Taking advantage of small business opportunities is one of the most enriching ventures in the professional world. Breaking away from a dull corporate routine and pursuing your ambitions to become a small business owner can be one of the best decisions you’ll ever make. Entrepreneurship is a calling. High risks can lead to higher rewards, but like all things in life, it takes dexterity, passion, and hard work to be successful when starting your own business.
Evaluating economic forecasts and SBA statistics helps gauge which small business opportunities will grow in the next year. We’ve researched everything from real estate to landscaping. There are dozens of growing sectors right now! The economy is healthy—with GDP growth rates staying in an optimal range.
Read on for a compiled list of five small business opportunities that will be huge money-makers in 2018!
5 Amazing Small Business Opportunities Widening in 2018
Cell Phone Repair
Since 2011, there has been a 120% spike in smartphone ownership. Right now, around 77% of the entire U.S. population reports owning a cell phone, according to Pew Research. Also, most major service providers only offer 90-day warranties and even the most comprehensive plans only cover users for two years without paying for additional coverage. On top of the rising costs of newer generations of smartphones, like the iPhone X making most consumers think twice before upgrading. These factors establish cell phone repair shops a practical and cheaper option for most smartphone owners. This is the catalyst for the phone repair industry’s swift growth. With a 3% growth rate last year, this $4 billion-dollar industry is going to continue the ascension.
Owners of cell phone repair franchise shops like DrPhoneFix, are armed with multiple revenue streams, low-cost startups, and expanding consumer demand. Owning a cell phone repair shop is a lucrative and stable pathway toward success.
The baby boomers are still impacting the economy–even in retirement. By 2030 the entire boomer generation will have reached 65 and will need senior care services in their old age. Making up a quarter of the population, the boomers will need assistance with landscaping, cleaning, cooking, and medical services. Senior care franchises and related segments are proliferating to meet the demand for the aging generation.
Many nurturing people are finding ways to translate their care skills into a business opportunity.
Bike Sales & Repair
Bikes becoming the eco-friendly alternative to cars is fueling this industry. It is reported that the annual U.S. expenditure for bikes is $81 billion. Bicycling is the second most popular recreational activity with 43% of the nationwide population using a bike to commute to work. Government programs incentivize this growth in congested cities where 73% of people bike to work.
Another area of expansion in this industry is the popularization of e-bikes. These bikes run on electricity and are expected to reach sales of 50 million units by 2018. Bike rentals are also huge in large metropolitan areas. If you want to pedal your way to small business ownership, this could be the sector for you.
Software Development & Engineering
The demand for software engineers will increase by 17 percent each year until 2023, according to the U.S. Bureau of Labor Statistics. Cloud-computing is making this industry’s workforce mostly work from home. With an average annual salary of over $100,000, this is an attractive proposition that easily translates into small business opportunities. Aside from getting an advanced degree in an IT-related field, there are ‘boot camps’ which help professionals learn new skills in software development.
If you like working with computers and are willing to pursue your education, software development could be your calling.
The small opportunities involved with children are seemingly endless. Quality preschools are expensive and are considered more important for the developing mind now. Political and consumer trends also point toward education becoming more ‘cookie-cutter’ in the next few years. This means virtual schooling and extra-curricular courses like art classes or environmentally-focused education are going to be offered outside of public school. Private tutoring sessions offering reading, math, and English tutoring are also getting more popular. Fitness instruction is growing too. Small businesses centering around tennis, swimming, soccer and more are taking off. Not to mention these jobs will never be automated.
If you like working with America’s youth, consider exploring small business opportunities in children’s services and education.
What to Consider in a Career Change
One of the best ways to position yourself for success is evaluating various small business opportunities. As the U.S. economy continues to grow, you will need to research what areas of the market are in high demand and what sectors will fail in unstable economic times. Researching this data will help you write your business plan. Use the above list for guidance.
But first, you will need to know what you’re looking for. Most workers make career decisions based on five different components: life-work balance, stability, compensation, autonomy, location, and opportunity. Consider these factors. This can help you gauge your readiness for small business ownership.
Life-Work Balance. With remote software and home-based businesses becoming more popular, more people are working from home. Not only is remote working becoming more popular, but many companies are providing life-work balance incentives now too. This attracts and retains talented employees. Whether it’s controlling your schedule, free yoga classes, or sitting on a beanbag chair instead of a cubicle, companies are investing much more into their employees these days.
Stability. The entrepreneurial pathway can be tumultuous. So can working in corporate America. Downsizing is just as rampant as a failed business idea. Your financial future is contingent on setting yourself up for success. Using resources like Glassdoor, the Small Business Administration, and franchisor support help workers and entrepreneurs alike make sound business decisions. Evaluate your needs. Are benefits of having life insurance outweighing the dream of entrepreneurial pursuits?
Compensation. Although this shouldn’t solely drive your interest in small business opportunities, no one wants to work hard and not make money. Opening a small business is an investment. You want to get a sizeable return on investment so picking a sector that is growing is a keen idea. The same is true for a traditional career pathway. Know what assets you have and can bring to the table for a company makes you valuable.
Autonomy. Many explore franchise opportunities and independent business to escape the cycle of incompetent bosses. Unfortunately, this is a caveat of the American workforce. There is nothing worse than working for someone who is under-qualified and has bad management skills. This is why owning a small business is a breath of fresh air compared with the restraints of corporate positions.
Opportunity. Whether it’s vertical mobility within a company or expanding your own small business venture—progressing and growing as a professional is important. Choose a pathway that allows continuous growth and development. There is nothing worse than being stuck in a dead-end job or even worse—being forced to declare bankruptcy.
To know more about an amazing business opportunity that has helped dozens become a proud small business owner, click here for more information!