The best ways to save for retirement when you’re self-employed

The best ways to save for retirement when you’re self-employed

The best ways to save for retirement when you’re self-employed

March 03, 2021

Saving for Retirement

Anyone who sets up their company knows that it’s all about the hustle. When you go self-employed, you are taking on the responsibility of chasing down contracts, making the best work possible to sell yourself and the brand you’ve created, and you are always thinking about what the next step is for your business. 

You may know that it’s all about the future, but you might not be thinking as far ahead as planning for your retirement. Well, one of the things you learn when you start your own business is that nobody is going to do it for you, and that goes double for thinking about how you’re going to be set up when you call it quits.

With that in mind, here are a few ideas to help you start thinking about how you can start saving for your well-earned retirement, however far away that may be.

Start by saving now

If you’re reading this and you haven’t started to set some funds away for your retirement, then it’s time to change that. It’s never too early to start planning for your retirement, for the simple reason that every penny saved now will be there for you further down the line

With the market as unpredictable as it is right now thanks to world events, it’s more important than ever to make sure that you have some savings waiting for you. Think about how routinely we face situations where we need to have access to some emergency funds, then think about what that situation would be like if you didn’t have the security of another month’s earnings on the way.

Make a plan

Anyone who sets up their company knows that it’s all about the hustle. When you go self-employed, you are taking on the responsibility of chasing down contracts, making the best work possible to sell yourself and the brand you’ve created, and you are always thinking about what the next step is for your business. 

You may know that it’s all about the future, but you might not be thinking as far ahead as planning for your retirement. Well, one of the things you learn when you start your own business is that nobody is going to do it for you, and that goes double for thinking about how you’re going to be set up when you call it quits.

With that in mind, here are a few ideas to help you start thinking about how you can start saving for your well-earned retirement, however far away that may be.

Talk to the professionals

Everyone comes to the realization that there’s only so much forecasting you can do when it comes to your financial situation, not to mention the financial market, so it makes a huge amount of sense to have a professional on your side when you’re planning for the future. A good actuary or financial advisor can make sure that you’re making the biggest possible savings at the lowest possible cost to you and can talk you through a range of different options to make sure that you find the right fit. 

Actuarial firms have made it their mission to help self-employed business owners make sure that they can save for their future without paying a huge amount of tax thanks to their Personal Defined Benefit Plan. They can take you through a range of different options to make sure that you find your own personal defined benefit plan for your business.

Consider investing in bonds

If you’re thinking about investing to help save for retirement, bonds have always been one of the most popular choices due to their security. Essentially, you’re loaning the government your money until the bond matures, at which point you’ll get your principal investment back, plus the interest that you have accumulated over the course of the loan. 

There are a range of different options out there, with the higher yield bonds carrying more risk and vice versa. Conservative bond investment may not make you incredibly wealthy, but it can be a very solid addition to your savings stream as you plan ahead for the future.

Property investment can be a very safe bet

Anyone will tell you that one of the best ways to make sure that you live comfortably in retirement is to make sure that you pay off your mortgage, to make sure that your home is entirely your own and any bills are kept to a minimum. However, property investment obviously doesn’t stop there. 

Much like starting your own business, this isn’t a process to just dive into without doing an awful lot of research, but buying a property to rent, or restoring a property to make a profit on a sale, is a time-honored way of adding to your savings. However, the housing market can be as unpredictable as the stock market and it’s certainly proven to be prone to fluctuation over the last year, so think carefully about taking this step.

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The pros and cons of flexible working employees should be aware of

The pros and cons of flexible working employees should be aware of

The pros and cons of flexible working employees should be aware of

March 02, 2021

Pros and cons of flexible working

Is the notorious 9-5 work schedule getting kicked out of offices? More and more employers are weighing the pros and cons of flexible working. Obviously, employees already love it: 73% said that having flexible work arrangements increased their work satisfaction.

With Babyboomers leaving the workforce, Millennials overtaking the wheel and Gen Z following behind, it’s no surprise that more light is shed on the benefits of flexible working. 

For what it’s worth, what Millennials are crazy about is having a work-life balance and believe that flexible work arrangements are the key to it. Moreover, women are more present in the workforce than ever – so with two working parents who’s supposed to take care of the children? Apparently, flexible work schedules, again, offer the solution.

