Coming up with innovative business ideas can be difficult for aspiring entrepreneurs. One approach is to look at current events and trends with a business mind in order to identify possible ideas.
Example of Coronavirus Pandemic and Startup Ideas. Other startup ideas might include providing exercise regimens tailored specifically for diets or providing virtual team building experiences.
Subscription Boxes
Subscription boxes – monthly deliveries of carefully curated products – had their moment in 2010. But many startups that pioneered this model are now diversifying revenue sources.
Customer acquisition costs and churn rates can quickly eat away at projected margins, while packaging and shipping these shipments may prove challenging to scale up.
One way to address these challenges is through loyalty programs. Rewards such as membership cards can encourage customers to remain customers. You could also experiment with various pricing models and try finding an equilibrium between providing value to customers while simultaneously increasing profits.
Railway Monitoring Software
Monitoring software installed in locomotives and railcars with sensors can help prevent costly breakdowns while also allowing for timely maintenance, thus saving costs by avoiding delays in shipment of goods.
Due to their inaccessible environments, which cannot be monitored manually without endangering survey crews or closing the line, IoT wireless monitoring systems are crucial in this industry. They enable businesses to track various metrics to avoid unexpected failures that can cost thousands per minute.
Integrating IT solutions seamlessly is ideal for speeding implementation while upholding accuracy and reliability. Leica GeoMoS, for instance, is a railway monitoring system which utilizes templates to speed up configuration time and fill any data gaps faster.
Food Truck or Restaurant Pop-Up
Food truck or restaurant pop-up businesses can be an innovative business idea for startups. By testing out a menu and marketing products to the public, these ventures allow entrepreneurs to test out new business ventures.
Pop-up restaurants can be opened in just about any safe place where food preparation and service is possible, such as bars, warehouses or rooftops of buildings.
By aligning yourself with large events that already draw crowds, you can maximize exposure for your brand. A food truck or restaurant pop-up with shorter stays will have lower overhead costs – making them more profitable ventures that could eventually expand to permanent locations should their concept prove popular.
Zero-Waste Company
There has been an increased focus among businesses to reduce waste generated during production and by consumers. The zero-waste concept emphasizes reusing and recycling consumer products while decreasing disposal fees and landfill consumption.
Google stands out as an example of a company striving for 100% zero waste since 2016. Recycling all consumer waste diverted from landfills, incineration facilities and oceans by their innovative waste diversion programs is only part of what this tech giant does to achieve its goal.
An innovative software startup idea would be to create a song-finding app, enabling users to recognize songs based on just their melody tone – this makes an excellent option for music lovers who sometimes forget which tune is which.
Pet Products
Pet products market is flourishing and entrepreneurs looking to make high-margin products have plenty of opportunities in it. Some startups even focus on offering eco-friendly items and meeting pet owners’ values in their creation of pet goods.
Some businesses are providing unique pet beds and toys; others leverage social media platforms like Instagram to build brand recognition and attract customers.
AnimalBiome, another startup offering dog poop DNA tests to help owners better understand their pet’s gut health, has recently received $1.5 million in seed funding.
Custom Clothing
Garment production is one of the world’s most vital industries. If you are adept at sewing or enjoy fixing clothing, there are numerous small business opportunities in this sector that could earn you extra income.
Travelers need plenty of information in order to navigate unfamiliar airports, including TSA lines, ground transportation options and more. Entrepreneurs with tech skills could capitalize on this need by creating an all-in-one app which displays such details for travellers.
