Amidst the continuously evolving business landscape, seeking opportunities for growth has become an integral aspect of business strategies. In this article, On Digitals will help you explore new and promising business models in the Vietnamese market through the list of 7 untapped services in Vietnam.
As a result of the rapid development of the economy and the market, numerous new opportunities are blossoming in Vietnam. These service-based business models are not only intriguing but also hold the potential to generate significant income. For those willing to confront challenges and expand their business outlook, here are 7 untapped services in Vietnam.
Colors are more of a personal statement than we think. They embody distinct personalities and styles of the individuals who choose them. Due to this reason, color consulting services are highly favored and utilized in many European countries. However, in Vietnam, it has yet to be introduced.
When utilizing this service, customers will receive consultations from experts on selecting suitable personalized colors. These specialists are knowledgeable in a range of areas including Feng Shui, personal preferences, and clothing coordination.
Undoubtedly, these color consultants possess a high level of expertise and have received training from reputable academies specializing in color theory, fashion styles, aesthetics, and more.
South Korea was the pioneer of this business model. As international customers flocked to South Korea just for these sessions, it became evident that the demand was strong. While in markets like the US and Europe, the cost for a single 3-hour consulting session exceeded $500, South Korea’s pricing ranged from $80 to $160.
In an era filled with uncertainties, both humanity at large and the younger generation in particular are facing numerous challenges. Academic pressures, work demands, societal expectations, peer pressures are affecting the mental well-being of many individuals.
Though, regarding this aspect, Eastern culture does not emphasize this issue as much as Western culture does. Based on this observation, this service can fit into the Vietnamese market effortlessly, presenting an opportunity prime for the taking.
Why focus on mental well-being?
The trend of embracing a minimalist lifestyle, limiting the use of new products, and refurbishing items is gaining popularity worldwide. The service of renovating old items aligns well with this growing trend.
If you are interested in repairing old possessions, this service not only satisfies your passion but also generates considerable revenue. Although the initial investment is not hefty, you will need to explore various places to gather old items for rejuvenation.
This service requires you to work according to customer desires. It begins by assessing and taking in old belongings, followed by the refurbishment process as per specifications. This service not only helps customers save costs but also provides them with a product as good as new.
For instance, when refurbishing an old wooden cabinet, the first step is cleaning and polishing worn-out sections. Then, proceed to replace damaged components such as the doors and legs.
Homecare services are gaining significant traction in modern society, where people are consistently caught up in their lives and work. Finding a reliable house maid can be challenging, which is why the support of services is in high demand.
This service connects individuals in need of assistance with experienced and capable individuals who can perform daily tasks. These helpers can handle various tasks such as house cleaning, cooking, childcare, and many other responsibilities.
This services are beneficial for customers in many ways:
Balancing work and childcare has always been a challenge for parents. In today’s society, hourly babysitting services have become an indispensable solution to ensure that children are well taken care of.
Although the potential of this service has not been fully explored in Vietnam, its demand is steadily increasing. If you love young children and have experience in childcare, consider starting this service in your neighborhood. This could be a way to improve your social relationships and opportunities, possibly even becoming a mediator for such services.
Virtual Reality and Augmented Reality (VR/AR) technology have opened the door to a new era of entertainment. Games and applications utilizing this technology offer exceptional and unique sensations.
Due to the high cost and rarity, not everyone can purchase a VR/AR system for their own. Leveraging this aspect, you can acquire gaming consoles and lease them for certain fixed durations. By fulfilling the demand for immersive experiences, this business model is poised to attract a wide range of customers.
3D printing technology sparked a manufacturing and design revolution. Beyond the confines of industrial applications, 3D printing technology’s far-reaching influence finds its way into various sectors. These services have simplified many creative processes, spawning unique and astonishing products.
Embarking on this novel business model requires a straightforward investment: a high-quality 3D printer. After that, you can expect a similar workflow to this:
Business models are ever-evolving in the current market, marked by novel and creative concepts. The year 2024 is no exception, since it presents an ideal period to experiment with fresh and distinctive ideas. Here are 8 potentially impactful business concepts that are worth considering in the coming year.