But let’s not stray away to discussing the causes of the rise of flexible working. We’re here to inspect all the pros and cons of flexible working.

Flexible work schedules: pros and cons to be aware of

Asking is flexible working good or bad and expecting a straight yes or no answer is a delusion. For some companies, it will be liberating. For others, it would be the beginning of the end. After all, it all depends on the nature of your work, whether you’ve hired the right or wrong employees, company culture, management, etc.

So, to get the big picture, we’ll not only cover the benefits of flexible working, but also the challenges of flexible work arrangements.

5 advantages of flexible working hours

Starting with the advantages of flexible working hours before getting you down to earth with the disadvantages.

Following the biological biorhythm

One of the biggest benefits of flexible working is that it allows you to follow your own biological rhythm. This means that you can work when your mind is at its focus and productivity peak. For example, there are people whose brains start properly functioning in the afternoon. On the other hand, morning persons can throw themselves at work the minute they wake up. 

So being able to work on your biological clock usually results in increased productivity and quality of work which brings us to the next big benefit.

Producing more results

The issue with 9-5 work schedules is that it drains off creativity and productivity. You can’t expect a person to be 100% effective for 8 hours in a row, 5 days a week. Eventually, the frustration of the workers increases too and it leads to either bad performance or resignation.

On the other hand, when an employee is given the liberty to organise their own schedule, work satisfaction is increased and so is their motivation to reward the employer for their trust with 100% of their skills and capabilities.

Better mental health

Flexible working removes the stress imposed on employees by the 9-5 schedule. Being able to arrange your time leads to an improved work-life balance and that ultimately leads to less stress. 

8-hour workdays often make employees feel like they’re failing their families for rarely being present in their lives. In the same manner, they also make them feel like they’re failing their boss for not being productive because they’re thinking of their ill mother who went to the hospital on her own, or their child who wants to take piano lessons but there’s no one to drive them. 

With flexible working, all this is gone. You can take your mother to the hospital and work in the evening when you get back. The freedom to manage your days on your terms erases the pressure and helps you put together your thoughts and emotions.

Reduced employee turnover

A survey from couple of years ago, when pandemic was just a word in the dictionary, explicitly shows that 80% of workers would choose a job that offers a flexible schedule. Which in other words means that they are less likely to quit if you give them flexible working hours.

Of course your staff will rush to your competitors’ if they get the same pay without being stressed about working 9 to 5. What did you think? It’s 21 century – digitalization and automatization are no longer a science fiction movie, remote work is becoming the norm… And if you can’t wrap your head around this, maybe it’s best to hire an HR expert to help you introduce flexible work schedules to your employees.

Find the best HR agencies on Enterprise League

Increased loyalty

Letting an employee work when it best suits their biorhythm and private life shows that you trust them. This trust is then translated into loyalty, care and respect between the employer and their employee. 

In a way, flexible hours show employee appreciation. And when they feel appreciated and trusted, the levels of job satisfaction rise and so does loyalty. No one would like to fail a boss who has made their life less miserable and stressful. If anything, they would be motivated to return the favour by bringing better results to the company.

5 disadvantages of flexible work schedules

Now let’s explore the challenges of flexible work arrangements before we come to the final verdict.

Overbooking oneself

When you have flexible working hours, it’s very easy to miscalculate and end up biting more than you can chew. Time can be hard to grasp without fixed hours, and you can overbook yourself with appointments or tasks. At least at the beginning, until you get a hold of the new arrangements. 

Why is this bad? Well, you can’t hold a meeting at the same time you’re supposed to pick up your niece from school, right? And if you resort to time management apps and tools, make sure you use only one. You might think it’s tricky to mix your work tasks with private life but it’s trickier to juggle two or more apps. Actually, they’re the root of overbooking.

Grey area between life and work

At what point does work start and at what private life? Weren’t you supposed to finish the report half an hour ago and take your dog out? 

The truth is when we don’t have a set time to leave office we’re more likely to continue working on a task that in reality can be continued tomorrow. The lines between work and life blur and one can end up responding to a cold email while watching TV with their spouse.

For people who get easily consumed with tasks or have a lack of organization skills, this can be one of the disadvantages of flexible work schedules they’re most affected by.

