If you are a young entrepreneur who wants to set out in the world of business, you will be filled with enthusiasm and bursting with ideas for what could be the next product to go viral or the next service that people want across the globe. However, it is worth noting that the world of small business is ultra-competitive in 2022. A sobering fact is that 22% of small businesses in America will fail within their first year, and only 25% of all small businesses will last for 15 years or more. In a lot of cases, this is a result of providing a product or service that the public does not want over the long term or even at all. If you are struggling with ideas on what makes a worthwhile business idea that has longevity, then here are three top examples to consider.
Run your own online betting firm
The world of online betting and gambling is truly immense. In 2021, the global market was worth an estimated USD 57.54 billionand was expected to expand at a compound annual growth rate of 11.7% until 2030. With a large and expanding global marketplace that can be accessed by consumers on a variety of tech devices, such as smartphones, laptops, and tablets, it makes an attractive proposition for investors and entrepreneurs. Setting up an online betting firm can be a complex process for those who are not tech experts and knowledgeable in the field of online gambling. If this is the case for you, it makes sense to speak to white label sportsbook providers. Such organizations can provide the necessary expertise and platforms to help to get your online betting firm up and running and can provide expertise and solutions, including payment processing, sports and betting software, and customer support. Having this assistance can ensure that your business runs smoothly and attracts a growing customer base.
Start a print-on-demand business
One of the hardest parts of starting a small business as a young entrepreneur is raising significant amounts of money to get the firm up and running. Generally, this is with a bank loan, and as a sole owner, the financial risks are with you. Losses in the early years of trading can be financially crippling, so one good option is to start a business that has minimal initial costs. A print-on-demand business is an ideal solution for starting to make money with minimal levels of financial capital. In essence, you design art that can be printed onto t-shirts or mugs, for example, and contact a supplier who will print and deliver your finished designs to the customer once orders are placed. All profits over the supplier printing and delivery costs are your own. It is therefore a low-risk business that can also be used to generate income for future business ventures.
Run a photography business
If you have an innate talent for photography, turning these skills into a viable business is now a fantastic way to make an income whilst pursuing an activity you love. If you are already passionate about photography, it is likely that you will already have a lot of the equipment that you will need. Invest in a decent-quality photo printer, build your own photography website, and start to publicize your portfolio and services online via social media. Over time and with exceptional work, word of mouth will spread, and you will be able to build a career that is both fulfilling and profitable.