In today’s society, pressures and stress from both personal and professional lives can profoundly affect individuals’ mental well-being. The rage room business is a potential temporary solution for those seeking time and space to let loose and unwind.
Items to prepare for the rage rooms are: soundproof room (customers can freely yell or break objects), objects for customers to smash (old TV, plates, car tires, etc.), painting supplies, pens (to jot down personal emotions), etc.
Amidst the growing awareness about climate change and environmental pollution, waste reduction and resources utilization have been put into question. Recycled product business not only contributes to environmental preservation but also presents new business opportunities for profitability.
This initiative contributes to waste reduction and natural resources preservation. Recycled products can be crafted from used materials like plastic, paper, metal, and wood, thereby alleviating pressure on resource reserves.
As another result of the ongoing environmental situation, electronic vehicles have enjoyed an astronomical rise in popularity. Thanks to this, electric charging stations have gained prominence as a high potential business venture.
Establishing these stations has become an appealing choice for forward-thinking entrepreneurs concerned with an eco-friendly future. These stations not only provide customers with convenient charging solutions but also promote greenhouse gas emissions prevention.
Due to improved living conditions, smart home devices have become an indispensable part of modern life. Technological advancements have led to innovative solutions for managing and controlling various devices within people’s homes. Breaking into this market will put you in a prime position for success since the customer base is steadily growing.
Consider exploring a range of smart products, such as remote-controlled lighting systems, smart doorbells, and automated curtain systems. These devices enhance users’ daily lives by providing convenience and contribute to an improved quality of life.
The solo lifestyle is becoming an increasingly popular trend in modern society. As more and more people choose to fly solo, a café just for those individuals will gain many customers. It is not just a place to enjoy great coffee but also to socialize, and relax.
Owing to the increased environmental awareness and the growing demand for natural beauty, pocket plant business has emerged as an appealing choice for entrepreneurs aiming to incorporate nature into urban living spaces. Aside from being a shade of green on your belongings, pocket plants also offer psychological and health benefits.
Plants will be carefully chosen based on sizes compared to biodegradable vials, ensuring their normal growth. Customers can use these plants as accessories or give them away as birthday or anniversary presents.
While bonsai originated in China, it was the Japanese who elevated this form of plant to its zenith. Japan is also where the flying bonsai concept was conceived and pioneered, so it can easily find its footing in the Vietnamese market.
The product comprises a miniature bonsai tree placed atop a dual-part landscape pot system. The upper section suspends the tree (referred to as the floating canopy), while the lower base is equipped with electromagnetic components and magnets to maintain balance. Due to their smaller size compared to traditional ones, they prove to be an elegant and versatile decoration anywhere.
Similar to all the technological products above, children education apps are also an achievement of the 4.0 era. These apps have the potential to revolutionize the early learning process. They provide the toddlers with an engaging and interactive digital environment for studying while improving their cognitive skills.
These learning apps for children can incorporate music, visually appealing images, and educational games to create an enjoyable atmosphere. Getting started with an app is no easy feat, but the benefits you may get will make the efforts worthwhile.
Once you have decided on a business venture, you may be inclined to learn some strategies to enhance its effectiveness. Check out these suggestions from On Digitals:
Choosing a feasible business idea is a pivotal step in shaping the future of your enterprise. This initiative will ensure sustainability and success in a competitive market. Pose questions to evaluate your own concepts and assess their feasibility such as:
Defining clear business objectives is a crucial phase in developing and implementing your business strategy. This focus enables the concentration of efforts and resources on significant goals, providing a basis for all business activities.
Business objectives can be divided into two types:
Based on the determined objectives, you need to devise a detailed business plan for your brand. This plan will shape your strategy and guide all aspects of your operations.
Management softwares are capable tools that empower businesses to optimize their administrative processes, enhance performance, and meet market demands effectively. They help save time and resources while establishing order in your business activities.
This article has brought you some untapped services in Vietnam. These business ideas represent promising opportunities for passionate entrepreneurs seeking to redefine the diverse business landscape in Vietnam. Stay connected with On Digitals for insightful updates on the Vietnamese market specifically, as well as the global market. Contact us if you want to learn more about SEO, content marketing, or website design services from a digital marketing agency in Vietnam.