Distractions, distractions, distractions

Adjusting to working from home is enough challenging on its own so when you add a flexible working schedule to it, you can end up with a time ticking bomb in your business. 

Is that a new Netflix series? Is that the neighbour grilling cheese on the BBQ? What’s that sound – oh the washing machine just finished! These distractions can easily lead to workload piling up or even missing deadlines. Then the employee would have to work back the hours which can create resentment.

At the office, this doesn’t happen, at least not to that degree. You’re not alone, your boss may show up at any time, there’s no dishwasher to empty nor birds on the balcony to feed. 

Issues with communication

If all of your team works on flexible schedules it’ll be way harder to arrange meetings so communication can take a hit. And if clients are involved too, then it’s an even more serious challenge. 

If the employee is out in the morning, and the manager has some important discussions, the manager has to wait and for the employee to be back. So, such lack of timely communication might hamper workflow and productivity. Hence, to ensure there would be no slip-ups and all the bases would be covered, the management would work on a strategy and enforce strong policies.

Requiring supervision

We all have different personalities. Having that in mind, some employees require direct supervision to work in a productive manner. Without clear boundaries and directions, they get lost and productivity drops. You may think these are bad workers, but they’re not. Their brains just function differently.
And while it’s easy to supervise the staff when they all show up at work at the same time, it’s quite a challenge for the management to do it when workers have different schedules or even work from home.

Final verdict

As long as you have responsible employees and tasks the shouldn’t be done in certain business hours, then the flexible work arrangements benefits outweigh the challenges. But when communication and collaboration with clients and partners are challenged, it’s best to stick to fixed business hours. 

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5 questions to ask an SEO agency before hiring them

5 questions to ask an SEO agency before hiring them

5 questions to ask an SEO agency before hiring them

March 01, 2021

Questions to ask your SEO agency

The growing popularity of social ads and paid search ads has hardly impacted the importance of organic search. SEO has been and will always be an essential medium for acquiring customers. However, with hundreds and thousands of SEO agencies out there claiming to have the secret recipe to grow your business with the power of search, it can be difficult to choose the right one.

Top 5 questions to ask an SEO agency you plan to hire

With years of intensive experience in SEO, working in both roles – as an in-house SEO team for companies and leading SEO agencies, I am here to help you make your selection process smooth, so let’s see what are the questions to ask an SEO agency.  

Q1: What’s your niche?

Yes, they are an SEO agency but what industries do their clients come from? The vast sea of SEO makes it nearly impossible for anyone to boast that they have mastered SEO for all kinds of industries. For example, if the agency has never done eCommerce before then they won’t know the complexities behind a CMS or how to tackle product inventory challenges that are unique to an eCommerce business.

So, ask the agency about their specialism, ask for case studies of their previous clients, and see if that fits your industry. Remember, a generalist will have a broad knowledge of the tools and trends but only a specialist can truly understand the unique needs of your industry and create a strategy to match them.

Find a SEO agency on Enterprise League

Q2: How will we measure the success of the strategy?

SEO strategy is usually long-term. Steer clear of anyone promising you to make you number 1 on google in 30 days. As the organic search strategy takes times to kick in and the gains come slowly during the initial period, it can be difficult to assess if the strategy is working for you. It is very important to ask the SEO company for a yardstick that they will be used to gauge the success. It is equally important for you to convey your business goals clearly to the agency so that the SEO plans can be devised to meet those objectives

For example, if your goal is to expand your business to another city and get clients from the new area, the success of the SEO strategy can be measured by an increase in the new user traffic coming from the target location. 

Q3: Can we see your price structure?

Very few SEO agencies would publicly disclose the cost of their services on their website and for a good reason. The SEO strategy has to be tailored to the type of business so a standard costing may simply not work. However, as a business, you have a limited budget and if the agency doesn’t fit the size, you can’t work with them irrespective of how great they are. Ask the agency to give you the cost of different types of SEO plans and see if one of them suits your wallet. 

For example, a good SEO agency would offer tiered pricing with higher-tier plans offering more extensive results as compared to beginner plans.

Q4: How will you communicate with us?

