Looking for business opportunities? Get into these lucrative ventures this year.
Ditching your 9-to-5 job and starting a business is a major life decision. You’ll be trading in the comfort of getting a salary every payday to facing the uncertainties of running your own business. As your own boss, you also run the risk of missing out on your sales target on some days if you’re running your own business.
While there may be numerous challenges that entrepreneurs may face, there are many rewards to look forward to as well. As an entrepreneur, you’ll have a lot more freedom to execute your business ideas and no management layers to approve your plans.
If those rewards are worth it to you, that you’re willing to overcome the challenges of starting your own business, the next question for you to answer is what business should you start?
Here are some of the best small business ideas for 2017:
Food trucks are everywhere these days and now with the introduction of guidelines to have your license approved, it's getting even easier to run one. Though you may need a bit of capital outlay to start with, because you'll need to either build up your own truck or equip and existing one with the equipment you need, it's a viable business if you're in the right locality and with a great fanbase. You don't have to limit yourselves to the sidewalks, but can even take part in events and sell your goodies there. Know your niche and have a menu that is unique, because that will set you apart from the rest. Look out for our upcoming three-part series on starting a food truck in Malaysia in 2017.
Set Up an Online Store
The great thing about starting an online store is that you don’t have to spend a lot to set it up. It’s also completely scalable so you can start by selling a few pieces to test the demand for your product and slowly increase your offerings as demand picks up. E-commerce is expanding and if you're interested in joining an existing platform and becoming a seller, you can do that too!
Interest in 3D printing has skyrocketed after the introduction of consumer-friendly models. 3D printers have moved from the realm of industrial and scientific communities to the consumer market but the price point for 3D printers is still at that point where not everyone can afford it. That’s where the opportunity lies for entrepreneurs who want to offer this type of service.
Customers can simply send you the files of the design they want and you can send the finished products straight to their doorsteps.
Photo and Video Service
If you enjoy photography, then starting your own photo and video service may be the right business for you to start in 2017. Wedding photography can be quite lucrative while baby photography can also be another niche you can explore. Capital requirements can be hefty if you want to open your own studio and camera equipment can also be quite expensive.
Many entrepreneurs dream of opening their own restaurant but opening a food stall or kiosk may be more reasonable for first-time entrepreneurs. Finding a franchise food stall business can prove to be less problematic and these can have a track record of success. On the other hand, you’ll be bound by certain restrictions by the franchisor plus you may also have to deal with hefty royalty fees.
See also: Personal Loans and Credit Cards: A Powerful Duo For Your Business
Custom T-Shirt Printing
You’ve probably seen custom t-shirt printers at the mall and thought to yourself that it’s the perfect business for you. Some knowledge about Adobe Illustrator and Photoshop will be useful if you want to enter this business. You’ll also need a t-shirt press aside from the printers that you will use to print your designs.
Are you the go-to guy (or gal) in your circle of friends for when they have a problem with their computer? Or do you enjoy helping out friends with their computer problem? Then why not make money out of it and open your own computer maintenance service?
Pastries and Baked Goods
From cakes to brownies to specialty breads, opening a bakery is a business opportunity for those who have the mix of cooking skills and creativity, and of course, is fond of sweet things.If renting space is too costly, you can start by advertising your services on Facebook and selling to friends.
Every year, Apple, Samsung, and other phone makers release new phone models and a lot of people upgrade their phones to the latest model. While opening an electronics store that sells smartphones and tablets may be capital intensive, you can still benefit from the yearly refresh of phones by selling cell phone accessories like phone and tablet cases.
Funding Your Small Business
Find these small business ideas inspiring? Well you’ll still need the funds to start your business. You can tap your savings to start your business. You can also ask friends and family to be your business partners but make sure that everyone understands their roles and set expectations to avoid any hard feelings should the business fail.
Personal loans can also be a great source of funds for starting a business. Just make sure that you manage your funds well and do proper accounting. It’s also important that you compare personal loan offers so that you find the best personal loan terms for your financial situation.