Not all those who start off ‘on their own’ start with a concrete plan. Often it is a thought, a skill, a hobby or something they love to do which unexpectedly turns into a business. Perhaps you have quit your job, or maybe never really started on the whole ‘9-to-5, report to a boss’ kind of life. Life as an entrepreneur holds excitement and challenges for you.
Here are 4 unconventional industries for you to consider starting your SME business in. Securing capital isn’t too difficult either. The business loan market has shed its more traditional role and no idea is too unconventional for business funding.
- Mediation and Mindfulness
Rising stress levels and greater focus on productivity, relaxation and a work-life balance has opened minds to meditation training. It’s not only individuals, but companies too are realising that their employees can benefit from such corporate wellness programs, which in turn will benefit the company.
Part of the annual expense budgets includes allocations to corporate mindfulness programs. And this creates an opportunity for SMEs to tap.
Competition is tough, though, and you need to have the requisite skills, or you need to team up with experts. If you are ready for the hard work, the established name in the end is worth it.
- Ready-To-Drink Coffee
Ready-to-drink coffee is fast replacing packaged fruit drinks and juices the world over. Just take a look at the many cafes around. But there is always room for one more.
To get a kick-start here you will need some expertise in the beverage industry and an understanding of ingredients, bottling, and of course distribution and logistics. Needless to say, an ability to build a lot of connections and establish a strong network is crucial. This could take time, but the eventual success is heady.
- Pet Care
The pet industry is growing by leaps and bounds, and you can bite into it too.
Turning your love for pets into a business starts with getting the licenses, registrations and certifications. You love pets, but a business is a business, and you need to treat it as such. It is a demanding job, and not warm and fuzzy all day long.
Decide what you want to do. Do you wish to open a pet store, a grooming centre, a boarding home or do something as simple as a start a dog walker business?
Each has its own set of requirements and needs to be approached in a different way. As long as there are pets, there will always be a need for pet care.
- Synthetic Biology
The concern for the environment and human health has created the need for a new practice of gene altering called synthetic biology. This includes the modification of biological products in labs to create new entities. Lab-grown meat, biofuels, grape-less wine, etc. are just some of its applications. This is a new industry and has scope for new entrants. What it requires is a strong background in genetics, biochemistry or robotics. The proposition is an expensive one, and there are still many roadblocks to overcome, which makes the business exciting.
Whatever your idea, you need business funding. Lease or build? Work alone or hire? What about licences and registrations? Everything requires capital for which you might need to take an SME loan. Consider all options in the market before zeroing-in on a lending organisation. Present yourself as a disruptor of the status-quo and you could get more funding.
All the best!