99 Best Small Business Ideas for 2024
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I deeply appreciate a great business idea.
Not just any idea, but one that ignites a spark – the kind that fuels innovation, solves problems, and, most importantly, changes lives.
An idea, small as it may seem at the beginning, has the potential to ripple into something extraordinary and impactful.
Over the past 30 years, I’ve started multiple businesses, evaluated thousands of business ideas, and had the extraordinary privilege to connect, collaborate, and learn from many unique, ambitious small businesses and startups from all corners of the globe.
Whether you’re a seasoned entrepreneur looking for your next venture or starting your first business, I invite you to dive into these ideas with an open mind. The next spark that lights up the business world could be here, waiting for you.
What makes a business idea great?
When brainstorming your next entrepreneurial venture, these factors can turn a good business idea into a great one:
- Passion matters. Pick something you love. If flowers are your thing, consider opening a florist shop. Or, if breaking a sweat gets you pumped, being a personal trainer could be your calling.
- Fill a gap. Solve a problem or cater to a need. For instance, an eco-friendly cleaning service might be what your green-conscious community craves. Or perhaps a gluten-free bakery could satisfy those with diet restrictions in your area.
- Grow, baby, grow. Can your business grow over time? A home tutoring service could begin with you, then expand to include more tutors and subjects. Or, start a local food truck that could grow into a whole fleet or a brick-and-mortar restaurant.
- Show me the money. Being a personal chef for busy professionals or starting a digital marketing agency can be serious money-makers. Profitable ideas bring in cash.
- Be unique. Stand out from the crowd! A mobile pet grooming service or a farm-to-table app can offer unique solutions to grab people’s attention.
- Leverage your skills. Use what you already know. A software engineer might freelance, while a home baker might kick off a custom cake biz.
- Keep it real. Make sure you can actually pull it off. Consider a bed and breakfast if you have a spacious home and love guests. If you have gardening skills, a landscaping business could be your green ticket.
- Consistent demand. Find a need that won’t go away. A home health care service for older adults or a grocery delivery service offers convenience that will always be in demand.
- Stay flexible. Adapt to changing trends. A clothing store that keeps up with fashion or a fitness instructor who offers diverse classes can stay relevant and exciting.
- Location, Location, Location. Sometimes, where you make all the difference. A café in a bustling area or a tour guide business in a tourist hotspot can thrive thanks to their prime locations.
- Easy peasy. It’s a bonus if your business idea requires little to no training. Like being a dog walker if you love animals or a house cleaner if you’re meticulous and organized.
- Low startup costs. The less you have to spend to get going, the better. Think of businesses like freelance writing, graphic design, or being a virtual assistant, where you just need a computer to start.
- Less is more. Ideas manageable by a small team (or even just you) can be a big plus. Running a blog, a small Etsy store, or a home-based beauty salon can all be handled by one or two people.
Free Business Startup Kit
Receive six actionable guides, including a how to start a business checklist, detailed comparisons of LLCs, corporations, sole proprietorships, and partnerships to determine the best fit for your business, plus insights on crafting a compelling pitch deck to attract investors.
- How to Start a Business Checklist
- Starting a Corporation Guide
- Is an LLC Right for You?
- Starting a Sole Proprietorship
- Starting Business Partnerships
- Creating a Powerful Pitch Deck
There’s no magical formula to finding the perfect small business idea. It’s all about spotting the right opportunity that aligns with your skills, passions, and community needs.
Small Business Ideas:
Best small business ideas
Small business ideas on a small budget
Home-based business ideas
Most profitable online business ideas
Easy businesses to start
Best businesses to start with little money
Niche businesses
Business ideas for women
Business ideas for students
How to start a small business
Small Business FAQs: Your questions answered
We’ve packed this guide with many cool business ideas to get you started on your venture. But as we all know, it’s not just about the idea. You also have to overcome those tricky hurdles.
So, we’re tackling the top three challenges for each idea and giving you actionable tips to overcome them. Plus, we’ve gathered helpful resources to help you hit the ground running.
Are you ready to turn your business dreams into reality?
Best small business ideas: start a profitable business today
1. Personal Trainer
Personal training is a booming industry fueled by increasing global fitness and health awareness.
Market demand: With rising health consciousness, there’s an increasing need for fitness professionals who can guide individuals toward their health goals.
