What good business to start in this current economy?

[ndutndut]

Can I have your thoughts or ideas on this? What business is good to start in this current economy? If you will start a business, what will it be and why?

If you have financial constraints and low capital, then a floating tea shop will be a profitable business. You will make your own tea and can provide light snacks for customers. If your financial condition is fairly good, then you can start a grocery store business. You can profit financially by selling all kinds of daily products here.

Or you can start by researching which business is more profitable in the context of your country. The important thing is that to earn money, you need discipline and a mindset of hard work. Besides, patience is one of the biggest capitals of any business.

Actually, in the middle of an uncertain economy like this, especially with uncontrolled inflation putting pressure on buying power, focusing on affordable food and beverage businesses like basic groceries, frozen food, or homemade culinary goods is the right choice. Or if you have a particular skill you should focus on one skill. For example, if you have skills in design, make that your business or if you're good at fixing vehicles, then focus on running a workshop.

The point is, don’t focus too much on building a big business. You have to start small, and while building a business, you also need to consider your surrounding environment, especially in the current economic situation. Basically you need to be more realistic when starting a business, adapt to your environment, and don’t rush to scale up.

[Marvelockg]

Can I have your thoughts or ideas on this? What business is good to start in this current economy? If you will start a business, what will it be and why?

If you have financial constraints and low capital, then a floating tea shop will be a profitable business. You will make your own tea and can provide light snacks for customers. If your financial condition is fairly good, then you can start a grocery store business. You can profit financially by selling all kinds of daily products here.

Or you can start by researching which business is more profitable in the context of your country. The important thing is that to earn money, you need discipline and a mindset of hard work. Besides, patience is one of the biggest capitals of any business.

The point is, don’t focus too much on building a big business. You have to start small, and while building a business, you also need to consider your surrounding environment, especially in the current economic situation. Basically you need to be more realistic when starting a business, adapt to your environment, and don’t rush to scale up.

Unfortunately most small businesses are struggling to remain in business and scaling up is even becoming more deficult because the economy is eating on consumers so badly that after starting a business getting the expected sells you're looking out for becomes extremely hard.

The best option has always been to study your environment and go for what will give you returns even if it's not something that you like doing. You will certainly have competitors around and that's a fact but everyone is just trying to remain in business because it's not easy anywhere. Almost all the location you intend starting a provision shop already has one in that location and regardless the kind of business you're putting out, people are likely doing same business. You just have to fix yourself in the mix while believing that you can equally succeed in that like just like others are doing.

[abhiseshakana]

Every country may have different conditions. However, I’ll focus on the situation in my own country.

To be honest, in my country, almost every business sector is already too crowded. As a result, it’s difficult to come up with innovations that others haven’t already thought of. I think it’s very difficult to break into sectors like food and beverage, services, retail, beauty salons, and many others anymore, because the competition is already too intense. Since the COVID-19 pandemic, I’ve seen massive layoffs that have led to an uncontrollable surge in the number of small and medium-sized enterprises (SMEs). In fact, on just one street in my country, you can find many vendors selling the exact same products.

Consequently, the only sector that still holds potential is the online market, even though competition there is just as fierce. At least, it’s primarily young people entering this sector, and its practicality allows us to start making money without a large initial investment.

An example of a business that I think is still quite viable right now is providing content creation services, such as editing short videos or similar tasks. This is because many people are now entering the content creation world, but many seem to lack the skills to edit content or gather content materials. This is where we can step in. I have a few more ideas, but I think this one example is enough.

@Arenga Pinnata, i suggest you to try large scale commodity trader or broker. Based on my experienced for years being intermediary and sourcing agent is one of the best business can be start with minimum capital and very low risk. You can do for domestic market but i suggest export market, because margin more fruitful, the volume of transaction is bigger beside that cross border trading have more constraint than domestic trade, this create opportunity for us to connect between buyer demand with match supplier.

For margin we can take from difference between the selling price and purchase price or we can take commision per transaction or per volume of good purchased. For such kind business, the risk are very low because we don't need to stack  goods. But we must ensuring we have clear stated our standard trading confition, as intermediary do not let ourself as the party bearing the loss. We must forward all clauses proposed by the supplier to the buyer.and every detail of the buyer's request must be approved by the supplier.

Before become exporter and use my own money to buy goods and then sell, i start as sourcing agent and intermediary. And on this era, i think more easy to create money from these business. You can start selling your commodity that you use for username which have big stable demand to Vietnam and Thailand.  If you can make content for this business i think your business will grow increasingly fast

[hafiztalha]

Can I have your thoughts or ideas on this? What business is good to start in this current economy? If you will start a business, what will it be and why?

Any business can be good as long as you find a niche that others have not yet discovered. But it really depends on your person, what are you passionate about? What are you good at? Do you have skills that nobody else has?

In our day and age a young pretty girl can sell her bathwater and make millions off of her "influencer" videos. Others have other forms of providing enterainment. The service you can provide really depends on you, as I said.

