If you don’t have the right team for your startup and still you are making mind to start your own business all alone in 2021, then it’s not a bad idea. There are so many people in the industry who started their business all alone with peanuts of money and now leading the industry in their way.
You can also become one of them if you start your business with dedication and enthusiasm and to get started, you first need to have a business idea for you.
Here I am providing a list of 12 one person business ideas that are ignited within the minds of just a single person who stays intact throughout the entire procedure of analysis, planning, designing, coding, execution, etc.
1. Finance and Insurance Firm
For people that want to have a small business that provides an ongoing revenue tier for many years to come, an insurance firm is an ideal opportunity, as customers repurchase products to make sure that coverage continues. Among the kinds of insurance products an insurance company can sell are annuity products, life, term, and whole health, homeowners, automobile, causality, property, and disability. Opening an insurance firm requires you to be licensed for the job. You can either get a franchise or open your own insurance firm.
Similarly, opening a finance company is a very suitable option for one person business. Starting a finance firm requires not only a complete understanding of your potential customer’s requirements and a comprehensive product line but also a solid business plan that outlines how you will make your company successful. Apart from them, any new finance company needs to comply with the strict state as well as federal regulations and fulfill necessary funding requirements.
As per the one person business report, the majority of people are undertaking finance and insurance firms and running them in a very successful manner with the highest average revenue of around $5 million.
Starting a retail business is another good option to prefer when thinking to start one person business. It may require a lot of initial work when you start a business on your own, but with the appropriate planning, anybody can achieve their goals.
There are so many things needed to be done while starting a retail business, but first, you will need to conclude on the list of products that you want to sell. After doing so, you will need to find a location to start a retail store, prepare for all the legal documentation required for the business, choose a suitable name, establish vendor relationships, define your store policies, and then make a marketing plan.
As per the one person business report, the second highest revenue tier from $2.5 million to $4.99 million is generated by the retail category.
3. Real Estate Manager
The property manager is a third party in real estate dealings and daily operations. As such he is responsible for rent management and tenant interaction. He handles a range of services from rent collection to home or apartment repairs. The supervisory position is suitable for those who have communication, social, and property related skills. Additional knowledge of finance, accounts, taxation and local laws gives a competitive edge in the marketplace. It can also include the trading of the property where the client has lots of property, and you have to keep rating their properties to make a massive profit to them.
As per the report by Savills (real estate advisor in London) on the value of all global properties, including residential and commercial property, forestry & agricultural land, the value is assessed to be around $217 trillion in total, and the residential property consists of 75% of the overall value. The Investopedia report has shown that the real estate sector contains between 3.33% and 4% of total world output.
As per the recent reports carried out by business analysts, the national average income for property managers is approximately $47K per year for entry-level to $72K per year for much-experienced professionals.
Related- How to Start Real Estate Business
Freelancing designer is the perfect new entrant into a busy marketplace. A designer is a professional creator of tangible and intangible objects for various types of businesses. The primary service of a design specialist is to describe, define, specify, and implement the structural properties of products.
Types Of Designers
Ideal designers have creativity, artistry, enthusiasm, and practical skills. Choose a suitable field that satisfies your entrepreneurial and aesthetic desires –
- Jewelry Designer
Handmade handicrafts and jewels are a flexible option. The jewel maker can craft full time or part time, and recover costs through sales and project work.
- Fashion Stylist
Does your life revolve around clothes, accessories, materials, colors, and textures? Then showcase your garment designs at the next kitty party, baby shower, or get together. Earn some goodwill and send samples to sales reps, agents, and renowned stylists.
- Interior Designer
For interior designing, you will need CAD software, a bit amount of money to set up a small office, and a keen eye for spaces. Decorate rooms and offices with the right color schemes, lighting, and furniture. Add some unique elements to highlight your creativity and sense of beauty.
- Graphic Designer
Set up a home office with a computer and Adobe software. Create marketing ads and banners, brand logos, product visuals, and website graphics.
- UI/UX Designer
Kinesthetic specialists design user interfaces for websites and mobile apps. Enrich software products and video games with user-friendly and intuitive layouts.
If you are prepared to run your own design business, then be sure of the following things:
- Know what type of design is attracting you the most and what designing trend is being carried out these days.
- Always be ready to experiment with the new designs.
- Always welcome the improvements and changes.
