7 Startup Ideas for Young Entrepreneurs

Published on: 18 August 2018 Last Updated on: 08 July 2021

Everyone wishes to start their own business. But they may face many difficulties like not having enough capital to invest, lack of research ideas, and so on.

Some points should be taken into consideration while starting up a business;

For starting up a business one needs to invest their time and money. Entrepreneurs with excellent research skills develop great marketing strategies. At the same time, if an entrepreneur has a unique business idea, Private Limited Company Registration can be useful to gain more benefits from the Government. While starting up a business one should know the demand of the consumer and act upon it. Every startup requires a proper business plan with a vision, mission statement, and a set objective. Next, an important point which an entrepreneur must take into consideration is whether his business must conduct online or offline; if offline then will it be an office-based or home-based business. It is all dependent on the product or services which has offered.

No one can reach a successful path without crossing the hurdles. And there are still many young entrepreneurs who struggle to build a successful business.

So, for those young entrepreneurs, here is this article that will help you out in deciding the best startup ideas:

1. Online Freelancing Idea

Online freelancing includes content writing and data entry. For content writing, entrepreneurs need excellent communication skills. Firms hire people for content writing. This business is purely online based. Many companies need people to write content for them. The organization outsources these services.

Entrepreneurs need to be good in their language and thinking power. Those skills can help them to start their online freelancing services. Here the entrepreneurs need no investment. Their income entirely depends on the organization’s goodwill and the number of services provided by them.

2. YouTube Channel

After Google, Youtube is the second largest search engine. Youtube is a platform for innovative and creative individuals. Many people create exciting videos and post them on youtube and make millions of money. Also, YouTube helps to get fame. This business idea is like a low investment and high returns.

The advantage for the user is – YouTube is an independent platform where a user can create his channel and upload their video for free. There is no restriction about the video topic. YouTube also pays money for famous YouTubers.

3. Hand-Made Creative Jewelry Idea

Nowadays, youngsters both male and female are doing this business. You need the skills to make this jewelry art. The primary material for making this jewelry is available both online and offline store at a cheaper cost. The demand for customized and handmade designs is very high among youngsters.

This creative jewelry can sell through an online platform where there is more scope of sale and can also sell offline to friends, families, and relatives. Price of the product is dependent on the design of the jewelry.

4. Event management

Those entrepreneurs who want to start up their business as Event organizers can start with small events like a birthday party or companies meetings. In this type of business, the event organizer requires workforce and other related services on a temporary basis. Event management coupled with creative and innovative thinking is a bonus. Contacts of suppliers and vendors act as the most significant support system. Here the goodwill matters a lot. The event organizer gets orders only through his past event management. These are relatively expensive business ideas the return of income is highly good.

5. Food Delivery Service Idea

Food Delivery Service Idea is a growing and popular business idea where the profit is very high compared to any other services. In this busy world working professionals hardly get time to cook food. The customer tends to get attracted to those types of business services where it makes their routine work quick and simple. This business Idea is highly in demand. In this type of business, the investment is quite high at the same time, the return of income is moderate. One also needs human resources to deliver the cooked food to the consumer. You can start small by personally delivering orders within your local area and using a routing app to get routes ideal for multiple stops.

6. Bakery business

Bakery businesses need high skills. Even an entrepreneur can start a bakery business by appointing an expert. Though a brand plays a vital role in people’s minds in bakery business customers, usually prefer homemade bakery cookies, pastries, and cakes.

In this business idea, investment depends on the size of the business. Nowadays, online bakery selling is also booming. You need a few contacts and marketing strategies to showcase yourself as unique from others. Social media helps in advertising your product.

7. Coaching class

This is a services-based business where the return of income is very high. This business is a home-based business idea. Where entrepreneurs need to be expert in the subject which he or she is going to teach students. School teachers or college professors can also start this business for extra income. And the person who is illiterate can even start this business by appointing professionals to teach the students. Here the investment is a little higher.

Conclusion

Afleo has come with the best startup business ideas for young entrepreneurs. Any plan to succeed takes time. The same applies to startups. Hope this article helped you out to choose your business idea. Cheerful Reading!

