10 Great Business Ideas for 2018

We strongly believe that you should get 2018 started right by assessing where some great business opportunities exist, then start executing on what has been identified. At BizLauncher, we are not just about providing you with the best launch solution to actually get your business started – we are also committed to providing relevant information backed by data to help entrepreneurs like yourself make quality decisions.

We have curated our top 10 list of great business to start this year by taking a deep dive in tons of data – both qualitative and quantitative. The idea is to give you a big picture view of the each industry’s prospects so you can have an informed appreciation of the opportunities that exist. So, what factors exactly did we assess to arrive at our top 10 picks, and why are these factors important for founders to consider? Well, let’s find out!

Factor Assessed: Barriers to Entry

This is where we analyzed the totality of challenges and obstacles that prevent new competitors from easily entering an industry or area of business. High or significant barriers to entry could impact the founder’s general ability to get their business up
and running quickly.  In addition to startup and ongoing capital requirements, barriers to entry may include special tax benefits to existing firms patents, strong brand identity or customer loyalty, and high customer switching costs.

This factor was assessed on a scale of low to high – with an assessed score of “low”
being more favorable in this context. Founders should be very careful though, as low barriers to entry could also mean that the competitive landscape will be very intense and it may be difficult to build a long-standing competitive advantage.

Factor Assessed: Technology Adaptation

This is where we analyzed the prevalence of new and emerging technology in the industry. In this day and age, we cannot ignore the importance of technology in driving efficiency and causing significant disruption in many industries. In essence, this particular metric looks at how ripe for disruption that particular industry is.

The fact is that the application of new technology in every industry moving forward is inevitable. As a result, a low technology adaptation is given a higher score as new technology being applied could help new entrants impact the status quo (DISRUPT!) and quickly garner market share.

This factor was assessed on a scale of low to high – with an assessed score of “low”
being more favorable in this context.

Factor Assessed: Industry Life Cycle

This is where we analyzed where the targeted industry is in its continuum, relative to broader economic growth. Every industry goes through a cycle – some may just be
emerging and have significant growth ahead. Others may be dying, as technology and other factors have led to their irrelevance or obsolescence.

There is a saying that “a rising tide lifts all ships”. This is certainly food for thought when considering your next business move. More substantively though, do you really want to make a significant investment of time and resources building products or offering services that the market no longer needs?

This factor was assessed on a scale of growth, maturity, to decline; with an assessed score of “growth” being more favorable.

Factor Assessed: Five (5) Year Projected Industry Growth Rate

This is where we analyzed the projected 5-year growth rate of the industry. Yes, it is important to know that an industry is growing – but how sustainable is that growth over an extended period of time? We have a preference for industries which have high single digit – or even better, double-digit 5 year projected growth rates.
How should prospective founders view projected industry growth rates?

We see these projected 5-year rates as the bar which our startups should aspire to exceed as they implement strategies to truly scale and grow their businesses.

Factor Assessed: Capital Intensity

The amount of money required to start and build a business is a significant factor that has to be considered by a potential founder. That is why we had to use this as a standalone metric in our analysis. We assessed this factor on a scale of low to high -with a low capital intensity being preferable.  Startup funding can be the most challenging capital to attract. Therefore, an entrepreneur ends up having to bootstrap a new business for an extended period.

Why is Capital Intensity an important consideration? A low capital intensity enhances the probability that the founder will not have to seek outside funding in the early stage of the business – and this helps them to move forward with launching and growing their business with greater agility.

So now that we have given you an insight into how we arrived at our top ten (10) list, let’s look at the actual businesses we have selected (in no particular order):

  1. Solar Panel Installation Business
  2. Software Testing Service Business
  3. Online Cosmetics Sales Business
  4. Online Medical Supplies Sales Business
  5. Digital Advertising Business
  6. Crowdsourcing Services Business
  7. Online Mortgage Brokerage Business
  8. Peer to Peer Lending Business
  9. 3D Printing & Rapid Prototyping Services Business
  10. Online Home Furnishing Sales Business

Click on each link to get more in-depth details on each business. And always remember – we are here to help get your business started whenever you are ready!

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