Starting your own small business is easier than ever. With more accessible funding streams and online tools that can help anybody start up a business from the comfort of their own home, owning your own company isn’t something that is reserved for rich people that have the means to do it. So many great businesses have been built from the ground up and it seems like everybody is jumping on the bandwagon. That’s not necessarily a bad thing, but it does mean that the market is saturated. If you’re planning on competing, you need to find a business idea that there is a market for and come up with a unique angle. Make sure that you keep up with economic trends and steer clear of these small business ideas that are slowly dying out.
I remember getting our first family computer, a clunky gray box that ran windows 1995. We bought it from a local computer shop. Since then, I’ve always bought my computers from big chain stores. Ten years ago, if you took out a loan from somewhere like smallbusinessloans.co and bought some stock, you could make a good amount of money. When computers were first becoming popular, the mark up on stock was pretty big so your profits would have been high, but nowadays it isn’t so high. It’ll be near impossible for a small computer shop to survive when pitted against larger chains. Most of the computer shops that are still going make most of their money from repairs so you might be better focusing on that specifically, however, most people are still going to take their computer back to the superstore that they purchased it from when it needs fixing.
Pet stores struggle because they cater to a very specific niche which larger retailers have adopted themselves. You can get pet food from any grocery store nowadays so why would anybody go to a specific pet store where the prices are likely to be higher? You might still make money out of selling the pets themselves but, just like with computer shops, there are bigger chains out there that will undercut you. People are also worried about breeding practices so they often tend to prefer buying pets from local breeders instead of a shop. It’s still possible to make a success out of your pet store but usually in rural areas where there aren’t any other alternatives for miles around.
The travel agency is a business that is pretty much obsolete and the few that survive haven’t got long left. You can do it all for yourself online using comparison sites so why would you pay a travel agent a higher rate to sort it for you? There is no way that an old fashioned travel agent can ever compete with the online sphere because there just isn’t any need for them anymore. Consumers can cut out the middle man and go straight to the providers direct, without having to pay a premium for a travel agent to do it for them.
There are endless possibilities for a great small business, but you absolutely shouldn’t start any of these.