30+ Best Business Ideas to Start Your Own Company
Starting your own business can be an exciting and rewarding endeavour. With so many great business ideas, how do you choose the right one to pursue? This comprehensive guide will explore 30 of the best, most profitable, feasible small business opportunities across various industries.
Table of Contents
Choosing the Best Business Ideas for You
When evaluating business ideas, there are several key factors to consider:
Passion and Interests
Choosing a business you feel genuinely passionate about will make the process more enjoyable and increase your motivation to succeed. Consider your interests, skills, values and lifestyle preferences.
Market Demand
Research the target market to determine if there is sufficient demand for the product/service and if the market has growth potential.
Startup Costs
Estimate expected startup costs and ensure you have access to the necessary capital and resources. Choosing a scalable business can allow you to start small and expand over time.
Competitive Landscape
Analyse your competition to identify where there are gaps you can fill or opportunities to disrupt the status quo.
Personal Goals
Clearly define your vision for the business. Set financial and non-financial goals and identify key milestones.
Considering these factors, let’s explore today’s hottest and most promising business opportunities!
1. Consulting/Freelance Services
The gig economy and remote work revolution have made freelancing more popular. Offering consulting or freelance services allows you to turn your skills, expertise and ideas into a profitable business:
Key Consulting/Freelancing Business Ideas
- Business/Marketing Consulting
- Web/Software Development
- Graphic Design Services
- Writing & Editing
- Financial Planning/Advising
- Virtual Assistance
- Social Media Management
Startup costs: Low-Medium
Barriers to entry: Low-Medium
Skills required: Depends on a niche (design, writing, financial, etc.)
This online service-based business has low overhead costs, no need for significant inventory or infrastructure, and massive growth potential.
2. Ecommerce Business
Selling products online through your ecommerce store allows you to tap into the $4.29 trillion global ecommerce market. Some top products to sell online include:
Most Popular Ecommerce Niches
- Apparel & Accessories
- Arts, Crafts & Home Décor
- Gourmet Food & Health Products
- Pet Supplies
- Books/Publishing
- Cosmetics & Beauty Products
- Sports & Outdoors Equipment
Startup costs: Low-High
Barriers to entry: Low-Medium
Skills required: Marketing, branding, shipping/logistics, inventory management, basic web design
Building an ecommerce brand around your passions can be highly financially and personally rewarding.
3. Informational Content Websites
Creating niche websites and blogs on topics you know and love lets you turn your knowledge into income streams. Possible ideas include:
- Product Review Site
- Industry Trends & Analysis
- Hobby Blog
- Cooking/Recipe Site
- Business Tips Website
- Educational Resources
- Personal Development Blog
Startup costs: Low
Barriers to entry: Low
Skills required: SEO, content marketing, affiliate marketing, display advertising
Building authority sites with tailored content can earn income from digital ads, affiliate marketing, and your info products.
4. Mobile Apps & SaaS Products
Developing your own mobile apps and software products empowers you to reach millions of users globally. Top ideas in the space include:
- Gaming Apps
- Photo & Social Apps
- Utility & Productivity Tools
- Lifestyle & Health Apps
- Business & Finance Tools
- On-demand and Gig Economy Apps
- SaaS Products
Startup costs: Medium-High
Barriers to entry: High
Skills required: Software development, coding, app store optimisation
While competitive, the massive reach of app stores gives your products exponential income potential.
5. Social Media Management & Marketing
Every brand needs social media help – making this field ripe with business opportunities. Offerings can include:
- Social Media Content Creation
- Hashtag Research & Optimization
- Influencer Marketing Campaigns
- Paid Social Advertising
- Analytics & Reporting
Startup costs: Low
Barriers to entry: Low
Skills required: Strong writing ability, analytical thinking, communication, digital marketing concepts
Most of the tools required are free to start. This online service scales rapidly by taking on more client accounts.
6. YouTube Channel & Affiliate Marketing
Launching a YouTube channel allows you to earn from video ad revenue, sponsorships, affiliate links, and the sale of your line of products. Popular niches include:
- Product Reviews & Recommendations
- Gaming Content
- DIY, How-To & Educational Content
- Comedy Skits & Commentary
- Cooking Shows
- Family Vlogs
Startup costs: Low
Barriers to entry: Low
Skills required: Video editing, on-camera presence, affiliate marketing
YouTube injects tons of new users monthly – giving you an ample audience for your channel.
