Are you interested in starting your own small business? Starting your own business can definitely be a great career move, affording you a great deal of freedom and flexibility. However, making the right choice when it comes down to choosing what small business to start is crucially important—you want something highly profitable. Low start-up and maintenance costs are important, as is any open market. If the market is already saturated with the product or service you are thinking about offering, it probably isn’t a good idea. To learn more about how to start your own business or become an entrepreneur, check out this great course exploring 21 critical lessons for entrepreneurs or this course on how to make your great business idea a reality. And, for some brainstorming inspiration, check out this list of the 9 best small business ideas.
These days, everybody is talking about the global economy. Business increasingly means interaction between different countries, from Russia to China to Mexico and beyond. This global interaction brings many different languages to the tables and companies are increasingly in need of translators.
Though, keep in mind that translation is a pretty specific skill—it’s more than just knowing the language. If you’re interested in becoming a translator, consider taking a course to hone your skills before you get your business going. For example, you might want to consider this course on financial translations from English into Spanish.
2. Food Truck
Everybody loves food. Well, most people anyway. And food trucks are one of the hottest new fads in the culinary world. In cities like New York, Boston, and Los Angeles food trucks cruise the streets, offering everything from world-class cuisine to 2am fast food.
The food truck industry as a whole is rapidly growing and profits are lucrative: a 2012 study forecasts that revenue from the food truck industry will reach $2.7 billion by 2017. Start-up costs are minimal, especially when compared to the costs of starting up a restaurant. Furthermore, according to Business News Daily the failure rate for food trucks is just 10 to 20 percent (it is somewhere between 60 to 90 percent for restaurants). With a sturdy truck and some stellar recipes, you’re in business!
3. Healthcare Consulting
There is no doubt about it—the healthcare industry is rapidly expanding, especially with recent passage of the Affordable Care Act. As independent healthcare consultant, you can offer management and data analysis for a wide range of healthcare facilities, including organizations like hospitals, labs, therapists offices, doctors offices, etc, helping them to implement various solutions to reduce costs and improve efficiency. You can easily work from up home and don’t need any special equipment, so start-up costs are low.
4. Accounting Firm
According to Forbes, certified public accounts enjoy “nice mix of pricing power (everybody needs accountants, no matter how the economy is doing), low overhead and marketing scale, thanks to plenty of repeat clients.” If you’re a math whiz, consider giving accounting a go.
5. Smartphone Repair
It seems like everyone has a smartphone these days. Surprisingly, however, there aren’t many smartphone repair services out there. In fact, getting a smartphone fixed can sometimes cost as much as buying a new one. This is partly because cellphone companies are reluctant to offer affordable repair services—they want to encourage people to buy new phones.
According to Business News Daily, the market for smartphone repair is “wide open.” So you’re sure to enjoy a steady stream of customers. Furthermore, start-up costs and maintenance costs are pretty low, making it a lucrative business opportunity.
6. Chiropractic Office
Forbes recently named chiropractic offices as one of the most profitable small business opportunities. The market isn’t saturated and the potential for making money is big. Keep in mind that there are substantial start-up costs, however, including investing in equipment.
7. Web Design
Virtually all companies and businesses have a website these days. This means that the demand for web design services is high. Start-up costs are low, considering you can work from your home and don’t necessarily need to invest in any special equipment. However, if you are interested in starting a web design business, make sure you know what you are doing. An effective web designer will have extensive knowledge of coding, graphic design, and Internet marketing techniques, such as SEO.
8. Elder Care
The American population is aging; there is no doubt about it. By 2020, roughly seven million people in the United States will be over the age of 85. We hear a lot about how this taxes government programs like social security, but interestingly, this aging population is a ripe business opportunity.
Most people want to stay in their home as they age, as opposed to going into a nursing home or care facility. However, most elderly folks just can’t do all the things they were once able to from washing dishes to doing laundry to mowing the lawn. This is where elder care services come in. They help the elderly complete day-to-day chores and tasks, while also providing companionship.
9. SEO Firm
Companies are dying to get in the top search engine ranking pages for their niche. That means that search engine optimization, also known as SEO, is an incredibly lucrative business opportunity.
Of course, if you want to start up your own SEO firm you do need to have some pretty extensive SEO knowledge in order to be able compete with your competitors. If you interested in learning more about SEO before you get your SEO firm up and running, consider taking an SEO course. You might consider the ClickMinded SEO Training course.