What do Amazon, Marriott, and McDonald’s all have in common? They all started as small business ideas waiting to come to fruition. In the digital age, it’s easier than ever to capitalize on amazing entrepreneurial ideas. Home-based businesses and remote working are becoming more common. Telecommuting software and cloud-computing make launching a business easier. Also, the vital signs of the U.S. economy are showing robust growth. With the GDP at a healthy rate of 3.0% in 2017’s third quarter, now is a good time to cash in on your dream and build a business. Whether you’re deciding to explore a new career path or just want to earn extra money on the side—a great business needs the foundation of a good idea. On average, a Millennial changes their career pathway between 8 and 12 times, according to Gallup research. Creative small business ideas and skill-sets in various types of business propel career changes. Lately, online courses are making it easier to be a ‘Jack-of-all-trades.’ But first, you’ll need to find a place to begin.
Deciding on an Industry to Launch a Small Business | Success Takes Passion
You can have a strong work ethic, amazing small business ideas, supported by a qualified team and still fail. The key to sustaining a small business is passion. Expanding a small business idea requires abstract thinking. This helps you dodge the proverbial hurdles. Every day a different challenge will arise, and you’ll be putting out fires before nine in the morning. For this reason, passion is vital to avoiding burnout. Try and visualize a day-to-day that makes you truly happy. Maybe you want to work with animals or help people? Do you enjoy working with your hands and being outside? Do you want to own a franchise? Take an introspective look at what you find thrilling. Asking yourself these questions these questions helps hone in on your ideas. Market Gaps & Niche Business Ideas Another good place to begin searching is exploring market gaps. Find a niche that has not already been explored. Begin with discovering a common problem. Your small business idea should present the solution. The businesses making lots of money are the ones disrupting the market. A unique business idea is one that consumers didn’t even know they needed. Think Uber and Lyft. We’ve been taking Taxis for decades and the ubiquity of mobile apps is dominating our lives. Combining the two became a true market disruptor—changing the game of transportation services. Market gaps are the catalyst for great small business ideas.
Another way to discern which industry is best to build a business in is researching the existing market. What are industries growing? Analyzing consumer trends and market research can reveal lucrative pathways. A small part of this is hopping on the entrepreneurial bandwagon. But, if the bandwagon is making lots of money, then this research could develop into a savvy business plan. In 2017, industries like virtual reality, medical marijuana, and financial technology experienced massive growth. This doesn’t mean you have to get a degree in computer programming or start harvesting marijuana. Identifying consumer demand can help you forecast your success. Looking at what is working can help shape your small business idea from pipe dream to reality.
Top 10 Small Business Ideas in Growing Markets
Accounting Startup In the weeks before April 15th, there is a nervous buzz in the air as everyone starts compiling invoices, balance sheets, and cash flow statements. Most seasoned business owners have opted out of this headache. Instead, they hired an accountant. Even small businesses can take advantage of a small accounting firm. What makes this business indispensable is that it takes expertise. You need to be good with numbers. There are dozens of affordable online courses to get an accounting certification. University of Alaska Fairbanks and Central Georgia Tech both offer prestigious online programs. According to the Bureau of Labor Statistics, employment for accountants and auditors will grow 10% from 2016 to 2026.
An account earns an annual salary $68,150 or $32.76 an hour freelancing, on average. Tax Preparation Of course, taking advantage of the tax season is a great way for accountants to earn extra cash. Tax preparation services is a tedious project. Most sane people will gladly hire a professional to prepare their taxes for them. Preparing and evaluating tax payable on a business and assets is a profitable skill that you can consider exploring. Bookkeeping Keeping tabs on finances is a year-long task for small business owners who are already busy. Maintaining updated bookkeeping records is a qualification many don’t have. There are tons of software available to help organize bookkeeping, but many will need help with data entry and on-going maintenance. Financial Advisors & Consultants The proliferation of small businesses and retirees continues to expand this booming industry. Startups filing for an SBA loan to get their business off the ground will need professional advice on their finances. Millennials with only a fundamental knowledge of wealth management are becoming more common. Even the Boomers looking to ease into retirement, are more willing to hire consultants to help them save.
Build a Mobile App & Computer Development In the cyber age, there is an app for everything. According to a mobile analytics firm–Flurry, mobile sales grew 68% last year in 2016. With smartphone technology progressing, this trend is not likely to stop anytime soon. One of the biggest apps of the year is Normal Lost Phone—a genius small business idea. The app is a video game that simulates a player finding a lost phone. Gameplay allows players to search through digital artifacts of the phone’s fictional owner. This is just an example, but the small business ideas in this category are endless. With in-app advertising, even modest apps are a money-making schematic in this $52 billion-dollar industry. App developers earn an average $5,000 a month, according to research conducted by Fueled. Ranked the 10th fastest growing industry, computer development has grown 18% in sales growth in 2016. (Mobile app development is a sector of computer development). If you have experience in IT, this market is a great opportunity for you. The demand for software engineers, IT security specialists, and web developers are bolstering this $447 billion-dollar industry.
