Short Summary: In this article, we talk about why most businesses fail. We also provide you with the 9 best company ideas that can change your life forever.
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I was in the 11th class when I first was exposed to the business world. I started several companies. Most of them failed. However, with experience and knowledge, I realized the potential of some areas in which chances of success are very than failure.
Today, I have gained enough experience that I can guide you in starting your dream company. Are you ready?
Alright, let's jump right into today's article...
Reasons Why New Businesses Fail
Starting a company is as easy as passing the 8th board exam. 🤣. That is why most companies fail in just 6 months of their launch.
According to the Bureau of Labor Statistics, nearly 20 percent of new businesses fail in the first two years, 45 percent in the first five years, and 65 percent during the first ten years.
Have you ever wondered, why new startups fail?
Well, the most important thing before starting any business is to do thorough research about the market. You can not just start a business without any research about its demand and wait for the money to pour into your pocket.
My Dear, this is not how the business world works. So let's know some common reasons why most people fail in their businesses.
Not Doing Research
Most people who start their business either are influenced by successful businesses or want to get rich overnight.
Before starting your business, you should not start a business because someone has become successful in some business. Do not get influenced by their idea. In opposite, you should do proper market research. Think of it, what changes is my product gonna make in society? Is it going to solve any problem? Isn't that area saturated? If you are starting a company that everyone else is already doing you are more likely to fail.
Having No Business Plan
Let's suppose you have figured out which business you are going to start. But you do not have a business plan. Bro, you are making a huge mistake. You should have a business plan ready before starting a business. What it does is it becomes your guidance, it makes you take proper action day in and day out. That is what leads to success.
Lacking Patience
I would not explain this one in detail. As we all know, patience is a key to success. You can not expect to become a millionaire in one night after starting a business. It needs patience and several sleepless nights to elevate oneself to new heights.
Bro, do not get demotivated. You are going to become successful in your business. Have a positive attitude.💪
Though the rate of failure in business is very high, you do not have to become a failure. You have to prove yourself by your hardwork, dedication, and choosing the right business. 🙌
But wait, the right business, you ask?
Well, I am going to help you in finding the most profitable businesses to start in 2022.
Company Ideas for Young Entrepreneurs
So let's know some booming industries which are not saturated yet. You can start your company in these niches and earn enough money. Please, note that these niches are in their growing phases. These will grow in the future as well. Let us know.
Start a Decoration Company
Do you know, many people are into this decoration business. But they do not provide quality. Quality matters a lot. If you are interested in this kind of niche, you can start your decorations company and earn plenty of money. In the beginning, you need to work to bring hardworking and talented people together. Then you can expand your business to a new level. Please, note that no business or company is menial or noble. A great example, we have is M.B.A Chaiwalla. He started from scratch and today he is counted as a millionaire.
Food Related Company
We all eat food. We all drink beverages. Right? So that means, it is in demand. Anything that is in demand earns a profit. You might have this question in your mind, huh, there are already many businesses in it, how can I beat them, right? Wait, you do not have to compete with them. You have to compete with yourself. Ask yourself how can I bring a change in this kind of business? Ask yourself, is there anything that should be improved in this business? Ask food and beverage lovers for their feedback. Ask them what changes you want in food and beverage services.
Once you compile such data, you are ready to go.
Social Media Management Company
Yes, you heard it right. You can start your social media company. There is a lot of scope in this industry as many famous personalities need social media consulting services to manage and grow their following. Please, note that this is a new field that is very demanding and less competitive. In this field, you can advise those who want to grow their followers on social media. Furthermore, you can sell many courses in which you will teach people how to collab with famous brands and companies.
Become A Blogger
Huh, you b like 😄🤔. Right now? Do not underestimate the power of blogging. There are a plethora of bloggers who are earning thousands of dollars per month. Isn't that enough? You can choose a particular niche in which you are interested, then start your blog. After you start earning some money, then you can scale it up. Don't worry, there are many options through which you can monetize your blog.
Start A Travel Company
There are so many travel enthusiastic people in our country. However, they find it very difficult to book tickets and arrange other travel-related facilities like booking a room, getting high-quality food, etc.
Here lies a business opportunity, you can start your travel agency Company and start catering to such travel enthusiasts.
Start Content Service Company
We all love to read blogs and news on the internet, right? Do you know? that there is so much need of content writers who can write SEO-optimized content.
Starting your content writing service company is a great idea. Once you get a handful of people who know writing, you can reach out to several bloggers and ask them if they need content writing services. In addition to it, you can also target the International market. They will pay you a handsome amount.
Online Teaching Company
You might have heard of Byju's, which is a very big unicorn company. They started from very small and now they are earning millions. Recently, another name has come into the limelight, PhysicsWalla. He started his online teaching career a few years ago and today he is the CEO of his company.
By now, you may have gotten an idea about the scope of online teaching. You can do the same by starting teaching online. A quick reminder - my dear friend, any company that has reached new heights so far, has started its business from very small. You can not expect to be a millionaire in one day. Or you should not wait for the right time. That time never comes. You have to start no matter what your circumstances are. You do not change before starting any business or a company. But company changes and shapes you. If you have any interest in anything and want to start your company in that niche. Go for it, bro.
T-shirts Company
We all love to wear T-shirts. There is so much demand for T-shirts. You can start your business in it.
Personalized Gifts Company
We have so many festivals over here. Exchanging gifts on such festival occasions is very common in our society. People want to have their gifts unique and attractive. Furthermore, they are ready to spend enough money.
You could start your own company in it and start designing and selling unique and attractive gifts for such people. Do not worry, there is so much scope in this business.
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