Business Ideas Based on the Situation: Which One Is Right for You?

Are you looking for a new business idea? Everyone's financial condition, skills, and environment are different. That’s why it’s important to understand your own situation before choosing the right business. Whether you're in a city or village, working with a small investment or a big project—there are profitable business ideas for every scenario. Starting a business on impulse can backfire!

First, think about what kind of situation you're in for starting a business.

One of the greatest qualities of a successful entrepreneur is the ability to understand themselves and their situation. Are you a student? An employee? A homemaker? Or have you been unemployed for a long time? Do you have a large amount of capital to invest? Or do you want to start with little or no capital? Do you live in a city or a village? These are just some of the many factors you need to consider before deciding to start a business.

Before choosing a new business idea, you need to find answers to the following questions:

• How much capital do you have in hand?
• How much time can you dedicate?
• What are your interests or skills?
• Do you live in the city or in the village?
• Do you have space or manpower for your business?

Once you have answers to these questions, you’ll be able to understand what business you can do and which one will be profitable and sustainable for you.

New Business Ideas for Different Situations: Which One Is Right for You?

Now, we will discuss some real-life situations and try to identify which small-scale business ideas might be most effective for you in those circumstances.

1. If you are an ordinary student

If you are an ordinary student, you can choose one of the following smart business ideas. 

• Project/Assignment Help Service: A profitable business for college or university students. It can be started quickly and done entirely online. This business doesn’t require much capital—just your research skills and patience!
• Online Courses or Tuition: Tuition is ideal for those who understand a subject well and love teaching others. You can create small tuition classes or courses online based on your favorite subject and earn income. This not only improves your skills but also makes learning easier for others while providing you with extra income
• Podcasting or YouTube Channel: If you have presentation skills, you can earn by sharing knowledge. You don’t always need to have the skills beforehand—if you have the passion, acquiring skills is much easier now. For example, if you read a lot of books, you can start your journey by sharing what you’ve learned.

All of these are suitable new business ideas for students. They are timely and trending business ideas that young people around the world are actively pursuing.

2. You are an employee looking for ways to earn extra income

If you are an employee looking for extra income, you need profitable business ideas—those that require low capital and yield returns in a short time. 

• Dropshipping E-commerce: You can earn by selling products online without keeping inventory yourself—that’s dropshipping. This business can be started quickly and run easily. You can choose in-demand products and run this business alongside your job.
• Freelance Service/Consultancy: If you have skills in writing, design, marketing, or coaching in any field, freelancing could be your best small business idea or a way to earn extra income. Freelancing is now a popular profession worldwide. Thousands of people use their spare time alongside their jobs to earn money through freelancing.
• Digital Product Sales: You can create and sell e-books, courses, templates, software, games, and more online. This is becoming quite popular now. Unlike freelancing, this doesn’t have strict deadlines, so you can work at your own pace.

These modern and new business ideas can help you create a path for extra income alongside your main job.

3. If you are a homemaker

When we say an educated homemaker, business ideas naturally come to mind! So here are some of the best small business ideas for you, such as—

• Homemade Food/Bakery: If you are good at cooking, you can start a home delivery-based food service. This is quite popular in the cities of Bangladesh. You can begin this business using food delivery services like Foodpanda.com or Hungrynaki.com. Alternatively, you can start on your own through Facebook.
• Boutique/Handcrafted Products: If you know handicrafts, create a Facebook page and start selling your products. Yes, start today! This venture involves minimal hassle and no risk of loss. Customers will place orders, you make the products and deliver them. You’ll charge for materials and your labor. That’s it!
• Children’s Home Daycare Service: Yes, you read that right! Home daycare service! This business idea can be run right from your home and is quite profitable. Rest assured, many families in busy cities will gladly pay a good price for this service!

Such new business ideas are very practical and profitable for enterprising homemakers.

4. Have you been unemployed for a long time or unable to find a job?

If you suddenly become unemployed and have been without a job for a long time, you can consider working on these unique business ideas.

