Want to start a new business? Here are some ideas for which industries to consider and which to possibly avoid. Thinking of starting successful Small Business Ideas profitable small business? Looking to partner with or sell services to other profitable small businesses? Or just hoping to avoid starting a business in an incredibly challenging industry?
Sageworks analyzed data from thousands of private company financial statements and used net profit margin as the metric to rank industries. It’s no surprise that a number of the most profitable industries provide services rather than sell products, which means their operations don’t require significant capital investments or major investments in raw materials–which is good news for the average entrepreneur who can’t afford to invest millions in a startup. Speaking of startups: Here’s how to start a business in just a few hours, and 10 steps to start a business while keeping your full-time job. So while you may not be able–or interested–in starting a business in one of these areas, the following should at the very least give you some good ideasand some good ideas for what types of businesses you might want to avoid. Accounting, tax prep, bookkeeping, payroll services: 18. Offices of real estate agents and brokers: 14. Offices of other health practitioners: 14. Automotive equipment rental and leasing: 12. Activities related to real estate: 12.
Nonmetallic mineral mining and quarrying: 11. Grocery and related product merchant wholesalers: 1. Lawn and garden equipment and supplies stores: 2. Miscellaneous durable goods merchant wholesalers: 2. Petroleum and petroleum products merchant wholesalers: 2. Building material and supplies dealers: 3. Continuing care retirement communities and assisted living facilities for the elderly: 3.
Beer, wine, and liquor stores: 3. Note: The average for all industries was 7. 7 percent, and the data excludes taxes but does include owner compensation in excess of market-rate salaries. Sign up to subscribe to email alerts and you’ll never miss a post. 781 64 288 64 288 64S117. Today, tens of thousands of people are considering starting a home based business, and for good reasons. On average, people can expect to have two and three careers during their work life.
Those leaving one career often think about their second or third career move being to their own home. 1,500 or less to start up1. Create a flier outlining your services. Before you do that, you need to know what those services will be.
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Do you want to simply do bookkeeping for a small business? Other specializations can include tax accounting, a huge area of potential work. In many parts of the country, this business tends to be seasonal, but you can find ways around that. Rent a storage unit and offer to store people’s bicycles over the winter after you do a tune-up and any needed repairs on them. If you want to cater to the Lance Armstrong wannabes, you can have business all year round. These road race riders are training through snow, sleet and dark of night. Boats that are hauled out of the water for the winter or even just for mid-season repairs will need the hull cleaned.
And depending on the type of boat, it is a good time to give a major cleaning everything else too–the decks, the sleeping quarters, the head, and the holds. Start by approaching homes that have a boat sitting in the yard. Or you could market your services to the marina to contract you to do the boat cleaning it offers to customers. Offer a soup-to-nuts business plan, including market research, the business plan narrative and the financial statements. Plan your fee around the main one that the client will want and offer the others as add-on services. You can give clients an electronic file and allow them to take it from there, or you can keep the business plan on file and offer the service of tweaking it whenever necessary.
Have business plan samples to show clients–and make sure to include your own! Learning to be a chimney sweep may mean nothing more than apprenticing with someone already in the business. By becoming a chimney expert, you can combine a chimney sweep business with a chimney inspection service–covering more than just whether or not the chimney needs cleaning but whether the chimney is in good working order or in need of repair. There are many directions you can take this business. If you want to work during hours when no one else does, you can focus on office clients.
You can focus on retail businesses and keep your customers clumped into one or two blocks. Restaurants are in great need of daily thorough cleaning and can be a great source of steady clients. Perhaps you would be more interested in house cleaning. Study the main types of software that system users will want–word processing, photo manipulation software, mail merge, spreadsheet, design and especially security software. To be a consultant, you need to have an expertise in something so you can market yourself as an advisor to others looking to work in that area.
Perhaps you managed several large warehouses in your career with a drugstore company, you did all the marketing for many years for a large shoe manufacturer or you set up a chain of beauty supply shops or take-out restaurants. You can use this experience to help others do similar things without making the same mistakes that you made along the way. Read This: Start Your Own Consulting Business by Entrepreneur Press and Eileen F. Dog walkers take pooches out for their daily constitutional one or more times a day, either individually or in small groups. In some cities across the United States, like New York, dog walking alone can be a booming business. But it’s actually more common for dog walkers to offer additional services, including playing with and feeding pets, bringing in newspapers and mail, and turning lights on and off. Read This: Start Your Own Pet Business and More by Entrepreneur Press and Eileen F.
Then decide if you want a minimum bid and how long you want the auction to last. From Editorial Services to Household Organizer 11. This is where fact checking takes place, and where grammatical, stylistic and typographical errors are caught. This is the last stop for a “finished” piece.