With 2019 just around the corner, many people are searching for innovative business ideas to grow their small business. Although the growth of the business depends on a lot of factors. But there are a few steps that you can take to expand your small business in 2019. In this blog, we shall discuss the 5 innovative business ideas by which you can take your business to new heights.
Starting a small business is not a light-hearted affair. It is something that must be taken sincerely especially for the capital invested and the uncertainties (such as income tax) involved. Said that, the small business owners and entrepreneurs constantly look for innovative business ideas and ways to improve and grow their small business. They know that the success of their business depends on upcoming business ideas and keeping up with the ongoing and upcoming trends in the market in important.
Incorporating the upcoming business ideas can certainly take your small business to new heights in the upcoming year. In addition to generating more profits, it can also help you in earning reputation and brand name which will be very beneficial for the small business in long-term. Let’s take a look at 5 upcoming and innovative business ideas that will make big in 2019.
FBA Sales – Fulfillment by Amazon
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The FBA program allows the product sellers to market their products through Amazon. Notably, Amazon the world’s largest online retail platform. This is an upcoming business trend that has made big in this year and would surely make big in the coming year as well. The FBA program offers a great business opportunity to all small businesses in India.
The online retail platform takes all the headaches of storing, packing, shipping, returning, and customer service queries on itself. And this is the biggest advantage for the small business. All the business has to do is get the products listed on the Amazon’s website. And once listed and sales are made, the business owner has to send the product to their nearby Amazon Fulfillment Center. From there, the products would be send to the buyer by Amazon.
Also, the Amazon FBA program is an ideal way if you wish to start an online product sales business. It helps in reaching to a large target audience base leaving behind the geographic barriers.
Outsource Work
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Most small business owners think they can do everything themselves. So, they give no importance to outsourcing or contracting out work or duties. However, outsourcing work is very important. By contracting out work, you can free up your schedule and thus, focus on things that only you can perform.
For instance, if you are a software developer. Having someone else talk to clients and send them invoices would give you more time to actually work on software. This can also increase revenue since all your earning comes from developing software.
Also, outsourcing work to someone who has expertise in it will help you get work done in a better way. This will eliminate inaccuracies in the work that you may perform.
Find Customers
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One among the other innovative business ideas is to focus on targeting the right customers to boost sales in 2019. And not only the customers who would make a purchases just once but again and again. For this, it is important to know what exactly the target audience wants. And once you know that, you can offer the types of products and services as per their requirements.
So, who is our customer and what are their problems that your products are solving? What is their location and where do they work? Are your customers single or married? What are their dreams and goals? And finally, what are their concerns? You can get answers to all these questions by conducting a survey.
After getting the data, you use it to market your products and services efficiently. You can get the customers to understand the value that your product would add to their lives. In addition, this will also help you know where your product lack and where to improve.
Marketing & Advertising
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Many small business owners shy away from spending any money on marketing and advertising for their products and services. And this can be one of their biggest mistakes. Without letting the customers and audience know what you are selling, there would be no sales. And so, no profits.
The marketing and advertising may not one of the innovative business ideas. But it is an important aspect for your small business and you must start advertising and marketing your products and goods from 2019. The new aspect added to marketing is the user reviews. Today, more than 95% of the customers read the online reviews before making any purchase. In addition, 90% of the people step back from buying products that do not have a positive review.
In 2019-20, the customer reviews will be one of the greatest influencers for any business – whether small or big.
Avail a Business Loan
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While many small business owners would see the business loan as amount with interest cost. There is more to it. And that is the GROWTH OF THE BUSINESS with the help of additional funds. With some additional amount at disposal, the small business can certainly invest in its expansion and mark an exceptional growth in the coming year, 2019.
It is not easy for any business to take out a large amount from the profits earned for expansion. And so, they mostly do not look towards this expansion aspect. You can avail a loan for business and invest the availed money in business growth. Notably, no business can grow without investment. It would definitely require money for the activities involved.
Said that, there are many NBFCs and online lending companies that offer small business loans to SMEs and MSMEs at basic eligibility criteria and minimal documentation. And one reason why you avail a loan for business from an NBFC or online lender is they offer collateral-free loans. And so, you are not required to hypothecate any asset.
Now that you know 5 best and innovative business ideas that will make big in 2019-20, you can adapt them for your small business and take its full advantage.
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