Entrepreneurs would give anything for a good business idea. The path they embark on isn’t easy, as the mere task of finding a unique business idea is in itself a great challenge.
Currently, tens of thousands of people are considering starting their own businesses based on a good idea they’ve had. However, only a low percentage will actually go on to make their dream a reality.
One of the main mistakes that aspiring entrepreneurs make is not having enough clear information about the idea and planning stages.
Looking for an innovative and profitable business? Read on, we’ll show you a few good ideas to help inspire you to get your dream business up and running .
How to analyze a business idea
Business ideas tend to come to you when you least expect it… when you’re doodling on piece of paper, or thinking about something random.
However the rest isn’t so easy! The process will now get much harder but you have to start with something. That core business idea will gradually branch out as you consider all it’s finer details until you make a final assessment on if your idea is truly viable.
This assessment will be based on a series of factors that will help you think clearly about the reality of our business idea.
Among many important factors, we have selected the following as the most vital when assessing your business’ development and future.
There’s no business idea without investment … however small it may be. It is likely that you will look for a business that allows low investment development, as many entrepreneurs do.
This makes sense because the lower the investment, the less risk involved. It is important to be very clear about all the costs associated with starting your business, but it is also key to have a real portfolio of financing sources that help in the initial business process.
Without being clear about the investment, it is very difficult to be certain of the final viability of the entrepreneurial project.
When speaking of a business opportunity, we refer to the context that the business is developing in. In other words, the capacity for business growth at that time, its diversification or demand from potential clients.
The greater the business opportunity, the greater probability of being able to grow and operate using better business tools and strategies. They are usually businesses with experience and clear established business models.
An idea with a low business opportunity is not a good option for those starting out in the world of entrepreneurship.
We all want to earn money! Creating and developing a business idea has generating a profit as it’s end goal, be it big or small.
Recovering the investment is one of the first challenges when talking about profit and generating regular profit is any entrepreneur’s dream.
Will your business idea generate profit? When? Will the profit cover costs? It is essential to carry out an analytical study of the potential profit in the short, medium and long term. Losing money is not an option, and has no place in a profitable business.
Like many things in life, the simpler the better. In the case of a business, we don’t need any complications or any extremely difficult situations.
We want a simple business idea with a simple business model and a practical work methodology that’s easy to understand and carry out.
Keeping all this in mind, we are going to list a series of highly feasible, innovative business ideas.
The 10 most innovative businesses in Philippines
The business and entrepreneurial world has developed progressively in Philippines and is now thriving.
We present a list of innovative and profitable business ideas. Read on and perhaps you’ll find your next big idea.
Who’s not taken an online course? According to the World Economic Forum in 2017 the global market for online education reached 255 billion … and shows no signs of slowing down.
New technologies have had a lot to do with it. It is now very easy to create your own online courses or access online education.
Both companies and individuals are part of this high-demand business model that’s in with a little initial investment.
Good ideas simply respond to customers’ needs and smart mattresses are a good example.
Artificial intelligence meets mattresses. Thanks to a smart cover, we can regulate the temperature of the mattress in any part which means the desperate fight for the blanket or quilt is over.
Vehicle charging stations
Electric cars are the future … and are already taking off nowa and as electrical machinery, they need charging stations in order to function.
The creation of charging stations is going to be one of the most interesting and innovative business models in the coming years.
One of the biggest trends in business and consumption is sustainability.
Caring for the environment and recycling are important parts of sustainability. With edible packaging we will be supporting both initiatives.
The packaging includes bioplastic cutlery developed made with rice, grains, etc … they do not necessarily have to be eaten but they are an alternative to the common recycling of plastics.
Home services are already reality established in today’s modern society.
Home stylists are a great idea that respond to people’s new habits. It’s been a highly successful service and is requested by lots of different types of customer.
Given the stress of everyday life, all products related to relaxation and well-being are in high demand.
Relaxing drinks are a growing business idea with a very important customer niche.
Manufacture and sale of natural cosmetics
The most popular beauty and skincare products are no longer dependent on synthetic ingredients.
Consumers now want to know where products come from and what they are made of. These cosmetic products meet the new demand for more natural products as they are made without additives harmful to the body and nature.
The size of the market is expected to reach a value of 48.04 billion dollars by 2025.
Low Cost Couriers
With the proliferation of online purchases, the amount of packages sent and received everyday has grown enormously. If we join the platforms selling second-hand objects … the market increases considerably.
The idea of creating a business based on a type of “low cost” courier, offering better prices and rates is an idea to consider very seriously.
Machinery rental between companies
Many companies depend on the use of heavy equipment or tools and would greatly benefit from a machinery rental services.
This would be a “collaborative” business model that helps pair companies that need certain machinery with those who have it, facilitating a rental agreement.
A good option that would minimize company cost for many as they would not have to buy machinery to carry out their work.
Mechanical workshops for robots
As our environment goes digital, the use of increasingly smart devices will mean we require specialized workshops for so-called “artificial intelligence” or robots.
A highly specialized business idea that has a great future in the technology sector.
The innovation, originality and viability of business projects are key points to keep in mind before starting the journey of entrepreneurship.