10 Profitable Business Ideas for Those Who Want to Start Their Own Business

No matter how difficult economic conditions become, many people dream of starting their own business. Young, women, middle-aged and entrepreneurs from all segments of society aim to earn income by owning their own workplaces. Statistics obtained from researches are sufficient to show the increase in the number of entrepreneurs in our country. In 2020, the rate of new entrepreneurs, which was 4% in 2006, increased by 23% compared to the previous year, making Turkey the leader in the number of new startups.

Although those who want to start their own business have the necessary entrepreneurial spirit, they need advice on where to start and how they should follow to achieve success. In our article we have prepared for entrepreneurs who want to start their own business, every point to be considered when starting commercial life from A to Z is explained one by one.

Where to Start?

The first issue that many entrepreneurs who want to start their own business face is the uncertainty about what they can do and how to find the capital. In order to start the business and start the whole process, it is necessary to clarify what work can be done. Once you have decided what you want to do, you need to move on to the next steps to implement your company and build the strategies that will lead you to success.

The first mistake made when asking the question “What can I do?” is to try to realize an original and unique idea that no one else has. Take a look around you and you will see that many businesses are repeating each other and all of them are profitable businesses with their own customer portfolio. At this point, instead of focusing on developing a business on an idea that does not exist, you can choose to take examples from existing businesses and follow the footsteps of tried and successful business ideas.

Establishing a Company

After deciding on the business you will do and finding solutions to many details, you can tend to your obligation to establish a company. Regardless of whether you sell services or products, you need to start your commercial career by establishing a company. Product or service sales must be invoiced. You should incorporate your enterprise to be able to issue invoices and meet tax obligations that allow you to avoid penalties.

Establishing a company is the first official step to formalize your business. Whether your business is physical or digital, you need to complete the official processes by choosing any of the company types with different details such as sole proprietorship, limited liability company or joint stock company to formalize your business.

At this point, when making new initiatives, you can start by establishing a sole proprietorship because the installation process is simple and the initial taxation rates are low. The sole proprietorship is active within two days. With a photocopy of your ID, a power of attorney given to your accountant or financial advisor and your lease agreement, you can formalize your initiative by establishing a company within 2 days at the latest.

Business Plan / Business Idea

When you adopt a business idea that suits your skills, personality and financial strength, the most important step to make it a success is the business plan. The business plan is the road map of your business that shows the goals you have set and what you need to do to reach these goals. When preparing a business plan, you need to choose your goal realistically and correctly determine the methods that will help you reach this goal. Many details such as marketing, financial issues, duties, responsibilities, operations, market and sector research should be included in the business plan with all the details.

Preparing a business plan shows that you have mastered the business idea and all the things you will do to develop it. This plan, which shows that you have consciously carried out the processes related to all the activities of your business, is also requested by the application points to benefit from grants, incentives and interest-free loan opportunities such as KOSGEB at the point of financial support. Remember that when you act with a good plan, no matter how competitive your sector is, you have a chance to dominate your competitors by sticking to your plan!

Capital

Even if you have an ambitious idea, we need capital to turn it into a venture. Many business ideas are discarded long before the start-up phase due to the amount of capital required. When you have the financial strength to start your business, it not only gives you the ability to realize your idea, but also makes you strong in the first few years following the establishment . If all you are interested in is owning your own business, you can turn to business ideas with little or no capital. If your goals are higher, you will need to experiment with ways to acquire capital.

Those who want to start their own business can take out loans from banks or meet their capital needs by taking advantage of grants and interest-free loans provided by the state. Depending on the sector of activity, financial support from KOSGEB, İŞKUR or another public initiative can be utilized. Depending on your idea, you can negotiate with “angel investors” or you can overcome your capital handicap by choosing to take a partner with you.

Sector and Market Research

It is imperative that you conduct a good research at the point of identifying the possible problems that your business will face and determining what difference you need to make in terms of increasing sales. Conducting sector and market research also forms the basis of the business plan you will create. In order for the plan to be realistic, apart from your business idea and capital, you need to have consistent data on sector competition, market size, competitors’ strategies and the future of the sector.

No matter how ambitious your idea is and no matter how good you think your qualifications are, if you don’t know the sector, your competitors and your customers, there is almost no chance of your venture succeeding. No matter how good you are, there is a high probability that there is a better competitor than you in the market. For this reason, it is important to create your roadmap by obtaining realistic data with a good analysis.