Competition: While gyms often offer personal training services, independent trainers with a niche focus or specialized skills can differentiate themselves.
Initial investment: Starting out might require certifications, gym equipment (if not using a public gym), and marketing materials.
Revenue model: Earnings can be on a session-by-session basis, monthly retainers, or even packages that include diet and exercise plans.
Scalability: Expanding to online training sessions, creating fitness courses, or opening a fitness studio can be the next steps.
Regulations: Certain certifications or health and safety measures might be required, especially if operating a private gym.
However, this idea is not without its challenges.
Challenge 1: Building credibility. Your credibility as a personal trainer is paramount. This challenge is especially pronounced if you’re new to the industry and lack experience and a client base. To overcome this challenge, get certified by a reputable organization. This is a testament to your knowledge and expertise, improving clients’ trust. For example, certification from The American Council on Exercise or the National Academy of Sports Medicine could be a good starting point.
Challenge 2: Differentiating your services. The fitness industry is crowded, making it difficult to stand out. To overcome this challenge, find your niche. Maybe you could specialize in yoga for pregnant women or strength training for senior citizens. Alternatively, consider combining fitness with nutrition consulting.
Challenge 3: Finding clients. Acquiring clients can be demanding when you’re just starting. To overcome this challenge, leverage the power of social media to showcase your skills. For instance, Instagram is an excellent platform for sharing workout videos and health tips. Facebook, on the other hand, allows you to create a business page and collect reviews.
Biggest risks:
- Injury concerns: Clients might suffer injuries during training.
Mitigation: Acquire insurance, set clear guidelines, and ensure proper training. - Retention: Keeping clients motivated and loyal.
Mitigation: Offer varied training regimens, continuous engagement, and occasional discounts.
Success strategies:
- Branding: Establish a recognizable brand with success stories and testimonials.
- Diversification: Offer online courses, group classes, and workshops.
- Continuous Learning: Stay updated with fitness trends and techniques.
Exit strategy:
- Licensing Programs: Develop and sell licensed fitness programs or courses.
- Partnership: Merge or partner with a larger fitness institute or gym.
- Consultation Role: Transition into a fitness consultancy role, advising gyms or health institutions.
Ideal for: Individuals passionate about fitness, have a knack for motivating others, and are willing to keep up with evolving fitness trends.
We recommend the following personal trainer resources:
2. Home organizer
A home organizing business caters to those needing neat, orderly spaces but lacking the time or skill to create them.
Market demand: With the minimalist trend and the desire for efficient living spaces, professional home organizers are in demand.
Competition: Local competition can vary, but a unique selling proposition like eco-friendly organizing or specialized room focus can be advantageous.
Initial investment: Minimal, mostly around marketing, transportation, and initial organizing supplies.
Revenue model: Typically charge by the hour or project, with potential for add-on services like product sourcing or maintenance visits.
Scalability: Potential to grow into a full-fledged consultancy or launch a line of organizing products.
Regulations: Generally light, but local business regulations and permits will apply.
Challenge 1: Demonstrating the value of your services. Convincing potential clients of the benefits of a professional home organizer can be a challenge. For example, I’ve never understood why people could not easily organize their spaces. However, many friends relied on a home organizer for help, which tells me that a great organizer can provide lots of value. To overcome this challenge, create a portfolio showcasing your work – before and after photos can prove your skills. This could range from organizing kitchens to decluttering garages or streamlining home offices.
Challenge 2: Differentiating your services. Again, differentiation is key in a market with various service providers. To overcome this challenge, consider specializing in a particular organization, such as home offices for remote workers or organizing spaces for families with young children. This will make your services more specific and appealing to your target audience.
Challenge 3: Establishing trust. Clients must trust you enough to let you into their homes and personal spaces. To overcome this challenge, cultivate a professional online presence, showcasing positive customer testimonials and your methodology. Ensure your business name and logo echo the trust and professionalism you want to project.
Biggest risks:
- Client dissatisfaction: Not meeting the client’s organizational vision.
Mitigation: Clear communication, mock-ups, and iterative feedback. - Damage: Accidentally damaging client’s property.
Mitigation: Careful handling and insurance.
Success strategies:
- Niche focus: Specialize in certain areas like kids’ rooms, garages, or home offices.
- Workshops: Conduct organizing workshops or online webinars.
