Starting a profitable new small business is an entrepreneurial dream. It requires a significant investment of time, effort and money. As much as it is exciting, starting a new business from scratch can be intimidating too.
While small businesses have become increasingly popular over the years, establishing yourself in your industry will require a lot of hard work. That being said, getting started is the first step.
It all starts with an idea.
Coming up with a stellar small business idea that is also profitable and practical is not a static process. It requires a lot of trial and error. If you are not so sure about where to start, the following are a few ideas that will lead you to the right path for success with a low overhead.
#1. Accounting and Payroll
This is one of the cleverest businesses ideas that can draw a lot of profit. All businesses need efficient accounting services to manage their transactions irrespective of the economy. A few small business accounting ideas could include:
- Tax preparation
- Financial advisor
The accounting business has a high possibility of repeat clients and, therefore, steady profits.
#2. Business Consulting
Do you have the skills that it takes to survive successfully in an industry? Do you have the right ideas and enough experience to turn the tables? Then you have just the right ingredients to capitalize on by starting your own consulting business.
With the right skills, you can help other entrepreneurs start and manage their businesses successfully. Starting a consulting business isn’t difficult. For this, you would need to identify which industry your expertise is aligned with. Next, you would need to get the certifications and licenses in line.
To be successful in this line of work, you would need to research a lot, be aware of the trends, have clear goals and have a concrete business plan.
#3. Social Media Expert
Social media is the new-age tool for engaging clients, generating leads and multiplying profits. According to recent statistics, the number of active social media users is a whopping 2.1 billion! Therefore, businesses are increasingly capitalizing on this vast user base to market their products and enhance their prospects.
With businesses having multiple social media profiles, experts in this field are the need of the hour. Social media experts are required to manage these accounts efficiently. Therefore, starting a business in this field can be quite profitable.
#4. Automotive Rental and Leasing
On-demand vehicle services are on the rise. People lease and rent vehicles depending upon their requirements. Additionally, various companies rent vehicles for a number of purposes. Companies dealing with logistics can lease a fleet of vehicles for transportation. Therefore, this is a very profitable business opportunity to consider.
You can either consider starting a vehicle rental business or couple it with leasing as well. Before embarking on this path, understand the market standards, have a target client base in mind and carefully consider the prospects.
#5. Web Design
When it comes to web design, talent is going to be your most valuable asset. If you have an eye for detail and can think up innovative solutions for design problems, then web design may be just the right business plan for you.
As a web designer, you would need to have a thorough knowledge of the trends of the design industry and the right skills to make the most of those. For example, the flat trend in design is expected to dominate design principles all through 2016.
Apart from training, startup costs will primarily include licensing, investing in website design software and advertising.
#6. Virtual Assistance
Numerous businesses require administrative professionals to take care of daily operations like updating calendars, organizing task lists, check and answer emails and so on. These tasks can be completed with minimum interaction and is, therefore, a very profitable business scope that requires a low overhead.
All you would need are:
- a computer
- a reliable Internet connection for online assistance
- a good phone service
- a fax machine
#7. Event Planning
Do you like planning parties? Here’s some good news: you can make now make money out of it!
Be it individuals or organizations, everyone needs a good event planner to make every gathering a memorable one. To ensure that your event planning business turns into a complete success, you would need to be resourceful and have a keen eye for detail.
Event planning encompasses many different directions to expand your business in. All you need to do is make the most of its lucrative market.
#8. Software Training
With the various innovations in technology penetrating every industry, it has become increasingly essential for businesses to leverage these for better profits. However, the problem is, many businesses struggle to grasp the full potential of these technologies and consequently, fail to equip the staff with the necessary skills to make the most of those.
If you understand technology and software well, this could be just the right business opportunity for you. As a software training professional, your business will involve equipping staff with software expertise, conducting workshops and so on.
#9. Home-Based Food Service
Food services that are based out of homes have been gaining popularity recently. You can consider catering to local businesses, events, parties and individuals. One of the most common areas of home-based food services is a bakery.
Nothing can be more rewarding than getting paid for concocting delicacies. Additionally, this is also a good way to test out the waters before moving on to a brick and mortar establishment.
It is important to research each of these fields thoroughly before choosing one. Ensure that you have the right skills and certifications to embark on the journey. Once you decide on a business idea, it is important to get the basics right. For this, you would need to complete the following tasks:
- Have a concrete business plan.
- Raise funds
- Get a VAT registration (depending on your country)
- Develop an online presence
- Have a foolproof marketing strategy
- Keep track of progress
While a business idea will get your foot through the door, you would need to get the rest of the strategies right in order to ensure that it takes off successfully. You would need to invest a lot of dedication and effort in your venture for a favourable outcome.
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