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21st-century business ideas with great potential

| Oct 23, 2019 | Business Law |

Up-and-coming entrepreneurs in Pennsylvania have a variety of business opportunities available that have the potential to thrive. The best choices for individuals revolve around their personal abilities and market growth areas.

Young people who have grown up participating on social media platforms might have the knowledge to launch successful social media services companies. Many companies have a constant need to stay visible and encourage social media engagement. Content creation services also have a large market because businesses need a continual flow of fresh content for their websites. Almost any form of content, including writing, video and audio, could form the focus of a content creation business.

The aging population presents another opportunity for entrepreneurs to meet the needs of seniors. As of 2019, nearly one-quarter of the population is between 55 and 73. As people age, they need help with transportation and venues to socialize.

Although modern life has created new forms of businesses, real estate investing remains a classic way to build wealth. The profit potential for buying homes, renting them and eventually selling them has not diminished. Savvy entrepreneurs who want to add a modern twist to real estate investing could buy properties suitable for short-term rentals powered by online platforms like Airbnb.

Launching a business depends on much more than developing a good idea. A person building a business plan might benefit from legal support. A business law attorney may inform an entrepreneur about local regulations, business licensing and labor law. Legal representation might help someone navigate bureaucracies and avoid costly delays when starting a new venture. Support from an attorney may prepare someone to develop investor agreements and write the governing documents for the business. An attorney might recommend an appropriate business structure for an entrepreneur that limits liabilities and delivers tax benefits.