Explore Unmet Needs For New Business Ideas

There used to be a longstanding belief that 90 percent of new firms fail within the first five years, but statistics tell a different story. A 2012 survey by the Small Business Administration found that 70 percent of new businesses with employees last at least two years, and a little more than half last five years. These success rates are primarily due to savvy entrepreneurs knowing that the online marketplace has given consumers more choices than ever before. The days of applying for an American Express business credit card, renting office space and expecting customers are over. 

A new business' success depends solely on it filling a void and doing so to the satisfaction of customers. Think outside the box to ensure success at your new endeavor.

Quirky, Low-Overhead Business Ideas

America is second only to Mexico as the world's most obese country (and subsequently the most immobile), according to a report by the United Nations. Though Business Insider deemed grocery delivery businesses a startup to avoid, there is clearly a market for this type of enterprise. All you need is a vehicle, a 12-volt electric cooler to keep foods fresh while in transit and a way to accept payments (like Paypal). Cheap flyers can be placed on front doors of homes, which amounts to a direct advertising campaign which will cost only your sweat and a few dollars.

Vending machines are another low-overhead idea. Seek out office buildings that lack cafeterias and inquire with the building manager about placing your machine there. The initial investment in the machine itself is the priciest part of this endeavor, but once the ball is rolling, profits should start coming in.

Make Your Franchise Special

Opening a franchise is far more expensive than starting your own business from scratch. A 7-Eleven franchise will cost roughly $400,000 to get started, and a Subway sandwich shop around $265,000, according to Forbes. You are paying for the name recognition, which automatically inherits an instant customer base. The key to maximizing your earning potential is to offer customers something extra they would typically not expect from a big name establishment.

Pay your employees a dollar or two above minimum wage and emphasize to them that good customer service is a requirement for the higher wage. Customers should know when they walk into your franchise, they will be greeted with a smile. McDonald's Corporation, for instance, had to issue a directive to all of its franchisees due to mounting complaints about poor customer service. A McDonald's franchise in Jefferson City, Missouri has had a greeter for more than 16 years to give it a unique, personable feel. There are other fast-food establishments, such as Whataburger, that bring the food out to the customers' tables after they've ordered.

A convenience store franchise can offer full-service at the gas pump. Oregon and New Jersey actually have laws that require full-service as the pump (or outlaw self-service). These kinds of details will set you apart from the others.

Whether you have a six-figure bank roll to get your business established or just your last few paychecks, your success will depend solely on meeting needs with a smile.