Working for yourself can be a tough assignment but also the key to financial and personal freedom, but where to start? What industries or sectors would suit a person of your talents and motivated skills — the type that make you want to go to work?
We’ve put together a list of some of the hottest and most-profitable small businesses an entrepreneur can sink their teeth into.
People are consuming more and more and the demand for products and services is growing constantly. Every day a new small business launches. These pioneers of business are a great inspiration for those who are just starting out, but what if you don’t have a brilliant idea or a developed talent to display? If you are ready for a small business but are unsure what to get involved in, take a look at our list of the most popular small businesses in the USA.
1. Medical care
This is a very profitable idea for a small business unless the market location you are about to enter is saturated already. This industry includes a diverse range of options from tests centers to private clinics. If you have a medical degree, this small business fits you perfectly.
2. Health services
The health industry has even more opportunities than the medical industry. One of the most popular services now is care for the elderly. Life is getting longer but still the elderly can’t maintain all their needs without assistance. Why not offer services to them?
Another idea within the health industry is to work with health clubs, mobile applications, products — the list of small business ideas here is never-ending. Millennials are more obsessed with a healthy lifestyle than the previous generation, according to The Future 100. One example of this is the company, Hungryroot, that turns vegetables into delicious pasta.
Not many people like bookkeeping and it takes lots of time that could best be spent elsewhere. Business owners prefer to outsource this service from payroll to tax preparation. The demand prompted the launch of small business accounting software like Xero or QuickBooks. The market isn’t yet overcrowded.
4. Consulting and training
We’re not talking about a startup to rival the Big 4. Many companies prefer to deal with small consulting firms that specialize in one service. IT advisory, legal aid, due diligence and tax consulting — these are the most requested services in demand. To join this field, you need to have expertise in something. Being a consultant means helping others go through the workflow chain without making silly mistakes, so you step in to ease the process and eliminate the risk and fear.
5. Site building and web design
Every business needs a website. Without an online presence, any company will fail in competition. If you know the tools for site building or have good taste in design, this is an idea for your small business. Sought-after services vary from a company’s first website implementation to redesign. But don’t forget to improve your skills and keep up-to-date with internet trends.
6. Local expert
What if you are skillful with your hands? Quick repairs and construction are always in high demand and your popularity can easily increase with word of mouth.
If you like tinkering with cars, start a local mechanic business. Most people prefer not to take their cars to a dealer for repair since the services are costly. From basic advice to repairs and maintenance — you can easily turn your hobby into your business.
7. Online store
Our lives are entirely internet-integrated, and shopping online is one of the best options. Starting this business is low-cost since you don’t need an office and stock to maintain an online store. In addition, ecommerce platforms make website development quick and professional.
Check out our advice for an Online Clothing Store startup.
8. Pet sitting
No kidding! Many people treat their pets as beloved family members, but they still have to travel and stay at work for long periods of time. Offering pet sitting services requires almost no initial cost. The only necessary experience is personal pet ownership or other pet-related experiences. This kind of side job can be turned into a quality small business that includes pet hotels and grooming services.
This is a very widespread small business idea. You don’t need a specific education to launch a café or a bakery, but this area has many non-evident aspects. Besides red tape issues, it requires solid funding.
If you are ready to try, find some basics in our How to Launch a Coffee Shop article.
10. Real estate agency
Many people start out making good money as real estate agents and dream of launching their own agency. This business is full of challenges, but its dynamic very attractive. You’ll need to understand the industry and have good communication abilities.
Read here for more on starting this type of business.
In this short list of small business ideas, each of them requires some extent of experience or education and training. Of course, you don’t have to have a medical degree to start a clinic but some education in the field would still help.
Here comes the good news: the small business community, Manta, reports that most small-business owners don’t regard higher education as a key factor in hiring or for their own success. See Mark Zuckerberg or Steve Jobs for examples.
Gary Wheeler, owner of The Virtual HR Director, said “I’ve learned that you can’t teach someone how to work hard.” A high professional education doesn’t guarantee commitment, team spirit and willingness to exceed expectations.
So in order to succeed, all you have to do is get started! Now that you are equipped with this list of tried-and-true small business ideas, go get ‘em!