5 small business ideas for budding entrepreneurs
Thinking of starting a small business, but not sure what might be successful in your area? Whether you need to start with little or no money or are able to invest a bit more, some businesses do well in almost any economy and are easy to get started without specialized training.
What business can I start quickly?
The United States Small Business Administration has estimated approximately 1.04 million businesses opened while 928,000 closed in 2021. The success rate of businesses varies by industry, but businesses that take a long time to start don’t seem to do better than those formed on the fly.
What are some small business ideas for aspiring entrepreneurs that don’t cost much to start and don’t require a degree?
1. Animal Care
According to the Bureau of Labor Statistics, animal care and service work pays an average of $28,730 per year and only requires a high school diploma. Pet sitting is a great option if you love animals and want to set your own schedule.
You can start your own pet sitting business, for example. Other options include animal grooming or training. You’ll need to know a few basics to do either, so you’ll want to take online classes and practice on family and friends’ pets before grooming and trimming the pet. someone else.
People will always have items they want to pawn for money and others will buy those things to save a dollar or two. In a word, you will exchange money for an item and hold it for some time. If the person comes to pick up the coin, they pay you interest on what was essentially a loan. If they don’t come back, you sell the item to someone else and profit from the difference.
You don’t have to spend a fortune to operate your pawnshop. Rent a small display case and have enough cash to buy items. You need to know what things are selling for and what people will buy because you don’t want to pay more than you can profit from and you don’t want to stay on inventory for too long. Things like jewelry, musical instruments, and electronics should sell out quickly.
Marketing is a growing industry with many opportunities for savvy entrepreneurs. According to PR Newswire, the the marketing industry represents 460 billion dollars continuing to grow. However, you don’t need to build a big, fancy marketing agency to get into the market.
Some things you can try include writing content for existing agencies and businesses. Offer your services for social media marketing – learn how ads work on a few platforms and sell your services to local businesses. You can also work on contracts with businesses and marketing companies to fulfill when they don’t have enough staff to complete the tasks.
4. Mobile car wash
Another business idea for young entrepreneurs is to start a mobile luxury car wash Company. You will need to provide a better experience than running a car through the local automated wash for a few dollars to attract customers.
The beauty of this business is that you can start it with just cleaning supplies and your time. Don’t just wash the exterior of their vehicle, but shine the wheels and tires. Clean and disinfect interior. A full-service wash is more of a detail, and you can make customers’ lives easier by taking your work where they live.
5. Food Truck
Do you like to cook? If you have some money to invest, you can buy a small food truck. Begin creating a business plan and get the permits required by your city and state, then figure out where other trucks are setting up and find similar locations.
Some cities have rotating food truck hubs where people can try lots of different options. Talk to the city administrators in your area and find out if there are such areas. Contact larger companies and see if they would like you to park in front of the building for lunch once a week while workers leave for their lunch breaks.
A food truck can be very profitable if you are good at hustle and can cook delicious food. Some food truck entrepreneurs also offer catering services on the side or turn to meal prep offerings to boost their profits.
do what you love
Becoming an aspiring entrepreneur is a way to find financial and career freedom. Determine what excites you and center your business idea on what you already love. With a little effort, you’ll not only have a profitable business, but you’ll have a better work-life balance.