15 Innovative Business Ideas for Entrepreneurs
Are you a bright entrepreneur looking for innovative business ideas?
Then you’re in the right place.
We’re sharing 15 ideas which have the potential to turn into super successful, profitable companies.
This isn’t just a list of random business ideas. All of these suggestions are based on current market trends that haven’t been overdone.
By getting in on one of these innovative ideas now, you’ll be on your way to success before the market gets saturated. There’s something for everyone here, with business ideas which can scale up or down as needed.
Whether you want to sell products online, operate a food truck, have your own store, or start a mail-order business, there’s an idea below to suit you.
In Canada, 86% of small businesses survive past 2 years, which is great news for entrepreneurs. With an innovative concept, your business will be even more likely to succeed.
Ready to start planning your new business?
1. Subscription Boxes
If you haven’t heard of subscription boxes in your quest for innovative business ideas, you must have been living in a cave.
The basic concept is simple: a customer subscribes to your service, then you put together a box of items and ship it out to them – usually monthly.
Subscription boxes are based on themes like gaming, stationery, or sweets, and the exact contents of each box is a surprise.
It’s a fun concept, and you can see why it’s become so popular.
Subscription boxes are great for new entrepreneurs because there are so many potential niches that aren’t yet covered. Look for gaps in the market, then apply the tried and tested subscription box business model.
2. Meal Delivery Services
Meal delivery services are on the up, with people working longer hours and caring more about their health.
These ready meals offer a ton of opportunities for clever entrepreneurs who can figure out how to make theirs stand out from the crowd.
Here are some ideas for your unique selling point:
- Locally grown
- High protein
These services usually operate on a subscription basis – innovative business ideas can provide a steady income.
3. Virtual Reality Accessories
VR. It’s the most futuristic gaming tech currently out there, and now is the perfect time to get into the VR accessories market.
As the early consumer VR products hit stores, the market for VR accessories will continue to grow.
Get in there now to ensure your success.
Don’t think you need to be super-techy to come up with good accessory ideas – you could design custom covers for VR headsets, cool VR storage docks, or themed VR headset stickers.
4. Online Education
EdTech is an area that’s seen massive growth over the last few years – just look at the success of language-learning apps and online courses.
Finding an in-demand area that’s not yet served by EdTech is a surefire way to make some cash and help educate people around the world.
5. Healthy Pet Food
We bet you didn’t think of pet food when coming up with innovative business ideas.
Pet food is a huge industry: we have a lot of pets, and they all need to eat. But how do you break in when there are already a number of giant pet food manufacturers out there?
The trends of human food are often echoed in the pet food world, so jumping on trends to create kibble that’s ‘healthy’, ‘raw’, ‘artisan’ or ‘paleo’ is a smart move.
Market yourself towards a very specific type of pet owner – avoid going too general.
6. Ethical Makeup
People are becoming more and more conscious of the ethics behind their favourite makeup brands, with some companies being boycotted for their animal testing policies.
Creating high-quality makeup with an ethical assurance is a sure way to business success.
People don’t only care about ethics when it comes to food, and it’s wise to get in before the big cosmetics brands make it harder for new businesses to gain ground on this front.
7. Hygge Home Furnishings
If you’re active on Pinterest, you’ll have heard all about hygge, the Danish quality of coziness and well-being.
Making a business out of this trending topic is a smart move, as you’ll be able to take advantage of the regular searches for the word ‘hygge’ online before search results become overcrowded.
You might sell candles, blankets, bubble bath, beds, sofas, hammocks… anything that makes people feel warm, safe and cozy.
8. Nostalgic Restaurants
Nostalgia for the past is big right now – how many 90s memes and jokes do you see daily on the internet?
Tapping into this love of all things retro is a great way create a profitable, unique restaurant. Pick an era, decade or theme, then design your menu, decor, and music to fit accordingly.
You could try a 90s gaming theme with retro consoles for diners to play, theme music, and pixelated wall art.