Effective communication is the foundation of any successful relationship – personal or professional. As a client, you not only need to know the performance of the SEO strategy but also feedback changes to your business goals. When agencies are inundated with clients and constant deadlines, communication can become challenging. A responsible SEO agency would have a clear structure of how they maintain communication with their clients

For example, some agencies have dedicated slack channels to enable instant messaging with clients besides monthly calls.

Q5: What’s your company culture like?

Agencies can be very demanding workplaces with high work pressure. However, over-emphasis on performance can leave the employees feeling overworked which can affect their creativity. Agencies with a positive company culture will always see motivated employees who are happy to deliver more

For example, we have a comprehensive employee wellness program that focuses on mental health and guards the employees against burnout. And a happy team translates into happy clients!

A good client-agency relationship is based on mutual respect and trust

This is my final piece of advice for the businesses: Besides questioning the agency, encourage the agency to ask you questions and be prepared with the details. As important as it is for the client to appreciate what the agency is doing, it’s equally as important for the agency to enjoy working for the client to ensure maximum performance.

Author’s bio

Samuel Hurley is the co-founder of a London-based eCommerce SEO agency, NOVOS. Awarded with the title of ‘SEO Agency of the Year’ at the Global Search Awards, NOVOS has helped over 100 global eCommerce brands generate over £40 million in revenue.

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3 ways to ramp up delivery efficiency in 2021

3 ways to ramp up delivery efficiency in 2021

3 ways to ramp up delivery efficiency in 2021

February 24, 2021

Ways to ramp up delivery efficiency

In the era of Amazon, businesses cannot simply offer delivery to their customers. Any delivery service they offer has to be top-tier in every way; it has to be fast, accurate, and satisfying. That’s a tall order!

However, there are several ways through which you can ramp up your delivery efficiency in 2021. Let’s take a look at these strategies now.

Leverage software for streamlined package delivery

If your business already has a package delivery service, you should use software developed specifically for delivery streamlining as well. Your package delivery process is dependent on several aspects, including:

  • Delivery time
  • Delivery route
  • Package bundles
  • And more

To this end, you should find and fully utilize package delivery software to make sure that each delivery you make is as efficient and productive as possible. Package delivery software can help your process in a number of ways, such as by:

  • Reducing the time it takes to bring packages to customers by optimizing your delivery routes
  • Reducing the number of employees or equipment you need to make your deliveries
  • Improving customer satisfaction by facilitating faster deliveries to their doors
  • Overall, it’ll help any solve supply chain challenges through automation and efficiency

Remember, streamlined package delivery not only reduces the operating cost, but it is a vital part of the customer service experience. A customer may come away feeling positively or negatively about your brand based almost entirely on how prompt and accurate the shipping experience was.

Keep customers informed

You can also ramp up your company’s delivery efficiency by bringing customers into the loop and keeping them informed. Specifically, you can give them some control over the “last-mile” part of the delivery process, which is the period from the moment a package is picked up by a delivery specialist in your company and shipped to a customer’s door.

Companies use a variety of technologies to keep their customers informed and to let them make choices. For instance, your eCommerce store might include a widget that allows customers to select an ideal delivery time for their schedules. This minimizes the possibility that your delivery driver may show up at a customer’s door when they are there, leaving the package to potentially the stolen by a thief.

Furthermore, you can keep customers informed by implementing tracking software. This allows customers to track the progress of their delivery, which is great for consumer engagement and for security.

The more control and options you give your customers over the last-mile part of your delivery process, the more likely they are to be satisfied and the more productive your delivery process will be, as well.

Improve warehouse accuracy

Your business should also improve its warehousing and storage accuracy/organization as much as possible. Many deliveries are delayed or accidentally altered due to storage inaccuracies or disorganization.

For example, a delivery driver may receive an incorrect product from your storage facility due to a mix-up at the warehouse. Then they deliver the product to the customer, only to discover the issue. Your brand may have to take a negative customer satisfaction review as a result.

You can avoid this hypothetical scenario by boosting warehouse organization and accuracy across the board. For instance, leveraging warehouse management software and good organization practices will ensure that there aren’t any mix-ups with your warehouse officers and delivery drivers.

Furthermore, delivery efficiency will be improved since your drivers will get their loads more quickly, allowing them to hit the road and reach their customers more rapidly as well.

