Lost your job and thinking of starting a business? Fed up with working for others and want to fire your boss? Or perhaps you have this overwhelming desire to take back control of your life and become an entrepreneur.
Whatever your reason for starting a small business and moving into the world of entrepreneurship, it’s no doubt it’s been a dream that’s been on your mind for a while now. Forget about all the reasons why you shouldn’t start your own business and think about the reasons why you should and do it! Run with the idea and implement it.
To get you up and running, here are some tips to make it easier.
What are The Most Successful Small Business Ideas?
Some people venture into the world of entrepreneurship and know exactly what small business they want to start. Others are hesitant, not knowing what the most successful small businesses are to start.
Profitable businesses span across a broad spectrum of industries, some requiring very little capital, others a lot more. Some require a huge time commitment and others less.
A profitable business starts with a good idea and research.
Before the coronavirus pandemic, you might have found that opening a yoga studio, an Airbnb, a mechanical repair shop, opening a cafe, or a boutique retail store appealed to you. The pandemic has made starting bricks and mortar based small business less viable. What is viable is an internet-based business.
As technology continues to evolve, many profitable small businesses now fall into an online business realm. It doesn’t mean competing with online retailers like Amazon. It also doesn’t mean your desire to open a yoga studio, fashion boutique, cafe, or vacation rental needs to fall by the wayside; it just means doing things differently by tapping into technology.
With more people working from home, take your yoga studio to them by running classes online via video. Create a membership page where those interested in yoga can download their desired session at a time and place that suits them. Personalize the session using free online appointment scheduling software like Calendy to book sessions one-on-one.
If people can’t go out to a restaurant or cafe, take the business to them with a food truck. Turn your passion for food into a business by hitting the road and parking yourself around the streets of your neighborhood, at farmer’s markets, or anywhere else you can be seen.
With more people working from home, take your mechanical repair shop to them. A simple oil change, tune-up, and repairs can be run from the back of your truck. How convenient for your clients not having to jump in their car and leave it for a few hours, the work repairs can be carried out in their driveway.
If your dream of opening a retail fashion boutique is dampened, go online. Do what major retailers can’t do and get creative. Up your customer’s service levels by taking to Zoom with individual customers highlighting the latest and the greatest or hold an online fashion show with larger groups by showcasing your wondrous selection of fashion items, including answering their questions live.
Even with lockdown and especially with the feeling of being shut off from the world, people still want to get away from the four walls of their house. Showcase your AirBnB via video and highlight how you are taking precautions with deep cleaning and leaving facemasks and hand sanitizers ready for their arrival. This will help them feel safe and comfortable.
What is the Easiest Business to Start?
When it comes to small profitable business ideas, think creatively, for the opportunities are endless—the easiest small business ideas to start come from within, tapping into your unique talents and ideas.
What Are The Top 10 Most Successful Businesses to Start?
You don’t need to live in a big city to become a successful entrepreneur; a small business ideas list like the ones below will equally work as small town business ideas that will stick.
1. Online Courses and Classes
Since the coronavirus pandemic hit, it has pushed workers home and what is in front of them all day, computers, smartphones, and the internet. Working from home has given online courses and learning platforms a huge boost. In times of uncertainty, any form of learning and education becomes priceless. Consider what your passion is and what your unique talents are and turn this into an online course.
There are mountains of ideas you can tap into that match your talents and skillsets. Think about what you are good at? If you speak a second language, teach others too. If you are an auto mechanic and love cars, teach certain aspects of fixing your own car online. If you studied finance or marketing, turn what you know and use your experience to help others learn as well. If you love cooking, start online cooking classes.
The costs of getting your content up online are minimal. All you need is a website and software like Thrive Apprentice and you are up and running in no time.
Kids are still in school and worried working parents who must manage lockdowns and homeschooling at the same time need help. High school and college students who struggle with online learning need help.
If you are a teacher this is a business idea that is right down your alley and a business you can even start from home.
If you have some specialized skills like math, science, English, graphics you can start tutoring students immediately. Tutoring pays anywhere from $500 – $1,800 for an 8-week course for a single student. Imagine the income if you have a lot more students.
3. Child Care
With parents working from home, it’s hard for them to manage child care and work at the same time. Child-oriented businesses whether it’s taking care of a newborn, providing post-pregnancy services, day-care, or even enrichment activities, there are lots of parents out there who need your services.