7. Virtual Reality Products & Services
The VR industry is hot and projected to grow to $209 billion by 2022. Potential business ideas in this space include:
- VR Game Development
- 3D Model Design Services
- Creating VR Training Simulations
- VR Tourism Experiences
- VR Headset Products or Accessories
- VR Arcades/Entertainment Venues
Startup costs: Medium-High
Barriers to entry: Medium-High
Skills required: VR development, 3D animation, coding, entrepreneurship
There are still many vast open opportunities in this emerging tech sector.
8. Web Design/Development Agency
Every business needs a high-converting website – making web design an evergreen industry. Offerings can include:
- Branding & Messaging
- Website Design
- Development & Coding
- SEO Optimizations
- Content Creation
- Email Marketing Setup
- Funnel Building
Startup costs: Low
Barriers to entry: Medium
Skills required: Web design, HTML/CSS, SEO, marketing funnels
With low startup costs, this digital agency model is highly scalable.
9. Real Estate Investing
Real estate continues to be a sound asset class for building wealth. As an entrepreneur, you can:
- Flip houses for profit
- Rent out investment properties
- Develop raw land into residential lots
- Invest in commercial real estate
- Launch a real estate team/franchise
Startup costs: Medium
Barriers to entry: Medium-High
Skills required: Real estate valuation, financing, property management
While competitive, patient investors build precious income streams from rental cash flow and appreciation.
10. Staffing & Recruiting Agency
Connecting companies with qualified talent is a crucial need. Different offerings can include:
- Executive Search & Placement
- Temp & Contract Staffing
- Specialised Vertical Focus (healthcare, tech, legal etc.)
- Recruitment Process Outsourcing (RPO)
- Employer Branding & Talent Advisory
Startup costs: Low
Barriers to entry: Low-Medium
Skills required: HR expertise, people management, marketing
This profitable service business allows for impressive scalability by hiring additional recruiters/staff under you.
11. Landscaping & Lawn Care
Building an outdoor service company allows you to turn your love of nature and working outdoors into a lucrative business model. Services can include:
- Lawn/Yard Care & Maintenance
- Landscape Design & Builds
- Tree Care & Removal
- Seasonal Installs & Planting
- Irrigation & Drainage
- Snow Removal
Startup costs: Low-Medium
Barriers to entry: Low
Skills required: Horticulture expertise, customer service, physical ability
With essential services and creative offerings, landscaping taps into consistent homeowner demand.
12. Craft Brewery
The craft beer sector has exploded into a $22.2 billion market as consumers crave variety and custom flavours. Building your brand allows you to:
- Feature Unique Beer Recipes & Styles
- Focus on Local Ingredients & Community
- Offer Brewery Tours & Events
- Sell to Local Bars & Restaurants
- Can & Distribute to Grocery Outlets
Startup costs: High
Barriers to entry: High
Skills required: Brewing expertise, licensing, branding, hospitality
Passion-driven and highly scalable – craft brewing lets you build a beloved brand.
13. Graphic & Web Design Agency
Virtually every company today needs visual branding and online presence. Service offerings can include:
- Logo Design
- Packaging Design
- Catalogues, Menus & Brochures
- Website Design & Development
- Landing Pages & Ad Design
- Digital Marketing Assets
Startup costs: Low
Barriers to entry: Low
Skills required: Graphic design expertise, HTML/CSS skills
This creative entrepreneurial model yields high demand from SMBs and large enterprises alike.
14. Yoga Studio or Personal Training Gym
The booming $30 billion global yoga industry and rising fitness movement provide ample business opportunities. Offerings can include:
- Group Classes
- Private/VIP Sessions
- Specialised Workouts
- Customised Online Training Plans & Videos
- Apparel & Equipment Sales
Startup costs: Medium
Barriers to entry: Medium
Skills required: Yoga/fitness instruction, hospitality, branding
Fuel your passion for health, wellness and community in this purpose-driven business niche.
15. Life & Business Coaching
With growing mental health awareness, the personal coaching market is expected to hit $15 billion globally by 2025. As a coach, you can:
- Provide 1-on-1 Client Counseling
- Host Group Classes & Workshops
- Sell Informational Products
- Offer Corporate Programs
Startup costs: Low
Barriers to entry: Low-Medium
Skills required: Listening skills, emotional intelligence, business expertise
Make a difference in helping others while monetising your personalised programs.
16. Food Truck
The iconic food truck industry rolls up $2.2 billion in revenue annually. Benefits include:
- Low Startup Costs
- Unique Concepts & Branding
- Flexible Locations & Schedules
- Hyper-Local Customer Marketing
- Retail Sales Growth Potential
Startup costs: Medium
Barriers to entry: Medium
Skills required: Culinary expertise, business management, customer service
Food trucks let chefs take their show on the road while delighting hungry patrons.