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Top Places You Can Sell Textbooks in 2021

Are you searching for the best places to sell your textbooks? With the cost of books alone being expensive, you should be. Here are some quick facts that you may not know: According to Bloomberg, since 2001, the cost of textbooks for college students has risen by 135%. Research by FinAid suggests that the cost of college increases about eight times every year. According to Experian, in 2020, student loans have surpassed credit card debt at $1.57 trillion. The list provided in this guide ensures you get a reasonable amount of your money back on your college textbooks. In addition, millions of students use these bookselling websites to acquire some of their money spent on books. It's time for you to do the same. So, if you're thinking of recycling your textbooks, hold on a second and answer the following questions before you take any action: Is your textbook in good condition? Are the textbooks collecting dust? If your answer is yes to both questions, use the following top places to sell your textbooks and earn the maximum amount of your money back. 5 Best Places To Sell Your Textbooks 1. Decluttr Decluttr is one of the best sites to sell used textbooks online. Aside from buying books, they also purchase other items such as DVDs, phones, CDs, and legos. If you're interested in video games, you can sell them online via Decluttr. The site is simple to use when selling your textbooks. All you need to do is visit Decluttr, select the textbook option, and enter the book’s ISBN. Afterward, you choose your book’s condition, and the company will offer you a quote. It’s that easy. If you accept the offer, Decluttr sends you a shipping label so that you can ship your textbooks. If you have a local UPS store in your area, you can take it to them for free. Once the company receives your package, you get paid through PayPal, check, or direct deposit. If you’re not interested in the money, Decluttr gives you the option to send your money to charity. 2. BookDeal.com If you’re looking for a platform that: Makes it easy for you to find the highest offers, Ensures easy selling process, Gives you protection with its unique Upload Book Photos feature, Offers a vast network of reliable book-buying companies, Ensures that you get paid, Then, we recommend BookDeal.com. The company has been in the bookselling business for more than 10 years. With gathered experience, they’ve learned how to make it stress-free and transparent for students to sell used textbooks. All you need to do is visit the site, enter your book's ISBN and get the highest price. From there, you ship your textbooks for free and get paid via PayPal, Zelle, or Venmo. It's that simple! 3. BookScouter BookScouter allows you to sell your books right from your smartphone device. The company has an app for you to sell your books. What you do is register, scan the ISBN codes of the textbooks you want to sell, and that’s it. The app will show you how much your textbooks are worth and the vendors that will accept them. BookSCouter works with many vendors, including Chegg and Amazon. You get the chance to select the vendor you prefer. When you select your vendor, you choose your book's condition and get your shipping label. Now, BookScouter is not the company that buys your textbooks. Instead, they are a third-party app that helps you sell books online. 4. Amazon Amazon is one of the best places to sell your textbooks online. The company started as a book retailer, and it's still a significant place to sell books online. Now, you have two ways to sell on Amazon. The first step is to create a list as an Amazon seller. That means you’d take care of the product pricing, create shipping labels and send it to the post office yourself. As long as you have the time, you can get more money in the end. If you have the time, you can use the second option. This option is for you to undergo Amazon’s trade-in program. There are questions about your textbook’s condition to answer, and if you agree, you get a shipping label. After you send your books and get verified by Amazon, they’ll submit your payment to you. 5. ValoreBooks You can sell and rent your textbooks on ValoreBooks, which can be a helpful platform for college students. However, they are a lot pickier compared to other sites. That means if your book is not in good condition, there's a slight chance of selling on the platform. Regardless, they offer the best place to sell your books. Final Thoughts If you want the best place to sell your textbooks online, we recommend checking out the list provided in this article. However, if you're planning on making bookselling a side business, we recommend that you do your research before you begin. However, with these lists, you are guaranteed to make the most amount of money you can get from your textbooks. Read Also: How to do bookkeeping in Malta minus complications 6 Ways You Can Secure a 4.0 in College 5 tips for college students on how to begin investing using pocket money

