Business ideas come under various categories. When looking for that perfect business idea, these categories would enable you come up with one in the shortest possible time. There are many ways to categorize different businesses ideas. You can categorize based on your passion, skills, location and even profession.
You can also categorize them based on the training you have, the tine on your hands, capital available at the moment or based on what is common around you. If you are struggling to come up with the perfect business idea for you, feel free to go through some of these categories as you search for your light bulb moment.
Different Types and Categories of Business ideas You Can Choose from
1. Business ideas Based on Industry
The aerospace industry is one of the highest technology industries. The aviation industry deals with manufacturing aircraft which take flights within and beyond the earth’s atmospheric area. There are about 50 countries which own one or more than one aerospace company.
The agricultural industry is no doubt amongst the leading industry in most countries of the world; it is the industry that produces food for the populace and also helps in the generation of income. Because of the significant role the agriculture sector plays, the government of most countries ensure that they go all the way to subsidize seedlings, fertilizers, and farming implements and machinery for farmers and also encourage entrepreneurs to go into farming.
Well, truth is that the arts and crafts industry sure is a promising one and there is no hard and fast rule about knowing the type of arts and crafts business that can cause your profit to rise.
Since the invention of automobile, a whole lot of business opportunities have since been created around the automobile industry. And the truth is that, the industry is still opening up with a whole lot of invention. The automotive industry is indeed a very large industry; it covers the automobile, locomotive and the aviation industries. Those who have found a business in this trade know that this industry is a lucrative one by all standards.
B2B stands for business to business involves the activities of serving other businesses rather final consumers. Starting a B2B business has its own advantages such large transactions occur between businesses and it is much easier to understand the need of business buyers compared to consumer buyers.
It is important to note that there are several niches to the beauty care trade. This means that there are sub categories to the business. There is the product creation line- which happens to be the manufacturing arm of the beauty care trade, and there is the retail and business services arm.
Chemicals both organic and inorganic are major raw materials in many manufacturing companies; there are loads of products and manufacturing plants that depend on different type of chemicals ranging from gas supply, to oil and soda et al. No doubt the chemical industry is a key player in the growth of the economies of most countries of the world.
The construction sector is indulged in designing, building, constructing and maintaining the infrastructure. The construction industry can be sub-divided into three categories such as heavy construction, general construction, and specialized construction. Heavy construction includes the construction of bridges and roads etc.
Education industry or education system is a group of school, colleges, universities, institutes to provide learning, knowledge, skills, and a degree in various fields. According to a recent survey, 18.2 million students are getting an education in the USA and out of 18.2 million 16.8 million are getting an education from “Non- Profitable” institutes.
The entertainment industry is a huge business industry. It includes innumerable sub-sectors of entertainment. This industry runs on both entertainer and viewers. Entertainment has been an integral part of human society since ages, but recently it has become commercialized. These types of business industries such as entertainment and hospitality industries make a great part of the Gross Domestic Product (GDP) of any country.
The fashion industry is indeed a thriving industry all over the globe and clothing line happens to be the most prominent in the industry. The fashion industry is indeed a very competitive industry, every clothing line and shoe designers must ensure that they are always on their toe and in touch with the trend if indeed they want to continue to be in business.
The financial services industry is one of the industries that is open majorly those who are trained to and schooled in the handling of finances. As a matter of fact, in most cases you do not only need a degree to work as finance professional, but you would also need a professional certification from the finance related courses; such as accounting and auditing et al.
We all have one body to maintain for a lifetime and most people understand this and that is why they would spare no costs to take care of their bodies and maintain a perfect health. It is for this reason that the fitness and wellness industry has become a $3.4 trillion industry and one of the largest markets in the world.
In the United States of America, Canada, Australia, UK and in most developed countries of the world, anyone who intends starting a business in the food industry – especially running a canteen will be required to apply and obtain food handling certificate.
This is so because the food industry is considered to be amongst the delicate industry; they are involved in cooking food for consumption for large numbers consumers per time which is why the business is subjected to regular inspection by relevant health officials from your local health department.
iv. Food Processing
These types of business industries are important because of their wide applications in various sectors. Energy industry can be sub-divided into two categories renewable energy industry and non- renewable business industry.
Health care industry provides remedial, diagnostic, curative, preventive, rehabilitative, therapeutic services to patients and to people in their old age. The main goal of this industry is to revive and maintain the health of peoples. The revenue of the United Health Group was $56.6 billion on 30th September 2018. Government initiatives like Obamacare in the United States, Medicare in India have given an enormous boost and assigned tremendous importance to the health care industry.
