat. Enter Freelancer. Those were the days when Freelancer was the hotspot of freelancers worldwide. I don’t know how it is now, but people are more focused on Fiverr and Upwork today.
Anyways, Dave wasn’t making enough initially. He went into debt but continued. After a few months (I don’t exactly remember), Dave was making enough to care for his family. He was getting job offers, but the money he made monthly from Freelancer was way more than any job could offer him. He converted his freelancing side hustle into a business and hired people. Within a few years, he was positive in cash flow and financially well off.
Dave is out of his freelancing business, but that decision changed his life forever and made him wealthy. He never had to look back after that.
Still today, people with expertise in specific tasks choose freelancing to expand their reach. It’s relatively easier than starting a business and getting a client. Do let me know whether you have chosen freelancing as a career.
Business Idea 2: Online Coaching
Here, too, your work experience matters a lot. I don’t want to talk about the money-making possibilities of online coaching because it’ll distract you, but it’s insane. There’s no limit to how much you can make from online coaching. On average, a person with experience in their field can charge at least $500 for a one-hour personal coaching.
I’m not making this up. You can search it on Google and see for yourself. The highest I’ve ever seen is $5000 for a one-hour life coaching session. Though I won’t reveal the person’s name, she is famous on the internet. I was even more surprised to discover that most of her slots were full. It says everything.
There are only a few drawbacks to online coaching. You’ll have to prove that you know what you’re doing. Fooling people won’t work too long, as your clients will figure it out.
Business Idea 3: Content Creation
Content Creation is one of the most sought-after choices when someone wants to start something of their own. Blogging, YouTube, and TikTok all come under the Content Creation umbrella. Blogging has grown tremendously over the past few years, especially after 2020.
Among all the business ideas I’ve mentioned till now, content creation has the most potential to make money. Small blogs and YouTube channels make as low as $1, while the big leagues can even rake in millions. Yes, 7-figures. The funny thing is that it has become more complex than before to shine on the internet. So, Bloggers have active social media accounts, and social media influencers have blogs.
Depending on just one platform is too risky. One mistake and your online business can collapse. Increasing your online presence also helps you make a brand value, something I’ll talk about soon.
Finally, the question is, why are so many people choosing blogging & social media as their career? It’s because of the diversified income sources.
These are the ways how a content creator can make money:
(a) Ads
(b) Affiliate Marketing
(c) Sponsorships
(d) Course Sales
(e) Ebooks
These are some among many other sources of income for a content creator. Honestly, the possibilities are endless. You only have to find one.
Business Idea 4: DIY Product Store
The beauty of a DIY product is its uniqueness. Unlike machine-made products, DIY products are handmade. Etsy is one platform where most sellers focus on DIY products. The demand is always high no matter which month of the year.
I discovered how DIY sellers made 5 figures a month selling stickers for children. I checked the platform and found it’s not just about physical products. You can sell templates, too. These templates are used on Canva and Notion. These templates are sold like hotcakes because of how useful they are.
There’s one significant difference between selling a tangible product like stickers and intangible products like Canva and Notion templates. You won’t have to think about the inventory and transport with templates. Everything is fast and secure. And you only have to create one product.
Of course, there are other platforms as well, like Amazon. Still, Etsy is better regarding artistic products, as mentioned above.
Business Idea 5: Make Yourself A Brand
Branding is the future. A company only survives through hard times when it’s well-known in the industry. This becomes even more critical when you are a content creator. Content creators have a very short timespan to market themselves. At most, a social media star can hold their fame for 5-7 years. But what after that? How will they make money for the rest of their lives?
That’s where branding comes in. When you start branding yourself, everything linked to you is known by your image. Whether it’s starting a new business or receiving sponsorships. Honestly, in this age of furious social media use, it’s not hard to brand yourself. Your secret weapon is to be unique and, sometimes, genuine.
Hence, if you have expertise and can make yourself a brand, everything connected to you will succeed in the long run. You’ll see this trend with most YouTubers. They initially focus all their time on making videos. Once they are famous, they branch out to different businesses. Branching out helps them mitigate risk.