The Definitive Lean Startup Guide: Everything You Need To Know

The lean startup methodology is revolutionizing the way companies launch and grow. But what exactly makes this new methodology so valuable? Lean startup provides both inspiration and practical tools to make that achievable. So if you're gearing up for a new venture, take a close look at how this approach can help you maximize your chances of success! While the journey may present challenges, the potential rewards make it all worthwhile. Read on to get the full rundown on maximizing lean principles to build your next business. Introduction To Lean Start-Up:- At its core, lean startup is all about taking an experimental approach to creating and managing startups. However, the methodology emphasizes rapid iteration, customer feedback, and eagerly testing ideas to reduce risks and uncertainty. Thereafter, take a look at the chart below to get more clarity on the major benefits of lean startup methodology. Some standout lean startup principles include: Validated Learning: Rigorously testing hypotheses and getting hard data from real customers to validate if a product or strategy is truly viable. Failures become learnings. Build-Measure-Learn: Using feedback loops to build minimum viable products (MVPs). This helps in measuring their real performance and learn from results to improve the next iteration. Innovation Accounting: Tracking meaningful startup metrics like customer acquisition cost rather than vanity metrics like total users. Persevere Or Pivot: Using validated learnings to determine whether to persevere on the current path or pivot by changing the product, strategy, or even the entire business model. Thus, following these core concepts allows startups to maximize learning while eliminating wasteful practices that drain resources. Comparing Traditional And Lean Startup Approaches This table provides a clear visual comparison between the two approaches, highlighting their key differences. Focus In-depth upfront planning Rapid experimentation Traditional Business Planning Lean Startup Methodology Decisions Based on projections and assumptions Based on real customer data Progress Follow a fixed roadmap Continually re-evaluate based on feedback This comparison table highlights the major contrasts between traditional planning and the lean startup methodology in a visual format. Harnessing Innovation Accounting For Lean Startup Success One important lean startup principle is innovation accounting. Unlike traditional accounting, which focuses on financial metrics, innovation accounting uses lean startup methodology. Besides, it helps to track actionable metrics that offer insights into the startup’s progress and customer response. Some examples of metrics used in innovation accounting include: Customer acquisition cost Churn rate Lifetime customer value Active usage metrics By diligently tracking these metrics, lean startups can gather the data they need to determine whether to persevere on their current path or pivot based on customer feedback. Thus, innovation accounting provides validated learnings that inform smart business decisions. It is opposed to vanity metrics like total customers or sales. The Lean Process Step-By-Step While the lean startup methodology is flexible and adaptable, there is a rough process that generally guides its implementation: Step 1. Identify The Problem The first step is to take time to clearly identify and articulate the specific customer problem or need that your startup aims to address. Now, you must ask questions like: What underlying frustration or pain point are customers experiencing? What needs are going unmet in the market? What improvements do customers wish existed? The issue should be urgent pervasive in the target market. Moreover, they are aligned to a sizable potential customer base. Hence, avoid vague problem statements. Get ultra-clear on the exact problem. Step 2. Define The Solution Once the problem is precisely defined, brainstorm potential solutions. Outline an initial product or service concept that could feasibly address that problem in a novel way. Moreover, think creatively about different approaches, features, and minimum requirements that could satisfy customer needs. At the same time, focus more on figuring out the right broad solution rather than detailed requirements at this stage. Step 3. Build An MVP Next, construct a minimum viable product (MVP) to test the solution. The MVP is a prototype that has just enough critical features to validate the core idea and start the learning process. Hence, avoidover-engineering at this stage. Build the simplest, fastest, most stripped-down representation of the product that enables validated learning. It can be as simple as a landing page description, mockup, or very basic prototype. However, the goal is to waste the least amount of time and resources. Step 4. Test And Measure Get the MVP in front of real customers to test assumptions. Approach target users, share the MVP, and collect key data based on how they react and interact with it. Focus on defining and measuring a small set of actionable metrics that offer insights into customer behavior, needs, and preferences. Example