4. Self-Publishing an eBook on Amazon
A little like blogging, consider writing and publishing an eBook which costs little to no money, it only takes your time. High-quality content will always sell especially topics such as health and wellness, fitness, cooking, parenting, self-help, technology, and non-fiction books about business and money.
5. Website Design, Graphics, and Copywriting
Due to COVID-19, the copywriting business has exploded due to the increasing number of hours people are spending on the internet. If you have a talent for writing, blogging, researching, your creative imagination can lead you to work in this industry as a freelancer on Upwork, Creative Circle or Fiverr. People are always looking for quality web design and graphic design.
6. Tax Services and Bookkeeping
Some people hate paperwork with a passion. If you have some bookkeeping skills and know how to prepare taxes, this is a very lucrative market. You don’t need to be a fully-fledged accountant, you can offer bookkeeping services and payroll services which is cheaper for them than employing an accountant. If you are going to provide tax preparation work, then you must meet the requirements laid down by the IRS. Be mindful of the tax laws and regulations as they pertain to your country and state.
7. HandyMan or HandyWoman
You’d be surprised at the number of people who don’t know their way around the inside or outside of a house or don’t have time. If you know your way around a well-manned home, you could start a business as a handyman or handywoman. You could also consider the outside of a house offering gardening and lawn mowing services or inside cleaning. If you have the knowledge and know-how, go for it!
8. Cleaning Services
All you need is a car, vacuum, and a few cleaning products, and you are off and running. With such low overheads, this can become a very profitable business. Expand into commercial cleaning, it doesn’t need to be just the houses in your neighborhood.
9. Pet Services
Animal lovers hate to leave their animals alone whether it’s for a day, a week, or a month, consider a Pet Services business. From washing and walking dogs, feeding the cat, and guinea pig you can earn good money looking after other people’s pets and housesitting.
10. Technology Repair Services
Have a knack for how IT works and a good eye for software and technology? If so, setting up your own IT services and technology repair business will no doubt see you in high demand as the business world becomes increasingly dependent on technology.
How Can I Start a Business With no Money?
A great question and during difficult times, a valid one.
Many of the business ideas above can be started while you have a full or part-time job – just to get the ball rolling until you start to build the business. That way it gives you the safety of an income while in the start-up phase.
There are funding sources everywhere from family to friends, banks to investors. If you can’t raise the capital to start up a business, there are options out there for you. Consider what you do have, your skills, experience, knowledge, and other tangible resources including what you own and what you have access to.
Service-related businesses require very little capital if any as it depends on your skill sets and time. All you need are the tools of the trade. Many of the small business ideas above require very little capital outlay. All it takes is creative thinking, a few tools, some sales and marketing savvy, and loads of enthusiasm.
A dressmaker requires a sewing machine, a graphic designer and a web designer need a computer, a handyman and mechanic need some tools. If you already have the tools of the trade, then there’s no reason why you can’t get yourself up and running quickly.
If you have a unique business idea that requires more capital, if you believe in yourself, consider a business incubator. In saying that, you need to make sure your idea is well developed backed by a solid business plan with financials. Business incubators provide funding designed to help start-ups get going. In addition to funding, they provide coaching, and in some cases offer administrative, legal, and accounting services to help entrepreneurs set up and grow their business.
What Are The Most Profitable Businesses
While most successful small businesses start with a great idea backed by a solid business plan, some industries and businesses tend to generate a higher profit potential than others. For instance, you do see good profit margin numbers in small business industries like IT and computer services ( 25.42%), healthcare products, and services (57.45%) online retail stores (43.76%), and business consulting profits starting around 23% or higher.
Now that you’ve come up with the business idea you would like to pursue, the next step is to implement it. Get started on your business plan and just do it! The only bad business ideas are the ones you don’t pursue.
On a Final Note
You do not have to do it alone. Hiring a business coach or consultant can help you eliminate the pitfalls of starting a business from scratch.
Learn how the Strategez for Success Coaching Model helps you master the 7 Steps of Entrepreneurial Success. Contact us now or set up your FREE initial consultation here to find out if starting a business is right for you.
Download some of our FREE cheat sheets and toolkits here to get you started. Learn how to thrive, not just survive!
Subscribe below to receive weekly articles on personal development, professional development, leadership, management, and sales delivered free to your inbox each week.
Learn Powerful Networking Strategies And Enjoy The Success You Deserve!