The hospitality industry is vast types of business industries. It provides uncountable services to customers, so this industry is highly customer- oriented industry. There are three main broad categories of this type of industry such as accommodations, food and beverage, and travel and tourism.
According to the United States Department of Commerce, importations account for an annual $1.2 trillion in goods. Exporting is equally as big in its own right as American companies exported $772 billion worth of goods to over 150 overseas countries.
It is important to mention that in recent time, the internet has made it possible for people to successfully launch businesses with little or no stress and as an unemployed person without money, you can leverage on the potential of the internet to launch your business. There are several internet based businesses someone without capital can successfully launch and build to profitability in no distance time.
Manufacturing is the process of converting raw material and components into the final product to sell in the marketplace for public consumption. In America, approximately 12 billion people are employed in the manufacturing industry.
No business in this world can do without advertising and marketing, because these are the medium through which businesses draw customers than can turn into sales and profit for the business. This is why the advertising and marketing industry is a very big and very indispensable market.
News Media industry is an important industry. The target of this industry is to provide news to the people. It makes people aware of the happenings in the world. There are various media platform for example newspaper, Television, Radio, online blogs, websites, podcasts.
The mining industry is dedicated to locating and extracting metals from the surface of the earth all around the world. These metals are used for commercial purposes and jewelry making. This industry also deals with production and trading of metals also.
A non-profit organization differs from a for-profit business in a number of ways. For example, an NGO usually has no owner, but an individual or a group can own a for-profit business. Also, an NGO is funded by contributions, not by investments as is the case with for-profit businesses.
The amount of money required in investing in the oil and gas industry is not the kind of money that can easily be raised. It requires loads of money to become a major player in the oil and gas industry that is why as an accredited investor, you should consider investing in this industry if you don’t have an investment portfolio in this industry.
z. Pet Industry
The American Pet Product Association (APPA) says that, Americans lavish approximately $47.7 billion on pet products and services in 2010, an increase of 4.8% over 2009. Ever since 1988, pet ownership has lengthened from 56% of households to 62%. This amounts to about 71.4 million homes.
The real estate industry is one of the many industries that is a major contributor to the growth of the economy of many nations of the world. The Bureau of Labor Statistics projects 11.1 percent job growth for real estate sales agents between 2012 and 2022, which is about as fast as average. During that time, an additional 38,000 jobs will open up.
There are different value chains in the world of business – especially as it relates to products; it trickles down from those who deal in raw materials, to those who are into manufacturing of products, to those who are into wholesale distribution of goods, as well as to those who are into retailing of goods.
The income of the private security services industry was set to reach an estimate of about 25 billion U.S. dollars in the United states in 2014. Security alarm services alone in the United States of America generated whooping sum of 17 billion U.S. dollars per year between 2008 and 2014.
In a nutshell, the overall goal of non – profits organizations is not to be successful in terms of wealth creation, but to be a success when it comes to giving value to the groups of people they direct their services at or to the cause they choose to pursue.
If you are an entrepreneur or an aspiring entrepreneur and you have passion for sports, you can actually become a millionaire by starting a sport related business.
The technology industry is so wide and vibrant and there is still room large enough for those who are interested in the industry to come in and create their own impact.
G. Telecommunication industry
Telecommunication industry consists of companies which makes communication possible worldwide through mobile phones, internet, cable or wirelessly. It allows people to communicate using words, audio or video from any part of the world to any part of the world.
Smartphones can send information thousands of miles away within seconds. This industry includes various sub-sectors such as communication equipment, wireless communication, ad-hoc network, mobile ad-hoc network, domestic telecommunication services, foreign telecommunication services, processing products, and systems.
The transport industry is one of the largest types of business industries. This industry deals with the movement of humans, things and animals by various modes of transportation. The main modes of transportation are air, land (Road and Rail) and water. The transportation industry makes the largest part of any country’s economy. Transportation industry makes approximately 17% of USA’s GDP.
A lot of businesses follow the weather. They go alongside with what the weather is saying. We have different seasons to contend with, the major ones being winter and summer for countries in the Polar Regions and wet and dry for countries in the temperate regions.