metrics include sign-up rates, clicks, conversions, usage data, etc. Step 5. Learn And Iterate With data and feedback collected, analyze results to determine what resonates with customers and what doesn't. Figure out key learnings, positive signals, and areas for improvement. Use these learnings to rapidly tweak and tailor the product through iterative changes. Make small refinements and run additional small tests to continue validating the product direction. Step 6. Scale Once product-market fit has been achieved based on metrics and feedback, it’s time to scale. Come up with plans for expanding business processes, operations, marketing, and resources to drive growth. Executing this rapid build-measure-learn loop cost-effectively allows startups to gather data, fail fast, and iterate their way to success faster. “Companies that prioritize experimentation are 2.5 times more likely to outperform competitors.” Lean Startup Success Stories Plenty of today's hottest startups have leveraged lean methods to skyrocket growth: Airbnb: Grew from renting air mattresses in a living room to a $100 billion hospitality disruptor by constantly testing innovations. Dropbox: Exploded from 100,000 users to over 4 million in just 15 months thanks to growth hacking experiments. Groupon: Pivoted from a collective action platform to become the massively successful daily deals leader. Zappos: Originally only sold shoes but iterated into an online customer service powerhouse after recognizing bigger opportunities. The flexibility of the lean framework lets startups fluidly adapt and uncover breakthrough ideas. Top Lean Startup Challenges Adopting lean startup practices comes with hurdles, including: Letting go of old habits: Requires shifting away from linear execution plans and embracing experimentation. Ambiguity: The constant pivoting and iterating can feel disorganized compared to having a fixed roadmap. Need for patience: Repeated rapid testing is meticulous. Results and traction take time. Institutional resistance: Established organizations may reject lean approaches that disrupt existing norms. However, committing to small experiments, tracking meaningful metrics, and iterating products judiciously can help overcome these roadblocks. Adjusting mindsets is essential. “Over 70% of startups say their corporate culture is not suited for rapid experimentation.” Tracking Lean Startup Success Instead of vanity metrics, lean startups should focus on actionable metrics that offer real value: Churn rate: The percentage of customers that disengage over time. Lower is better. Customer lifetime value: How much revenue each customer generates on average. Want to maximize. Cost per acquisition: The amount spent to acquire an average customer. Should decrease. Net promoter score: Quantifies customer satisfaction and loyalty. Positive trends are ideal. Monitoring these unique metrics ensures startups have data-driven insights to guide smart pivots and growth. Key Takeaways Lean startup emphasizes rapid experimentation and customer feedback over detailed upfront planning. The core methodology follows a process of identifying problems, defining solutions, building MVPs, testing, and iterating. Tracking actionable metrics helps startups make data-driven decisions about pivoting or persevering. Well-known startups like Airbnb and Dropbox leveraged lean principles to fuel incredible growth. Lean startups fail fast and cheap, learning critical lessons in the process. Adopting lean startup practices requires adjusting mindsets away from linear execution plans. Patience is key, as measurable traction takes time when running rigorous experiments. Conclusion The lean startup methodology offers a modern, nimble approach to launching and growing a successful business. However, by focusing on rapid experimentation over detailed long-term plans, startups can quickly adapt to markets and build products that customers love. While adopting lean startup practices requires adjusting mindsets, the benefits are game-changing. Instead of huge upfront capital investments, companies can take small risks, learn quickly, and uncover breakthrough innovations. Dive in to start reaping the many rewards of the lean startup philosophy. The keys to your next game-changing startup await. Lean Startup FAQs Let's go over some common lean startup questions: How does lean startup differ from traditional business planning? Traditional plans focus on in-depth upfront research and analysis. But lean emphasizes quick experiments and adapting based on customer responses. What types of startups is lean startup best suited for? The methodology can benefit all startups regardless of industry or business model. However, it may offer the most value for highly uncertain, innovative product ideas. Are there tools that can help adopt lean practices? There are various low-code tools for building MVPs fast, analytics for tracking key metrics, and more. Lean startup guides like Eric Ries' book provide foundations. Read Also: How Inspirational Speakers Like Tony Robbins Can Help Your Business Alternative Business Financing – What Is It And How Do You Do It? Starting A Small Business – Finding Your Target Market And More

