Do you have a dream of starting an exceptional business which provides services that are not offered by many businesses?
This could be an exciting as well as thrilling journey since you are offering something unique to your audience. This is likely to be a rollercoaster ride since you do not have a business structure to refer to or contemporaries to learn from.
However, there are certain businesses which have the potential scope of growth in the near future. Four businesses concepts which are considered to be lucrative in 2020 are discussed below:
3D Printing Business
The most exceptional quality about 3D printing business is that such a business is not easy to find. An individual with significant passion can turn this printing business idea into reality with the help of right tools, parts, products and works of art.
However, there are certain essential aspects which you may need to keep in mind when you plan to start a 3D print business and they are-
- Software - The constantly evolving technology has resulted in newer and better software that we can use to gain a competitive advantage. Initially, you might rely on online software or applications but that is only for the first few projects. But once your business starts acquiring more clients, you will invest in proper licensed software that provides you with good 3D printing features and modelling elements. However, there is a possibility that you may need additional finance to purchase the software. You can search for reliable credit facilitators and skimp through the FAQ’s on their website to know more about their services. If you have specific features which you want in your software then make sure that you invest in that particular model only.
- Materials - There are plenty of sources which provide varying quality of materials that you may need for your business. You cannot constantly change the supplier as it will affect your end result. Instead, stick to one particular supplier who offers you good quality material at a reasonable price. Prepare a basic list of materials you need for the project and send it to the supplier so that you have clear records and idea about the quantity of material you have. Quality material is the fundamental element of a good 3D creation. Therefore, think about the durability of materials and get into details of its building process. Remember, that you cannot really trade quality over quantity. To keep the selection process of materials easier, you must search for durable, compatible and versatile materials as they blend well with your printer. If you have been closely associated with the industry, you will be familiar with the term thermoplastic filament with polylactic acid.
- 3D Printer -The latest 3D printer offers you multiple features which makes your printing task quicker and more efficient. You can train workers and assign them projects accordingly. It is better to purchase your own printer as you can work as per your convenience.
However, if you do not have sufficient funds to invest in machinery you can outsource this task. You can ask a reliable 3D printing vendor to carry out the printing task on your behalf.
Marriage Counselling Business
Unlike other businesses, you do not have to care about raw materials and production. Instead, in this business people’s emotions are involved which makes it trickier for owners to manage their clients.
Here’s how you can manage this business successfully despite the peculiar nature of this business:
- Industry Insights-More often, you will notice that psychologists and social workers enter this business, as they can understand the complex human behaviour better. They have the expertise to direct people towards a better and new perspective which people are less likely to think otherwise. A good marriage counsellor must possess qualities like patience, passion, staying positive irrespective of the situation, planning skills and good organisational skills. Apart from these, the counsellor must have the ability to understand the economic, psychographic and demographic background of the clients so that they can give them advice as per their circumstances.
- Legal Identity-Your business needs to have a separate legal identity and must carry the brand value. You must have all necessary documents with you before you start your business. In order to protect your brand identity, make sure that you get your trademark certificate and intellectual property right.
- Insurance-You probably do not have financial statements to prove your expenses and sales in your business. However, there are certain expenses and you definitely need to protect your business against man-made and natural calamities. This is one prominent reason why you must apply for insurance to protect your business property against unexpected calamities.
- Marketing strategies-In such businesses, word-of-mouth is more influential as compared to other marketing strategies. However, social media today has evolved as an effective marketing tool and makes it easier for you to reach your audience.
Therefore, you can blend both of these marketing tools and reach your audience.
Car sharing Business
Car sharing, like any other business that follows the sharing economy business model, is definitely innovative and game-changing. The owners get to offer exclusive services to their clients and create a niche market.
Discussed below are some elements which can make your car sharing business stand out from the rest-
- Know your audience-Although you are into unique services, you have a handful of competitors who offer the same services as yours. This makes it necessary for you to understand your audience and their needs which help you to offer them customised services what they actually need. Simultaneously, you will have to understand the behaviour and functioning of the drivers as they are the ones who will directly communicate with your customers. You have to make sure that your drivers are well trained to drive and talk to your customers.
- Create your own niche-Your target audience may consist of only young adults who can be students or working professionals. This population comprises of people of multiple age groups and it might be difficult to cater your services to all of them at once right at the start. Instead, you can start your business by offering discounts to young adults and gradually grow your business. If you note that you have the potential to cater to a bigger audience, you can start approaching more people. If not this, you can also customise your services as per the age group of your audience. For instance, you can have special coupons for senior citizens who use your car service often.
- Determine the costs involved-Your business will perhaps make certain basic expenses and you will have to invest regular funds in fuel, cleaning, vehicle maintenance, parking, etc. In order to maintain healthy cash flow you have to plan a specific cost structure. This way, you are less likely to run out of cash.
Take into consideration what suits you and your audience both as poor services such as poor car maintenance and inefficient drivers can have an adverse effect on your business profits.
Running an elder care service can be overwhelming and exhausting as it takes a lot of mental strength to deal with your clients. The process can be slow as well as tricky. However, you can make the process simpler and convenient by taking care of the following elements-
- Legal structure-You cannot randomly think of starting an elder care entity out of your concern and emotional connection with them. You have to register your firm legally under a specific name. You have to choose a specific business structure and clearly define the people involved in the business. It can be a sole proprietorship, partnership firm or a private limited firm. Irrespective of what you choose, you have to be precise of the structure, business license, tax entitled to you based on the structure.
- List the services you will offer-You possibly cannot offer all services unless you have sufficient financial strength and manpower to shoulder them. This means that you will offer only a few services to them. It is important to precisely define the services that you will offer and also the fees you will be charging people. You can mention all these details on your website as well as in your advertisements and marketing tools you intend to use to promote your services. Remember to include a call to action so that it is easier for your potential audience to reach you.
- Organised and quality services-Neither your senior clients nor their children will be keen to be associated with you if you offer poor and delayed services. Hence, it is important to offer superior quality services to your clients so that they are content with your services. Moreover, your clients are likely to share their experience with others as well. A good review is more likely to work in your favour and hence you must make sure that you provide them with much-needed assistance.
Simultaneously, you tend to save financial resources when you offer specific services to your clients as you don’t waste resources. This means that you will earn more and better profits.
You can also ask your first few clients to provide your reference to your potential clients. Inform them that they can also get an advantage from the recommendation provided. You can offer them a discount or a shopping voucher.