When researching the sector and the market, your first focus should be on the current state of the market, its future and what competitors are doing. In the light of the data you have obtained at these three points, you need to determine your growth prospects in the long term and think about the differences you can make to grow.

Industry and market data should be available for supplier selection, additional capital requirements, marketing strategies and operational improvements. Keep in mind that you will not only use your research to improve your chosen business idea, but it may also lead you to conclude that your business idea needs to be changed, perhaps due to “high competition” or “poor market outlook”! Therefore, make your research as rigorous and realistic as possible.

Partner Selection

Lack of capital or the need for a good organization for the activities of the business may sometimes require you to start your company with a partner. When choosing a partner, you may need to partner only with financial partners such as “angel investors”, or you may need to partner with people whose support you will ask for in areas that require expertise. The first thing to accept about partnership is that you can’t do everything on your own. Once you have accepted this fact, we recommend that you make your choices according to the following criteria in order to carry out the work with the partner you choose in a planned and programmed manner:

• You need your partner’s expertise.
• You must trust your partner’s work ethic.
• Your business capacity should be large enough to accommodate a partner.
• Your partner should be able to take responsibility for money management when necessary.

Getting Consultancy

Depending on the complexity of the business idea you choose, you may need the support of “experienced” names at many points. At the point of support, you can sometimes choose to take a partner with you, or you can choose to consult with professionals who have experience and knowledge about the sector. Just as you need an accountant for financial matters when starting your business, you should keep in mind that you may need support from people with different specialties at many points.

You should seek consultancy services in areas where you do not have expertise, such as marketing, website design, accounting, social media management or the need for DuPont analysis. Choose professionals based on their “competencies”, not their “fees”. Keep in mind that a single point that a good consultant helps you with can be worth much more than his/her own money!

Marketing

After completing the stages such as idea selection, capital, business plan preparation and company establishment, your commercial career starts in your own business. After all the hard work you’ve put in, when your corporate career begins, there’s only one thing left to take care of: “Finding customers!”

To find customers and increase your sales, you need to create a good marketing strategy and execute it correctly. We have already mentioned that marketing should be included in your business plan and that good planning will bring you success. When it comes to marketing, you should know that you have many alternative methods in today’s world. In line with your budget and cost-benefit analysis, you can take advantage of one or more of the existing methods together and have the chance to meet new customers.

In addition to traditional marketing, digital marketing channels are a powerful alternative for promotion. Developments in digital marketing allow you to save time by leaving traditional methods behind. You can attract the attention of the masses in a short time with paid and free digital marketing moves. With social media ads, Google keyword ads or sponsored ads, you can carry out marketing operations that will deliver you directly to your target audience.

Creating Website and Social Media Accounts

It is an undeniable fact that smart devices are at the center of our lives with mobile phones. This fact offers an important opportunity for businesses to create customer communication and loyal customers. Setting up your business website and creating social media accounts is one of the most important steps you need to take at this point. The size of your business or whether you are selling online or not does not change this fact. In summary, taking your business into the digital world will increase your recognition and help your customers find you more trustworthy.

Website and social media accounts are your digital branches that allow people to watch, follow and interact with you. Today, many people turn to the internet even when looking for the nearest dessert shop. You can increase your presence with SEO and advertising activities that will make you stand out in this area. Even if you are a local business, you need to be recognized by search engines and social media today. Make sure you are more findable by moving your business to digital platforms!

KOSGEB Supports

Supporting entrepreneurs as well as existing SMEs, KOSGEB is the application point for those who want to start their own business at the point of capital requirement. KOSGEB, which provides the technical information needed by the applicants with the entrepreneurship trainings it offers, provides capital needs under the most attractive conditions by providing grants and loans with favorable interest rates to applicants who prepare a good business plan and complete the entrepreneurship trainings it provides and receive certificates.

The application stages to KOSGEB start with registering with KOSGEB. In order to register, applications can be made in person to KOSGEB representative offices in the provinces, or the transactions can be completed through the website opened using the link https://kbs.kosgeb.gov.tr/FirmRegistration for KOSGEB registration procedures. After the registration process, KOSGEB Applied Entrepreneurship Trainings must be completed and the business plan must be submitted to KOSGEB together with the certificate for the continuation of the application.