- Collaborations: Partner with interior designers or home sellers for mutual referrals.
Exit strategy:
- Franchising: Offer franchising opportunities for your organizing brand.
- Online courses: Develop and sell home organizing courses or tutorials.
- Product line: Design and sell organizing products or tools.
Ideal for: Detail-oriented individuals with a passion for space management and aesthetics.
We recommend the following home organizer resources:
Free Business Startup Kit
Receive six actionable guides, including a how to start a business checklist, detailed comparisons of LLCs, corporations, sole proprietorships, and partnerships to determine the best fit for your business, plus insights on crafting a compelling pitch deck to attract investors.
- How to Start a Business Checklist
- Starting a Corporation Guide
- Is an LLC Right for You?
- Starting a Sole Proprietorship
- Starting Business Partnerships
- Creating a Powerful Pitch Deck
3. Meal prep business
A meal prep business offers a convenient solution for health-conscious individuals and busy families in a fast-paced world.
Market demand: Busy lifestyles and the need for healthy eating create demand for convenient, pre-prepared meals.
Competition: Though many meal kit services exist, focusing on niche diets (Keto, Vegan) or local specialties can set you apart.
Initial investment: Costs involve kitchen equipment, ingredients, packaging, and delivery mechanisms.
Revenue model: Earnings can come from weekly meal subscriptions, individual meal orders, or specialty diet packages.
Scalability: Expanding into new cuisines, collaborating with dieticians, or even opening a storefront are growth options.
Regulations: Health and safety regulations, food handling certificates, and local business permits are vital.
Challenge 1: Adhering to food safety and regulations. Meeting local health department regulations and maintaining impeccable food safety can be challenging. Stay updated with the latest food safety practices and guidelines to overcome this challenge, such as safe food temperatures and proper storage methods. Ensure your kitchen meets all local health codes. You could consider taking a food handling course or getting certified in food safety.
Challenge 2: Differentiating your services. The food industry is highly competitive, making it critical to offer something unique. To overcome this challenge, carve out a niche by catering to specific dietary requirements like gluten-free, paleo, or vegan meal plans. For instance, you could specialize in gourmet keto meals or vegetarian meals for athletes.
Challenge 3: Building a customer base. Attracting and retaining customers in a market with diverse tastes and preferences can be challenging. To overcome this challenge, develop a solid online presence to reach your potential clients. Share tantalizing photos of your meals, client testimonials, and nutritional facts on social media platforms. At crowdspring, we’ve seen how a well-designed website or a visually appealing Instagram feed can significantly boost customer engagement and sales for businesses in this niche and all other small businesses.
Biggest risks:
- Food safety: Concerns over food spoilage or contamination.
Mitigation: Strict adherence to safety guidelines and regular quality checks. - Fluctuating demand: Changing customer preferences or seasonal fluctuations.
Mitigation: Diverse menu offerings and regular feedback loops.
Success strategies:
- Market Research: Continuously research and adapt to dietary trends.
- Collaborations: Partner with fitness professionals or nutritionists.
- Sustainability: Offer eco-friendly packaging or locally sourced ingredients.
Exit strategy:
- Brand sale: Once well-established, sell your brand to a larger food company.
- Franchising: Offer franchising opportunities to expand geographically.
- Consulting: Provide consultation to budding food entrepreneurs or restaurants.
Ideal for: Those passionate about cooking, staying updated on dietary trends, and understanding the local palate.
We recommend the following meal prep business resources:
- Department of Health and Human Services Cold Food Safety Chart
- U.S. Department of Agriculture Resource Hub for Meal Planning
Business ideas on a small budget: start a business with little money
1. Freelance writing
With the need for quality content on the rise, freelance writing is a viable business that requires little more than a laptop to get started.
Market demand: With an ever-growing digital landscape, quality content is crucial. From blogs to eBooks, businesses need engaging written material.
Competition: The freelance writing space is vast, but niche specialization or a distinct voice can set you apart.
Initial investment: Minimal. Costs primarily include marketing, writing software, and professional development.
Revenue model: Writers can charge per word, per article, or establish monthly retainers with regular clients.
Scalability: Expand by starting a content agency, venturing into publishing, or offering writing workshops.
Regulations: Generally light, but it’s essential to understand copyright laws and client contracts.
