Perhaps you’re a business owner who is ready to downsize, or a long-time employee ready to set off on your own and leverage your knowledge and experience to start your own small business. If you have a particular area of expertise then you’re probably in good shape: people with real know-how have started highly profitable consultancies in everything from tech support to investing, experienced marketing professionals have re-imagined themselves as social media managers and public relations gurus, and administrative professionals have offered virtual assistance service for everything from data entry to market research to scheduling appointments from home.
If you’re not as clear-eyed on how best to direct your own talents, it may be helpful to know which small business ventures have proven to be most profitable for those who have already taken the plunge. The list below runs the gamut from having a physical presence to running an entirely online business, from relying on the existing background to trying something entirely new. If there’s nothing here that you find appealing, we hope that it will help you by serving as a springboard for other ideas.
Small Businesses with Big Potential
- Food trucks – Depending upon where you live it may feel like there’s a food truck on every corner and at every farmer’s market or festival. Food trucks are having more than a moment, with remarkable growth over the last few years that’s expected to continue. Though the business can be competitive and some cities are already saturated, the potential for growth in smaller towns remains. Operating your own food truck generally requires an investment of less than $30,000 and allows you the ability to be creative with your product as well as your marketing efforts. You can go where your customers are and make your own hours, all for a relatively low investment.
- Vehicle services – The automobile market has changed dramatically in the last few years. Where car owners previously traded in their cars every few years, Kelly Blue Book reports that better quality has led to consumers holding on to their cars far longer, and that has driven the need for vehicle services from cleaning to repair. The longer a vehicle owner plans to hold on to their car, the more they are likely to invest in services to keep it running well and looking good, and that has made car wash services, mobile auto detailing services, and auto repair shops an increasingly profitable business.
- Health and fitness businesses – The more we know about health, the more we want to improve our own, and that’s been demonstrated by the rise in popularity of personal trainers and home-based fitness classes. Whether you’re already a trainer, yoga instructor, or nutrition expert or it’s something you’re interested in pursuing, you’re likely to find that there are plenty of people willing to pay for your expertise, whether you’re live streaming classes from your home, at clients’ homes, or holding class sessions on a beach or local park. The more creative you are and the more skilled at using social media, the more successful you are likely to be – think yoga with goats or alpaca, or pre-or post-workday strength classes.
- Maternity and child-related services – There’s nothing new or trendy about having and raising children, but what is a recent development is the investment that people are willing to make to support them as they do it. From hiring doulas and lactation consultants to providing enrichment activities and entertainment for children, affluent Americans are spending increasing amounts on their kids from pre-birth through college age. If you’re a health care professional or are interested in pursuing the education and certification required to assist women through the birth process, the sky is the limit on business potential, and the same is true for those who can lead art classes, gymnastic classes, music classes, or create apps and books that kids can use to entertain themselves.
- The Sharing Economy – Borrowing rather than buying is one of the most notable stories in the way that people are spending money. Whether it is sharing clothes via businesses like Rent the Runway, renting out properties on Vrbo or AirBnB, or offering a vehicle on Touro, there’s money to be made from items that have already been purchased. If you have a large inventory of in-demand items or assets that you’re willing to make available, there’s money to be made – especially if what you’re offering is unique.
The list provided here barely scratches the surface of all of the possibilities for starting your own successful (and profitable) small business. If you’re considering setting out or have recently done so and you need guidance on topics related to taxes, setting up your business, or need an accounting professional, contact us today to set up a time for us to talk.