• Refurbished Product Business: Refurbished product business means repairing and selling used electronics or furniture. This can include cars, furniture, bikes, mobiles, etc. Since you can get payment from the owner even after selling the product, it doesn’t require much capital.
• Online Reseller Model: By promoting and selling others’ products on your behalf, you can earn with lower risk. This is called a commission-based business. It can be done both online and offline. For many unemployed people, this can be a game-changer.

5. If you live in a village or have vacant space

If you have space in the city or village, you can work on these profitable business ideas.

• Organic Farming/Agriculture: Organic farming has gained tremendous popularity worldwide. In Bangladesh, its demand is also rapidly increasing. Urban people are becoming accustomed to paying good prices for quality vegetables, fruits, and protein. If you have land, it’s possible to succeed with low costs and in a short time.

• Dairy or Poultry Farming: This idea is great for those who want a sustainable business. With relatively low capital and proper management, you can generate regular income. A key advantage is that you can scale this into a large project and even get loans from the government.

• Local Handicrafts or Products Business: To run this business successfully, you need to understand people’s tastes and preferences. There is demand for tasteful products both domestically and internationally. With proper supply, you can earn profits quickly.

6. If you live in the city and are interested in technology

• IT Support Service: You can earn by providing hardware or software services for computers, internet networks, mobiles, and more. 

• Cloud Kitchen: A high-demand service for busy city people. You prepare food in your kitchen and deliver it to others.

• Content Production (Video/Graphics): A unique business idea for creative people. It is very popular nowadays.

7. Profitable Business Ideas with Large Investment

If you have the capacity to invest more than 500,000 taka, you can consider the following large-scale projects—

• Franchise or Restaurant Business: Become an entrepreneur overnight by taking a franchise of a popular fast-food or coffee shop! Choosing a good location and starting a restaurant business makes it easier to become profitable.

• Manufacturing or Export Business: You can manufacture handicrafts, textiles, or processed foods and export them abroad. If needed, you can apply for government incentives and support to grow your business.

• Tech-Based Startup (Software Development): Start a mobile app or website development business. Target corporate clients and grow your business.

Not a business started on a whim!

Many people start a business impulsively—often due to a friend's influence, after watching something on YouTube, or based on a sudden decision. Most of the time, this leads to disappointing results.

So, before starting a new business, here’s what you should not do:

• Don’t take a loan to start a business if you lack self-confidence.
• Don’t invest without proper market research.
• Don’t start by copying someone else’s business.
• Don’t start any business without proper preparation.

What to do to make the right decision-

• Understand your own situation.
• Make a list of your interests and skills.
• Evaluate the risks and opportunities of potential businesses.
• Start on a small scale.
• Grow gradually, step by step.

Remember, business is a journey, not a destination. Starting without preparation leads to hardship! In every case, market analysis, skills, patience, proper guidance, and good bookkeeping are essential. Success comes from careful calculation and planning when starting a new business idea.

In conclusion, a new business means new possibilities! There’s nothing to fear when searching for a new business idea. Starting a business based on your situation, interests, and capabilities isn’t that difficult to succeed. All it takes is thoughtful planning and the courage to take the first step. The time is now!

Demo - View this & start your journey with HishabPati in three simple steps!

• Step 1: Sign up on HishabPati 

First, go to the HishabPati website and create an account for your business. Or, to make managing your business easier, download and install the ‘HishabPati’ app for free today.

✅HishabPati Android app

✅HishabPati iOS app

Then complete the registration. The registration process in HishabPati is very easy and completely free!

• Step 2: Set up your company 

After signing up, first set up your business profile by providing the necessary information as the owner. Then, set up essential business aspects such as inventory, units, purchases and sales, outstanding balances, invoices, and transactions. After that, start updating daily transactions.

• Step 3: Enjoy the various features of HishabPati 

Once you start managing your business accounts with HishabPati, make sure to utilize the necessary and unique features, such as invoicing, barcode scanning, units, and expense management. To understand how to use HishabPati and its features in detail, watch demo videos in Bengali on YouTube. 

Digital ledger for income and expenses – HishabPati demo.

HishabPati is a simple and affordable accounting app. Its subscription fees are divided into different durations and offered in budget-friendly packages. Check Pricing and Features today in details & choose your desired package. Good luck with your business!