Do you feel that the economy is going to boom, and all of a sudden money begins to flow in from every direction? Is your country going through a transitional phase? After B.Com Best 15 Business Ideas (Daily Earn 70$)
Are you considering a career path where you can earn lots of money without working too hard? If yes, then the business might just be the right option for you.
To be successful in this business, firstly, you must have some basic knowledge of how it works, what it consists of, and the various tasks that are involved in handling one. This article will help you with exactly that. It’s not necessary to read all of it; just use the links below to navigate through the article.
Business
A business is an activity that helps generate a profit or economic benefit by means of providing goods or services to customers at an agreed-upon price. In other words, it is creating and maintaining a successful self-employed venture. Businesses can be classified as large, medium-sized, and small according to their size, reach, and net value.
There are many different types of business ideas that you can consider. Whether you’re an aspiring entrepreneur or a student, there are lots of opportunities out there waiting to be taken advantage of. Depending on your skill set, interests, and the current economic conditions in your country, you should be able to make a smart choice.
However, if you’re still uncertain about what to do, then don’t worry; this article will help you understand the basics of starting your own business and give you some great suggestions for various types of businesses to start.
After B.Com Best 15 Business Ideas
1) Sole Proprietorship
A Sole Proprietorship is a legal form of business entity that works as an extension of the owner and has no limitations on the number of people who can be involved in its activities. It’s also one of the most common types of businesses around, as it requires very little paperwork and initial capital as compared to other types of businesses.
However, it also has its own share of disadvantages. Since everything that happens in the business is directly connected to you as an individual, you’ll have to deal with all the legal problems and economic issues too. Also, if something happens to your business or company, then your personal assets are at stake. To protect your business, you can opt for a good commercial insurance policy.
2) Partnership
A Partnership is a legal agreement between two or more parties who are running a business together. This partnership may involve sharing of money, management duties, and profits. It’s usually easier to start up than other forms of businesses, with the only requirement being that two or more individuals come together to form one legal entity.
However, it must be stated that there are certain disadvantages associated with this business model. Since partnerships usually involve sharing of ownership and income, disagreements may arise between the partners regarding how they should run their company; these arguments can sometimes prove to be very costly for both parties involved, not to mention time-consuming.
3) Limited Liability Companies (LLC)
Limited Liability Companies are legal entities that protect their owners from any kind of financial loss as is the case with Sole Proprietorships and Partnerships. Investors can become members of this type of company by making an investment; once the money is paid, the investor becomes a part of the LLC.
All members of an LLC have to share management duties and profits according to their investment amount; this is beneficial as it ensures that all the members are working towards achieving a common goal. However, there isn’t any limit on how many people can be a part of one LLC, which means that there is a possibility for one member to misuse the authority he has in the company.
4) Public Limited Company (PLC)
Many different businesses choose this type of company because it provides them with complete separation from any financial risks that can occur within an organization. This means that all members are given limited liability, which means that your company and personal assets aren’t at risk in case the business loses money.
However, if you choose to start a PLC, then it’s essential that you understand the amount of paperwork and the legal process involved with this type of business as compared to other types. Also, it takes more time and effort required for its initial set-up.
5) Banking Job
In today’s age, banks are an integral part of modern society, and their importance in the global economy is increasing every day. According to a recent study by PricewaterhouseCoopers (PwC), almost 40% of banking jobs will be eliminated due to automation by 2025. Over 1 million workers in the industry will lose their jobs as a result.
One of the biggest reasons for this is that most bank employees are easily replaceable by machines, especially tellers and customer service workers who deal with customers on a daily basis. Banks have already started making use of automated systems to perform basic tasks like scanning documents or processing loan requests more efficiently than humans can do.
The first step in this replacement process started with ATMs, which are now an integral part of banks. The next step is the widespread use of mobile applications and automated teller machines (ATM) for low-level banking services like checking cash balances or depositing cheques.
6) Telemarketing
One of the most common jobs in today’s economy is telemarketing. Telephone calling has become one of the easiest and most effective ways to reach out to a lot of people at once, and this makes it ideal for businesses — especially small-scale enterprises — because they can easily make sales or promote their business without having to send their employees out to the market.