Conclusion

All in all, if you want to thrive in this modern and fast-paced economic environment, you’ll need to ramp up your delivery efficiency and beat Amazon at its own game. Remember to use package delivery software and follow the above strategies to maximize your success.

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6 key questions to ask a software development company before hiring them

6 key questions to ask a software development company before hiring them

6 key questions to ask a software development company before hiring them

February 22, 2021

Questions to ask any software development company

In today’s fast-paced world, eCommerce businesses prefer to partner with a Software Development company instead of building an in-house team which requires more resources and it’s not always the practical solution. And because, honestly, outsourcing software development services has plenty of strategic advantages.

But there’s a catch here. Since there are hundreds of thousands of software development companies out there in the market, choosing the right partner can be stressful. When too many options are available at your disposal, it gets pretty confusing to decide which software development company is capable of handling your project.

Find the right software development company on Enterprise League

The truth is, choosing the wrong software development partner can cost your whole business. The risk stakes are quite high, therefore you need to take this decision wisely. You need to ensure that you’re hiring someone who will lead you to the path of ultimate success. 

So now let’s come to the crux: How to ensure the software development partner you’re choosing is right for you. Well, the answer is pretty simple, by asking questions.

6 questions to ask a Software Development company

Yes, you read it right. Ask as many questions as you want until you’re totally satisfied. There is no shame in asking too many questions since you’re investing your resources in that company so it’s your right to know each and everything. 

Regardless of how many years of experience that company has or how many astounding the reviews are, it’s essential to investigate things on your own before hiring. Inquire about expertise, contracts, rates, and deadlines. 

These should be your primary concerns. But there should be some secondary concerns which you also need to take into consideration like, number of experts working in the development team, tools and techniques that are being used etc. 

To find the right Software Development company you need to ask the right questions. 

To help you out in this tiresome hunt, we have listed below a few questions to ask a software development company before partnering with them.

So let’s get started.

Q1: Can you please walk me through your company details?

When you ask this question, there are 90% chances that the answer you’ll get is ready-made pitch. If you google it, you may find hundreds of thousands of ready-made pitches that give a generalized overview. 

So you need to check if the pitch is ready-made or not. The style, tone and quality of content of the pitch reflects the professionalism of the company. The pitch can give you real insights into a company like how professional they are, how much their clients value them, and how honest and truthful they are.

Through asking this question you’ll be able to determine if their chosen experts in the team and whole software development company is the right pick for your business or not.

When a company is delivering their pitch check if the facts and statements are true and accurate. Also, take their years of experience into account.

Q2: Would you brief me about the experts who will handle my project

Next in the line of questions to ask a software development company is how many developers are there in their team and how many of them are capable of handling your project. Inquire about specific employees like product managers, developers, project managers, or UI and UX designers. Ask them if they have earned any awards or certificates. You can also ask about their portfolios. 

Before you hire anyone, make sure to have complete knowledge about their team that will handle your project and also consider how they will go about it.

Q3: Have you worked on a project in the past that is similar to us? If yes, please share the details.

Once you have shortlisted software development partners, ensure to go for the one who has experience in handling projects in the past that were similar to yours. Make sure the team of experts they have hired has an eminent track record. 

See if they are qualified enough to handle complexities of your project as you don’t want to hire newbies who are new in this competitive industry.

Q4: How can we ensure that you have understood thoroughly what we are demanding?

If you want, you can ask this question literally a thousand times because it’s very important. More often than not, companies aren’t able to understand properly what the businesses are demanding. So just for the sake of getting the project, they answer this question affirmatively.

But don’t get fooled. Don’t take them only by their word. Understanding your requirements means the company is able to comprehend your aims, objectives, business issues, budget, and timeline and bring the results you expect. 

It’s highly essential that you and your chosen partner are on the same page. If you feel there is any sort of disparity, don’t hesitate and ask them

Q5: Can you explain to me your development process in detail? How will you handle my project?

Well, a good software development company will deploy a reliable process which facilitates the organization, consistency, and quality control.  The chosen development process would be customised to the project’s needs. So make sure they’re choosing a unique approach to build your project because otherwise, it can end in nothing but a huge disaster. 