Challenge 1: Building a portfolio. Clients typically want to see examples of your work before hiring you, which can be challenging when you’re just starting. To overcome this challenge, start a blog or write guest posts for online platforms to showcase your writing style and versatility. You could write about topics you’re passionate about, from tech and travel to finance and fitness.
Challenge 2: Finding paying clients. Finding clients willing to pay for your writing services can be daunting initially. To overcome this challenge, join platforms like Upwork, where you can find freelance writing gigs. Online and offline networking can also help you connect with potential clients.
Challenge 3: Standing out in a crowded market. Differentiating yourself as a writer in a content-filled market can be challenging. To overcome this challenge, specialize in a niche or develop a unique writing style that sets you apart. Even with the rise of artificial intelligence (AI), great writers will continue to be in high demand. And, importantly, great writers who can also smartly leverage AI to improve their writing will stand out. For example, if you have a medical background, consider medical writing.
Biggest risks:
- Inconsistent workflow: Freelancing can be feast or famine.
Mitigation: Establish long-term contracts or diversify the client base. - Plagiarism concerns: Potential content theft.
Mitigation: Use plagiarism checkers and maintain copyright agreements.
Success strategies:
- Continuous learning: Stay updated with the latest writing trends and SEO techniques.
- Networking: Engage with fellow writers, attend conferences, and join writer forums.
- Diversification: Explore different forms of writing, from technical to creative.
Exit strategy:
- Authorship: Transition into book publishing or eBook creation.
- Consultancy: Offer content strategy consultation for businesses.
- Agency model: Develop a full-fledged content agency, outsourcing to other writers.
Ideal for: Individuals with a flair for words, adaptability to various writing styles, and a deadline commitment.
We recommend the following freelancer writing resources:
2. Virtual assistant services
As businesses strive to streamline operations, the demand for virtual assistants (VAs) who can handle administrative tasks is rising.
Market demand: Business owners increasingly outsource administrative tasks, leading to a surge in virtual assistant demand.
Competition: Many individuals and agencies offer VA services; however, expertise in specific industries or software can provide an edge.
Initial investment: Relatively low, typically requiring a computer, relevant software, and communication tools.
Revenue model: Charge hourly, or offer bundled packages for specific tasks or monthly assistance.
Scalability: Build a team of VAs, offer specialized services, or even start a VA training program.
Regulations: General business regulations apply, but data protection and privacy laws are especially pertinent.
Challenge 1: Building credibility. Establishing your reliability and competence as a VA can be challenging, particularly when starting. To overcome this challenge, gain relevant skills and experience in administrative tasks. This could include data entry, calendar management, email handling, etc. You could also consider getting certified as a VA.
Challenge 2: Finding clients. Finding businesses willing to delegate tasks to a VA can be tough. To overcome this challenge, join VA platforms like Zirtual, where you can connect with potential clients. It’s also important to network within business circles and offer your services.
Challenge 3: Standing out in a crowded market. With many individuals offering VA services, it’s crucial to differentiate yourself. To overcome this challenge, consider specializing in an industry or a specific type of task. For example, you could be a VA specializing in content creation for health and wellness businesses.
Free Business Startup Kit
Receive six actionable guides, including a how to start a business checklist, detailed comparisons of LLCs, corporations, sole proprietorships, and partnerships to determine the best fit for your business, plus insights on crafting a compelling pitch deck to attract investors.
- How to Start a Business Checklist
- Starting a Corporation Guide
- Is an LLC Right for You?
- Starting a Sole Proprietorship
- Starting Business Partnerships
- Creating a Powerful Pitch Deck
Biggest risks:
- Data breaches: Handling sensitive client information.
Mitigation: Use secure communication channels and invest in cybersecurity. - Task overload: Taking on too many clients or tasks.
Mitigation: Use project management tools and set clear client boundaries.
Success strategies:
- Skill upgrade: Regularly update skills, especially in high-demand areas like social media.
- Niche services: Offer specialized services, e.g., real estate VA, legal VA.
- Client relations: Foster long-term relationships through impeccable service and clear communication.
Exit strategy:
- Agency model: Grow into a larger firm, hiring other VAs.
- Training programs: Offer VA training or coaching for newcomers.
- Consultancy: Advise businesses on operations and optimization.
Ideal for: Organized individuals adept at multitasking, with a keen eye for detail and strong communication skills.
