These are all businesses and markets that I love. The competition is weak. The market is growing. The costs and risks are low. The odds are good. You can analyze the market and make accurate decisions on where there is opportunity to thrive. You can win.
Start small. Start low skilled and low risk if you don’t have any capital or experience. As the opportunities grow and you get momentum your business can evolve. If you have capital and are willing to invest the time and money you can find very profitable niche services. The more specialized you can get the better the margins and the better the chances of success.
These are not commodities. You can always add more value and avoid competing on price and racing to the bottom. There will always be customers willing to pay a premium for better and faster services. The biggest gap in most of these industries is speed. Service providers are overloaded so they are booked out 1-2 weeks. They have more business than they can handle. If you can deliver a consistent service tomorrow you can charge 50%-100% more.
If you have a tech background or can apply basic tech you have a huge competitive advantage in these spaces. The companies that currently dominate don’t have the tech to get you quick quotes. They don’t have the tech to manage employees or schedules or billing.
Interested in getting started? Here is my take on an analytical approach to starting a low risk business. Don’t forget a market analysis. Have a job? Get started while working. Here are some low cost tools you can use to get started.
This list will be growing and changing and evolving. Check out the businesses I hate here.
Training / Coaching / Consulting
Real estate transactions:
Retail / Hospitality
Have your own concept you are interested in exploring? Email me and I’ll feature an analysis on my podcast.
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