5. Currency Miners
Currency mining is the process through which transactions are verified as well as added to the public ledger so that new currency gets released. Anyone who has internet access and suitable hardware can take part in mining. This process involves compiling transactions into blocks and attempting to solve a computationally complex puzzle. The individual who first solves the puzzle gets to put the next block on the blockchain as well as claim the rewards.
The popular currencies are Bitcoins, LiteCoins, FeatherCoins, and DogeCoins. Their essential characteristics are security and anonymity. The digital currency runs on the blockchain which is a shared ledger or document that is duplicated across computer networks.
To start mining, you have to buy high-quality hardware and software which are readily available on the internet. To start mining, you will need
- A private database called a coin wallet.
- A mining software package.
- A membership in an online mining pool- a community of miners.
- Membership at an online currency exchange, it is the place where you can exchange your digital currency for cash, and vice versa.
- A reliable full-time internet connection.
- A desktop or custom-built computer, designed for mining.
- An ATI graphics processing (known as GPU) or a processing device is known as a mining ASIC chip.
- Personal curiosity.
The blockchain records every single transaction and ownership of cryptocurrencies. The miner’s job is to monitor, tally, and update every transaction for security, safety, and accuracy. The hardware costs can be recovered within two years, but earning potential is directly proportional to the initial investment.
The business has become lucrative and popular in recent times. Miners can either freelance or join a mining pool. In current time, we have seen how bitcoin price is fluctuating and attracting investors towards. Then why not to mine coins instead of trade in them?
6. E-commerce Store
There are e-commerce CMSs (content management system) that provides you the facility to sell products to any part of the world. Like WordPress, they are straightforward to operate and have pick and drop options to set up your own e-commerce store. These stores are associated with a big e-commerce website like AliExpress in the case of Shopify, Amazon in the case of BigCommerce. Now there are two options for products. First is you can sell your own products or your client’s product secondly you can choose products directly from the associated e-commerce portal. And the best part is if you are choosing products from e-commerce websites then you need not to care about shipping or delivery. Also, you need not to be technical, though it is always an add-on.
You just need to advertise your store so that people can buy from it and as you made any sale, you will get your commission.
7. Fast Food
Food is a universal requirement, and entrepreneurial ideas are unlimited. We can see enormous demands of fast foods all over the world. Globally, the revenue generation of the fast food industry is over a whopping 570 billion dollars – which is almost higher than the economic value of many of the countries. As per the report on the global quick service restaurant market 2016-2020, the worldwide quick-service restaurant’s marketplace is anticipated to grow at a CAGR of around 4 % during the period. So, you can choose this business too if cooking delicious food in a short time is your skill.
Areas of the fast food business:
- Pizza, Burger
- Patties, samosa, Pani Puri
- Pastries, cake
8. Product Seller on E-commerce
Become a product seller on e-commerce platforms and earn a handsome living. You can trust big brands such as Amazon, eBay, and Flipkart. They make shopping easy for the buyer while enriching the digital salesman. You can sell any product like books, watches, electronic goods, clothes, shoes, gift cards, etc. Get your basics right as the big and busy online shopping world is hugely competitive.
For this business, you need to buy products in bulk so that you can get them at a very cheap rate and then showcase them on an e-commerce website at a competitive price. While setting a price for your business, you need to take care of charges which will be liable to you in case of “return of order.”
Amazon- Register through this link and then list your products after careful thought. Registration is free of cost, but the company will charge a significant amount of money when your product would be sold. Amazon decides these charges by assessing your product category.
eBay- Register through this link and then list your product under a specific product category.
Flipkart- Register as a seller by this link and list under a specific product category.
9. Coach/ Trainer/ Tutor
Online training and coaching is the biggest source of income now. You can earn as much as you can with the help of your teaching skills. According to the article by The Daily Telegraph, the online teaching industry has grown by about 40% in the past five years, adding approximately $6 billion to the economy. Nationally about 36,100 people now telling that teaching is their primary job, their average earning is around $1400 each week.
So, why don’t you try your hands on this business? As per your skills you can charge Rs1 to Rs 100000/ hour from your client.
Types Of Coaches
The inspirational coaches dedicated themselves to a field and market their skills. They actively promote themselves and deliver these services –
In-House Trainers – Professionals rely on lectures, case studies, illustrations, and charts. The objective of the classes is to impart academic and theoretical knowledge.
