Have you ever considered breaking away from traditional business models to pursue something more innovative and flexible? In today's dynamic market, entrepreneurs and creative workers are exploring new ways to earn a living.
This guide to modern approaches offers insights into how you can leverage unique resources and trends to launch and grow your business. Get the knowledge and inspiration you need to turn your vision into a thriving and profitable reality.
Side hustles
Have you ever dreamed of turning your passion into a paycheck? Or maybe supplementing your income with a flexible, creative outlet?
Enter the side hustle: a smaller business venture you run alongside your main job. Side hustles are booming in popularity because they offer a chance to explore what it’s like to be an entrepreneur, without making the full-time commitment.
Whether you're a baking enthusiast or a social media whiz, there's a side hustle out there waiting to be discovered. Here are a few more reasons why you might want to start a side hustle:
- Low risk—Since side hustles supplement to your primary job, they pose less financial risk than if you launch a full-time business. You don't have to quit your day job, which means you have a safety net.
- Minimal capital—Starting a side hustle typically requires less capital than a full-scale business. You can often use the resources you already have or invest bit by bit as your business grows.
- Flexibility—Side hustles allow for flexible hours, which means you can work around your primary job and personal commitments.
Small-scale agriculture
Small-scale agriculture is a burgeoning area that challenges traditional farming methods. The popularity of small-scale agriculture means that it is transforming the way we grow food. Want to be part of this trend? Here are some reasons to consider it:
- Easy entry—Unlike conventional farming, which can be costly to start up, small-scale agriculture does not require huge amounts of land. Urban farming, vertical growing, and hydroponics are making agriculture more accessible. Anybody with a bit of land (rented or owned) and enthusiasm can do this.
- Technological advancements—Innovations, such as greenhouse technology and precision farming tools, are helping small-scale farmers make their limited areas of land as productive as possible.
- Sustainability—Although it’s not a requirement, small farms tend to be eco-friendly, which attracts people who care about the environment.
Learn about what it means to be considered a farm in Alberta and how to get official farming status.
Eco-conscious business models
Consumers today are more conscious than ever about the ways their actions impact the environment. Businesses are taking notice! Enter the eco-conscious businesses model, where entrepreneurs can profit by being sustainable.
Eco-friendly businesses minimize their environmental footprint as they meet consumer demand for products and services that fit a greener lifestyle. For example, businesses that resell second-hand items or repurpose materials are becoming more popular. These business models reduce waste and attract customers who care about the environment.
Explore the grants available in Alberta for eco-friendly businesses.
Outsourcing to experts
Have you ever wished you could be a one-person powerhouse, tackling every aspect of your business? The reality is most ventures thrive on collaboration.
Outsourcing is when you delegate tasks to an outside expert. For example, if you’re running a business as a baker but you don’t like doing social media, you can outsource that job to someone who’s great at it.
Outsourcing means you bring in other people’s expertise so you can concentrate on what you do best. But you’ll need to give up some control and trust another person to do a good job.
This business model is ideal for those who are great at communication and project management.
Shared spaces are your budget-friendly launchpad
If your budget is tight and you don’t have a dedicated office, Alberta’s shared workspaces have got your back. Makerspaces and coworking spaces are shared environments that give entrepreneurs running non-traditional businesses access to tools, technology, and networking.
Makerspaces
Think of a makerspace—like Protospace in Calgary—as a workshop wonderland, stocked with 3D printers, laser cutters, and more. Makerspaces let you prototype, craft products, and even launch your own line, all without a massive upfront investment.
Makerspaces can be ideal for:
- Artists and designers—Visual artists can create unique pieces, fashion designers get access to sewing equipment, and jewelry designers can craft pieces with special tools.
- Tech and engineering entrepreneurs—Hardware startups can prototype with 3D printers, electronics enthusiasts can experiment with circuits, and robotics experts can find workbenches for building robots.
- Artisans—Woodworkers can create furniture, soap makers can use specialized equipment, and food entrepreneurs can experiment in commercial-grade kitchens.
Coworking spaces
Coworking spaces offer a professional environment without the overhead costs of a private office. You get the focus you need, surrounded by other go-getters, which fosters a collaborative and social atmosphere.
Coworking spaces can be ideal for:
- Freelancers—Web developers can network with graphic designers, writers can find editing partners, and social media managers can share best practices—all while maintaining a professional workspace separate from their home environment.
- Consultants—Coworking spaces let you meet with clients in a polished setting. They also give you a chance to connect with potential clients or collaborators in other fields, which expands your professional network.
- Small business owners—Entrepreneurs can escape the isolation of working from home and find a dedicated workspace with the energy and buzz of a busy office. They can also tap into the knowledge and experience of other business owners in the coworking space.
Read reviews about coworking spaces in Calgary, Edmonton, or wherever you live.
Success in business does not always follow a traditional path. Non-traditional business models offer unique opportunities for modern entrepreneurs. By leveraging resources such as makerspaces and coworking spaces, you can overcome barriers related to capital and space, paving the way for innovative and sustainable business ventures.