7 Hot New Business Opportunities and Ideas

The world of entrepreneurship never ceases to be full of opportunity. Once you have a specific niche, you should do research and determine how you could sustain a long-term stream of income. This can be relatively simple as well. There are a plethora of areas to take advantage of, if you plan on starting a business.

Our world is becoming more connected on a day-to-day basis. As a result, you can choose to kickstart your business the traditional way, or have it based entirely on a digital platform.

Whatever your preference may be, here are seven hot new business opportunities to capitalize on for the foreseeable future:

Business #1: App Development

Programming contributes to many new business opportunities in today’s job market. The great thing about it is that most skills can also be leveraged in a way that allows you to create your own business. App development, for example, is one such way to earn a new stream of income. As an app developer, you have the potential to turn this into a lucrative business investment opportunity and make lots of money.

You can make all types of apps, from fun lifestyle apps to complex productivity apps. No matter which route you go, launching a business in the Toronto tech industry can be profitable, with the right skills and support behind you.

Business #2: Elder Care

If you have experience taking care of those who are in their golden years, you can also monetize this skill as well. Taking care of the elderly will always remain an in-demand business. However, like childcare, various families may not have the funds necessary to have their elderly parents adequately taken care of.

In this light, should you have the requisite certification, you could be a potential caretaker of elderly individuals. As long as you know the structure of how to run this business, it is a viable source of income. The day-to-day tasks, such as cleaning and cooking, can be simple too, if you know your way around them.

Business #3: Childcare

Taking care of one’s child is a new business opportunity to make income. If you possess an interest in child rearing, there is no better way to make a fruitful stream of income through a business. Sometimes, daycare centres may be too costly for some families, especially if there are multiple kids involved.

If you have the time, running your own daycare-based enterprise can take the burden off those closest to you. Not only can you make a decent amount of money, but those who come to you for the caring of their kids will trust you better, if they know you personally. This circumvents the many pitfalls of some daycare centres, and allows you to make extra cash too!

Business #4: Chef

Speaking of cooking, developing your skills in the kitchen will always be a great way to make income. If you practice enough, and have a unique taste for cuisine, becoming a privatized chef is an excellent way to start a business. This allows you to avoid all the drawbacks of a restaurant, such as running a kitchen.

Furthermore, your closest friends and family members can allow your business to become more well-known. The various types of dishes you create can be advertised best through word of mouth, as well as using the promotional power of social media. If cooking is your passion, you may as well monetize it!

Business #5: Tutor

Helping others learn is fulfilling; both for educating others, and for making money through a relevant enterprise. If you have significant expertise in an area that requires tutoring, you could sell your proficiencies as a business. Of course, there are factors in tutoring that will vary.

Areas such as your location, as well as level of expertise, well affect your level of income initially. However, if education is a passion of yours, a reliable income can be discovered though the art of tutoring. Just be sure to make your rates known upfront, so clients are aware of your business.

Business #6: Online Courses

If you are an expert of one, or several, in-demand skills, you may want to consider creating an online course. Similar in vein to tutoring, selling online courses through a business is a great way to make profit. In addition, working in your favour is the numerous amount of platforms, such as Udemy, that will allow you to sell your courses in a very straightforward manner.

Business #7: Social Media Influencer

If you are an aficionado of social media, and love having a large following, you can potentially start a business as a result of this. As a social media influencer, your online identity can be ran as an enterprise. You can potentially make upwards of thousands of dollars, as long as your following remains at a constant high.

Running a business may seem superficially daunting, but it doesn’t have to be. As long as you possess one, or several, in-demand skills, you can use them to accelerate a prospective, and financially-rewarding business. With enough preparation, you could potentially have several income streams to pull from!

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