Also, take note if they’re following the leading industry trends and practices. You also need to discuss various things about your project such as Agile Processes, UI or UX research, MVP, QA/ testings and revisions. 

However, in order for them to understand your requirements, you must be straightforward with your expectations and brief them on any specifics.

Q6: What will be the means of communication between us and how frequently we will communicate?

We see people are often hesitant while discussing their project with their future software development partners. We highly recommend you before you’re going to ask questions, leave all your hesitation and shyness at home.

Be confident, bold, and clear. Feel free to rephrase some of the questions to ask a software development company to suit your unique needs.

Since you’re investing your valuable time and hard-earned money, you need to know 100% that you’re handing your project to someone who is truly deserving and can deliver your project in time without compromising on quality no matter what happens.

Key takeaways

While your project is under-development, it’s necessary to stay connected with the team who is handling your project to avoid any misinterpretations. Your partner must be ready to share everything with you and keep it totally transparent.

Transparency matters a lot. If they’re open to communication it’s a really good sign. You can connect with them via online forums like Slack or Jira, to stay about to date about your project’s progress. 

It’s your right to know at what stage your project is, what challenges your partner is facing while building your project etc.

Author’s bio

Jibran Ahmed Sheikh is a WordPress Expert at B2BWoo.com. A Tech Fanatic by day and a reader by night, Jibran enjoys exploring the ever-changing world of Technology, Development, and eCommerce.

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Top 10 small business ideas to bring you profit in the next decade

Top 10 small business ideas to bring you profit in the next decade

Top 10 small business ideas to bring you profit in the next decade

February 19, 2021

These days, it seems like it’s harder to come up with hot new business ideas than it is to secure funding for them. Because if the idea is profitable, investors will come to you running, instead of the other way around. But before we jump to the top 10 small business ideas, we have to clear some things up.

Which small business ideas are good?

What makes good small business ideas – good? If someone tells you that it shouldn’t be something that’s seen or heard before, don’t listen to them. Like Barbara Grizzuti Harrison once said, 

 “There are no original ideas. There are only original people.”

There are thousands of creative small business ideas out there, but you only have to pick the one that you truly love, believe, enjoy and are good at. Anyway, for that idea to succeed and make money, there has to be a demand. So, for the millionth time, before you go all-in do your market research! There’s too much competition? Well, competition is good so no need to panic.

Then again, you should know that the business environment and climate always change depending on the socio-economic events (e.g. recession, pandemic, natural disasters, etc.). Knowing how to adapt and pivot at crucial moments will make the difference between bankruptcy and growth.

Which small business ideas are good?

Take inspiration from this list of creative small business ideas, but don’t forget to trust your gut and think outside the box. 

1. Bicycle repair shop

With humanity taking a greener path into the future, bicycles have become a popular mean of transport and recreation in recent years. According to a research from NPD Group mountain and electric bikes are the fastest-growing types. Moreover, they report that in the US sales for bike services/repairs has grown by 3%. In the same manner, as a result of the Covid-19 pandemic, Germany is seeing a spike in bicycle sales and the Italian government covers 60% of the bike price.

2. Wall art

This is one of the hot new business ideas for those with artistic skills. Wall decor has been a huge trend in interior design lately. Truth be told, all you can see on Instagram these days is walls full of art in all forms: paintings, photography, graphics, topography and what not! 

On another note, during the pandemic, people stuck at home quickly rediscovered their love for decorating and renovating. Not to mention the number of people who had to make a home office in order to work. Being locked at home made us all realise the importance of having a nice living space.

So do what you do best, put it in a frame, pack it nicely and come up with a catchy brand. You can sell it anywhere: Etsy, Amazon, eBay, Aliexpress, your own e-store, Instagram, Facebook… the options are limitless.

3. Home-made meal delivery service

We’ve become more conscious about what we put in our mouths more than ever. Vegan, organic, gluten-free, unprocessed, ethically sourced… But one thing they have in common is that they are healthy. So use this craze for healthy-eating and turn it into cash source.

As an antonym to fast food, home-made food has made its comeback and its popularity is growing by the day. Once again, the pandemic had a major influence on this as well – with restaurants closed, food delivery thrived.

