We live in a world where innovation spreads rapidly. As an example, look at Apple Pay technology. A year ago, we just started to learn about it. And today, even in the smallest store, no one will have questions if a customer wants to pay by phone.
This suggests that the market is changing very quickly. As soon as one of the players presents an innovative solution, it is immediately picked up by all participants, and the market begins to change.
All markets can be conditionally divided by the speed of the changes. Some markets change extremely quickly, while others are very inertial and change slowly.
For example, if we look at the digital electronics market, we will see how quickly technologies are developing. And here, few will argue with the statement “fast or dead.” Any company, even today at the peak of fame, if tomorrow it gives out an insufficient number of updates to its product or if it is not sufficient enough to communicate with users, it will quickly lose its position, as happened with many companies. Nokia is a prime example.
At the same time, there are a large number of markets in which changes are not so active, but it is a matter of time. An increasing number of millennials are coming into the business – young guys whose way of thinking, formed in the 2000s, is initially digital. They offer breakthrough solutions in markets that were quite conservative.
Three rules for creating trends
The first is to be as immersed in the global market as possible. In its field, monitor all sorts of new products, innovations arising in the world. This does not mean that you need to copy all the innovations, but being in this information field allows valuable insights to occur that lead to qualitative changes in the company.
The second is to maximize speed in hypothesis testing. If a company seeks stability and does not put forward new hypotheses at the level of product development, promotion channels, development of methods of working with its customers, but tries to do well the work that led to high-quality results earlier, such a company will not last long on the market. Nowadays, one of the characteristics of a successful company is the ability to change quickly. And for this, you need to experiment a lot. The “generate a hypothesis – test a hypothesis” cycle is one of the first periods that should be implemented in a company.
And the third is that the team should have a large number of innovatively thinking employees who want to break the existing “status quo” and create something new in the market. Since the owner of the company, in rare cases, will be able to pull out significant changes in his business, it is essential that the team support him and not be a burden that pulls back in the process of introducing changes. This is facilitated by the arrival of a large number of millennials in the company, which, by default, are significantly more innovative than the previous generation of employees.
One of the main obstacles on the way to starting a business is the lack of a start-up budget. Therefore, here are 10 ideas for business with minimal investment.
As a start, a franchise business model is much more profitable than opening an independent project. A franchise will give you a number of advantages: an already well-known brand, a quick start, and a proven business model. The risk of losses in this situation is much lower – after all, the owner who gives the franchise, independently evaluates how profitable your project will be.
A lot of establishments work on the franchise – from cafes to network quest rooms. Many brands of clothing or cosmetics also have the opportunity to franchise.
An important point here is to assemble a team of really competent teachers who can explain difficult topics in an accessible way. Or maybe you yourself are well versed in some area and can share knowledge? The most popular courses are related to IT, foreign languages, finance, accounting, and beauty.
Manicure or eyelash extension business at home
Perhaps the most common option for starting a business for girls. The entry threshold is very low – for example, good manicure courses cost about $ 250, and the same amount will be needed to purchase supplies.
There are also opportunities for growth here: having “filled” the customer base, many masters open their own salon.
Over the past few years, many hostels have opened in million-plus cities. But the demand for hostels continues to grow, which means it can become a pretty profitable project.
Hostels in resort towns and urban settlements, as well as transport hubs, will be especially popular. For example, from Mukachevo (Ukraine) there is a daily direct train to Budapest. So, many tourists stay there overnight waiting for the train.
More and more people, organizing holidays or business events, refuse the services of expensive restaurants in favor of a free platform and catering.
This idea is quite complicated in the organization, but if you are familiar with this area – for example, worked as a cook, in an event agency or other catering, this business can bring you a good profit.
In a country where a loan is taken for weddings, event agencies are unlikely to be poor. But seriously, to conduct an event in high quality, taking into account all the little things, is a very difficult task that costs money.
If you have an interest in organizing holidays but have no experience, try first to organize a girlfriend’s birthday or another small event. Did everything go smoothly? Then, perhaps, this business idea is for you!
Despite the abundance of supermarkets, even in large cities, there are areas where people are forced to go far shopping. This problem is especially relevant in new buildings, where stores simply did not have time to appear, and in the old central areas of the city.
When opening a store, make sure that all goods that people buy almost daily are sold there: vegetables and fruits, bread, milk, eggs, meat, etc.