Hands-On Tutors – They organize on-site workshops to impart practical skills using tools, materials, and documents. They are vocational experts who instruct professionally and formally.
Esoteric Coaching- Private companies hire motivational speakers and spiritual mentors for individual rejuvenation sessions. Cutting edge technology experts in AI, Machine Learning, Bioinformatics, Quantum Sciences, etc., can also impart necessary knowledge.
Online Tutors – Become a formal instructor and share your academic knowledge with students. Teach math, physics, biology, computer science, etc., using a computer & the internet.
The list is endless; you can choose any of the niches as per your expertise.
10. Start A YouTube Channel
YouTube is a video sharing website that is owned by Google. Anyone with an account can produce and upload videos to earn money. The YouTube channel can be started free of cost, and even simple smartphone videos can be uploaded. However, revenue generation requires additional efforts and investment to create higher quality video content.
On 17 Jan 2018, YouTube has announced that to start monetization you need to have at least 1000 subscribers with 4000 hours of watch time. With this news, the entire YouTube industry has been shaken especially the new YouTubers. Though few people are looking at it as a negative aspect but as per Lokesh Tanwar CEO of BusinessAlligators, it is excellent news for serious and long-term Youtubers. He said, “Till a few months back when YouTube hasn’t announced about 10000 views to start monetizing, every tom and Harry was starting his or her channel and thus was creating unnecessary competition. Now as Google has limited them then YouTube will have limited Videos to monetize on so it may result in an increase in CPC for the remaining ones, after all, it was done to improve the quality for viewers and advertisers both.”
Marketing Methods – You can advertise the Youtube channel using the following techniques.
- Email Lists – Send bulk emails with your channel link, and add exciting subject matter.
- Drop your video links on Facebook, Twitter, Pinterest, and other social media platforms.
- Paid advertising through AdWords, and social media ads.
Pro Tip- Don’t expect a good result before 6-8 months.
11. Child Care
If you love children and have free time in the day, then you can convert your home or private room into professional child care or day care center. The number of child care centers has increased amazingly over the last few decades, with U.S. Census Bureau figures revealing an increase to 766,401 child care centers in 2007 from 262,511 centers in 1987. Demand has increased due to the rise in numbers of working women. So, this business can also offer the best opportunities.
Learn the basics of child safety and utilize your daytime for the benefit of toddlers.
Infrastructure – Those who are willing to stretch their budget can set up a larger center. The playschool has higher initial costs and can be scaled up into a more significant business.
- Monthly Rental Payments
- Educational Supplies, Toys, Books
- Flyers, Business Cards, Digital Marketing
- Furniture like mats, cribs, fencing, etc.,
- Administrative expenses such as electricity and phone bills.
Child care business can be done in the following ways:
Child Care Assistant – A self-employed scheme in which the assistant takes care of babies at her home. The parents arrange food, medicines, toys, and educational tools.
Day Care Teacher – A single teacher school that doubles up as a daycare center. The children are engaged in both educational and fun-filled activities.
Play School Caretaker – An investor cum manager also handles the caretaking activities for a minimal number of children. Suburban areas are ideal for this part-time work.
Day Mother – Similar to a child care assistant who offers full-day service. She is more experienced and knows how to coax and comfort even newborns.
Babysitter/ Nanny – Freelancers who do not have a private care center. They drop in at the baby’s home and take care of her for a day or two. Working couples can hire them and enjoy weekend vacations at nearby resorts and picnic spots.
12. Mobile Laundry Service
Mobile laundry service lets busy people outsource the chore. In this business, you visit customers’ houses and grab the bags of dirty laundry and then return them freshly cleaned clothes.
The laundry business is growing at a rate of 6% and will likely to grow at the same pace till 2020. So, you can start this business to gain benefits. Laundry business assures daily earnings in big metros, tier II cities, and some towns. The business does not have any major technological requirements. It is primarily dependent on human effort, energy, and level of enthusiasm. Multiple Irons may be needed to operate commercial activities. Ironing experts insist that vintage coal irons are a more efficient tool. Makeshift sheds, garages, and existing kiosks are an excellent venue to wash and steam clothes. The dirty laundry can be easily collected and delivered using an efficient 2-wheel vehicle. Get details on starting a laundry business.