3. Freelance graphic design
A freelance graphic design business allows you to utilize your creativity while working from home.
Market demand: With the emphasis on visuals in today’s digital world, graphic designers are crucial for branding, advertisements, and more.
Competition: The design field is vast. A distinct style or expertise in specific software/tools can be beneficial.
Initial investment: Costs include design software subscriptions, high-quality computer hardware, and marketing.
Revenue model: Charge per project, hourly rates, or retainers for long-term clients.
Scalability: Consider starting a design studio, offering design workshops, or expanding into related fields like animation.
Regulations: Be aware of copyright and trademark laws, especially when using or creating distinct images.
Challenge 1: Building a portfolio. Clients want to see your work before they hire you. To overcome this challenge, work on projects on a platform like crowdspring to showcase your design skills. For example, you could create a new logo for a well-known company or redesign a popular website.
Challenge 2: Finding paying clients. Finding clients willing to pay for your services can be challenging. I founded crowdspring to give designers worldwide opportunities to compete for clients based on their talent, not their resumes. A platform like crowdspring solves this problem by giving you access to clients from 100 countries.
Challenge 3: Standing out in a crowded market. Graphic design is a competitive field, and standing out can be difficult. To overcome this challenge, specialize in a niche, like logo design, UI/UX design, or book cover design. Having a unique style can also help you stand out.
Biggest risks:
- Design rejections: Clients may not always align with your vision.
Mitigation: Clear communication, mood boards, and iterative feedback. - Software obsolescence: Rapid tech advancements.
Mitigation: Stay updated with the latest design tools and software.
Success Strategies:
- Portfolio building: Regularly update a personal portfolio showcasing diverse work.
- Continuous learning: Engage in courses to master new design techniques.
- Networking: Attend design conferences, join forums, and collaborate with peers.
Exit Strategy:
- Design school: Start a training institution for upcoming designers.
- Licensing: License your designs or artwork for commercial use.
- Consultancy: Offer brand consultancy or visual strategy services to companies.
Ideal for: Creatives with an eye for aesthetics, a passion for visual storytelling, and tech-savviness.
4. Resume writer
Resume writers help clients craft compelling resumes that stand out to potential employers. This business is especially in demand in today’s competitive job market.
Market demand: A standout resume is paramount in a competitive job market, leading to a demand for expert resume writers.
Competition: While numerous online templates exist, personalized touch, industry knowledge, and ATS optimization can differentiate your service.
Initial investment: Minimal, mostly around marketing and potentially some premium resume design software.
Revenue model: Charge per resume or offer packages that include cover letters, LinkedIn optimization, etc.
Scalability: Extend services to career coaching, interview prep, or even corporate outplacement support.
Regulations: Understanding data protection is crucial since you’ll handle personal information.
Challenge 1: Staying updated with industry trends. Resume trends and employer expectations can vary by industry and change over time. To overcome this challenge, regularly follow industry blogs and career advice sources to stay updated on what employers seek.
Challenge 2: Balancing detail and brevity. A good resume is detailed yet concise, which can be a challenging balance to strike. To overcome this challenge, develop expertise in writing concise descriptions and using industry-specific keywords.
Challenge 3: Differentiating your services. There are many online resume services, so standing out can be difficult. To overcome this challenge, offer personalized service, quick turnaround times, and extra services like cover letters and LinkedIn profile writing.
Biggest risks:
- Client dissatisfaction: Not capturing a client’s essence or missing crucial details.
Mitigation: Detailed client interviews and multiple revisions. - Evolving trends: Resume preferences change over time.
Mitigation: Stay updated with HR trends and attend relevant workshops.
Success strategies:
- Niche focus: Specialize in resumes for specific industries or job levels.
- Continuous feedback: Engage with HR professionals to understand their preferences.
- Portfolio building: Showcase success stories and testimonials (while maintaining client privacy).
Exit strategy:
- Online courses: Offer courses on resume building and job searching.
- Agency model: Expand to a full-service career consultancy.
- Partnership: Collaborate with job boards or recruitment agencies for referrals.
Ideal for: Those with a knack for understanding career trajectories, excellent writing skills, and an understanding of HR processes.
Best home business ideas: start a business from home
1. Home-based bakery or food business
If you love baking or cooking, starting a home-based food or bakery business can be fulfilling and profitable.
