What Are New Business Ideas For Constant Income?

When you see people come up with a new business idea, you must have asked yourself why you didn’t think of it. Some of these business ideas seem pretty simple yet they have the potential to change the world. Great business ideas are everywhere and right in plain sight, you just haven’t programmed your brain to see them. If you pay close attention, you will notice that in essence, most if not all businesses have something in common, they all solve a problem or make an existing product better. So think of it that way. You need to train your brain to see opportunities in problems, needs that aren’t being met, or find things that can be made better.

1. Food Truck Business

A typical restaurant business is a capital-intensive business. The restaurant business owners need to keep aside some part of their business profits to meet contingent liabilities. The failure to make a provision for an unprecedented crisis can cause the business to shut down. Apart from the risk of being cashless, the cost involved in a food services business is quite high.

Suppose you are a beginner who doesn’t want to risk his/her money, in that case starting a new restaurant can be a risky bet as it requires enough cash by your side. However, you are fond of cooking, and opening a food service business is what you want to pursue. What do you do? You start a Food Truck Business. The failure rate in a food truck business is relatively lower. This business idea is pretty easy to execute as you don’t need to rent a place or recruit a lot of people. All you need is to buy or rent a food truck depending upon your financial resources and complete some legal formalities. Thereafter, you can decide where you want to operate and accordingly shift to other places (wherever the demand is higher).

2. Print on Demand

This is a pretty straightforward online business idea with low-risk factors. This business could turn out to be hugely profitable without requiring any inventory. All you need is to display your creativity by designing, handbags, books, clothes, etc., and sell them online. What makes print on demand so enticing is that you can sell the products on a pre-order basis, hence, there is no need to buy in bulk or hold stock for that matter. Thus, it only takes a few clicks to fulfill an order.

Conduct extensive research to get every single step ready before you start advertising your product. Start with researching about the potential customers and after you are done researching your target audience, the next step is to perform design research. For getting a solid consumer base, you need to have some solid designs. That’s why design research is vital. Once you are done with your design research, your next job is to create the designs. These designs can be created using Photoshop or any other software of your choice. After coming up with a design the last steps include, creating a page, marketing your product, and creating Facebook Ads.

3. Online courses & Mentoring

So you master a skill, build a community around it and sell your skill. As the saying goes, if you are good at something, never do it for free. You can start with an online tutoring business, where you can provide courses related to areas of your expertise. If not tutoring, then you can conduct online workshops, webinars, etc. Even if you don’t have a huge niche, you’ll still be able to generate a decent income. People these days prefer online methods of learning, due to their flexible and casual approach. Furthermore, it’s easier to manage an online business and even the cost involved is significantly low when compared to an offline business.

4. Fast Grocery delivery

The products that are always in high demand or necessary items can be stocked up in a rented place (it can be a garage, a house, or any storage space where you can safely store the inventory). To start this business you will need to create an application or a website and serve the areas which are within a 15 minutes-20 minutes radius. Initially, it’s advisable to start locally and then plan for expansion. This is the future of delivery, we need to take heed from Amazon which delivers almost everything within 3-4 days. And if your business is capable of reducing the delivery time, it is going to be a game-changer.

5. Pack and Move service

People are regularly transferred from one place to another due to job requirements, family needs, and other personal reasons. The biggest problem or concern that they face while making a transfer decision is moving their stuff from one destination to another.  One of the crucial aspects of any business idea is the solution it provides to the existing problems. And that’s what packers and movers’ services are all about. Before starting this business make sure to estimate the cost that will be incurred before you start generating profits and the minimum delivery time that suits your business model.

6. Organic Food Service

Even though the investment involved in this type of business is high, the potential to succeed is no less. Today people are becoming highly conscious regarding their eating habits. The healthy food market size was USD 707.12 billion in 2016 and it’s projected to grow up to USD 811.82 trillion by 2021. Unavailability of healthy food is a problem if you don’t stay with your family and find it difficult to cook due to your busy schedule. Hence, most of the time you have to rely upon fast food, the regular consumption of which could make you sick. Therefore, there is a big opportunity in this market, as people are willing to spend on their health. If they can spend on fast food every day, they can easily spend a few extra bucks on food that is healthy and thus, won’t make them sick.

7. Handicraft Business

This is one of the most interesting e-commerce business ideas. You can create handmade products from your home and sell them online. All you need is a website/page and creativity of course. You can also sell your products on Amazon, where all you need to do is to create a business account and list your products. The rest will be handled by Amazon. Under such businesses, you need to create products that are unique and aren’t easily available in the market.

8. Online business in India

A market size of USD 73 billion and Indian e-commerce is expected to increase from 4% in 2020 to 8% in 2025. So, if you are someone who is looking for a constant and stable source of income, you can consider the e-commerce business ideas and other above mentioned business ideas. In a nutshell, pay attention to your surroundings and notice opportunities.

Also Read:

1) 50 Small Business Ideas for Computer Experts
2) What Are the Business Ideas I Can Look at If I Am an MBA Graduate?
3) 20 Business Ideas for Stay-At-Home Parents
4) OkCredit: Simple, Paperless & Secure solution for businesses

FAQs

Q. How do I find a business idea?

Ans. As discussed at the beginning of this article, you will need to force or train your brain to look at your surroundings and find problems, needs, or potential improvements. You can try writing at least 5-10 ideas on a notepad every day. Don’t worry about how simple or stupid your business idea sounds, just write it down.

Q. How do I write a business plan?

Ans. Your business plan should give a brief description of what your company does (or will be doing) and the structure of your company. Mention your company’s mission, it’s important as it is the driving force behind your business plan. Another major part that you should write about is the major tasks involved in running a business (i.e. marketing, sales, operations, and finances). After you are done writing about the basic overview, the next pages of your business plan should talk about your company’s message, product, delivery, and the main goal of your business.

Q. What are various sources of funding for starting a new business?

Ans. You can approach the 3F’s; friends, family, and fools. Fools are the investors who believe in your business idea with the least amount of evidence. Other sources of funding involve venture capitalists and banks. Getting funding from these investors is not easy, as they look into every aspect of your business or the feasibility of your business idea. So during the initial stages, it’s easier to get funding from the 3Fs and once you establish yourself or prove the success of your business you can reach out to the pro investors to expand your business.