Putting in all your savings and time on business is risky. There is never a guarantee that your investment will pay off in the long-term. However, a few businesses will give you a good return despite the economic conditions. They will have their ups and down, but you can always look forward to the profit. Some small business ideas that can guarantee you profits include:
1. Food & Restaurant Business
The food business never runs dry. Even in the worst economic times, people will still eat. When venturing into the food business, study the market around you and assess the best entry point. Understand that this is one of the most competitive businesses anywhere in the world; your creativity will keep the customers coming. A successful food business will depend on your ability to meet changing client need and your dedication to the unique selling point that sets your business apart.
Take your business a notch higher by offering delivery services late in the night. Delivering will help you increase your client base by targeting customers who order take-out from the comfort of their homes. You will also be in a position to capitalize on late night deliveries.
Success Tips: Find your niche in the market and observe client sensitivities. Some of the things you need to take your business to great heights are:
- Learn the basics – go back to school or work under a seasoned restaurateur to diversify your skills
- It is a business- no matter how much you love cooking, always remember that you are running a business. Your bottom line will always be the profit you make
- Edge out competition – you will always have competitors. Keep your head high and on the lookout for gaps your business can fill. Find ways you can go ahead of your competitors
- Customer is king – your customer is always on the lookout. There is zero room for errors; you are in the spotlight from the beginning.
2. Professional Service Provision
According to Entrepreneur, service provision businesses made the most profit in a survey based on the financial statements of over 1,000 businesses. At the top of the list was financial services followed by service businesses in health and real estate.
Service-based businesses allow you to take advantage of your skills and knowledge. The advantage of these businesses is that you require little capital; all you need are licenses from the relevant regulatory bodies and authorities. You can also offer the services on a part-time basis and create an additional source of income.
Success Tips: in a service business, you are constantly handling clients directly. Developing interpersonal skills is important. Other success tips include:
- Make small promises and deliver big. You surprise and impress your clients, who will in return reward you with referrals and repeat business
- Work with contracts to avoid losing money
- Your customer is not always right. Listen carefully and find the best way to deliver the service even when it means disagreeing with the customer
- Ask questions and then ask more questions. Keep the conversation with the client open to get as much information as possible. It will help you deliver satisfactorily.
3. Coffee Business
You can open a coffee shop like Starbucks or begin with a small van that you can position at various stations, for example, the railway station or a busy car pack. All you need to run a profitable coffee shop is a prime location with a lot of traffic. The initials costs will depend on your location. Running the business is quite manageable, and you can expand your menu to include pastry and other snacks for the additional profit.
Success Tips: A lot of people enjoy a good cup of coffee, and will stick to one shop if it consistently delivers quality
- Offer fine coffee. Everybody else is offering coffee, give your business an edge by ensuring you serve the best coffee
- Give the barrister an easy time. Coffee shops survive on selling volumes; ensure that the barrister can access all the equipment and ingredients from a single spot to ensure quick service.
- Location! Location! Location! Your location is everything, if there are no thirsty and hungry people walking past your business, you will not make money.
- Use loyalty cards to keep clients coming back. Make cards that look good and can last long. Everybody loves a free cup of coffee occasionally.
4. Delivery Business
More and more people are doing a majority of their shopping online. The growth in the e-commerce market will guarantee you clients all year round. You can either venture on your own or position yourself with a major courier company and deliver goods on their behalf. You will need a van and excellent customer service skills. As the business grows, you can get an additional van and hire drivers to ensure your van is making money round the clock.
Success Tips: Your business success will depend a lot on the contacts you make and business satisfaction. You must strive to create a good name if you intend on getting repeat business.
- Focus on a humble beginning. A small start will help you build a strong foundation for your business. You also get time to learn as you grow big and minimize on the risks.
- Set your prices right. Get a good pricing structure to ensure your cover your expenses, pay yourself and remain competitive. Study the structure of your competitors keenly.
- Let your services stand out. It will help you grow your clientele and remain in the market for a long time.
- Watch your cash. Maintain proper records of all your expenses and monies you receive. Ensure that you can account for every shilling in the business and save a certain amount on a regular basis.
5. Gardening Business
As soon as the snow melts, everybody who owns a garden is busy looking for a gardener to clear the leaves and prepare the flowers for the spring. With a little knowledge about plants and gardening skills, you can start a gardening business and grow your skills as you make money. As more and more people are living in apartments, they seek to start kitchen gardens on their balconies- you can expand your service to include consultancy and sale of potted plants.
Success Tips: Tending to plants is a rewarding experience. The more love you give your plants, the more rewarding the experience.
- Keep contacts. Gardening is a seasonal job, and you need to ensure your clients call you the next season.
- Save for the cold season; business will be low as soon as the winter begins, and you need the money.
- Learn the tricks. Gardening is a creative venture. Invest in diversifying your skills and knowledge to impress your clients. You will have them coming back for more.
Starting a business is a risk. Be careful against making costly mistakes by planning well, consulting a financial advisor and getting a mentor to guide you. Additionally, understand that every business grows at its pace and will take time before it can start making handsome profits. Your patience will reward you in the end.
Do you see yourself starting-up a business in these industries? Let us know your thoughts in the comments section below.