Take your old recipe book out and start creating the menu. Don’t be afraid to offer something different. This is an emerging niche, but the competition is already tough. Find your market, listen to their needs and deliver quality.

4. Unisex apparel

If Beyonce is doing it, then it has to turn big profits because this girl never puts her fingers onto something mediocre. Her voice might be her best asset, but her entrepreneurial mind is right behind it. 

Fact is, huge brands saw the potential in unisex clothing and went straight after it. But so did the small business community. So why not take a piece of the cake? There’s enough for everyone. With talks about gender neutrality gaining more recognition each day, this is possibly a million-dollar worth idea. Moreover, the shifts in our society imply that this is not just a current trend, but it’s here to stay.

5. Organic skincare and makeup

One thing is for sure, clean skincare is here to stay and is one of the hot new business ideas to rule the following decade! Individuals, organisations and companies are already on the move to make authorities change out-dated laws that allow the use of nasty chemicals and harmful ingredients in the cosmetics industry.

There are more clean beauty brands than ever before, and the reason for this is the increased demand. The public finally realised the risks that come with chemical-infused cosmetics and are now seeking healthy alternatives.

6. Box subscription services

You might think it’s strange that box subscription services are listed as one of the top 10 small business ideas but hear us out. 

People love box subscription services! Why? Because they make them feel like Christmas lasts all year round. A box full of surprises. Who doesn’t want it? Beauty, entertainment, art, video game products – the list can go on as far as your creativity. 

Furthermore, statistics show that the number of subscriptions has hit record highs during the lockdown and the trend continued even after reopening. With in-store shopping gone people were looking for experiential shopping (which is one of the biggest retail trends), thus turning to subscription.

And what’s best about it is that you’ll always know the profits you’re going to make based on the number of subscribers. Pretty simple.

Look at Dollar Shave Club – it was sold for $1 billion and the founder still remains CEO.

7. Co-working + childcare

It was about time that childcare became an essential part of co-working spaces. Utterly practical and life-changing for parents who don’t want to abandon their careers. Especially for moms who don’t have much of a maternity leave but don’t want to abandon their child so soon. In fact, it’s a lot cheaper and less complicated in a logistical sense compared to traditional daycares. 

Slowly but surely co-working spaces that offer on-site babysitting are becoming the norm. Moreover, the competition is not that harsh so you can come up at the surface more easily, making it one of the best small business ideas.

8. Sustainable packaging

It was about time that childcare became an essential part of co-working spaces. Utterly practical and life-changing for parents who don’t want to abandon their careers. Especially for moms who don’t have much of a maternity leave but don’t want to abandon their child so soon. In fact, it’s a lot cheaper and less complicated in a logistical sense compared to traditional daycares. 

Slowly but surely co-working spaces that offer on-site babysitting are becoming the norm. Moreover, the competition is not that harsh so you can come up at the surface more easily, making it one of the best small business ideas.

9. Photo printing

When digital photography became available to us we quickly forgot how precious it is to hold photo albums in your hands. For years all we’ve done is take tons of photos, put them in a folder on the computer and forget about them. And with technology having a limited lifespan, many memories have been wiped and gone forever.

Thankfully, we realised the mistake we made and started to go back to the old ways. Photo printing is on the rise once again and not even Zuckerberg can stop that. Look at Technavio, according to their estimates the company will grow by $4.68 bn during 2020-2024.

Right down your business concept, play the nostalgia card and start cashing in!

10. 3D printing

If with photo printing we’re going back in time, 3D printing takes us in the future, making it one of the hot new business ideas. 

You’re a good designer but don’t know how to turn your skills into a money-making machine? The answer is 3D printing. 3D printing isn’t just for prototyping anymore. 

3D Hubs report that in the next five years a growth of 23.5% each year should be expected, with a current market size of over $10 billion. Similarly, 3D printing is one of those sectors that experienced growth amid the pandemic. 3D printing jumped to rescue health workers across the world and significantly decreased the shortages of PPE (goggles, shields etc.).

Conclusion

Certainly, there are at least a dozen other top 10 small business ideas lists you can find on Google. None of them will give you the answers you’re looking for if you don’t know what you’re passionate about. A business idea is only as good as its execution. And for the execution to be good, there has to be determination and resourcefulness.

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