Personal coaching, IT consulting, retirement services, social media consulting, etc., seem to be some of the hottest and most profitable ventures to begin in 2018. If you want to know more about the entire list of best businesses to start in 2018, read on.
Tip
Before you start your desired venture or business, it is always beneficial to initially work for someone else in the same field for a few months. This will give you hands-on experience and in-depth knowledge about the ‘ins’ and ‘outs’ of that particular business.
Going independent or starting your own venture or company has many upsides, a few among them is not having to worry about work timings or taking orders from superiors. Starting a business involves selling a product or service, and initially, this needs a certain amount of investment or capital. Consistent efforts and hard work on your part as an owner will eventually see your business through its gestation period and become profitable consistently.
But this isn’t as easy as it looks on paper. Your business idea or venture may not see the day of light if it is isn’t thought out and executed properly. There are a few things to consider before you begin planning to set up a business; like making a comprehensive business plan, arranging for appropriate finances, hiring related resources, and setting up the other required necessities. Here is a list of the best businesses to start in 2018.
Personal Coach
A personal coach helps others meet their life goals by guiding them to take the right decisions in their personal and professional life. Getting a certification in personal coaching from a reputed institute will lend credibility to your business.
Viability and Growth
Economic recession and downturn render many people unemployed, and without confidence to achieve their personal and professional goals. Also, the lack of income that such conditions impose prompt many people to seek advice of a personal coach to take timely corrective actions.
This is a labor-intensive industry, and you will have to invest heavily in overheads like experienced and skilled labor, and marketing. However, note that the demand for this business may not increase as the economy recovers and consumers gain their lost confidence.
IT Consultant
An IT consultant’s work involves studying the technological needs of the company and suggesting appropriate solutions for the same. It also includes incorporating the latest technology for the success of the business.
Viability and Growth
This is touted to be one of the fastest growing businesses in 2018. In spite of facing a recent downturn, this business seems to have performed well for the last decade. It is estimated that the recovery of the economy will further lead to companies extending their IT budgets, thus providing greater scope for IT consultants.
Also, digitization, need for new IT breakthroughs, technological innovations, mergers and acquisitions, cloud computing, information security, etc., have created the right environment for aspiring entrepreneurs to enter this field.
Job Consultant
Becoming a job consultant involves understanding the requirements of an organization and then finding the right kind of candidates for the organization. Some job consultancies charge registration fees to the candidates while some consultancies charge the organization for which they are hiring.
Viability and Growth
The job consultancy usually gets paid after a candidate is selected and the candidate completes a certain tenure (usually 90 days) in the organization. The charges are usually 8.33 percent of the annual salary offered to the employee by the organization and the candidate or the organization may be charged for the same. Getting a permanent contract of hiring for a well established organization (having a large number of employees) can ensure good profits.
Personal Concierge
This is a very interesting business, where you provide your services and expertise to enable your client to complete his tasks. These tasks may involve a range of activities from shopping to scheduling their appointments, welcoming guests, etc. It can turn out to be a very lucrative venture provided you get the right clients.
Viability and Growth
Once upon a time, this business catered only to celebrities, the super-rich and influential people. However, as the disposable income of many corporate employees increased, they began to hire such services for carrying out tasks in their absence. As most super-rich or influential people spend their entire time at work, they feel the need hire such services.
Hence, there is a good demand for this type of service. However, please remember that this business can be extremely sensitive to recession where people generally guard their expenses and are not willing to spend on such luxuries.
Professional Organizer
A professional organizer will not only help individuals and organizations to de-clutter but also teach them innovative methods of organizing their possessions effectively. He/She trains as well as designs special processes and tools to save time and effort of busy individuals.
Viability and Growth
As people are increasingly getting busier with their daily schedule, they hardly find time to undertake household and commercial organizing, and that’s why the popularity of professional organizers has increased over a period of time.
Also, these busy individuals have realized the benefit of utilizing proper organizing processes for searching material at a later point in time. As a professional organizer, you will require a search engine optimized website and other advertising initiatives to aggressively reach out to your intended market. This business is extremely viable and promises to grow substantially in the year 2018.
Event Management
Event management is an interesting business and comes with a world of opportunities to grow professionally and financially. Event management involves managing events such as weddings, parties, meetings and conferences. However, for such a venture, you would need a team of people who can assist you with different tasks associated with the event.