However, telemarketing has become a target for automation in recent times, thanks to systems like Infosys’ CallXpress and IBM’s Watson. CallXpress is a virtual assistant robot that can field customer queries about products or services offered by a company. It asks questions from its database to elicit more information about the customer’s issue and then determines the best course of action to resolve it.
This system is already being used by hundreds of companies throughout North America, especially in the finance sector. Watson on the other hand is designed to take on even more complex tasks using artificial intelligence.
7) Real Estate
Real estate is one of the oldest businesses in the world, and it has seen human interactions for hundreds of years; but recently, new technologies like online portals have made it possible to completely digitize real estate. Real estate agents are no longer needed because buyers can browse through different properties on their own time using their mobile phones or computers, and they can contact sellers directly to get more information.
8) Retail Jobs
Retailers are at the front lines of closing stores due to automation, especially in developing countries like India where e-commerce is booming. According to a recent report by Forrester Research, 6% of retailers may close their physical locations due to the increasing shift to e-commerce.
This will result in the loss of about 67,000 retail jobs over the next two years. At the same time, businesses like Amazon and Alibaba are taking advantage of their domination online to open up brick-and-mortar stores that sell products directly.
9) Food Service
The restaurant industry is already feeling the effects of automation, and this will only intensify in the future. Restaurants like The Fat Duck in London, which already use automated systems for cooking their dishes (using a machine called the “Heston Blumenthal Rotisserie”), are expensive establishments; but cheaper eateries can also make use of robots to replace human staff.
For example, if you order a sandwich at one of the thousands of locations for chain restaurant Zoup!, you can scan a QR code to get it. An automated machine then makes your sandwich within just 3 minutes, and you pay using an electronic kiosk.
10) Caregiving
As technology becomes increasingly advanced, more people are turning to artificial life forms to alleviate the pressure of caregiving in their lives. This may take the form of robots capable of performing medical breakthroughs, but it can also be machines that provide companionship for older people when their families cannot be around.
Either way, this trend is becoming more common because many people would prefer not to put their loved ones in an old folk’s home if they can help it.
11) Farming
Agriculture has stayed the same ever since we started farming; but we already have machines that can perform all of our farm chores, such as tractors and harvesters, which make up about 95% of farm equipment today. The only work left for humans is to take care of the product after it has been harvested, which is a far cry from what farmers had to do in previous centuries.
An example of this is a company called Blue River Technology, which uses cameras and sensors to detect weeds in crops like strawberries. The robot then zaps the weeds with poison; but it doesn’t harm any other plants, which allows farmers to make more money because they will produce higher yields without having to pay someone to rid their fields of weeds.
12) Retail Jobs
Retailers are at the front lines of closing stores due to automation, especially in developing countries like India where e-commerce is booming. According to a recent report by Forrester Research, 6% of retailers may close their physical locations due to the increasing shift to e-commerce.
This will result in the loss of about 67,000 retail jobs over the next two years. At the same time, businesses like Amazon and Alibaba are taking advantage of their domination online to open up brick-and-mortar stores that sell products directly.
13) Manufacturing
Manufacturing workers may not be replaced by robots or machines, but their jobs are threatened by the increasing use of automation in factories across the world. According to the International Federation of Robotics (IFR), 2013 saw a 5% increase in demand for robotics investment worldwide because companies want to bring manufacturing back home without having to pay for shipping.
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Once robots are inside the factory, it becomes much easier to make human workers obsolete because they can be programmed to perform jobs that would otherwise require a number of different people to accomplish.
14) Drivers
The automotive industry is already feeling the effects of automation technologies, and this will only intensify in the future as driverless cars become more common. For example, the second self-driving Google car recently received a ticket for driving too slowly in California. This incident shows that these cars already know how to drive on their own, but there are still laws in place that dictate how they should act around other vehicles on the road.
15) Military/Defense
The United States has the most powerful military in the world, but this may not matter over the coming decades as more and more nations become armed with their own weaponry. For example, a new robot called SGR-A1 was recently unveiled by Samsung that is capable of detecting any activity within its line of sight and pointing a gun at the target. Although the robot is fully autonomous, it can be controlled by humans to make sure that its weapons are used appropriately.
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This will not only change the way soldiers are deployed around the world, but it may also threaten their job security since robots are cheaper to operate and do not need homes or food like people do.
After B.Com Best 15 Business Ideas
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