Many people start a business thinking that they’ll simply open their doors or fire up their computers and start making money.
However, it is imperative that any venture is based on a solid idea that appeals to a broad section of consumers. There are many ‘traditional’ types of industries to choose from, but within these are plenty of ways you can develop a business that stands out from the competition.
Read on as we look at five alternative business ideas with thriving demand.
Education technology
According to market research firm Frost & Sullivan, the global educational technology market generated $17.7 billion in revenue in 2017 and is expected to grow to $40.9 billion by 2022.
Educational technology is a great way to deliver multimedia and interactive course content to today’s generation of digitally connected students across a vast array of devices. More and more classrooms are allowing computers, tablets and smartphones during lectures and school activities.
This creates a window of opportunity for tech-savvy individuals, with ‘blackboard’-style student portals, educational games and online discussion platforms amongst the areas that could be exploited with new products.
Even with the significant advancements in technology in recent times, few online classroom resources do everything a teacher or student needs them to do. Those that do are often ridiculously expensive, opening the door for someone to develop solutions that work properly and are affordable.
Themed bars
Many pubs and bars have struggled in recent years, with rising running costs forcing many to close their doors. However, others are thriving by offering customers different experiences.
Themed cocktail bars and pubs are on the rise and many are inspired by popular culture. The Breaking Bad themed bar, ABQ London, is one such example. People don yellow jackets and goggles, before mixing their own drinks using tequila or other popular spirits.
Most themed venues start out life as a pop-up, with entrepreneurs eager to test out ideas before investing huge sums of cash into a permanent location. Pop-ups can help you increase capital by promoting the venue concept online and pre-selling tickets.
While pop-ups are a great way for small businesses to minimise risk, some trade bodies believe they are helping to contribute to the downfall of more traditional establishments. Despite this, themed venues appear to be here to stay and finding the right niche to exploit could be the path to success.
Healthy fast food
The growth in awareness of the need to eat healthily has seen more consumers demand that their fast foods incorporate more low-calorie ingredients and fresh produce.
This has led to a big increase in the number companies offering nutritious dishes that are just as convenient and tasty as you will find in the traditional fast-food chains.
These outlets specialise in locally sourced, often organic food that has fewer calories than most traditional fast-food items and features more vegetables. However, the dishes often cost twice as much as their ‘unhealthy’ counterparts.
As the healthy fast food industry grows it is likely that the new businesses will be able to drive down their expenses, allowing them to compete on a more equal footing with the established fast-food chains.
Hitting on the right location and concept could well be road to creating a thriving and successful healthy fast food business.
Quality pet foods
Consumers have grown increasingly interested in health and wellness and they also want the same for their pets. For many owners, pets are part of the family so feeding them quality products is hugely important.
Pet food manufacturers have been quick to notice the trend and have come up with a range of pet foods paralleling human food including soups, fish fingers and casseroles. Taking the trend even further, some producers add trendy or exotic ingredients to create food that appeals to consumers.
This creates an outstanding opportunity for entrepreneurs. As pet owners continue to buy high quality food for their animals, you have the opportunity to create a brand new business.
Gluten-free, food with added omega-3 fatty acids, raw food for pets with specific allergies or diabetic categories are just some of the products a company could supply as the shift towards quality pet foods continues.
Ethical entrepreneurship and management
Ethics and business haven’t always made happy bedfellows, but it is a major focus of concern in the modern era. Business owners and managers worry about ethical product acquisition, social responsibility and environmental awareness.
With that in mind, there are thousands of potential clients in need of an ethical business consultant to guide them.
Companies looking to expand their workforce may need someone to help protect job candidates from discrimination. Alternatively they may be working on making their products fully biodegradable to meet ‘green’ legislation.
If you have a particular specialty, entering the ethical entrepreneurship and management ranks could be a superb business idea.
