Start a data analysis business and use your analytical skills to decipher the data collections of your clients.
This is a business that will utilize your strong intellectual skills in your new
business venture. Also, if you have the ability to make this data meaningful to both your clients and others, your services will definitely be in demand.
Why is this, you ask?
The reason is simple (and something we’ve discussed previously). The collection of information has grown exponentially over the last two years -- more than at any other time in the history of the world.
It is quite a gift for individuals (like you?) to be able to summarize a large amount of data into simplified charts/graphs to make it useable.
While you may take this for granted, it's not necessarily an easy thing to do and those who can are very much in demand!
While you may think this business isn't for you, consider the fact we are all becoming data analysts because of the amount of information we are being fed on a daily basis.
We are each getting pretty good at identifying what is appealing information and what's not very interesting.
If you are good at puzzles and like the challenge, this top business idea may be a terrific fit for your since these are "real life" puzzles.
Right now there is more information being collected than we have the ability to effectively dissect and study.
This will remain true for the foreseeable future.
Even though the information has been collected, we (as the collective society “we”), are not even sure what to do with all this information nor do we have the time and physical capacity to sift through it all and make it meaningful.
Because of these facts, starting a data analysis business is one of my top business ideas for the next decade and beyond!
Utilize your skills in reading data,
analyzing it, reaching conclusions, and developing meaningful ways to
communicate this information to your clients and you’ll be able to ride this wave
over the next several years.
One of the main opportunities I see to start a data analysis business (knowing there are data works in major corporations already providing data analyst expertise), is for you to effectively network and partner with small businesses in your local community.
Many of these businesses have started collecting their own “data” through electronic databases, social media, and texting. However, they are busy running their business and don’t necessarily have the time and energy to figure out what any of this information means for them.
You can be a valuable resource to your clients, by looking at the information they have and helping them determine what it means and how they can use it to take their businesses to the next level.
Help your customers determine the trends in their industry/business and how they can use this information for maximum business exposure.
What a terrific service to partner with small business owners and maximize their advertising dollars while catering to the needs/wants of their customer base for maximizing profits!
Resources: Computer, high-speed internet, database/spreadsheet/statistical software. There are a large number of websites that cater to individuals doing data analysis - one of these sites is Internet Resources for Data Analysis sponsored by NICHE which has a variety of tools and links to other informative sites.
Time Required: 5-15 hrs/week; full-time 30-40+ hrs/week
Training: Intermediate to advanced math, computer, and communication skills
Market: Small Businesses, Non-Profit Organizations
Home Based: Yes
Location: Geographic Flexibility (Local, Regional, National, Global)
Start-Up Costs: $100 - $2,500
Minimizing Start-Up Costs: To start a data analysis business, you can minimize start-up costs by considering freeware or shareware instead of expensive software packages. Also, work with your clients to use their internet software and databases to reduce your costs. Look for good online tutorials for minimal expense; investigate low cost training at your community college and local university.