In order to benefit from KOSGEB supports, your business must be established. For your established business, financial support can be obtained from KOSGEB under the names of traditional and advanced entrepreneur support program as well as business plan award support program. Grant and loan support is provided with upper limits of 65 thousand TL in the traditional entrepreneurship program, 375 thousand TL in the advanced entrepreneurship support program and 25 thousand TL in the business program award support program. If you complete your KOSGEB registration and have a certificate showing that you have completed the Applied Entrepreneurship Training Program, you can obtain the required amount for capital from KOSGEB.

Freelance Business Models and Platforms

While the traditional understanding of work is changing rapidly, the freelancing model offers freer career opportunities. Freelancers can create an independent career opportunity by earning income through project-based work. At this point, digital platforms provide great advantages for freelancers. Especially for those who want to work from all over the world and want to act independently by establishing their own business, freelancing platforms create important opportunities to generate income.

There are many platforms available for freelancers, each focusing on different areas of work. Fiverr is a popular platform especially for low-budget, short-term projects. It has a large customer base for freelancers in services such as design, SEO and translation. It offers a marketplace full of projects that can be attractive for beginners, so they can gain experience by promoting themselves.

Freelance business models mostly operate on a project-based payment system, but some platforms offer hourly payment options, providing convenient solutions for those who prefer to be paid according to the type of work. In areas such as software development, consulting and training, employers often prefer to pay for time spent rather than the project completed. For example, the Upwork platform makes extensive use of the hourly payment model, which allows employers to more easily organize payments while keeping track of the work done. The hourly working model allows freelancers to clearly track how much time they spend on projects. This also eliminates uncertainties in the payment process.

Freelancing Career Development and Skills

Freelancing is not just about earning an income using your skills. For long-term success, you need to develop yourself in a variety of areas. Building a strong reputation as a freelancer will help you get more work and make your clients trust you. One of the most important ways to stand out in the freelancing world is to build a strong personal brand.

Your name, your area of expertise and the services you offer are the key elements that differentiate you from your competitors.

To show that you are an expert in your field, you can showcase your work on digital platforms and promote yourself with blog posts and social media content. You can reach more people by advertising with digital marketing moves. By improving your skills, you can follow new trends and stay one step ahead. You can learn new skills from online course platforms such as Udemy, Coursera, Skillshare. You can make your work more efficient by following the innovations in your field. You can also create new job opportunities thanks to the networking network you will create in the courses.

Next Generation Business Ideas Based on Artificial Intelligence

AI-powered tools make business processes smarter while increasing efficiency in every industry. For example, natural language processing systems such as ChatGPT can be used in a wide range of areas, from customer service to content production. AI-based data analytics processes help businesses gain a competitive advantage by enabling them to make the right decisions.

Artificial intelligence and automation technologies, which are considered to be among the professions of the future, attract more and more attention. While job roles such as AI software development, machine learning expertise, data analysts and natural language processing experts are rapidly rising, the demand for professionals who gain competence in these fields increases. AI-based business ideas and innovations in this field simultaneously transform workforce dynamics.

Popular Business Ideas

Today, popular business ideas that have been realized by many entrepreneurs and still offer profit opportunities attract the attention of entrepreneurs who want to start their own business. Many of these tried-and-true and reliable results are in the category of tasks that can be done at home. Depending on the business idea chosen, it may be necessary to invest with no capital, little capital or a larger capital amount. We have compiled today’s most popular profitable business ideas and details for you.

1. Opening a Çiğköfte Shop

The çiğköfte franchise, which shone in the past years, continues to be preferred as a popular business idea today. With a service staff, an electric motor, a counter, a table and chairs, you can get satisfying returns with your çiğköfteci shop. In the low-capital business idea, which has the chance to increase your turnover by accepting package orders and being active on social media, a capital of approximately 15 thousand TL to 25 thousand TL is sufficient, which may vary depending on the size of the shop.

2. Chicken Breeding

Selling organic village chicken meat or free-range chicken eggs is a popular business idea, especially for families with children. As awareness of organic diets grows, there is less and less interest in factory farming. By raising chickens for their meat or eggs, you can capture an ever-increasing volume of sales. In this business idea, which may require a capital of approximately 50 thousand TL for land, poultry house and chicken supply, you can receive orders from all over Turkey by moving your business to e-commerce.

