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

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 , 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. And if you’re looking to supplement your own business, there are multiple subscription box affiliate programs to help increase your income as you get your own box off the ground.

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

Like we said before, Millennials and  Gen Z are on a mission to save the planet and sustainability plays a big role in all of this. With many countries closing their doors to waste and passing regulations to protect the environment, sustainable packaging is a business idea that can bring you massive profits in the long run.

The demand is on the rise and with no prospects to slow down anytime soon. Sustainable packaging is on the agenda of almost every big brand in the world.

Reduce, reuse, recycle – that’s the motto here!

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.