Get creative and look to social media for ideas.
Nostalgia is fertile ground when it comes to looking for innovative business ideas.
9. Fitness Technology
These innovative business ideas combine two of the biggest trends around right now: fitness and technology.
The possibilities are almost endless when it comes to fitness tech, and you might feel overwhelmed by the possibilities.
There are ways to combine all sorts of existing technologies and fitness techniques, so you don’t need to reinvent the wheel here.
You could create a mobile app that teaches yoga, alter a smart watch to help users train for specific sporting events, or design the latest piece of wearable fitness tech.
Even making a small change to existing products can help you come up with a really unique idea. What about fitness watches for kids? Or an exercise app for the disabled?
If it solves a fitness problem for a specific group of people, it will do well.
10. Gluten-Free Cake
Everybody loves cake.
Unfortunately, a gluten intolerance can prevent some people from enjoying the same sweet treats as the rest of us.
This is where you come in.
A bakery which specialized in gluten-free cakes appeals to a very specific market.
Emphasizing your understanding of allergies will make customers more likely to choose you versus regular bakeries with one or two gluten-free options.
The gluten-free market is growing fast in Canada, so now’s a good time to get involved.
11. Vegan Meat And Dairy Alternatives
On the topic of special dietary requirements, have you noticed the surge in veganism lately?
This is a unique market with lots of potential for imitation products.
The offerings currently available are pretty hit and miss, with many vegan cheese and meat alternatives meeting with mixed opinion.
If you can develop alternatives that taste great and work well in cooking, you’ll be on to a winner. Think vegan cheese that melts properly, vegan burgers with a juicy bite, or vegan milk that doesn’t curdle in coffee.
12. Dementia-Friendly Products
People keep getting older, and that comes with all sorts of problems, dementia being one of the most common. By developing products to help dementia sufferers and their families, you’ll be making money and helping people.
You could choose to focus on memory aids, dementia-friendly technology, simple games and activities, or devices to improve safety around the home.
Some popular products that already exist in this market include ‘one button’ music players, clocks which display whether or not it’s morning or afternoon, and simple radios.
Many other items could be made dementia-friendly with a little effort, so there’s lots of potential here.
13. Healthy, Artisan Food Trucks
When you think ‘food truck’, what comes to mind?
Greasy burgers, fries, and kebabs? No innovative business ideas?
Well, that used to be the case, but there’s a new trend towards healthy, artisan food trucks providing high-quality food and drink.
As mentioned above, you’ll need to make yourself stand out by tapping into a niche market, like vegan, gluten-free or paleo. Providing healthy alternatives to popular foods is another winning strategy.
Healthy, vegan, gluten-free ice cream sundae, anyone?
Food trucks are really versatile, and as the business grows you can purchase new trucks and hire staff to scale easily.
14. No-Waste Toiletries
The no-waste revolution is growing in size, and people are looking for long-lasting versions of items we currently think of as disposable.
Popular no-waste products introduced already have included menstrual cups, cloth diapers, toothbrushes, and hairbrushes.
By finding new disposable items that can be turned into long-lasting products, you’ll be in with a great chance of cracking this market.
You should also focus on making production as eco-friendly and ethical as possible, as low-waste consumers typically find these qualities important.
15. Male Hair Salon
Gone are the days of men popping into the barber shop for a standard cut and shave – which opens the door to plenty of innovative business ideas.
Male grooming and fashion have come a long way, and most salons are yet to catch up. Be a trendsetter by creating a male hair salon that caters to the most style-conscious guys out there.
There’s lots of extra opportunity for profit here, selling male hair products or expanding your services to include skin care and more.
How To Get Started With Your Innovative Business Ideas
You’re inspired, and you’ve come up with some great innovative business ideas.
Now’s the time to decide on a name for your business, and get registered.
Use our Free NUANS Preliminary Search to check whether or not your proposed name is available today, and you’ll have taken an important first step in your new venture.