Have you yet decided if you are willing to take on the challenges of entrepreneurship? If you answer is Yes! then the next segment is to decide which type of conventional business models attracts you the most and is also lucrative.
To boost the chances of success as a first-time entrepreneur, it is quintessential to find the right business models you want to jump into. This may vary greatly according to your professional skills, business expertise, career guidance, and also a few extrinsic factors like the planning structure, location, market study, etcetera.
Here I list the 5 conventional business types that will likely influence your decision.
5 Conventional Business Models for First-time Entrepreneurs
Real Estate Agency
A Real Estate business is one of the most affordable on the list and is a conventional business for many first-timers. It is easy to set up a Real Estate business if you possess specific personal and professional skills. Firstly, decide if you are a people-person and know how to talk to customers. This business demands the highest level of attention and care when dealing with clients and trying to make a sale, or seeking tenants.
One of the primary requirements of a Real Estate business is to obtain a high school graduation. You will most definitely require documentation such as a Real Estate Transactions certification to formalize the business. This step varies depending on the region and what documents you specifically need.
Also Read: How to Overcome the Challenges Involved in a Family Business & Pick a Worthy Successor?
A Language School offers an opportunity to the students of all age groups a chance to learn foreign languages and also discover new cultures. If handled the right way, a language school will soon transform into one of the city’s landmarks. This is yet another conventional business type that is sure to succeed for first-time business persons.
The most popularly learned languages are as follows:
Other languages like Cantonese, Portuguese, Japanese, Russian may also see some enthusiasm depending on your region. Also, to keep things interesting, you will need to find an interactive mode of language teaching experts.
A Language School is a prosperous investment for small towns and cosmopolitan cities. In metropolitan cities, the competition is too high to sustain such a business, also price factor plays a huge role in such scenarios.
Tourism & Travel Agency
Tourism is one of the profitable conventional business models for domestic or international travel destinations.
As a Tourism & Travel Agency, one of the promotional requirements that fall upon you is to periodically offer attractive and affordable travel packages to the most frequent travelers. Also, it depends on your customer skills. Whether domestic or foreign travel, you must make your customers feel warm, confident & excited about their big trip.
The prices may vary greatly as per the market. Also, you must be in regular contact with transportation service providers. You may also choose to be a re-seller of travel packages which will abstain you from all other duties and still earn you good commissions.
Perfumery Parlor and Cosmetics
A good example of conventional business types that generates good and consistent profits is the Perfumery Parlor and Cosmetics Boutique. Today, the Cosmetic market is more fruitful than Health Care.
Some of the advantages of this business are the low maintenance costs. Mainly because of the super high rate of returns. Moreover, it is common for product consumers to purchase various Perfumes or Cosmetics at their regular parlor or beauty salon. The female public show an elevated interest in personal care and beauty products.
Car Driving School
Driving Schools are always in demand because a car is a basic necessity of life in cities. Also, it is a dream of almost all young adults to drive a car and feel independent.
Investing in an auto-school can be an extremely lucrative and low-risk conventional business. The Cost versus Benefit is quite rewarding in most cases. Considering the target audience is always in search for this service, you may not require a lot of marketing either. Good manners and friendly teaching practices go a long way.