I would like to add that finding a niche is the only beginning point for starting any business, and it is valuable when there is a good amount of demand, and the people are also very willing to pay for the services and the solution that you are providing. Having passion and unique skills is important it gives someone an advantage, but they still need good amount of marketing ability to adapt to the changing environment and also consistency.

Your example has shown that social media has extremely changed the meaning of businesses. Sometimes the product that is being sold is not that much important and is not creating any value, but the audience, its branding and attention around it is what that makes it valuable and create value in the market. It is also true that what works for one person might not work for another influencer, so we cannot copy an unusual business idea without understanding the demand and the failure and risk that is involved with it.

[Jaycoinz]

You can start selling food items that people consume everyday. No matter how hard the economy is, people are always going to feed. Selling a couple of those essential food items that you know people in your neighborhood always need on daily basis won’t be a bad idea.

Yeah I was scrolling through posts and I saw yours and it resonated with what I was thinking, the best thing you can do is create a business that is especially needed in your area and for me I lean towards the skill part because they depend on extremely low capital, the one my friend started some years ago was a mobile car servicing business, where he goes to the home of his clients after advertising to service there machinery and cars to be specific, and even gives them oil change as thank you gift.

[Roseline492]

Unfortunately most small businesses are struggling to remain in business and scaling up is even becoming more deficult because the economy is eating on consumers so badly that after starting a business getting the expected sells you're looking out for becomes extremely hard.

You are right but the choices of business type of some persons is not ideal because economy always have a way to drive some business that was meant to have high customer into low selling business, so actually with the effects the economy has on everyone it has become an ultimate important when getting ready for the starting of business to think about what is currently on the Market that people are buying even if there is no much money in the society because that's the only way to have a high selling on a business currently, sometimes I see complaints of people saying that they don't want the same business three persons are selling on the same area but is not wrong to have the same business if that's what people are highly demanding within there.

[Dareo]

Can I have your thoughts or ideas on this? What business is good to start in this current economy? If you will start a business, what will it be and why?

If you have financial constraints and low capital, then a floating tea shop will be a profitable business. You will make your own tea and can provide light snacks for customers. If your financial condition is fairly good, then you can start a grocery store business. You can profit financially by selling all kinds of daily products here.

If I wanted to start with less capital, I would have gone for a small scale online business rather than a tea shop or grocery store, because there is no need to rent a shop or keep a large stock in advance, you can check the demand on Facebook or other social media platforms with a few products. Also digital transactions are gradually increasing in almost all countries, so the opportunity for online sales is better than before. However, the real issue here is not the product but understanding which product will have regular buyers first. So I think it is much safer to start small and gradually increase it after seeing the sales than pouring big money in the beginning.

[Johnlomape]

You can start selling food items that people consume everyday. No matter how hard the economy is, people are always going to feed. Selling a couple of those essential food items that you know people in your neighborhood always need on daily basis won’t be a bad idea.

Yeah I was scrolling through posts and I saw yours and it resonated with what I was thinking, the best thing you can do is create a business that is especially needed in your area and for me I lean towards the skill part because they depend on extremely low capital, the one my friend started some years ago was a mobile car servicing business, where he goes to the home of his clients after advertising to service there machinery and cars to be specific, and even gives them oil change as thank you gift.

Location is an important factor when it comes to building a business that will become profitable for you. We can not go to a location that don't need a product and create a company or a warehouse there with the intention to start selling the product to people staying in that area. There are so many businesses we can do and grow it but the worse business and I will advise anyone to do is cloth or boutique business because you will spend millions to start the business and you may not make close to what you have spend on the business. Although this is also location dependent and there are locations you could likely make money.

[Woodie]

Can I have your thoughts or ideas on this? What business is good to start in this current economy? If you will start a business, what will it be and why?

Different country, different short comings.. but the ideal business has to be something that cuts through necessity and will always call  on your services... for example of you are in a country that a shity that has been rendered useless you could consider going in the currency exchange business. as money will be needed for trade .

Another business idea, is for places with bad internet connection, if you can get a premium service of fast internet you could go into sharing you net provided it doesn't go against fair usage policies if any.

For our friends in war regions, transporting food, girls etc where these resources are needed should pay you well.. otherwise opportunities are there , though some high risk.

[angrybirdy]

Can I have your thoughts or ideas on this? What business is good to start in this current economy?

I don't know the exact amount of fund you have to establish a business, but if you are talking about bitcoin investment I will advice you to have what you can afford to lose in bitcoin investment because that is what will make you to have the knowledge of bitcoin investment before investing you funds, I know that some newbies like to start with altcoins investment but I will encourage you to start with bitcoin which is the king among other cryptocurrencies and you will earn what will make you to continue to invest in bitcoin.