Viability and Growth
The world has become a busy place now and people seek professional help while organizing any important event. Also, the standard of living has gone up and people do not mind to spend a few extra bucks, especially if it is going to save them a lot of effort.
It is difficult to get business in the beginning and hence it is advised to keep your team small. As you become popular and the business grows, you can increase the team strength.
Specialty Food Supplier
This is another lucrative business where you can offer organic and natural foods to consumers through stores. You can also sell them online. If you tap on the latest trend of allergen-free and gluten-free food, it can prove highly beneficial for your venture.
Viability and Growth
Two factors have primarily contributed to the increase in this service or venture: One, the rise in the consumer’s discretionary income, and second, increased awareness about health and the benefits of organic or natural foods.
Initially, you can try to tap the local markets for business. However, remember that you may face tough competition from established supermarket chains and grocery stores who will be vying with you for customer attention. You will have to come up with some smart and innovative business strategies to withstand such tough competition.
Application Engineer
The work of an application engineer involves designing, creating, and testing new applications for mobiles, tablets, and computers. A major prerequisite for starting this venture is to acquire or possess the necessary skills or knowledge about mobile app technology.
Viability and Growth
As the need for various mobile, computer, and tablet apps will only multiply and modify over a period of time, this is one business which is here to stay. People often outgrow applications, and want to try out something new every now and then. This has lead to many companies hiring application engineers or firms.
This is exactly why the demand for this business has increased. Please remember that this is a very dynamic field and constant innovation is a must for competitive survival.
Social Media Consultant
A social media consultant is often hired by companies to maximize their presence on social media platforms and thereby increase consumer base and market. As a social media consultant, you are expected to know the current trends in social media and implement them for the vantage of the company.
Viability and Growth
Many businesses have become aware of social media as an important communication tool for both inbound and outbound marketing. They no longer prefer to take social media actions based on the guidelines of the amateur marketing department personnel. They hire the services of a professional social media consultant who understands their requirement, target market, product, vision, marketing, etc., and frames professional strategies for them.
There has been a tremendous increase in such type of services as social media has become indispensable, and social media consultants are the only professionals to have the right kind of expertise for the job.
Retirement Services
This business involves offering various services to senior citizens or the elderly. The type of services may range from handling their investments to travel to relocation, etc. As a service provider, you will be guiding the elderly in any one of the above-mentioned areas.
Viability and Growth
The rise in the population of Baby Boomers has resulted in tremendous growth for this business. Also, as the Baby Boomers indulge in post-retirement traveling, relocation, investments etc., this industry has been fast to catch up with the increased demand.
To start a business as a service provider, it is advisable that you take up any one service among the various requirements, and develop expertise and flourish your business before diversifying further. However, this business may be subjected to stringent rules and regulations, so do not forget to understand them thoroughly before you initiate this venture.
Green Living Adviser
A green living adviser is expected to teach businesses and individuals about the various ways of implementing ‘sustainable living’ at work and home. Formal education in this field will lend credibility to your business and will help you get clients.
Viability and Growth
As the awareness for sustainable living will keep on increasing, this business will always enjoy good prospects.
As the work of a green living adviser includes guiding people to take the right “green” actions to reduce their carbon footprint, energy consumption, etc., it is a business that will always be in demand.
However, remember that you will have to keep abreast with the latest environmental rules and regulations. You will also have to update your knowledge to implement innovative green strategies for individuals as well as businesses.
Elder Services Provider
This type of business provides services like companionship, adult babysitting, running errands, housekeeping, providing home care, etc., to the elderly. Initially, you can start this venture by providing services to the elders in your locality as they will know you personally and will trust you.
Viability and Growth
Again due to the increasing baby boomer population, this industry is expected to post strong growth figures. Many people are on the lookout for reliable individuals who will provide care to their elderly parents. They are ready to spend a good amount for providing quality care. However, to provide home care or healthcare to the elderly, you will require certain licenses and permits.
Do check with your local, state, and federal authorities regarding the same. Though this business idea faces stiff competition from assisted living and nursing, this type of elder services will continue to generate employment and business opportunity owing to increased disposable income, government policies, insurance coverage for long-term care, etc., of the elderly.
These are just some of the best businesses to start in 2018. There are many other business options that can generate good revenue. For starting any kind of business, make sure you consider the licensing requirements in your city or state.