3. Opening a Children’s Playhouse

Parents who want their children to spend their free time socializing with their peers are in great demand for children’s playhouses. Considering the increasing cost of finding a babysitter for working mothers, children’s playhouses are a good alternative initiative not only for children’s free time but also for “parents’ work time”. In your playhouse, where you will help children have a pleasant time by offering activities, you need to host a play sister and fulfill hygiene conditions. Depending on the products you choose for the activity, you can put your playhouse into operation with a budget of 70 thousand TL to 100 thousand TL.

4. Peddling Pilaf

A nostalgic method to sell the pilaf you prepare at home with your special recipe is among the most popular business ideas of recent days. Mobile pilaf business, which can be shown among the jobs that require a small budget, can be realized with a low budget of 7 thousand TL at most. If your recipe is good and you make the right analysis of the neighborhoods you choose, you can earn enough income to earn a monthly civil servant salary as a mobile pilaf seller.

5. Open a Car Wash

With the impact of the pandemic, people have turned from public transportation to personal vehicles. Increasing car ownership continues to grow the market addressed by car washes. You can earn a good income with the idea of opening a car wash, which you can implement with at least two staff and earn without any labor with the self-service option. If you have a budget of approximately 80 thousand TL to 100 thousand TL, you can have a successful business by opening a car wash.

6. Selling Sweets

Dessert always has a special place in Turkish cuisine. Turkish people, who consume dessert almost every day, are an important customer potential in this field. If you choose a good supplier, you can earn a good income by selling sweets. The idea of opening a dessert shop has taken its place among the most trendy business ventures of recent years. If you trust the work of your supplier and have found a shop in a good neighborhood, we recommend you to consider the idea of selling sweets that you can realize with a capital of about 50 thousand TL.

7. Making Money with Google Adsense Revenue

You can earn from Google Adsense by setting up a website. As it is known, Google, the most widely used search engine in Turkey and the world, buys ads from businesses and shares these ads through its publishing partners. You can publish Google Adsense ads with a website that you will publish by choosing a niche topic and you can earn per click and per impression. The key point to increase your Adsense earnings is to get more organic visitors to your site. If you improve yourself in SEO and regularly share interesting SEO-compatible content, you will be able to see that your website’s earnings increase regularly. An investment of approximately 5 thousand TL is sufficient to set up a website. Remember that this work requires patience and discipline should not be left for a moment!

8. Selling Stockless Products Online

Many entrepreneurs who want to sell online prefer a way defined as“Dropshipping“, which can be translated into Turkish as “Stockless product sales”. The idea of selling stockless products online is based on the idea of delivering the products of a good supplier directly to the customer without storing them. As a result of using your ability to reach customers with different methods on the internet and delivering the orders you receive to the supplier, you can earn good profits from the e-commerce ecosystem you are involved in. You can use marketplace sites as well as social media for dropshipping or you can sell dropshipped products by setting up your own e-commerce site. Depending on the preferred method, dropshipping requires capital ranging from 5 thousand TL to 20 thousand TL. By using effective marketing techniques, you can get back the amount you spend in a short period of time like a month.

9. Selling in Marketplaces

Marketplaces are good stores for those who want to sell to all four corners of Turkey and the world by participating in the e-commerce market. You can reach high turnover figures by meeting directly with your target audience through the stores to be opened in the marketplaces. Marketplace sites have a fixed visitor audience. In addition to the advantage of recognition, these sites have the ability to increase their visitors with the advertisements they publish in traditional and digital media. After you open a store by creating a membership on marketplace sites such as Amazon, N11, Trendyol, Gittigidiyor and Hepsiburada, you can make money by selling products online after undertaking low-cost expense items such as commission and inventory costs.

10. Selling on Instagram

Instagram is one of Turkey’s most functional platforms for selling organic products and accessories, especially fashion. Selling on Instagram can be a good start towards e-commerce. If you improve yourself in the field of social media and digital marketing, you can bring the products of a good supplier to a wide audience via Instagram. In this business idea, which you can start with a small amount of capital such as 5 thousand TL for the beginning, the budget you will allocate to advertising and promotion campaigns may increase depending on your increasing sales volume. Keep in mind that every expenditure you make is targeting your potential customers and will return to you as extra sales!

Note: The price/fee, date, duration, etc. and other data-based information in this article were taken from the relevant brand websites at the time of publication. It may vary depending on time.

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