5 Unique Start-up Ideas For Small Businesses To Watch Out For
The start-up ecosystem has many new ideas pop-up each day, some are in pipeline and some are in the development phase. But, it is still the idea that lits up the fire of start-up. So, if you are looking for a new start-up and with so many e-commerce start-ups around, you are confused! then here is a solution, 5 unique start-up ideas that are not yet tapped in. Though some of them had been tapped partially, but, each one of these has great potential and can become market rulers.
Before we start seeing them a little data to give you some perspective, According to SmallBizTrends, 42% start-ups fail due to non-availability of market. As the data suggests, it is important to know your target customers and market before the start-up launch and preparing its business model. We are exploring 5 markets here, that can make your next start-up survive through the start-up lifecycle.
1. Packers & Movers:
Packers & Movers and other logistic markets are highly profitable businesses. But, there are issues of unorganized structure, regulation issues, and manpower issues. All this can change by inducing digitized logistics with the help of IoT(Internet of Things) and AI-based technologies.
Though this looks like a niche market, but, in recent years many offline giants have emerged in the market of moving and relocation. In the global perspective, movers/relocation business has its digitized presence with Handyman apps all around the world.
Still, there are demographic markets like India, where you will find offline giants like Aggarwal Packers and Movers Ltd. Though digitized movers have no or little presence in such countries. On the other hand, there is a surge in the movers market in the US, according to the data by TechNavio.
The moving service market in the US is expected to reach USD 16.11 billion by 2021, which will grow by a compound annual growth of 4% by 2021. These data provide substantial proof of a huge market to tap in. Stat-ups based in the movers market with an idea of digitizing the business can open doors to success and become a front-runner over time.
2. Clinical Lab Tests:
Think of an online lab testing start-up, that can provide door to door lab testing facilities without lab visits. This is not a new market to tap in but, it has high potential. Pick2heal, a Kerala -based start-up is a fine example of online lab testing start-up.
pick2heal has come out with a mobile application that makes medical laboratory tests cost-effective and brings a wide range of lab services to the doorsteps of the patients. The platform allows patients to see their reports from anywhere through an online repository that serves as a digital record.
According to a report, the global clinical laboratory test market size was valued at USD 165.48 billion in 2018. It is expected to expand at a CAGR of 7.1% during the forecast period.
The rising awareness among physicians and patients regarding testing in-clinics is anticipated to spur the growth of the overall market over the forecast period. The introduction of rapid and portable types of analyzers based on IoT technologies can supplement the growth of the segment.
3. Courier Services:
We have seen giants like FedEx, Blue Dart, Aramex, etc. rule this market through their large network and logistics power. But, there are several unorganized local courier services to tap in. You can formulate a start-up that can collaborate several such local couriers and provide courier and parcel services at competitive pricing and ease of customers. Just think of the disruptive Uber business model, the same can be utilized for several local courier services by partnership and collaboration.
According to TechNavio, the global courier, express, and parcel market size will grow to USD 93.99 billion during 2018-2022 with a compound annual growth rate of 6%. Though B2B courier and parcel services are gaining attention, the B2C segment still remains the market leader and will grow higher by 2022.
4. Daily Essentials:
One of the most niche markets in the start-up ecosystem has many players and giants like Amazon, Walmart, Flipkart, etc. and local start-ups like Grofers, BigBasket, etc. have been prevalent and active. So, is this the right market to tap in? Why this market makes our list of unique ideas for a start-up?
First things first, Statista provides market data for e-commerce business as this, in 2019, retail e-commerce sales worldwide amounted to 3.53 trillion US dollars and e-retail revenues are projected to grow to 6.54 trillion US dollars in 2022. Data is important to know the gauge of the market. Now, to the second part, why choose this market?
Though there are any players in the daily essential market, the most important daily essential in any household today is 'Milk'. This is where your start-up can raise a touch above and stand unique among a pool of e-commerce grocery suppliers. A digitized start-up can be developed by hiring mobile app developers to develop an application that can provide daily essentials like, bread or milk on daily basis without the hassle of visiting a grocery shop or ordering online. This subscription-based business model can reduce the cash crunch often seen in daily essential start-ups.
5. Customized City Tours:
Think of an online start-up that can prepare tailor-made citywide tours with custom packages for the best food, sightseeing, and comfortable ride! This is not an abstract idea as we have experienced the same for international and domestic tours. But, the same is not true for citywide tours.
AliedMarketResearch predicts the business travel market size to reach $1,657 billion by 2023, registering a CAGR of 4.1% during the forecast period. In the Asia-Pacific region, India and China are the leaders in the Online Tourism industry. This makes India a hotspot for the online tourism industry and already, we have seen many big players like MakeMyTrip, OYO, Trivago, Goibibo, etc. making a mark on this market.
Citywide tours are still not covered by many such e-commerce giants. Though, there are government initiatives to arrange citywide tours to promote tourism. It will not hamper your start-up journey as a private player. You can partner up with local restaurants, hotels, fun parks/amusement parks, local taxi providers and create a start-up that will be truly unique in its structure.
Wrapping it Up:
Sometimes you are given a direction and you need to choose, whether to walk the path or sit on the sidelines, to see others ace their way. Here are five ideas that can be the next potential winners in the future. But, then you need to ponder over them, do your market research around them, brainstorm and come up with a business model that can exploit these ideas to its maximum potential.