What Every Entrepreneur Should Follow to Be Successful
You’ve got a brilliant idea and want to share it with the world, or maybe you’ve decided that can’t really handle to daily 9-to-5 anymore and want to become your own boss. Either way, kudos to you. Working for yourself, when done right, is one of the best things you can do for your mental health. Aside from the monetary gain, being able to call the shots can make working a lot less painful. However, choosing a niche or business model that will actually be successful isn’t as easy as the online gurus make it seem. The entrepreneur landscape is saturated with people all doing
the same thing, often making it tough to get seen. That said, it’s important to know which niches are net a profit and which are better left alone. In this guide, we’ll go over some of the best niches to consider.
Starting Out with Financing Your Business
Even the most innovative idea won’t work without proper funding. That said, you need to have your finances in order. There are several ways to get your startup off the ground. First off is bootstrapping your business. This tactic involves paying for everything out of pocket. If you’ve been savings for some time, then you might be able to cover initial start-up costs. Alternatively, you could also consider a personal loan to get your finances in line. Taking advantage of personal loans are an excellent way to free up extra money on your own by consolidating debt into one lower payment. With these methods you can fund your business without dipping into your savings.
Pass on Dropshipping
Not so long ago, it was possible to make money dropshipping. Not only did you cut the middle man, but you also never needed to hold any of the products. While some did do pretty well, that time seems to have come and gone. Unless you’ve already built up a solid reputation or have a product that you know is in high demand, you could be better off investing your time elsewhere. Now, this isn’t to say you can’t make money dropshipping. However, with so many people trying to push the same merchandise online, it might be hard to get noticed. In addition, longshipping times and low-quality products may damage your reputation before you even turn a profit.
Oversaturated YouTube Videos
Remember when making YouTube videos was just for fun? People unloaded their content and people just like it to like it. Then, if they garnered enough attention, they could eventually start monetizing their content. Unfortunately, this niche is also oversaturated now. While many creators did earn a lot of money, there are plenty more who are still trying to make a name for themselves on the platform. Unless you have drilled down your niche and know that it’s in demand, it’s best to focus your attention on different platforms, like TikTok. TikTok is now the new YouTube. In fact, one viral video can make someone a celebrity overnight. If you’re
good at creating content and have your niche carved out, you might want to give it a go.
Utilize the Direct-to-Consumer Model
If you created a product that you know is a winner, you could sell it directly to the public. All you need is a website like Shopify, a manufacturer you trust and a fundamental understanding of marketing. Then, you can learn the most effective ways to pique your target audience’s interest and get them to buy from you. This type of business model works well with most types of products, especially since it cuts out the middle man and saves you money.
App Development is Still Key
If you’re a tech head and have an idea for a killer app, now’s the time to launch. Some of top apps people are using now include ones for mental health, weight loss, improving relationships, travel and meditation. Once you have your app developed, you can use mobile marketing to advertise the app.
T-Shirts are Risky
In terms of success, this next one is a hit or miss. Similar to drophipping, a lot of people jumped on the POD (print on demand) bandwagon and made pretty good money. In fact, there’s been plenty of entrepreneurs who had a niche, made one single shirt and made thousands. However, now that so many people are trying again push their own t-shirts online, getting someone to actually buy one isn’t always easy. POD platforms might not be the best place to promote your t-shirts, and the quality might be top notch either. If you really want to get into the t-shirt business, take the time to validate your idea prior to investing a lot of money.