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Business Ideas For Entrepreneurs

By David S. Chang

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It is hard to think of many people that aren’t interested in starting their own business. In fact, for most people, being a business owner means that they are doing something to take control of their future. A lot of freedom and control comes from being a business owner. These days, with the use of home working and the world wide web, it is easier than ever to get started in the business.

For those people who are on the lookout for the next venture or even those that want to start a business, it’s tough. They have no idea where to begin and can struggle with the right approach. So with this in mind, before the economy takes another dip, it’s worth providing the right information. For those people out there looking to profit in an uncertain world, what are the best business ideas?


Restaurants

Food trucks, pop-up restaurants, and similar outlets are very popular. While it will take time, starting with a partner who works on this full-time and you work on it part-time can be a great way to crack into the market. It doesn’t need to be a posh, upmarket restaurant. In fact, running a restaurant is still one of those ways to be competitive in this world.

Running a restaurant behind the scenes has never been easier thanks to restaurant management software are or simple accounting practices. You also need to think about how a restaurant markets itself now. Restaurants and the openings are events. They tend to be a popular hangout for millennials, retirees, and those that are looking to escape their humdrum existence. With this in mind, a restaurant covers all bases.


Movie Theaters

Yes, while the advent of streaming has tended to surpass the movie theater in recent years, going to see the big box office events are the equivalent of going on a long night out. It becomes a whole experience. You get your popcorn, your drinks, and with IMAX or 4D experiences, it becomes a proper event. Movie theaters are a great way for people to become more wrapped up in someone else’s drama. In fact, during the Great Depression in the 1920s, the film industry suffered very little. And in 2009, the sales of box office tickets doubled. What does this tell you about the recession? People want to escape it.


Selling Spirits And Beer

During recessions, wholesalers experience a major uptake due to bulk buying. Regardless of the economy, many consider alcohol to be a defensive stock, meaning that people will still want to drink. In today’s market, independent providers of beers, especially the hipster brand have grown dramatically.


Providing Cosmetics

The lipstick indicator suggests that consumers turn to less economic indulgences, such as lipstick, when they are not confident about the economic future. The idea is that lipstick becomes an affordable luxury. If someone has the choice between a $300 pair of shoes or a $30 lipstick, they will opt for the latter. Also look at items like nail polish, mascara, and DIY nail machines. It’s expensive to go out and get your nails done. During good and bad times, lipstick and make-up are also defensive stocks.


Home Health Care

You can see a trend here, the business ideas recommended are those that people will use in bad economic or good times. You can use technology to bridge the gap between you and the consumer. Consumers will not cut back on spending on healthcare, especially if one’s life is at stake.

Due to the aging population and life expectancy increasing, there is a higher demand for health care in the home environment. As the rising costs of retirement communities and care homes provide a major concern for families, home healthcare appears to be the more competitive option. And despite economic conditions, on a personal level, we want the best for our loved ones.


Thrift Stores

Logically speaking, a thrift store is where people go to get second-hand clothes, but there’s a lot more to it! As more people shop at thrift stores, especially those embracing the minimalist lifestyle. Much like bulk buying, ordinary people can buy a lot more with their money in a thrift store. Taking advantage of selling clothes, as well as literature, furniture, and anything you can think of means that there’s always something for someone.


Tax Accounting

People will need tax accounting services every year. This is why many firms like H&R Block continue to grow. The reason is straightforward; because taxpayers are willing to pay to ensure they don’t pay unnecessary taxes. Even if it will cost more money, if it means they can save more, they will gladly pay for it.

Keep things Legal

When setting up a business, starting off in the right way is the best way to start. You will need to register a company, able to pay taxes, and setup a business bank account. This will help you budget, control your expenses, and follow legal rules instead of using only cash.


Educate Yourself

If you are planning to start a business then there is a lot to learn. If you have always worked for others, the ‘behind the scenes’ things are taken care of by someone else. So one thing that you need to do before you get things started is to read and learn.

Educate yourself on the things that are going to be helpful to you. Could you do something like business admin courses online? Or perhaps you want to learn more about being a team leader or how to do a business tax return? Look at where your skills and knowledge are lacking, and then you can make a plan to do something about it. 


Schedule Your Time

Getting a business up and running requires a lot of planning and a lot of scheduling. So that starts with planning your time wisely. Something like planning out your week on a Sunday evening can be a good idea. From your commute to social commitments and working out, add it all in. Then you can plan and schedule the time that you need for the business. If you need to spend two hours building your website, as an example, then schedule it in one evening. When it is in your diary, it won’t get changed and will help you to get on your way to business success and freedom. 

Don’t think that having a full-time job will stop you from creating the business that you want. Having a job can be practical as it funds your new venture. Starting small each day will get you closer to achieving your goals.

David S. Chang

Award-Winning Entrepreneur, Wealth Manager and CEO | Chief Editor, Author, Keynote Speaker, Consultant ArtofThinkingSmart.com | Political Consultant | Army Officer National Guard | Living To Fulfill Needs, Solve Problems, and Live Passionately!

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