4 Business Opportunities to Consider as a New Entrepreneur

In 2020, an estimated 27 million Americans will leave their traditional jobs to pursue self-employment, based on data compiled by FreshBooks. And that data didn’t take into account the shift the global workforce has seen in the era of COVID-19.

If you’ve been thinking about going out on your own, now is a convenient time to flex those entrepreneurial ambitions and learn more about business ownership. Even if you’re a novice when it comes to running a business, there are many diverse streams of income open to new entrepreneurs like yourself.

As you start on this venture, consider the many business opportunities worth that can help you get started.

Purchase a Company Franchise

If you’re not in a position to start a new business from scratch, but you want the freedom to manage a team, the perks of brand recognition and an effective model to launch from, then purchasing a franchise could be your solution.

That’s because “franchise ownership creates an opportunity to work for yourself and own a business with the support and training of the parent company,” says Laura Williams, the Assistant Vice President and Director of Franchising for SERVPRO.

When choosing which opportunity to explore, Williams suggests it’s important to first consider your own abilities or strengths and how to apply them to the franchise. Taking it one step further, do your due diligence: “You also must know the marketplace, if you have competition and whether you are fulfilling a business need in the community,” says Williams.

Join a Network Marketing Team

Another entrepreneurial venture that doesn’t require you to create the infrastructure yourself is network marketing. In this kind of business, you recruit a multi-level team of independent sales representatives to sell products or generate B2B leads.

As this team expands to form various selling tiers, you earn a commission on each sale they make. In other words, your success depends on relationship-building.

From skincare and essential oils to fitness, home décor, and fashion, there are many network marketing businesses to choose from—some more reputable than others. To weed out the companies that are less likely to help you earn a sustainable paycheck, and identify the network marketing business that is right for you, here are some questions to ask according to G2 Learning Hub:

• How old is the company?
• What product or service do they offer?
• Is it something you find valuable?
• How fair and generous is the pay distribution?
• What is the integrity of the business?
• Does the company have strong momentum and timing?
• What support or training is offered?

Establish a Coaching Service

If you have an in-demand area of expertise, create a business around teaching others how to acquire and hone those skills too. Technology, such as video conference software, now makes it possible to offer your coaching services online to clients across the globe. Whether it’s career, finance, relationship, wellness, spiritual, creative, or life coaching, there is likely a market for your niche. In fact, the estimated market size of the coaching industry is $15 Billion.

In order to stand out as an authentic expert though, you first need to clarify the brand message, so clients know they can trust your credentials and want to learn from you.

“Coaching is a billion-dollar industry that’s growing rapidly, but as a result, it’s saturated with cookie-cutter messages, language, visual identities and digital marketing funnels that look and feel the same,” says Marina Mara, international media and brand consultant. She continues, “This is the perfect opportunity to cut through the noise and become a reputable, trusted authority.”

Create Your Own Shop on Etsy

Are you a calligrapher who makes unique wall quotes? A jeweler who shapes metal into bracelets? A painter who creates watercolor beauty? If your entrepreneurial goals have an artistic bent, then consider launching an Etsy shop. This online marketplace enables you to sell handmade creations within an existing eCommerce platform, so you don’t have to maintain your own website or draw your own potential customers.

At $0.20 for each product listing and a 5 percent transaction fee anytime an item is sold, the overhead startup costs on Etsy are minimal. You also have the freedom to curate the look of your shop with customizable widgets, photos, descriptions, and social media tabs to drive customer traffic. When building your shop, focus on a few key details:

• What makes you stand out? Make sure that’s easy for potential customers to understand.
• What keywords might your customers search to find you? Sprinkle these into the text on your shop pages.
• Are you promoting on social media? Start promoting your products to build a following, develop a brand, and drive sales.

Consider All Your Options as a New Entrepreneur

Are you a new entrepreneur looking for avenues to test the waters of business ownership? Consider all your options before jumping into your business head-first. There may be opportunities that are better suited to your skill set, resources, and passions.