Things to Consider When Sourcing Employees for Manufacturing Plants

When setting up manufacturing plants, you must carefully consider hiring the right people. This is skill-intensive work requiring highly qualified individuals. There are many machines involved, and any slight mistake could lead to disaster. Every task, from arm robotic polishing to welding or picking and placing, needs to be handled by trained experts. There’s no room for error. So, how do you hire workers at this level? What qualities should you look for when gauging their qualifications? Here are some ways to get it right. Skills and Qualification Levels Where heavy machinery is concerned, you must exercise caution during hiring. The team handling these tasks must demonstrate top-tier skills and qualifications. This will help you match them to the right roles. Hiring the wrong person for a job is a key reason for past workplace accidents. The best approach is to give candidates practical tests. Don’t rely solely on paper qualifications. The hiring process should be thorough—there’s a lot at stake. The Positions Available Before hiring, you need a clear image of your needs. What positions urgently require filling? How many workers do you need? Should you increase staff, or would a smaller team be more efficient? Hiring should be based on necessity, not a whim, as onboarding and training are costly. Before advertising any position, ensure there’s a genuine need for that role to be filled. Salary Demands You might set a salary range in the job listing. But understand that securing top talent might require flexibility. Skilled workers often demand higher wages and might negotiate upward. If their skills match your needs, be prepared to adjust your salary cap. Quality employees are rare. When one comes your way, don’t miss out. Labor Laws Labor laws exist to protect employees from exploitation. You must be well-versed in relevant laws to avoid legal issues. Employers often face trouble due to ignorance of basic labor laws. Disputes of this nature can be costly and might even bring down your company. Many businesses have collapsed after large payouts from lawsuits. Safety Precautions Safety in manufacturing plants involves responsibilities on both sides. Employers must provide protective gear like helmets and gloves. Install emergency safety buttons for quick machine shutdowns in accidents. Employees must know how to operate machinery responsibly. If someone gets injured on duty, you’ll be responsible for compensation, which can be expensive. Interpersonal Skills Manufacturing plants typically have hundreds of workers sharing space. Good interpersonal skills are crucial because teamwork is essential. Clear communication is the backbone of efficiency. Every hire should be able to understand instructions and communicate effectively with co-workers. First Time Manufacturing Plants Owner? Setting up a manufacturing plant is a huge endeavor, particularly if you’re starting your own business. How well (or not) you hire will make or break the success of your venture. But here’s the problem: Most advice out there assumes that you’re already an established business with an HR department. No one talks about how hiring must be approached differently as a start-up founder without specific HR knowledge in relation to hiring line workers for a manufacturing plant. Challenges are Common When everything’s new, and you don’t yet know the specific needs of this segment, it can be difficult to know which roles are needed to get started and begin building. You don’t just need “bodies”. You need skilled people who have experience working with machines, safety precautions, and as a team member simultaneously! But where do you find these people? It often seems like normal small company hiring advice doesn’t apply; you’re not sure how to tweak it appropriately for your industry. Start by focusing on industry-specific tips and tools for entrepreneurs entering this unique segment of entrepreneurship Don't Compromise on Skill Set As a new business owner, you’re probably working with a tight budget. However, this doesn’t mean you should necessarily compromise on your skill set. You can get a better feel for someone’s capabilities through practical tests during an interview than from a resume. Many first-time business owners make the mistake of hiring based on what they read – and end up with someone who is entirely lacking in the kind of real-world experience they require. Incorporating examples like this and talking about how to use real-world testing to your advantage can help you save your new clients from themselves Know your Laws Another challenge is knowing labor laws. Big companies have departments for that! But when you’re a new business owner, you’re usually the president, HR director… and janitor, too. It’s easy to overlook labor laws. Not doing it right can also be fatal to your business. We need to pay more attention to simple things and resources to make sure we do them right. Manage Safety Safety is another area where new business owners struggle. They think buying insurance covers it all! But in manufacturing there’s so much more that needs addressed on a regular basis; training, gear, protocol. You must understand safety isn’t something you have to worry about paying fines for. On the contrary, being proactive about safety increases productivity and decreases turnover as well. Focus on Soft Skills Finally, don’t forget about the “soft” skills. We see new manufacturers hire for the hard skills and forget that these folks will have to work together. If we can help new owners know how to look for communication skills coupled with technical ability, that alone would be incredibly impactful. The Final Note! Hiring a manufacturing plant is one of the most complex tasks an employer can face. The success of your business heavily depends on hiring the right people. Plan carefully to increase your chances of finding qualified workers. Read Also: Possible Reasons Why Your Employees Aren’t Too Productive and What to Do About It What Are the Ways to Prepare a New Employee? 7 Best Employee Recognition Awards Ideas For 2021