Innovative Business Plan Ideas For Students – This is not just a list of random business ideas. All of these recommendations are based on current market trends that are not overdone.
By getting into one of these innovative ideas now, you’ll be on the road to success before the market becomes saturated. There is something for everyone here, with business ideas that can scale up or down as needed.
Innovative Business Plan Ideas For Students
Whether you want to sell products online, run a food truck, have your own store, or start a mail order business, there are ideas below to suit you.
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In Canada, 86% of small businesses survived the last 2 years, which is good news for entrepreneurs. With innovative ideas, your business will be more successful.
If you haven’t heard of subscription boxes in search of innovative business ideas, you must be living in a cave.
The basic idea is simple: customers subscribe to your service, then you take a box of items and send them out – usually on a monthly basis.
The subscription boxes are based on a theme such as games, stationery, or sweets, and the exact contents of each box are a surprise.
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Subscription boxes are great for new entrepreneurs because there are so many potential niches that haven’t been covered yet. Find a gap in the market, then use a tried and tested subscription box business model.
Food delivery services are advancing, people are working longer hours and taking more care of their health.
These ready meals provide tons of opportunities for savvy entrepreneurs who can find ways to make them stand out from the crowd.
VR. It’s the most futuristic gaming technology right now, and now is the perfect time to enter the VR accessory market.
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Don’t think you have to be high-tech to come up with great accessory ideas – you can design VR headset covers, cool VR storage, or themed VR headset stickers.
EdTech is an area that has seen tremendous growth over the past few years – just look at the success of language learning apps and online courses.
Finding areas of need that are not yet served by EdTech is a sure way to make some cash and help educate people around the world.
Pet food is a huge industry: we have a lot of pets, and they all need to eat. But how do you break out when there are already a number of large animal feed manufacturers?
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Human food trends are often mirrored in the pet food world, so bucking the trend to create ‘healthy’, ‘raw’, ‘artisan’ or ‘paleo’ beef is a smart move.
People are becoming more conscious of the ethics behind their favorite makeup brands, with some companies banned for their animal testing policies.
People don’t just care about ethics when it comes to food, and it’s wise to get in before the big cosmetic brands make it hard for new businesses to get a foothold on this front.
If you are active on Pinterest, you will hear all about hygge, the Danish quality of coziness and well-being.
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Making a business out of this trending topic is a smart move, as you’ll be able to take advantage of regular searches for the word ‘hygge’ online before the search results become crowded.
You may sell candles, blankets, bubble baths, beds, sofas, hammocks… anything that makes people feel warm, safe and comfortable.
Nostalgia for the past is big right now – how many memes and jokes do you see everyday on the internet?
Tapping into the love of all things retro is a great way to create a profitable, unique restaurant. Choose an era, decade or theme, then design the menu, decor, and music accordingly.
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You can try out the 90s gaming style with retro-style dining tables, theme music, and pixelated wall art.
The possibilities are almost endless when it comes to fitness technology, and you may be overwhelmed by the possibilities.
There are ways to incorporate all kinds of fitness technology and techniques, so you don’t have to reinvent the wheel here.
You could create a mobile app that teaches yoga, modify a smartwatch to help users train for a specific sport, or design wearable fitness technology.
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Even a small change to an existing product can help you come up with a truly unique idea. What about exercise watches for children? Or a fitness app for the disabled?
Unfortunately, gluten intolerance can prevent some people from enjoying the same sweet treats as the rest of us.
Emphasizing your understanding of allergies will make customers more likely to choose you over a regular bakery with one or two gluten-free options.
The current offering is very hit and miss, with many cheese and meat options that are met with mixed reviews.
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If you can develop an alternative that tastes good and works well in cooking, you will be a winner. Think properly melted vegan cheese, juicy vegan burgers, or vegan milk without coffee.
People are getting older, and with it comes many problems, dementia being one of the most common problems. By developing products to help people with dementia and their families, you will earn money and help people.
You can choose to focus on memory aids, dementia-friendly technology, simple games and activities, or devices to improve home safety.
Some popular products available in this market include ‘one button’ music players, clocks that display either morning or afternoon, and simple radios.
Testing Business Ideas
Well, that used to be the case, but there’s a new trend toward healthy, artisanal food trucks that offer high-quality food and drinks.
As mentioned above, you will need to differentiate yourself by entering a niche market, such as vegan, gluten-free or paleo. Providing healthy alternatives to popular foods is another winning strategy.
Food trucks are really versatile, and as the business grows, you can easily buy new trucks and hire employees to scale.
The zero-waste revolution is growing in size, and people are looking for long-lasting versions of items we think of as disposable.
Business Plan Innovation
By finding new disposable items that can be turned into long-lasting products, you will have a great opportunity to crack this market.
You should also focus on environmentally friendly and ethical production as much as possible, as low-waste consumers often see these qualities as important.
Gone are the days of men going into a barber shop for a standard cut and shave – which opens the door to new business ideas.
Grooming and men’s fashion have been around for a long time, and most salons haven’t caught up. Become a trendsetter by creating a men’s hair salon that caters to the most style conscious men out there.
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There are additional opportunities for profit here, selling men’s hair products or expanding your services to include skin care and more.
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Business Model Innovation: What It Is & Why It’s Important
Aspiring entrepreneurs researching how to start a business may be advised to write a business plan. But few resources provide business plan templates and related examples to help guide you through writing one of your own.
That is why we have taken real and hypothetical examples of product-based e-commerce businesses to show how you can write your business plan.
Below, we have some real-world and hypothetical examples of each of these sections to show you how a business plan comes together.
Your executive summary is a function that provides a high-level overview of the rest of your business plan. It’s easiest to save this section for last.
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In our business plan template for Paw Print Post, the executive summary is four paragraphs long and takes up more than half the page:
You may repurpose your company description elsewhere, such as on your about page, social media profile page, or other features that require a boilerplate description of your business.
The ORRIS soap brand has blurbs on its about page which can easily be reused for the company details section of its business plan.
You can also go more in-depth with your company overview and include the following sections, like we did for the Paw Print Post:
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Your mission statement may appear here. Passionfruit shares its mission statement on the company’s website, and it will also work well in its business plan sample.
Market analysis includes research on supply and demand, your target market, industry trends, and the competitive landscape. You may conduct a SWOT analysis and include it in your business plan. Here is a sample SWOT analysis we did for an online t-shirt business:
You’ll also want to do a competitive analysis as part of the market research component of your business plan. This will tell you who you are and give you ideas to differentiate your brand. Your competitive analysis may