Business Idea 6: Cosplay Ecommerce Store
Cosplay wasn’t as famous a few years ago, but times have changed after 2020. Cosplaying a favorite imaginary character has become a significant trend. And you know who is making money? No, not the cosplayers. It’s the e-commerce stores that make the real money from the cosplay industry.
There is a famous saying: During a gold rush, sell shovels. More people are becoming cosplayers, hoping to make a name. While some famous cosplayers do make money, most don’t. E-commerce sites like Redbubble are leaders in this industry. You can find almost everything.
A few years ago, I had an anime-based site that I thought to convert into a cosplay e-commerce store. But for some reason, I didn’t make the move. Wrong decision, I guess! Now, you might not have enough money to buy products. In that case, you can do affiliate marketing of famous cosplay stores. Redbubble has an affiliate program.
Choose a unique domain name, buy cheap web hosting and make a store today. You won’t have to go with expert design at first. Improve your store eventually as your revenue increases.
Business Idea 7: SAAS
Businesses are shifting to the SAAS (Software As A Service) model because of how easy it is to operate and how high the profits are. But what is the business model? Didn’t get it? Here’s a simple example:
To edit images in Photoshop, you have to download the software into your system, install it, activate it, and then you’re ready to go. Here, the main challenge is whether your system can handle heavy software like Photoshop.
Canva, on the other hand, is a SAAS-based software. You don’t have to download it; everything runs on a powerful Server. A SAAS service eliminates the need for a super-powerful system. The other great feature is that you can use the software from any device if you have the account login details.
Recently, many people have hit the millionaire status by launching their SAAS service and later getting acquired by some other big company. Figma is one great example! Adobe tried to buy Figma for a staggering $20 Billion. Unfortunately, the deal fell through. But you can sense the opportunity.
Business Idea 8: Cloud Kitchen
Cloud Kitchen may sound weird, but this business idea is taking off. This hustle lifestyle has made everyone so busy that they don’t have time to eat, let alone cook for themselves. That’s where Cloud Kitchens comes in.
In simplest terms, a Cloud Kitchen is a type of kitchen that does not serve at a physical location. This business mainly focuses on preparing food only for delivery or takeout.
These are the reasons why Cloud Kitchen is a great business idea:
(a) No Physical Space Required
(b) Efficient & Cost-Effective
(c) Everything is Online
(d) It’s Pretty Much 24×7
(e) Quick Adaptation to New Trends
If you love to serve people with your food talent, try Cloud Kitchen. The investment is far from that of a physical restaurant, and the profits are sweet because of low expenses.
Business Idea 9: Airbnb
Though Airbnb is not a business, it can help you make money when you really need it. If your house is well-maintained and has all the basic necessities, you’ll soon get visitors from Airbnb.
This works even better for people who have multiple houses. You will make some good money from Airbnb if you have such a facility. Read the terms & conditions, and see how to use your home to make money.
Later, when you start doing well on Airbnb, you can tie up with some companies to promote your business more. The possibilities are endless, only if you can take it.
Business Idea 10: Affordable Clone Product
This business idea works, but there are a few risks. I couldn’t think of any other way to explain it, so I called it a day with affordable clone products. It’s more like a free alternative to an existing expensive product.
Photopea is one great example. The creator of Photopia (Ivan Kutskir) started working on his dream project in 2012, and today, he makes $1+ Million every year from ads alone. This guy has addressed the absolute basic concept of business. Solving people’s problems. He has taken this a notch higher by providing a completely free service. As of writing this, Photopea website gets over 3 Million visitors monthly.
Photopea is different and sometimes better than Photoshop because you don’t have to download the software. It’s not downloadable software, so to speak. It’s entirely browser-based. So, if your system can run a web browser, it can easily run Photopea. Even better, it’s free but has ads.
Read this short interview, and you’ll know how simple the man behind Photopea is. How he faced tall challenges in the past decade and how, eventually, people recognized the app’s potential.
Now, you don’t have to clone Photoshop, but you can also try the same with other products in your industry. Sharing the product free might not be possible, but you can charge a minimum amount to retain customers. Trust me, if your product produces value, you won’t have to spend money marketing it.