What types of small businesses are most profitable?
As many of you know, running a small business isn’t easy. In fact, most small businesses fail in the first two years. Not only do small businesses have to fight to develop their brand and compete with established businesses, but they must fight to keep the lights on when profits are low. With that being said, there are some small businesses that fare better than others.
Tax preparation
Tax preparation and bookkeeping businesses do especially well as people will always need help with money. Additionally, the industry doesn’t require particularly fancy equipment or high-quality digs. Some tax preparers can even get by with traveling from location to location with only a calculator and a laptop.
CouriersEven in the digital age, packages still need to get delivered. Several industrious souls have struck out on their own to develop self-employment opportunities in the courier space. Low overhead makes this particularly profitable, as long as you already have a reliable means of transportation.
Web design services
If you know how to build a website, you have a marketable skill that can be done from the comfort of your own home. To get a website building business off the ground, consider joining freelancing networks. It is a great way to build a portfolio and build your business.
Marketing and business consultation
Do you have experience in marketing? Then you are well on your way to developing a business all your own. Not only do marketing businesses have low overhead, but they are heavily in demand. You can choose to work on your own, or even hire a remote receptionist to give the business a bit more legitimacy. You needn’t rent an office in a flashy location to get off the ground; the majority of your work can be done from home.
An Etsy shop
If you have a knack for crafts, building an Etsy shop can be a great way to get your work out to a large community. The cost of the business is relatively low, as the entire project can be operated from your own home. If you are a furniture builder or are a crafter who commissions larger pieces, you’ll likely need more space to get the job done, but if you are already involved in the hobby, you may actually have all you’ll need to get started.
Finding a small business that will succeed is all about finding a gap in the market. Whether you are a business genius, a tax expert, or a crafter, there is a business out there for you.
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