Do you have a spark of inspiration? Are you certain that you could run a global business? Well, before you take out a business loan, you have to narrow down the specifics. After all, nobody wants to be a borrower navigating interest rates and acquisition before they’ve nailed down an idea. Before meeting with a lender, consider these six winning ideas.
1. Franchise Business
If you have the entrepreneurial spirit but not the working capital, you may want to open a franchise business. While you may still need a loan, you won’t be liable for such high interest rates as a borrower. Plus, your franchise business will come with a built-in business model that’s proven to work. You’ll have a distributor, supplier, and manufacturer on your side, depending on your industry. The reliability of being a franchise owner can’t be understated. If you need assistance, reach out to a franchise lender to get your feet off the ground. Franchisors and franchisees the world around are ready to welcome you into the fold, and there are lenders who specialize in helping franchisees do just that.
2. Supplement Business
Here’s a small business idea that’s sure to stick. The world of dietary supplements has never been more popular, especially in the United States. As long as you’re using quality dietary ingredients in your nutritional supplement and you meet the United States Food and Drug Administration (FDA) standards, you could have a winning business model. Personal care products and nutraceuticals are hot tickets these days. From herbal extracts to private label softgels, getting involved in the dietary supplement manufacturingprocess could be your ticket to success.
3. Alternative Jewelry and Goods
A plasma cutter is usually associated with the car industry, wielding, or scraping. These cutters emit a high-speed electric current, ionizing gas that makes metal hot enough to cut. However, you can also create beautiful jewelry and art with CNC plasma cutting machinery. Laser-cut sculptures and jewelry designs are often hot sellers. If you have enough working capital to create a beautiful finished product and you know your way around a plasma torch, this could be the perfect business for you. Just monitor the manufacturing process to ensure all products meet your standards as a small-business owner.
Do you have expertise in sports nutrition or the beverage industry? Can you help a business owner develop a custom formulation for their product? Can you help a marketing company establish a line of credit? The best thing about consultancy is that you may not require equipment financing, a lender, or a product laboratory. Whether you’re working in real estate or assisting a supplement manufacturer, there is plenty of room in the world for consultants.
The marketplace is always in need of good writers. If you have years of experience developing content and writing about product specifications, this could be a perfect fit. From writing adverse event reports to posting press releases on a brand’s new custom formulation, your industry is only limited by your interest. The final rule in blogging, though? Always know your worth. It can be a competitive field so don’t let yourself be undercut.
6. Interior Designer
If you have more of an eye for design than numbers, you may want to consider opening an interior design business. For each design, you’ll craft a custom formula for style. Whether you’re installing steel plate walls or ensuring internal sanitation, you need to give your assurance that all of your designs are high quality and worth the investment.
From developing quality products for weight loss to getting involved with a customer service franchise system, being a business owner has never been easier. The only question is this: What kind of business owner will you be?