In the same way, we have a lot of seasons in the year and these seasons have some special businesses that thrive as they roll along. These can include;
3. Business ideas Based on Time Availability
There are businesses that can indeed give you the ability to choose the time in which you want to run them. This of course business that you can do together with your nine to five with none of the clashing both on time and interests. Some of these jobs include;
iii. Night Time | iv. Weekends
4. Business ideas Based on Gender
In a world that clamors for equality and the rights of both sexes, there are still businesses that are still greatly dominated by a certain sex. This of course is not because any form of sex restriction is placed on the business, but because societal values tend to favour one sex in a particular business, and another sex in another.
5. Business ideas Based on Academic Qualification/Status
A lot of people think that businesses are generally not for people with professional degrees, that such people would be mostly suited for nine to fives. But a lot more professionals are hanging up their suits and following the way of business. Many recent college grads are choosing to forge their own paths by starting their own businesses across a wide variety of industries.
6. Business ideas Based on the Required Amount of Startup Capital
It is a fact that you cannot start all businesses with the same amount of capital. There are businesses that are quite capital intensive, and others you can start with just about little or no capital. In fact, the type of business you will start will depend on the amount of money you have available or the amount of money you will be able to access in loans and grants.
A lifestyle business is any business that supports and enables the lifestyle you want to create. That may involve working from your home during the time of day when you have the most energy, or while traveling the globe. The choice is yours.
8. Business ideas Based on Country/Continent
When starting a business, you need to first consider the location you are residing or the location you want to start your business at. It is a fact that certain locations are more accepting of certain businesses. Again, certain aspects of a country or continent can predispose some businesses to be more successful than the others.
Africa is a continent that significantly rewards problem-solvers, and provides a rare opportunity in today’s world to make a lot of money, while doing a lot of good at the same time.
iv. Kenya | v.
Nowadays Asia is one of the biggest goals for businesses all around the world. Asia, home to five of the 10 fastest growing economies in the world. Within five years, Asia will represent 44% of the world’s gross domestic product, 54% of the global middle class, and will consume $4.8-trillion (U.S.) annually – 42% of the world’s total consumption.
Generally, a high degree of urbanization is common to most of Europe. According to data, around 75% of Europeans live in urban areas. Therefore, when planning a business in Europe, it is worth being aware that the largest number of your potential customers are city residents.
The Religious Organizations industry consists of organizations that provide religious worship or promote religious activities. Industry establishments include churches, temples, mosques, synagogues and other houses of worship, in addition to convents, monasteries and religiously affiliated community centers.
However, schools and hospitals that are operated by religious organizations are not included in this industry. Over the five years to 2021, revenue, measured in total donations to religious organizations, is estimated at $124bn with the industry employing over 1,706,296 people.
10. Business ideas Based on Geographical Location
Globally 10% of jobs and GDP were in travel and tourism in 2019. Last year one in 10 people worked in travel and tourism-related jobs, contributing $8.9 trillion, or around 10.3%, to the global economy. In the five years to 2019, the sector was responsible for one in four of all net new jobs created globally. That was before COVID-19 struck. While many popular destinations are cautiously welcoming visitors again, the industry is continuing to haemorrhage jobs and revenues
11. Business ideas Based on Career/Job Description
There are business ideas everywhere, and some of these ideas can even stem out of your very own career or job description. Though their careers, a lot of people have been known to set up side hustles especially if they stop a gap in the market.
Whether you are parlaying your hobbies and passions into lucrative business opportunities, or simply creating multiple streams of revenue to counter any unforeseen economic downturns, extra income never hurts. These are business ideas that can come out of your career.
xi. Self Employment
12. Business ideas Based on Targeted Demography & Psychography
Demographics explain “who” your buyer is, while psychographics explain “why” they buy. Demographic information includes gender, age, income, and marital status – the dry facts. You can only effectively reach your target audience when you understand both their demographics and psychographics.
You can only effectively reach your target audience when you understand both their demographics and psychographics. The combination of both sets of data starts to form your buyer persona, and this can equally give you great business idea. Businesses targeted at certain demographics include;
vii. Hispanic Communities |
13. Business ideas Based on Product/Product-related Business ideas
General consumer products range from utilitarian goods such as shoes and pens and pencils, to cutting-edge technology such as iPads and smartphones. There is also a wide range of quality and price within each product category. For example, one can find basic shoes for $10 or $15, but a pair of running shoes endorsed by a superstar athlete can cost hundreds of dollars.
14. Business ideas Based on Revenue Model
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