Start a Construction Company Registering and starting a construction company is a stable career pathway. In 2017, Construction companies saw a 3% rise above the year-ago rate, according to the U.S. Census Bureau data. Positioning yourself for success as construction company owner demands strong networking skills. Finding the key people in contracting and structural & civil engineering is vital to staying afloat. The initial investment will take a good deal of capital. You will have to buy heavy-duty equipment and hire a reliable workforce. However, many see a huge return on investments within construction.
This makes entrepreneurs with yellow-hat skills flock to this $960 billion-dollar industry. The combined forces of the country’s infrastructure needing rebuilding and a profit margin of nearly 6% for residential construction make this skillet a great area to start a business. Cash in on Pet Grooming Today, 65% of U.S. households own at least one pet, according to APPA. Consumer demand is driving manufacturers to make higher quality toys, food, and treats. In the last three decades, U.S. expenditures have skyrocketed to $66.75 billion for the pet industry. A big chunk of this is thanks to booming pet grooming businesses who have turned a dog wash into a dog spa. Pet grooming is profitable for three reasons–convenience, add-ons, and legislation. Pet grooming has extended beyond brick-and-mortars specializing in grooming. Mobile grooming from a van is becoming even more popular. Also, grooming staff at doggie daycare facilities and pet retail stores makes it easier than ever for pet parents to get their pet clean. Add-ons like facials, aromatherapy, and pedicures mimic some human spa add-ons. Many pet stores that were solely retail businesses are expanding into pet grooming. Most counties have a laissez-faire policy when it comes to pet grooming. This relaxed legislation makes it easy to open a business catering to the four-legged.
Personal Care Services
Food Truck Anyone who’s visited a major city in California can attest to the delicious culinary masterpieces created in a truck. In San Francisco, a whole area of the city is devoted to these mobile food businesses. According to Matthew Cohen, a representative of Off the Grid, states that a typical food truck can rake in $250,000 to $500,000 annual income. The top 25% of food trucks make closer to $1 million. This shows that this small fad is turning into a lucrative business trend. The food truck market is easier than operating a full-scale restaurant. Start-up costs and overhead are much lower. The initial investment to own a high-quality food truck runs from $50,000 to $150,000. This is much lower than the median cost to open a restaurant—$250,000. Nomadic chefs will also need to obtain the proper licensing and permits. This paperwork is contingent on where you plan to operate. Licenses like food handling, health certification, and a business license all still carry over to the mobile restaurant. This just scrapes the tip of the iceberg of initial challenges involved with opening a food truck. But, if you have an appetite for business, with a menu to match, this could be your calling.
Popular Massage Franchises:
- Massage Envy
- Hand and Stone Massage and Facial Spa
- Massage Heights
- Spavia Day Spa
Event Planner Formats:
- Trade Shows
- Executive Retreats
- Political Fundraisers
- Incentive Programs
Wedding Planner Love and frugality don’t always mesh well. This makes the wedding planning industry more than supplemental income. This country hosts over 2.3 million weddings a year or 6,200 weddings a day. An average wedding has 178 guests ready to enjoy a three-course meal, open bar, and artisan wedding cake. In total, Americans spend $72 billion a year walking down the aisle, allowing wedding planners to rack up $3,000 to $5,000 per client. Of course, breaking into the affluent crowd is a good idea. You will need great organization skills, social adeptness, and business experience. A wedding planner’s day is a busy one. Booking venues, comparison shopping vendors, and relaxing bridezillas is all in a day’s work.
Wedding planning is just one gateway in a broadening event planning sector. The ultra-busy rarely have time to organize an event and this career extends beyond parties. Graphic Designer In the cyber age, being a graphic designer has boundless rewards. According to Glassdoor, the national average for a graphic designer is $48, 692, making this vocation appealing. In terms of small business ideas, the possibilities scrape the stars. An easy way to earn money and embellish the design community is by making YouTube graphic design tutorials. These “how-to” guides act as rogue online courses and can get massive hits on various platforms. Not only can these increase your monetary pocket but the internet clout you gain is well worth it. Another creative way to earn extra income is designing greeting cards. Playing around with fonts and other elements of design can help you create engaging greeting cards that sell for good prices. Finally, video production has been supporting graphic designers launch their own small business. Chances are, as a graphic designer, you already know some qualified video engineers willing to explore a startup. The Bottom Line Acting on million-dollar small business ideas is the first step toward a new, exciting career. Don’t let fear paralyze you from becoming the entrepreneur you always wanted to be. We hope this helped you formulate some good ideas. Good luck!
The inner-entrepreneur of our childhood provided two outlets for making money. Either you were selling lemonade, or you were pushing a lawnmower through your neighbor’s yard. The latter will be excited to know that the landscaping industry generates $69 billion a year. This number can vary as they’re tons of lawn care businesses operating in cash. To be successful in lawn care, an extensive knowledge in gardening technique is essential. You will need to boil down lawn maintenance into a profitable approach. The team you hire will need the right equipment and skills for an optimized performance. The Lawn & Landscape magazine’s State of the Industry Report showed that first-year lawncare businesses made anywhere from $5,000 to $50,000 in their first year, and as much as $160,000 to $250,000 once they were in business for a few years.