It may be because you have an entrepreneurial spirit, or perhaps you simply want to be your own boss. Maybe the thought of using your own hands to create something that makes money is what drives you. Whatever the reason, starting your own business can be an intensely liberating experience, where you will have complete control over what happens to your own product. However, starting a business can also be very costly. That’s why it’s important to keep track of the businesses that are doing well, and learn from their success!
Online Baby Products
Many may not know that Jessica Alba is in fact the CEO of her own company. In 2012, the actress began her own line of non-toxic baby products. The company, The Honest Co., is now worth $1 billion. It seems like many others are jumping on the baby bandwagon as well, and with good reason – the products sell! Her online store even offers a monthly delivery service with packages containing diapers, and other products that busy mothers often do not have time to pick up from a store. Given that the baby product industry has had low levels of innovation historically, it is the perfect platform on which entrepreneurial business administration students could build their first start-up.
Did you know that NASA gave 22% of its federal contracts to small businesses in 2013? By definition, an independent contractor is someone who provides their goods and services under a contract. The term is normally applied to professionals who boast skills in fields like plumbing, architecture and home construction. However, graduates of dental school – as well as other medical professionals – can also become independent contractors. If you are a professional with personal support worker training, you too may decide to provide personal care under contract one day, serving individuals or working in a healthcare facility.
Health and Wellness
It was only a few years ago that yoga studios seemed to be popping up everywhere. Now companies like Lululemon Athletica have hit it big, ensuring that the yoga industry is here to stay. Today’s studios offer prenatal yoga classes, hot yoga classes and a large variety of other health and wellness options. With the “natural” health craze that has recently begun, there is no better time to start a business that offers specialized wellness products and services. This is a commercial trend that is sure to continue gaining traction over the next several years.
With all of the development going on in Canada’s major cities, there is a growing need for professionals who understand the logistics of disposing discarded materials from old homes and buildings. That’s why junk removal businesses have been cropping up left and right, and they are certainly making money. The best thing about this venture is that it has very minimal start-up costs. Really, all that is necessary is a large truck and a few strong hands – and of course excellent accounting, organizational and communications skills with which to attract clients and maintain efficient operations (something all business graduates possess). What is also great about junk removal businesses is that they almost all have a recycling mandate, which means they are environmentally friendly too – another powerful trend that is sure to dominate many industries in the years to come.
If you were to start your own business, what product or service would you focus on?