If you're looking to start your own business, here are some ideas that are both profitable and sustainable for the planet.
It's possible to earn money without hurting the planet, so it's time to get into business with these green and eco-friendly businesses. Start any of them or all of them, but start now! The eco-conscious future depends on you!
1) Renewable Energy Generation
Renewable energy generation is a popular sustainable business idea since it positively impacts both you and the planet. The good thing about this business idea is that it's less capital-intensive than our other suggestions. In many cases, all you need to start a renewable energy company is an interest in the topic.
The bad news is that there are far too many sources of renewable energy for us to make any listicle highlighting our favorites. Do we recommend researching on your own to find out which type of renewable energy generation sounds most exciting to you - wind power, solar power, hydroelectric power, or geothermal power?
2) Solar Energy
The solar power industry is snowballing, with new plants coming online each year. For example, in 2017, a record 6.2 gigawatts of photovoltaic capacity was installed in the United States alone, up from 5.8 gigawatts in 2016 and 5.6 gigawatts in 2015.
Solar energy can generate electricity without emitting greenhouse gases into the atmosphere or producing hazardous waste that must be disposed of. And since it's a renewable resource, we don't have to worry about running out anytime soon.
3) Organic Farming
Organic farming is a general type of agriculture that relies on natural processes, such as crop rotation, green manure, composting, and biological pest control, to maintain soil fertility. Organic farming practices preserve soil health by recycling nutrients, reducing toxic chemical pesticides, conserving water usage, and decreasing fossil fuel emissions from machinery.
Organic farming promotes biodiversity because all organic crops must be grown without synthetic fertilizers or pesticides. Hence, they need to be planted in rotation with other crops to maintain healthy nutrients in the soil. The result? Amazing-tasting food that's better for you and better for the planet!
4) Electric Vehicles
The world is moving towards electric vehicles. According to Bloomberg, there are more than 1.5 million electric cars on the road worldwide, and this number will only grow as battery costs come down and economies of scale ramp up.
To get a sense of where things are headed, look at China's latest five-year plan: it aims for new energy vehicles to account for 12% of sales by 2020—and 40% by 2030.
5) Affordable Housing
Affordable housing is a great business idea because it solves a problem and can be profitable. According to the Joint Center for Housing Studies, over 14 million people in the US spend more than half of their income on rent. An average median rent cost of $1,200 per month leaves these individuals with little to no money for other living expenses.
The upfront investment is usually low, and you don't need special skills or experience. All you really need is some capital (how much depends on how large your project will be) and some good partnerships with potential customers like property managers, city council members, retailers, etc.
6) Bicycles for All
Bicycles for All is a nonprofit that provides bicycles to those in need. They collect donated bikes, refurbish them, and distribute them free of charge to people who cannot afford transportation.
In addition, they support biking education programs, bike maintenance workshops, and community bicycling events. Bicycles for All is a great way to give back while improving your community.
7) Plant-based foods and drinks
If you're like me, you want to live a sustainable life. Plant-based foods are a fantastic way to do this because they are delicious and much healthier than their animal-based counterparts.
Innovating new plant-based foods can also be the best next successful business idea! For example, vegans have a 30% lower risk of heart disease and 50% less risk of diabetes than meat eaters. Plus, plant-based protein is more affordable than meat protein.
