Having a fool proof idea is the first step towards starting out on your own. Unfortunately, that is rarely enough to become a successful entrepreneur. The idea needs to be cushioned with a keen analysis and clear understanding of its economic viability and financial resilience. Despite unpredictable market highs and lows, we can draw out a better picture of a business idea’s life expectancy by studying ruling trends. So, going by hot market trends on the table, we pick a few business ideas that are bound to make a fabulous kickoff this year.
Digital marketing and advertising are two of the hottest online businesses that have flourished since the Internet of Things has taken over. It comprises of services like search engine marketing, social media marketing, content marketing and video marketing. Today, online marketing is more integrated and all such services are interlinked to derive mutual advantages. Thus, instead of going by just one marketing strategy, say search engine marketing, one can provide hybrid internet marketing services that together give best results to customers.
Globalisation and global warming have forever walked hand in hand. And, over time, the increasing demand for green technology has materialised into a relentless need, which is why going green is one of the most profitable businesses in 2016. Cleantech Group, an industry analyst, told the Entrepreneur that green energy companies, such as those producing solar power, biofuels and batteries account for more that 30 per cent of all investments made by venture capitalist firms in the last two years. As the ‘go green’ anthem gets louder each year, opportunities for such green businesses to flourish are on the rise.
Software-as-a-service (SaaS), also referred to as hosted storage or hosted applications, is a method for delivering software on the internet. Costs are greatly reduced for establishments that rely on SaaS applications. Basic digital infrastructure and a fast internet connection are the only prerequisites to get started. A new business does not need to invest in expensive hardware and IT resources, too, can be kept low. SaaS applications, with a solid reputation for being scalable, are bound to soar in the market this year, thanks to providers offering tailored packages based on company size and capacity.
Business establishments and households are gradually transforming into energy- independent offices and homes. One of the best business ideas for 2016 would, thus, be providing renewable energy solutions to commercial and residential buildings. Manufacture, distribution or sale of renewable energy solutions like solar power products and wind turbines are also hot this year.
The past few years have seen a boom in entrepreneurship, which has given us a better access to the global services market. Complex business tasks like accounting, data analysis, taxation, legal work and website development can now be outsourced to third parties at more affordable prices. With the rising number of entrepreneurs in the market, startup financing can turn out to be a great business idea. By providing financial support to new businesses through credit and equity investments, one can not only relish sure-shot profits in return but also be proud of lending a helping hand to fellow entrepreneurs.
Looking to be an entrepreneur? You could try any one of these profitable businesses this year!