17. Airbnb Vacation Rental Property
Join the $150 billion vacation rental industry without buying real estate. The model includes:
- Renting prime local properties long-term
- Furnishing and designing spaces
- Listing on sites like Airbnb & Vrbo
- Managing reservations & logistics
- Expanding to multiple locale units
Startup costs: Medium
Barriers to entry: Low
Skills required: Hospitality, interior design, digital marketing
Build a scalable income without substantial upfront capital costs to purchase property.
18. Dropshipping Online Stores
The dropshipping model allows ecommerce entrepreneurs to sell products without holding inventory. Benefits include:
- Low Overhead Cost Structure
- No Purchase or Storage of Goods
- Automated Order Routing to Suppliers
- Focus on Customer Acquisition
Startup costs: Low
Barriers to entry: Low
Skills required: Marketing, branding, light web development
Choose from millions of global product options to launch your store.
19. Business and Marketing Consultancy
Put your business experience and expertise to work, helping brands succeed. Offerings include:
- Marketing Strategy
- Go-To-Market Planning & Execution
- Improving Sales Conversions
- Developing High-Impact Campaigns, Ads & Content
- Optimising Business Systems
Startup costs: Low
Barriers to entry: Low-Medium
Skills required: Industry experience, strategic thinking, marketing concepts
Make a difference in helping brands grow by applying your specialised knowledge.
20. Meal Prep & Delivery Service
Demand for prepared meal services will hit $35B globally by 2027. Offerings include:
- Single-Serve Meals
- Meal Packages & Kits
- Prepared Bulk Dishes
- Custom Diet Preferences
- Delivery or Pickup Options
Startup costs: Medium
Barriers to entry: Medium
Skills required: Recipe development, food prep, branding
Provide busy professionals and families with convenient and healthy meal choices.
21. Preschool or Daycare Center
The $47 billion childcare industry continues growing as Millennials start families. Major offerings:
- Infant & Toddler Care
- Preschool Learning Programs
- Before/After School Care
- Holiday & Summer Camps
- Special Needs Care
Startup costs: High
Barriers to entry: High
Skills required: Child development expertise, teaching skills, safety adherence
Provide enriching programs for little ones while serving an essential need for parents.
22. Jewellery Making Business
Tap into the hot $300+ billion global jewellery industry by selling custom-designed pieces. Elements include:
- Beading, metalsmithing & gem setting skills
- Studio for designing & crafting pieces
- Ecommerce site & marketing
- Consigning through boutiques
- Offering classes/workshops
Startup costs: Low
Barriers to entry: Medium
Skills required: Jewelry making, selling, customer service
With so many materials and design options, custom jewellers can build devoted followings.
23. Pet Care, Kenneling & Dog Walking
America's 77+ million pet dogs create a massive demand for quality care services. Offerings include:
- Boarding & Day Care
- Grooming Salons
- Dog Walking & Sitting
- Veterinarian Trips/Pickup
- Special Needs & Elder Pet Care
Startup costs: Low
Barriers to entry: Low
Skills required: Animal handling, customer service, time management
Provide loving care for furry family members while owners work or travel.
24. Professional Organising Service
Join the fast-growing $1 billion professional organising industry helping clients:
- Declutter & Downsize Homes
- Streamline Systems & Routines
- Maximise Storage & Clutter Control
- Specialities Like Hoarding Help
Startup costs: Low
Barriers to entry: Low
Skills required: Organizational skills, efficiency strategies, flexibility
Bring order to overwhelmed clients by designing personalised solutions.
25. Geriatric Care Management
The surging 60+ population needs supportive care management encompassing:
- Health Assessments & Care Planning
- Home Safety Evaluations
- Transition & Move Management
- Connection to Healthcare Resources
- Legacy & End-of-Life Preparing
Startup costs: Low
Barriers to entry: Low-Medium
Skills required: Gerontology expertise, advisory skills, networking
Provide individualised guidance, allowing seniors to age in place comfortably.
26. Residential Cleaning Company
Homeowners and busy professionals depend on quality cleaning help. Core services:
- One-Time or Regularly Scheduled Home Cleanings
- Deep Cleans, Moving Preps & Post-Renovation Scrubs
- Commercial Office & Medical Facility Cleaning
- Specialty Services Like Carpet/Window Washing
Startup costs: Low
Barriers to entry: Low
Skills required: Cleaning skills, time management, customer service
Scalable crews allow rapid growth in cleaning houses, offices, stores and buildings.
