Top Business Ideas for Fresh Graduates
Many students and recent graduates dream about starting their own businesses. In 2021, the Harvard Review conducted a survey that found 18% of college seniors who were graduating planned to start their own business. Many colleges have a major that teaches students how to run and start a business. The classes do not cover what type of business students should start. Students are responsible for their own business.
It’s important to know your business when you want to start one after graduation. What will your business look like? What other skills have you? What do you find interesting? The majority of successful entrepreneurs start by identifying a problem. They then come up with an idea and test it.
It could be anything, from fixing flat meatballs to keeping dogs hydrated on a walk. It’s not necessary to create something original. You might want to start something more traditional, like tutoring or property. You’ll still need to do a lot more research and planning in order to figure out how your business will stand out. But you won’t have to invent anything new.
You’ll need a business strategy, no matter what type of company you start. Calculate the startup costs. You may need to borrow money or look for investors if you do not have enough. It is only the beginning. This list will help you start your business if you are one of the 18% who want to start a small business but don’t know what to do or where to begin.
1. Freelancing
Starting a freelance business is possible if you have a talent for copywriting, illustration, photography, or web design. Artificial intelligence and the competition in this field have made it difficult, but there are still many clients out there if you can offer something different.
Find out where your strengths lie. Find your niche; what are you interested in? What do you know? Create a website and a portfolio where potential clients and visitors can view your work. Make sure that your LinkedIn profile looks snazzy and is updated.
Search job sites and advertise your marketing services on social media. Also, be on the lookout to find other small businesses that are in need of help with their marketing. You can work remotely and have flexible hours. You can also choose the type of project you want to do. You won’t be bored because there are so many different projects.
You could write about grain pumps or hopper shops one day and then research a hydroseeding service or surrogate cost the next. You can work another job as you develop a clientele. You may even be able to quit your job as the business grows and hire some other freelancers. According to Indeed.com, the average freelancer earns about $31 an hour.
2. Tech Support
Are you a problem-solver, and do you know your way around computers? You may want to start a tech-support business if you answered yes. Support professionals are in demand because almost everyone owns some form of technology.
All you need is a phone, website, computer, and some knowledge. You can advertise your services in libraries, schools, coffee shops, and social media. You will be contacted by customers via email or phone to discuss their problems. Your job is to identify the problem, troubleshoot it, and then talk about a possible solution.
You may be required to make house calls in some instances or ask the client to bring their device with them. You can expand your business by offering other services, such as website development or security. The average salary is $63,000 per year. This can vary greatly by region and reputation.
3. Tutoring
Starting a tutoring company is a good way to start your small business if you enjoy helping others learn new skills. Like most small businesses, you can set your own hours and determine your workload. You can choose to only have a few clients on a few days per week.
Determine your strengths. What are your skills that you can use to help others? You don’t have to work with children of school age or in academics. Imagine you are a fantastic cook and offer private cooking lessons.
If auto body is what you specialize in, buy a few older cars that can be repaired, such as Corvettes and trucks, and offer services to teach people simple repairs. If you are athletically inclined, consider offering sports clinics. You’ll have to start with a small clientele, but if your business is successful, you can expand.
Once you’ve decided what kind of tutoring to offer, ensure you have all the necessary supplies. This includes books, computer software, etc. Create a website, and then advertise it on social media. You can advertise in your neighborhood to parents of younger children, friends with kids, and the local library. Professional tutors can earn up to $100,000 per year.
4. Private Investigator
After completing a criminal justice degree, many people aspire to become a lawyer or a member of law enforcement. It can take a long time to start either of these careers. Both lawyers and police officers have to wait until their departments complete the extensive testing and selection processes. Private investigators are a great business to begin while you wait (or if those careers aren’t for you).
Private investigation services are exciting and lucrative. You will need to be insured and licensed. You’ll be working with a variety of clients and companies as a private detective. Contrary to popular belief, a private investigator is much more than a shadowy figure waiting for a spouse to cheat.
