What are the ten top businesses that are popular with entrepreneurs?
Take a look at how to generate your own business ideas by reading this.
We have compiled our list based on feedback from leading journals and experts on the topic about which business promise the best prospects for those starting out.
Franchise businesses – have been the most popular for a number of years probably because they guarantee success as they follow a fixed formula that has been tested over a long period of time and has been fine tuned to ensure effective results. So seriously consider starting a franchise business if the opportunity presents itself.
- Technology related businesses are booming all across many different industries as they promise very high returns in the form of going for IPO – venture capital companies are interest in investing in the next best thing in tech as this ensures huge returns in terms of going public. Even if twenty tech companies fail – the one that succeeds with make up for all the losses. Many Billionaire angel investors are also looking for tech related businesses to invest in. So don’t hold back take your own piece of the pie.
- Social media related businesses have also been booming recently as unique business models present themselves in social media. Investors are ready to experiment with new ways of doing business in cyber space. So take the plunge with your own idea in social media – and in certain cases testing social media does not take a lot of capital.
- Restaurant and cafe related businesses have also seen a boom as more people look to new ways to entertain themselves by eating out more. The key is to differentiate your offering there are now so many varieties of fusion, ethnic and cultural food – start something unique that could go viral in gastronomic terms.
- App related businesses are really trending as in app sales have shown rapid acceptance among a large demography and is accepted now as a mainstay in the niche businesses in the tech world.
- Gaming related business that have a social media flavour has found new acceptance and a marketing opportunity to reach a large demography that is in a ready the trust and buy mode – in game sales are just the icing on the top. A good idea for a gaming related venture is worth millions.
- Service based businesses have sprouted all over as more people go freelance as the number of people get laid off they spend more time freelancing and developing there own small businesses – this low cost business model is the most effective method for the unemployed to make a steady income without making a huge outlay of capital.
- Internet based businesses – Yes the Internet is still hot even though the tech bubble burst some time ago – businesses such as blogging, affiliate, broker, arbitrage, local marketing business etc have boomed over the recent years. Just take a look at the different types of business models that have sprung up around the internet.
- Hobby, Sports and special interests related business keep spawning in the most unexpected ways. Concentrating on monetising your business is essential ensure that it survive in this type of business segment.
- Childcare and education related business has shown a market increase as more people struggle to find the right type of education for their kids – education costs keep increasing at a staggering rate providing opportunities for the canny entrepreneur to provide cost effective methods of education such as webinars, audio books, e-books etc to create a new niche in a market with high entry barriers. Franchising has also seen a new boom in the education sector.
If you want to see if your business will be viable compare it against this criteria.