27. Gift Basket Business
Capitalise on the $3 billion gift basket industry by creating themed packages. Elements include:
- Sourcing Recipient-Specific Gifts & Goodies
- Artful Basket Design, Assembly & Wrapping
- Targeting Holidays, Events & Occasions
- Corporate & Bulk Order Capabilities
- Customisation Options
Startup costs: Low
Barriers to entry: Low
Skills required: Product sourcing, design skills, customisation
Spark Joy helps clients give personalised gift packages for any occasion.
28. 3D Printing Startup
With expansion projected, 3D printing revenue will hit $15 billion by 2036. Models encompass:
- Offering 3D Printer Products & Supplies
- On-Demand Part & Prototype Printing Services
- Specialised or Novel Applications
- Supplying the Aerospace & Healthcare Sectors
- Complementary Offerings Like Design Work
Startup costs: Medium
Barriers to entry: Medium-High
Skills required: Technical 3D printing mastery, product development
Groundfloor opportunities remain as more industries adopt additive manufacturing.
29. Mobile Dog Grooming Service
Operating a mobile dog grooming business allows you to:
- Convert a Vehicle into a Pet Salon
- Provide Door-to-Door Grooming Appointments
- Focus on Underserved Neighborhoods
- Enable Grooming for Mobility-Challenged Dogs
- Provide Flexible or After-Hours Care
- Scale Through Additional Grooming Vans & Staff
Startup costs: Medium
Barriers to entry: Medium
Skills required: Pet grooming skills, driving, business management
Offer much-needed convenience to pet owners by bringing grooming directly to their homes.
30. Gift Shop / Specialty Boutique
Become part of the $682 billion retail industry by opening your specialised local store. Products can include:
- Clothing & Accessories
- Home Goods & Furnishings
- Collectables
- Handmade Crafts & Artwork
- Gifts & Souvenirs
- Food & Local Goods
Startup costs: Medium-High
Barriers to entry: Medium
Skills required: Purchasing, retail operations, customer service, merchandising
Connect with shoppers craving unique in-store finds tailored to your community.
31. Vehicle Detailing Franchise
The booming $8.6 billion car wash industry features vehicle beautification services, including:
- Interior Deep Cleans
- Exterior Polishing & Scrubbing
- Engine & Undercarriage Detailing
- Headlight Restoration
- Odor Removal & Upholstery Repair
- Protectant Coatings & Sealants
Startup costs: Medium-High
Barriers to entry: Medium-High
Skills required: Auto servicing, business operations, customer service
Join a trusted brand catering to America's 276 million vehicles.
Conclusion
With low start-up costs and barriers to entry, service-based small businesses in areas like consulting, pet care and organising services offer budding entrepreneurs accessible opportunities to monetise their skills and interests. Those with more capital, experience or appetite for risk can tackle high-growth sectors like mobile apps, speciality retail and food trucks.
No matter your niche, conducting in-depth market research, carefully projecting costs and income and relentlessly focusing on delighting customers gives your business its best shot at prosperity. Planting natural seeds around your genuine passions makes the entrepreneurial journey fulfilling regardless of where it leads.
Wishing you much success as you build your best life in business!
FAQs
What is the number one thing I should do before starting a business?
Validate there is sufficient market demand for your intended products/services to support your business. Talk to prospective customers and research industry data on customer needs and competition levels before investing significant time or money.
What ongoing costs come with operating a small business?
Standard ongoing operating expenses include inventory, materials, software subscriptions, hosting fees, rent & utilities, insurance, transaction fees, accounting, legal services, advertising, payroll and contractor costs.
How much money should I have saved up before launching a new business?
Experts recommend having a year's worth of personal living expenses saved plus access to at least the first 3-6 months of your business's average monthly operating costs. For brick-and-mortar businesses, six months, ideally more than a year, is best to survive the higher initial period of losses and expenses.
Should I structure my small business as an LLC or Corporation?
Talk to a business lawyer or tax advisor to determine your company's ideal corporate entity structure based on liability protection needs, tax implications, number of owners and long-term goals. Standard options include sole proprietorship, partnerships, LLCs, S-Corps and C-Corps.
What critical legal compliance issues and permits should I address?
Standard requirements to operate legally include business licenses and sales permits, collecting and paying sales tax, adhering to zoning regulations, addressing insurance needs and acquiring any special food handling or alcohol licenses if applicable. Stay compliant through sound professional advice.