Private investigators can help clients find missing or lost loved ones, assist with fraud investigations, disability, and lawsuits, teach them how to take care of the missing property and determine the cause of accidents. Private investigators use a mix of technology and old-fashioned work to resolve client issues. To help them in their work, they use contacts like police officers, bondsmen, attorneys, and other court officials.
A good private detective must be discrete, possess good observational skills, and pay close attention to details. This type of business can be run as a full-time career or as a side gig that you can keep up after changing careers. A private investigator’s starting salary can be around $60,000 per year, depending on the number of clients and depth of work.
5. Financial Advising
A financial advisory firm may be the perfect business for you if you are good with numbers and have an eye for accounting. Why endure the tedious task of numerous finance recruitment interviews when you can become your own boss? A good financial advisor should have a solid understanding of the stock market, as well as the fundamentals of investing.
Financial advisors can help you decide how to invest your money for the best return. Financial advisors help clients create a portfolio of investments, such as stocks, retirement funds, and college funds. The advisor will monitor the entire portfolio, inform the client about any changes, and make suggestions when necessary.
You can work whenever you like and set your own hours with a financial advisory company. You may need to spend time on this business in order to earn clients’ trust. When dealing with money belonging to others, reputation is key. You will be able to grow your business quickly if you start off doing a good job.
Renting office space is an example of overhead costs. It will cost money to rent a place to meet clients in an appropriate setting. To keep yourself and your clients organized, you’ll need a computer with a lot of financial software.
6. Self-Care Business: How to Start One
Self-care is big business now more than ever. More and more people realize the benefits of self-care, not just for their physical health but also for their mental and spiritual well-being. You’re sure to find your niche in the self-care sector.
You don’t have to be a creator or influencer to be successful. You don’t need to be a brand owner (though it’s possible). The self-care market caters to men’s and children’s changing needs.
Men are now using the same beauty products that women use because they realize their own unique needs for skin and hair care. Squatch, Hims, and other small startups have grown into multi-million dollar businesses by focusing on the male market. Aromatherapy products such as oils, meditation products, and life coaching services are also subsets in the care industry. Your interests, talents, and finances will determine what area of business you choose.
If you have a passion for skincare and beauty and you know a lot about them, you may want to work as a reseller of a popular brand. It will take a lot to build a customer base. You will also have to find a cosmetics fulfillment company that can store, assemble, and package your orders. You can also start a small business and grow it as the demand for your products increases.
7. Golf Cart Consignment/Dealership
Over the last decade, golf carts have grown in popularity. They are no longer just for men in their middle age cruising around the golf course. They are used by airports, colleges, sports venues, retirement communities, and college campuses to make their vehicles compact.
They are also used on farms, ranches, and gated communities when people don’t have the time or energy to walk or drive a vehicle. You don’t have to be an expert golfer to run a business. Start small with the help of a mechanic. Buy a few carts that need to be repaired or refurbished.
If you want to start small, it may be possible to do this in the garage. You could also consider renting a space. You might be interested in a golf cart franchise if you can afford it or manage to get a loan. There are many brands that offer franchises, and they require different levels of time and investment.
Consider partnering with someone to help you run your golf cart business. This includes selling, repairing, and marketing. If your business grows, you might want to specialize in luxury golf cars or golf carts with specific features like all-terrain golf tires or even become a manufacturer of custom golf seats.
8. Franchises for Sale
You may consider buying a franchise if you have saved money or can get a loan/investors. Franchises are single buildings that operate as part of a larger chain. McDonald’s, for example, is not owned by one person. The majority of these restaurants are owned by individuals who share profits with the company. Although owning a McDonald’s is out of reach for many recent graduates, there are still a number of other businesses that are possible, such as Club Pilates and Kona Ice.
The ease and complexity of starting a business after college depends on the type of business that you want to start. All of them require a lot of planning and dedication. Consider shadowing or interning in a business that is similar to yours before you jump into it.