When you are burdened by a financial problem, one of the best ways to recover from it is to start a small business. But since you need to shell out yet another sum of money for that, you may end up losing more if the business fails. After all, statistics show that majority of startups are unsuccessful.
Some might say that running a business requires luck, but in truth, businesses always depend on the entrepreneur’s skill, knowledge, and cleverness. You may have all the luck in the world, but if your business fails to satisfy a specific need, then it won’t gain customers and growth.
A fast-growing business venture is one that supplies an essential demand. It’s not something that’s merely trendy. That said, grab some ideas from these businesses that zoomed to success fast:
1. Healthy Junk Foods
The pandemic has awakened people’s regard for their health. While many still found comfort in greasy and sugary junk foods, some discovered that healthy eating doesn’t have to be boring, and so healthy junk foods were born.
Companies began formulating packaged foods with minimally processed fruits and vegetables, as well as snacks that capture the taste of popular junk foods but without the high calories and artificial ingredients. As a result, health-conscious customers are rejoicing, as they are now able to satisfy their cravings without feeling guilty.
One company, called Cowboy Cricket Farms, took healthy snacking to another level. They didn’t make vegetable chips or anything alike. Instead, as their name states, they manufactured food-grade crickets. The crickets are more sustainable compared to beef, for instance, because processing them uses 2,060 times less water. Cowboy Cricket Farms’ buyers don’t have to eat a whole cooked cricket, though. They may buy baked goods, chips, or energy bars made with cricket powder. It’s incredibly healthy, being protein-rich.
A good and popular way to start a healthy junk food business is selling dried fruit and kale chips, like what many smaller companies do. You have to prepare for the tight competition, though, especially because big brands offer those snacks, too.
2. Gender-Neutral Personal Care
Personal care products are no longer separated as “beauty” products for women and “grooming” products for men. Many startups in the industry have been releasing shampoos, moisturizers, and fragrances that aren’t targeted to a particular gender.
Thanks to the public’s growing awareness about the gender spectrum, traditionally gendered products are now being rejected, especially by younger consumers. More men are also embracing skincare routines and other wellness trends.
The challenges in starting this business, however, are the giant competitors such as Lululemon and Gucci, both of which are increasing their gender-neutral options. The demand for “clean” formulas and eco-friendly packaging may be a hurdle too because those can be expensive to develop.
3. Sustainable Consumer Goods
Since many consumers are now demanding eco-friendly product packaging, sustainable consumer goods are now booming in the market. People are rejecting plastic straws and single-use plastic, opting for reusable, recyclable, and compostable alternatives instead. This changed behavior is further encouraged by some local governments, as such the U.S. cities and states that have already banned or taxed single-use plastics.
Indeed, sustainable consumer goods is a brilliant business idea, but it is filled with obstacles as well. You’d need a lot of technical expertise to develop your products, which may rack up your prices. In turn, consumers who are not yet making sustainable choices may be hard to persuade. In addition, not all biodegradable products are totally eco-friendly. Some still require carbon emissions to produce and don’t break down as fast as advertised.
4. Pet Wearables
Pet wearables are nothing new, but they’ve now evolved from being just cute shirts and collars. The raising awareness about pets’ physical and mental health has urged pet owners to buy wellness products for their fur babies too. Whistle, the leading company in the pet wearables industry, started by developing GPS devices that will help owners track their missing or wandering pets. But as they grew, they’ve expanded their offers to devices that can monitor a pet’s health, showing the number of miles they walked for a day, activities such as scratching, and signs of a health problem.
Thanks to Whistle, a lot of pet owners are able to address early on what could’ve been a serious health problem. However, wearables are just a small segment of the overall pet care category, so it might be tricky to start this business and grow as fast as Whistle did.
But no matter which business you choose from above, its rapid success will rely on your marketing tactics. Utilize social media, work with a reputable SEO company in Singapore for your website, and focus on your customers’ experience. Remember that your business will last if you give your customers what they want and need.