Many people dream of starting their own business but don’t know where to start. Turning these dreams into reality isn’t as complicated as you might think. If you have a passion in life, there is a good chance you can turn it into a business!
Reasons to start your own business:
- Live out your passion
- Develop an existing idea
- Do things differently
- Enjoy more professional freedom
- Realize yourself fully
The primary reason successful entrepreneurs started their own business is almost never because they wanted to make money. Even though there are risks involved, you are far more likely to be successful in business if you are driven by a strong passion rather than if you are driven by a desire to make money. If you’re focused only on turning a profit, you will likely sacrifice the quality of your product, service or overall business.
The late Steve Jobs, founder of Apple, was driven by one clear obsession — he wanted his product to be the best, and was not preoccupied about its profitability. He believed that if a product first and foremost met the needs of consumers, sales and profits would follow.
The excuses to not start your own business:
- “I have a stable job that pays well”
- “The risk of failure is too high”
- “There’s a good chance I will lose all my savings”
- “How will it look if I fail”
- “I am not tech-savvy and all successful companies are in the tech industry”
It’s true, you do have to be a little bit crazy to start a business when it’s believed that 50% of businesses do not make it to their fifth birthday! You have to invest a lot of time in creating a brand, a website, making yourself known, setting up your product or service, making plans and getting quotes to build or renovate your premises, buying furniture, etc.
There’s a lot to be done before seeing your first dollar of profit. Success right out of the gate is also rare. However, if you believe in what you’re doing and you prepare for the worst to survive the first few months, you’ll be stacking the deck in your favour for a successful future!
Have you always dreamed of being your own boss? It’s never too late to start!
“I should have done it when I was younger”
This is another reason to not take the plunge and start your own business. Yet, the more advanced we are in our career, the more we have wisdom, experience and the funds to take that step. You’re likely a lot more aware of your strengths and weaknesses at 50 years old than at 19. Therefore, there are advantages to becoming your own boss later in life.
Here are 7 business ideas that might interest you:
You don’t always need a genius idea to start a business. Sometimes, all you need is to follow your heart and passions, or simply improve upon something that already exists.
1. Opening a bar or restaurant
It’s true, there are a lot of them, but many people have turned this passion into resounding success. With a quality menu and décor adapted to the desired clientele, it is possible to be successful in this industry. Whether you’re thinking about a fast food spot, or a restaurant with a more refined menu, location is key for this type of business. It’s important to get a commercial architect involved in opening a restaurant, to ensure you’re making the best choices in terms of location, space and design right from the start.
Restaurant Trend: Consumers are becoming more and more conscious when it comes to their health and the environment. There is a rising trend in vegetarian and vegan restaurants with stylish décor, in cities like New York, Los Angeles an even Denver. Restaurateurs are opting out of the “hippie” style more commonly found in these types of restaurants, to help widen their appeal, and expand into new clientele demographics. These restaurants are slowly becoming more popular in Montreal in Toronto as well.
Get inspired by our top 5 restaurants with the most beautiful interior décor.
2. Opening a Daycare
Many new parents discover a love for children and want to work in childcare as a result. This can lead to the desire to open an in-home daycare, or even rent a commercial space for one.
It’s important to note that regulations for opening a daycare are becoming more and more rigorous for both types of daycare centres. However, if you have the focus and determination to make it work, it can lead to a very rewarding business opportunity. To help ensure your success and be on top of all the regulations, it’s best to get the assistance of an expert to guide you through.
Daycare Trend: As with restaurant trends, eco-conscious design and philosophies can be integrated a daycare centre. This not only allows for educators to have access to a modern teaching environment, but also allows these ideals to be instilled in young children as they grow in a socially aware world.
3. Bed & Breakfasts, Short-Term Rentals or Hotels
If you’re passionate about hospitality, why not turn your home into a bed and breakfast? There are many municipal rules involved in such an undertaking, but it may be worth your while in the long-run! If using your own home isn’t an option you want to consider, buying a condo and renovating it for use on popular short-term rental sites like Airbnb. For an even more exciting undertaking, you can renovate a space into a completely functional hotel.
Hotel Trend: While more stately and over-the-top decor once reigned supreme, stylish, modern and clean design is on the rise in hospitality. With the popularity of Airbnb, travelers are looking more and more to have stays that are like homes away from home.
4. Transforming a triplex into a semi-commercial property
If you own a triplex and live on the main floor, why not move up to a higher floor and transform it into a commercial space? You can use it for your own business, or rent it out to another small business owner. It is possible in many municipalities, so be sure to check the rules before undertaking this type of conversion project.
5. Transforming a building into a private residence for seniors
If you have a passion for helping people, and would like to extend that aid to people in the last chapter of their life, this could be a good option. This does require a fair amount of planning. There are various types of residences possible, either private or in conjunction with the provincial healthcare system. This means funding for such projects can come from different places, and have different construction and permit regulations.
Trend: Condo buildings (for rent or purchase) that offer a multiple of on-site service to their residents are very popular. With an aging Baby Boomer population, there is a lot of demand for such facilities. Many seniors are also looking for a space with social activities, so offering services right on site is a great way to attract tenants. A focus on a more human and caring approach is a great way to be successful with this type of residence.
6. Opening a clinic or spa
If you already work in a health services job, why not take the leap and start your own clinic? There are many dental, physiotherapy, and esthetician practices out there, but there is always room for innovation. Find a way to bring something new to the field, expand on customer needs, and you could find yourself with a successful business!
With self-care and relaxation trends on the rise, the demand for spas continues to grow. Whether it be a traditional style spa or a more contemporary day spa, there is a lot of room for creativity in this type of business.
Spa Trend: Walk-in massage clinics are a big trend in the United States, while there are are little to none here in Canada. Imagine being able to stop in for a quick foot massage on your lunch break, or get a knot in your neck dealt with without needing to wait days in pain. This type of service fits right in with self-care trends, as well as busy modern lives.
7. Buying an existing business
If you’re not interested in starting a business from scratch, buying an existing one might be the best move for you. This could mean opening a franchise of a larger, established brand, or buying a small business that is for sale in your area and remodeling it. You’ll have the advantage of working with an existing reputation, but still be able to bring a fresh perspective to something already familiar to a client base.
Take a look at other commercial projects carried out by our Verified Contractors by visiting Reno-Inspiration. This may give you ideas to start your own business or transform an existing one!
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