There are almost 30 million small businesses in the US. Statistics show that this number accounts for 99% of all the businesses in this country. So, if you are about to start a new business, you should first understand that the competition is high. In addition to that, chances are that your business idea isn’t new at all. However, this shouldn’t deter you from opening up something that you love. To assist you in making better choices, here is a guide on the most profitable business ideas at the moment.
What is Business?
This is one of the oldest economic systems. Business involves the selling of services or products. It’s a type of entity which is primarily engaged in professional, industrial, or commercial activities. For a business to be successful, there has to be a seller and a buyer.
How to Start a New Business
As much as there are millions of business opportunities everywhere, not every type can be successful. Apart from that, you should know that only two-thirds of businesses with employees can survive during the first two years. So, how can you start a successful new business?
Do Market Research
If you have a business idea, you first need to carry market research. Having an idea is great but the reality that comes with its implementation is what matters. Research is what will determine if you are implementing this idea or not. When doing your business research, here is what you need to ask yourself?
- What is your target audience?
- Where do you intend to put the business?
- Who are your competitors
- Is there something unique you are planning to offer?
- What are some of the problems do you anticipate?
- Do you have the necessary skills to handle the business?
Create a Business Plan
If the research is positive, then you can go ahead and make the business plan. This is the blueprint which you’ll use to start and run your business. Note that all businesses have unique plans to cater to different needs. Some of the questions your business plan needs to answer include:
- Where do you intend to get funds?
- How do you plan to deliver the products or services?
Note: you can always change and improve the business plan as time goes by. A written business plan is always great since you can use it as a reference.
Plan How You Will Utilize Your Finances
So, you already know where you will get your finances? Then it’s now time to make a financial plan. Create a spreadsheet of estimates. You need to allocate money for licenses, business permits, insurance, trademarking, branding, grand opening, equipment, etc. When you are planning your finances, do not utilize everything. Make sure that there is an extra amount of cash that’s free. This is because mishaps and emergencies can happen at any time.
Register Your Business Name
Your business name is crucial. This is because the title is going to be in use almost everywhere. So, make sure that you choose a business name that relates to what you are offering. Register it e.g. as an LLC, limited partnership, or corporation. Additionally, make sure that you register your domain name.
Get Business Permit and License
This is the last process of paperwork that you need to do. All businesses need permits and licenses in order to run. Make sure that you research on the business licenses and permits before you apply one for your business.
Set up Your Business Location
Get your resources and your team ready. Whether you have a physical address or an online shop, you need to now set up your business. Make sure that you arrange your services or products for an easier launching process.
Most Profitable Business Ideas
There are millions of business ideas which you can find online. But not all of them can lead to success. No one wants to invest in a business that will crumble after a few months. Additionally, no one wants to invest in a business that doesn’t produce profits. So, some of the most profitable business ideas which you can implement include:
Real Estate Business
Real estate business builds wealth consistently compare to other types of businesses. So, choosing a career in real estate business can help to propel your earnings significantly. There are several ways which you can use to make money in this sector:
- Become a Landlord
Although this one of the longest-standing real estate business idea, being a landlord is highly beneficial. By renting out a property you own you can make money via cash flow through monthly or annual rent. Apart from that, the value of the property may appreciate over time.
- Manage Properties
You don’t need to have a property before you can jump into this business. You can be a property manager if you are well-experienced in property management. Handling maintenance tasks, as well as upkeep and rent of various properties, can be a good source of income.
- Real Estate Agent
This is a common career in the real estate business. However, being an agent is also one of the most complex parts of this industry. You need to have formal education and state certification in order to work in most places.
A career in the mobile business is wide and diverse. At the moment, a business doesn’t need to have a fixed location for it to be successful. You can implement a mobile business idea as long as you have an efficient means of transport. Some of the businesses that you can start include:
- Food truck
- Event planning and catering services
- Social media influence
- Blogger and Vlogger
- Personal trainer and a mobile masseuse
- Cell phone repair services
- Travel and event photographer
- Makeup artist
- Interior designer, etc.
Business in this sector is booming. A career in auto repair and maintenance industry guarantees you more profits. Repairing a vehicle isn’t easy. Even the simplest challenges sometimes require the services of a well-trained technician. And because there are few repair shops at the moment, most people normally end up waiting for long before they can get good service.
More and more Americans are purchasing automotive. Data obtained from research studies show that the number of Americans with vehicles at the moment is at an all-time high. This means that more people need automotive services.
You can take advantage of this and open an auto-repair business. The good thing about this business is that you don’t need expensive tools. You can use simple repair equipment to start out before you can expand your services. If you are a well-trained and experienced mechanic, you may even decide to offer mobile services. This a versatile option that will see you cut down on utility costs and broaden your service spectrum. Some of the services that you can start with include battery swaps, oil changes headlight repairs, fluid refills, and others.
The business world is fast changing. Therefore, many manufacturers and importers need storage facilities where they can put their items. These stores hold goods which will be later sold or distributed to consumers. Even though small businesses may simply use garages or basements, large businesses normally need large spaces to own or rent.
At the moment, the distribution of products is highly lucrative. This means that you can have a successful career in the warehouse storage business. This is a thriving sector, especially with the evolvement of the e-commerce sector. Most people are turning to these storage facilities because of the cheap overhead and operating costs. Warehouse storage provides a better break-even income for most entrepreneurs. So, investing in these facilities can lead to a good return in investment.
Technology is now everywhere. From the agricultural to the education sector, people are now using smart devices and the internet to access information and communicate. Although more than two-thirds of Americans are tech savvy, they heavily rely on IT support.
Note that most individuals, as well as corporate entities, are not well-versed with important aspects of IT. Devices such as mobile phones and computers are prone to hacking and identity theft. Although most brands and mobile service providers offer support, most the time they are not effective. In addition to that, they may fail to reply to you in a timely manner.
So, most people turn to IT support companies for help. So, a career in the IT Support field can be a great business idea. Millions of millions of Americans are using smart devices. This means that there is still a gap in the IT Support sector. However, you need to implement a good network, transport system, and be available 24/7 in order to get a good profit.
The Bottom Line
Starting a business isn’t easy. There are several factors you have to consider if you want your business to be successful. If you are about to invest in a new venture, sit down and take time to make the decision. The above-mentioned business ideas are some of the best at the moment. This is because there is still a gap and high chances of making good profits.