Best Money Making Small Businesses – What Industries Are Booming? What Industries Are Tanking?
It’s no surprise there are a million and one ideas for small businesses. Taking the risk to open your own business takes a lot of courage. You’re putting your livelihood, job security, and financial stability on the line. Only about two-thirds of new businesses survive the first two years, half of all businesses survive five years, and one-third survive ten years. These statistics are less than comforting. Before you take the leap into the small business owners’ world, you’ll want to research your idea and make sure it’s one of the Best Money Making Small Businesses.
Best Money Making Small Businesses – Accounting and Bookkeeping Services.
Accounting and bookkeeping services are small business industries that are recession proof. No matter if a business is booming or tanking, accountants and bookkeeping services are always in demand. With the tax code changing annually, it’s difficult for business owners to file taxes without guidance from an expert. And, let’s be real, no one wants to miss out on any possible tax deductibles.
There are two possible routes to take when starting a small business focusing on accounting and bookkeeping services. You can do actual accounting services. This will require licenses and certifications. However, it does mean you can charge more because your work will be more in-depth and you can actually file peoples’ taxes. Typically, these services would include maintaining balance sheets, income statements, tax accounting, and other regular financial reporting. If you do not want to go through the process of becoming a certified accountant, bookkeeping services is a better business model for you. As a bookkeeper, you would manage all the expenses, balance sheets, and payroll for a business owner. The idea is you give monthly reports that help business owners make decisions and make it easier for their accountant to file taxes, saving them on costly accounting billable hours.
Best Money Making Small Businesses – Business Plan and Research Services,
As we mentioned in Wednesday’s article, one of the best home-based business ideas is to be an internet researcher. Kick that up a notch and start a business in the business plan and research services. If you’ve ever talked to a business owner, they’ll tell you it takes months and month of research and planning to open a business. It requires research on everything: niche markets, real estate, distribution, pricing, everything.
More and more entrepreneurs are paying someone to write business plans for them. It saves them a lot of time and expense, especially if they are already running other businesses. Don’t think only seasoned entrepreneurs are looking to outsource the time-consuming task of creating a business plan. First-time business owners are also hiring companies to aid in researching and writing a business plan. However, their budget can be limited. In these situations, some business owners look to business plan services as an outside consultant. Whichever way you’d like to set it up, starting a business in the business plan and research services industry is a great way to not only make money but network with other entrepreneurs. Who knows, you may come across something you want to invest in!
Best Money Making Small Businesses – eBay Services.
It sounds a bit crazy, but it’s actually a booming industry. How many times have you looked at things laying around the house and thought, “I should really get rid of this stuff, I never use it.” You’re not alone. If you’ve ever moved, you know very well that things accumulate. You don’t want to throw it away and waste it. Everyone always thinks to sell things on eBay, but it’s a bit of an annoying task. You have to set up an account, research similar items for pricing, ship the product, and more. eBay services typically take a percentage of the item’s selling price and depending on the location, a small fee for picking the item up. In some case, the eBay service will buy your goods on the spot for a low price, eliminating your wait time to get paid. The downfall is you won’t make as much if you had waited until the item sold on eBay.
People are most likely getting rid of things when they move. Want to get ahead of the game and get some leads? Reach out to storage facilities, real estate agents, and moving companies. Their clientele usually becomes too busy to deal with getting rid of things, especially if they feel their items are too valuable to throw away. Remember, one person’s trash is another person’s treasure!
Best Money Making Small Businesses – Editorial Services.
In previous articles, we disused how blogging is a great work-from-home business. If you love writing and editing, capitalize on it! A lot of people hate everything to do with the writing process. It doesn’t matter what industry it is, there is always someone looking to outsource writing and editing.
Editorial services don’t just stop at writing. It can go a lot deeper than that. You can focus on any of the following:
• Copyediting – or more simply put, fact-checking,
• Indexing – creating an index for a book,
• Ghostwriting – you research, write, and proof a book for someone else who gets to be named the author,
• Book doctoring – you take a draft of a book that was written by an expert, and turn it into something less technical, more readable, and ready to be published.
There are endless possibilities when it comes to the small-business opportunities surrounding editorial services. Websites and published content can make or break a business. More and more people are seeking experts to ensure their content stands out against the competition.
Best Money Making Small Businesses – Appliance and Electronic Repairs.
Chances are when one of your electronics or appliances encountered a problem, you immediately panicked and called your local tech guru. There’s no shame, we’ve all been there. If there is one industry that is 100% recession proof it’s electronics and appliance repairs. It is going nowhere! Plus, with all the new technology that keeps coming out, that means there will be more business opportunities in the technology repair industry.
To get moving in the best home service business to start, you can done two things: get a contract with a repair store and do some freelance work. This allows you to get experience from an established company. It will also immediately give people the impression you know what you’re doing and you’re not a fake who will rip them off. Working for an established repair company allows you to learn from other techs and have support if you’re not exactly sure how to fix something. Once you begin to build your client base and skills, you may consider going 100% out on your own. To help get customers, reach out to home contractors to get in early on appliances. If you want to focus solely on electronics, post ad’s everywhere, get reviews from clients, and offer new customer discounts.
Beware! If you do start your own electronic and appliance repair shop, you might want to consider sticking to repairs, not selling the products. Nowadays people only buy electronic goods from superstore like BestBuy. Why? It comes with a warranty. Plus, the store has a wide variety of brands and models. Don’t let this deter you from focusing on a repair based business. Most warranties are only for one year. Let’s be honest, many people don’t buy the extended warranty. If someone shelled out nearly over $1000 for a laptop, best believe they will not take replacing it lightly. They will do everything to make sure they can salvage it. You’ll also have clientele with cheaper laptops who want to fix it, not replace it because they haven’t backed anything up and can’t lose everything.
Best Money Making Small Businesses – Coding, Web Design, and Computer Classes.
Technology is always changing. If you aren’t tech savvy, it can be difficult to get a grip on what to do with each platform. This especially becomes a problem for people applying to jobs. More often than not, job requirements will be more than the typical Microsoft Office. You’d be surprised how many jobs are asking for experience in coding and the like.
If you’re one of the tech-gifted among us, one of the best money making small businesses you can start is a tech school for working professionals. You can offer it to students as well, but its likely students will just take a class at school. You can over group lessons or individual tutoring. To get more business, offer classes at night and on the weekends. Be prepared to get different requests, from help with Excel all the way to creating advanced codes. You’ll see a variety of skill levels come your way, so be prepared and be patient. This is also a great networking opportunity. If you make an impression on your students, you’re likely to get more clients and even be contracted for more advanced tech projects at different companies.
Beware! To stay in business, make sure to invest time improving and enhancing your own skills. You need to have a high level of expertise in web design and software. You don’t want to lose your edge against the competition!
Best Money Making Small Businesses – The Small Business with the Highest Shutdown Rate.
If you’re considering the best money making small businesses, you’re probably also searching for the worst small business ideas. Restaurants have the highest shutdown rate. They require a lot of expensive equipment, high rent on a good location, ingredients, etc. If you’re deadset on starting a restaurant, make sure you don’t cut any corner on your business plan. You need to make sure your idea is crafted towards your niche market and the marketing is superb.Don’t be discouraged. Some restaurant ideas have a higher success rate than others. What’s the restaurant that tends to be the most successful? Sandwich shops and lunch-based to-go setups to the best!
There are two things you should be doing before you open any business to ensure it has a strong chance of success: know your market and competition and tweak your plan accordingly.
