5 Not So Usual Business Ideas for Rookie Entrepreneurs
Launching a successful business venture isn’t a walk in the park. Much less if you’re a rookie investor or entrepreneur. Most lucrative business ideas surprisingly require colossal startup capital, while those requiring reasonable capital investment may take considerably longer to yield a return on investment (RoI).
However, the situation isn’t all doom and gloom as it sounds. Armed with the requisite knowledge and skills (plus a decent amount of start-up capital), it’s possible to set up a venture and watch it grow to new heights daily. The most important thing is to invest in an out-of-the-box business idea.
In this post, we offer insights into the five not-so-usual business ideas for teens and investment opportunities for rookie entrepreneurs.
1. Start a Hemp Business
Hemp is a cannabis cultivar whose extracts have been used from time immemorial in the textile industry to manufacture canvas, clothes, ropes, etc. More recently, the plant has become exceedingly popular for its high abundance of cannabidiol (CBD) – the primary medicinally-beneficial cannabis compound. That might explain why the hemp industry has recorded tremendous growth in the recent past. According to statistics by Grand View Research, the global industrial hemp market size is projected to reach USD 4.7447 billion in 2030, representing a compound annual growth rate (CAGR) of 16.8% from 2022.
Besides the hemp industry being fairly bullish, another reason to start a hemp business is that there are multiple ways to enter the industry.
You could become a hemp grower, set up a hemp manufacturing plant, or become a distributor of hemp products. There are also the options of offering ancillary services like product packaging materials, starting a hemp consultancy business, or trading in finished hemp products like CBD edibles.
As a hemp trader, it would be prudent to partner with a reputable supplier like Treetop. Treetop Hemp Company products are not only competitively-priced. They also come with a certificate of analysis (CoA) as proof that they’ve been tested by independent laboratories and verified as safe and effective.
2. Become a Drop shipper
Drop shipping is an ingenious retail fulfilment model where a retailer doesn’t maintain the actual inventories of the products they sell. Instead, they collaborate with a third-party entity – manufacturer, wholesaler, or another retailer – through affiliate marketing.
When a customer places an order to a drop shipping business, the company relays those purchase requests to the real inventory holder. The third-party entity then processes the order and ships the goods using the drop shipper’s address, after which the latter gets a commission from the transaction.
The biggest advantage of maintaining a drop shipping business is that you don’t handle real inventory. Therefore, you’ll never have to worry about running out of stock or dealing with losses resulting from product damage, theft, or expiry. The fact that you’re not in any possession of physical products also reduces any storage and distribution costs.
On the flip side, you’ll need to conduct a bit of research before finding reliable affiliates. The commissions may also be unattractive for small-value sales.
3. Become an Event Organizer
Event organization is among the most profitable businesses you can start with reasonable capital. This opportunity doesn’t necessarily require a college diploma or university degree.
You only need a phone, a laptop, and excellent communication skills. Then, stay up to date on upcoming events in your location. These could be sporting, cultural, corporate, or state events.
You can contact the event planners about your intent to participate in the organization. The good news is that there are several services you can offer, even if it’s impossible to take charge of the entire organization process. Examples include deejay, emcee, lighting & decorations, public address (PA) rental, and photography.
Remember to use the opportunity to market your company through the issuance of business cards.
4. Start a Pet Sitting Business
According to recent research, the global pet-sitting market size was estimated at USD 1.94 billion in 2021. The same statistics indicate that the market is expected to expand at a compound annual growth rate (CAGR) of 11.51% from 2022 until 2030.
So, if there was a more opportune time to become a pet sitter, it’s got to be now. Fortunately, setting up a pet-sitting venture is a lot easier than many people imagine.
Start by establishing if there’s a demand for pet sitters in your location. Then, assemble the necessary accessories. These mainly include toys, grooming, training, and exercise supplies.
You might also choose your speciality, as pets have varied needs. The requirements of cats and dogs may differ significantly from those of, say, reptiles like snakes and turtles.
5. Become a Fitness Trainer
Fitness coaching is another potentially lucrative business idea that you can start with minimal capital and without a college education. However, you’ll need to attend special fitness training courses like CPR.
Like most businesses, success as a fitness coach mainly depends on identifying your area of specialization. You can choose from several specialties, ranging from aerobics training to bodybuilding.
The next step entails finding a proper location.
What if you’re still strapped for cash and cannot afford to rent a facility?
Well, there’s no need to fret. You can always start offering your services online through your YouTube channel.
There goes our rundown of the top five not-so-usual business opportunities for beginner investors.
Remember to conduct in-depth research before taking the plunge regardless of your chosen idea.