Starting small can give you the opportunity to gain experience without giving big chunck of your money at risk. You can learn how to buy& sell, market movements, and risk involve before deciding whether to invest more. I know some of newbies are prefer to start with altcoins because it may seem like they have more potential for fast and easiest money to have, but just like you, i would personally encourage a new investor to understand about btc first since it is the most established and widely recognized cryptocurrency today and in the future. .. the most important thing is not to rush or invest the money that you have for your daily expenses, if dont have enough funds, just take your time to learn, start with what you already have and only increase your investment as your knowledge and confidence improve from time goes by.

[Swordsoffreedom]

Can I have your thoughts or ideas on this? What business is good to start in this current economy? If you will start a business, what will it be and why?

If you have financial constraints and low capital, then a floating tea shop will be a profitable business. You will make your own tea and can provide light snacks for customers. If your financial condition is fairly good, then you can start a grocery store business. You can profit financially by selling all kinds of daily products here.

If I wanted to start with less capital, I would have gone for a small scale online business rather than a tea shop or grocery store, because there is no need to rent a shop or keep a large stock in advance, you can check the demand on Facebook or other social media platforms with a few products. Also digital transactions are gradually increasing in almost all countries, so the opportunity for online sales is better than before. However, the real issue here is not the product but understanding which product will have regular buyers first. So I think it is much safer to start small and gradually increase it after seeing the sales than pouring big money in the beginning.

With the rapid growth of social media, online business can be a good idea for people with limited capital. But that doesn't mean its safer or more profitable, because it also comes with some major disadvantages.

Competition on online platform is fierce. You may not have to pay rent or hire many employees, but you still have to spend money on advertising, platform fee, shipping, and return...or building trust with customer also takes a lot of time.

Online or offline, every business has its pros and cons. Do your research before getting into it. Keep that in mind, running a business has never been easy

[liasbaa]

You can start selling food items that people consume everyday. No matter how hard the economy is, people are always going to feed. Selling a couple of those essential food items that you know people in your neighborhood always need on daily basis won’t be a bad idea.

Yeah I was scrolling through posts and I saw yours and it resonated with what I was thinking, the best thing you can do is create a business that is especially needed in your area and for me I lean towards the skill part because they depend on extremely low capital, the one my friend started some years ago was a mobile car servicing business, where he goes to the home of his clients after advertising to service there machinery and cars to be specific, and even gives them oil change as thank you gift.

Location is an important factor when it comes to building a business that will become profitable for you. We can not go to a location that don't need a product and create a company or a warehouse there with the intention to start selling the product to people staying in that area. There are so many businesses we can do and grow it but the worse business and I will advise anyone to do is cloth or boutique business because you will spend millions to start the business and you may not make close to what you have spend on the business. Although this is also location dependent and there are locations you could likely make money.

To make a profit from a business, you first have to choose a right and suitable place. Whatever business you do, you will make a profit or a loss depending on the good place. There are many potential businesses that cannot produce quality products and earn the expected profit simply because they are not established in a suitable place. You have to consider every aspect of the cost of the place, production cost and purchase price of raw materials to decide which business is right for you. There were many businesses that did not close due to lack of money, but those businesses closed due to lack of skilled employees because choosing the right place is an important task. Many businesses also close due to lack of quality of the products. To get profit from the business, you have to take care of every aspect.

[Achalugo BTC]

To attract customers isn't a problem,you have to do a business background check on the location that you want to setup the business then you have to look at the market to see what peopl in that area likes to buy the most. For instance if want to setup an executive lounge,you have to build it in an urban area particularly in the GRA axis in that city because the people that lives in that area is rich and they can afford your service. The mistake some business CEO make is that they will setup a good business in a wrong location. Imagine a CEO running an expensive lounge in a rural area, he is not going sell because the people in that environment won't be able to afford what he sells and his business will suffer. So to attract the right customers for your business, you need the right location and customers will patronised your business.

You are absolutely right, location matters in a business. And that is what most business owners skip doing, because they feel that location doesn't really matter as long as they have the money to make every necessary arrangements. Also, why location matters is to make it easier for customers to get to them without stressing themselves that much. That is why every big businesses that are flourishing today is because they conducted background research, which helped their businesses grow. But it's important for anyone to also venture or start up business that will attract customers as well.

[Ayers]

Location is an important factor when it comes to building a business that will become profitable for you. We can not go to a location that don't need a product and create a company or a warehouse there with the intention to start selling the product to people staying in that area. There are so many businesses we can do and grow it but the worse business and I will advise anyone to do is cloth or boutique business because you will spend millions to start the business and you may not make close to what you have spend on the business. Although this is also location dependent and there are locations you could likely make money.

have you ever spent millions on a fashion business? what makes you think that's one of the worst business model?
if the fashion industry is really that bad, why do so many brands and stores still exist today?

any type of business can be profitable. if an industry couldnt make money, it would've died out a long time ago.

just because you failed in that business or it doesn't work in your area doesn't mean the industry has no potential. in business, problem isnt the industry itself. it's the market you choose, the product, how you run it, and the location, just like you mentioned.