Compiled by Vraj Dani
What is a Startup?
A lot of people don’t understand what a start-up is. A start-up is any business opened under the umbrella of a small business. This start-up will make or break your business.
Looking at trends over time can help you decide which areas you want to enter and if you can make money.
Type of startup
Scalable Start-ups: –
Scalable start-ups take an idea or concept (usually in technology) and work to rapidly grow the company’s peak revenue and achieve the best possible return on investment (ROI). This type of startup requires thorough market research to identify available market opportunities. Two of the most relevant examples of scalable start-ups are Google and Facebook. Both companies started and succeeded to dominate the industry through scalable start-up models.
Large company Start-ups: –
Technology, customer interests, and markets change daily, and large companies must adapt their business models to survive. This is where big corporate start-ups come in. Backed by the backing and capital of already successful companies, these spin-off start-ups aim to reach new audiences, diversify their product offerings, and win over big players in an ever-changing market.
Small Business Start-ups: –
The priority for small business startups is longevity rather than scalability. These smaller start-ups are built to provide sufficient capital for financial stability by serving smaller target markets. Common small businesses include barber shops, grocery stores, and family-owned retail stores.
Social Start-ups: –
Unlike other types of start-ups, social start-ups weren’t created to generate wealth for founders. They are made to bring about positive social or environmental change. Social entrepreneurs shouldn’t expect big rewards from start-ups. However, non-profit organizations can make money from this start-up model.
Lifestyle Start-ups: –
Lifestyle start-ups are born out of passion and a desire for independence, with founders dedicating their time and energy to turning their favorite hobby or activity into a business. This can range from an avid traveller starting a tour guide company to his web developer starting a freelance programming business.
Buyable Start-ups: –
Unlike other start-ups, viable start-ups were not designed to be billion-dollar companies. Or it is built to be sold to a large company for millions of dollars. Buyable start-ups tend to be tech-focused, with many specifically in the app development industry.
The Thing is that if one is planning to initiate a start-up they can start in these fields: –
- Accounting/Tax: -Accounting and tax services are growing in popularity as a profitable start-up. Any type of financial management service can be extremely profitable. However, the industry is highly competitive, and many businesses simply do not do it correctly. People are constantly seeking legal and tax assistance.
- Brokers/Agents: -This is one of the most profitable industries. The average profit margin in this industry is 15 %.
- Rental Business: – Rentals are bringing a lot more profit and especially renting and leasing of vehicles which are very lucrative. Land rentals are also very profitable and getting famous.
- Home-Based Catering: -If you love and know the art of cooking and see it as a professional outlet, you can generate handsome income through a home-based catering business. The trend of home-based catering has significantly increased in the past few years. People love the idea of home-based catering and there are availing catering services for arranging small events.
- Blogging: – Blogging is a viable and profitable source of income. Starting an online blog can undoubtedly generate a substantial income. Thousands of bloggers earn six figures per month from blogging. You must first conduct research to determine the best niche for your blog, and then create meaningful content that piques the readers’ interest.
- Digital Marketing: -Digital marketing is without a doubt one of the most in-demand services these days. All businesses require marketing, and most small and midsize businesses prefer to outsource these services rather than establish a costly in-house team.
Also Read: Storyboarding a Pitchbook – Mantraa
