New startups are springing up every year, and each of those does its best to offer something new in an ever more competitive market. Knowing where you and your ideas might fit in can be a challenge, but it’s typically best to play to your strengths when deciding on an industry for your startup.
Know Your Strengths
If you have skills in a certain area, then you should use those to your advantage. If you know something of software development, for instance, then creating a new app can be very profitable. For the less tech-inclined, there are other possibilities, ranging from being a personal trainer to financial planning to opening a bakery.
Many occupations and industries require specific certifications, adherence to state and federal regulations, and careful business operation. Therefore, make sure you have the needed certifications and know where you might be liable when creating a new startup.
Know the Market
In addition to knowing your strengths, it’s also important to know your market. For instance, if you want to open a bakery in a town that already has three, then you will at least want to do some research to see if there’s something you can offer that the others do not. For those aspiring to design the next great smartphone app, it can be a challenge finding a niche since the market is absolutely swamped, so you need to make sure the software you’re offering meets a need that has heretofore been unmet.
Some industries have greater challenges than others, of course. If you want to make a business of teaching pottery, for instance, then you might not face as much competition as someone opening a new restaurant.
With these factors in mind, let’s take a look at a list of possibilities:
- Create an app, particularly one that satisfies a dire need among users
- Accounting and financial planning
- Sewing and alterations
- Plumbing, electrician work, home repairs, etc.
- Life coaching, which can be a great occupation for those who have overcome difficult obstacles
- Boat cleaning
- House cleaning
- Bicycle repair
- Social media consulting
- Computer or smartphone repair
- Writing and editing, both of which are in demand in our “content is king” market
- Event planning
- DJ services
- Instructional classes, either at a studio or online
- Home inspection
- Interior designer
- Graphic design
- Reproduction armor smithingEnergy usage consulting
- Tax preparation, high in demand with the ever-increasing complexity of tax codes
- Music lessons
- Massage therapy
- Web development
- Pet sitting
These ideas, of course, only barely scratch the surface, so you can see that the possibilities are very nearly endless.
Regardless of the niche you choose, there are many factors beyond your market to consider when launching a new startup. Among these are various legal matters, from patent and copyright protection to corporate structure and governance. Industry-specific laws may apply, and it will be vital for you to make sure you comply with those regulations in order to minimize liability.
When dealing with the structural and legal aspects of creating a startup business, legal advice is always recommended. Hart David Carson LLP can help you avoid the pitfalls of starting your own business, so contact us today to get the process going.