Market demand: People consistently seek unique culinary experiences and homemade specialties, providing ample opportunities for local food artisans.
Competition: While many pursue home-based food businesses, a signature dish or unique packaging can help differentiate you.
Initial investment: Costs include kitchen upgrades, ingredients, packaging, and marketing. Health and hygiene certifications might also be necessary.
Revenue model: Charge per item, offer catering services, or create subscription-based meal plans.
Scalability: Venture into a full-fledged café, offer cooking classes, or distribute to local stores.
Regulations: Understanding health and safety standards is crucial. Local licenses for food businesses might be required.
Challenge 1: Meeting health and safety regulations. Complying with food safety regulations and securing permits can be daunting. To overcome this challenge, learn about your local health department’s requirements for a home food business. Obtain necessary permits and ensure your kitchen complies with all regulations. Consider a ServSafe certification to enhance your credibility.
Challenge 2: Building a customer base. Making people aware of your products and persuading them to choose you over commercial options can be challenging. To overcome this challenge, use social media platforms to showcase your products, share customer testimonials, and engage with potential customers. For instance, you could start a YouTube channel sharing your baking or cooking process or an Instagram page showcasing mouth-watering photos of your creations.
Challenge 3: Standing out in a crowded market. The food industry is highly competitive, and can be tough to stand out. To overcome this challenge, specialize in a niche, like gluten-free baked goods, vegan pastries, or ethnic cuisine.
Biggest risks:
- Quality inconsistencies: Maintaining a consistent taste and quality.
Mitigation: Regular quality checks and vendor evaluations. - Storage issues: Perishable items require effective storage.
Mitigation: Investment in good quality storage solutions and inventory management.
Success strategies:
- Branding: Effective branding, from logo to packaging.
- Community engagement: Attend local food fairs, collaborate with local businesses, or offer samples.
- Continuous innovation: Regularly introduce new flavors or dishes.
Exit strategy:
- Franchising: License your brand and recipes to others.
- Cookbook creation: Share your culinary secrets in a published cookbook.
- Teaching: Offer cooking workshops or online courses.
Ideal for: Culinary enthusiasts passionate about food, hygiene consciousness, and attention to detail.
Free Business Startup Kit
Receive six actionable guides, including a how to start a business checklist, detailed comparisons of LLCs, corporations, sole proprietorships, and partnerships to determine the best fit for your business, plus insights on crafting a compelling pitch deck to attract investors.
- How to Start a Business Checklist
- Starting a Corporation Guide
- Is an LLC Right for You?
- Starting a Sole Proprietorship
- Starting Business Partnerships
- Creating a Powerful Pitch Deck
2. Dropshipping
Dropshipping is a retail fulfillment method where a store doesn’t keep the products it sells in stock. Instead, when a store sells a product, it purchases the item from a third party and has it shipped directly to the customer.
Market demand: E-commerce is booming. Dropshipping offers an inventory-free way to participate in this digital marketplace.
Competition: It’s crowded, but targeting a niche market or offering unique products can set your store apart.
Initial investment: Mostly platform fees, marketing, and website setup. No inventory costs are involved.
Revenue model: Earn the difference between wholesale and retail prices.
Scalability: Expand product range, explore different suppliers, or start your product line.
Regulations: Understanding regulations and import/export duties is crucial, depending on what you sell.
Challenge 1: Supplier reliability. Working with reliable suppliers is a significant concern. To overcome this challenge, thoroughly vet potential suppliers and consider their reviews and reputation.
Challenge 2: Competitive differentiation. Standing out in a crowded market can be tough. To overcome this challenge, specialize in a specific niche, offer excellent customer service, and invest in professional branding.
Challenge 3: Profit margins. Profit margins can be low because of competition and the cost of goods. To overcome this challenge, focus on selling higher-margin goods, upselling, and cross-selling.
Biggest risks:
- Supplier issues: Supplier inconsistencies or stock issues.
Mitigation: Maintain relationships with multiple suppliers for backup. - Thin margins: Dropshipping often has slim profit margins.
Mitigation: Effective marketing and upselling techniques to increase order value.
Success strategies:
- Market research: Regularly scout for trending products.
- Customer service: Efficient customer support for queries and returns.
- Branding: Effective branding to make your store memorable.
Exit strategy:
- E-commerce platform sale: Selling the entire online store with a good customer base.
- Transition to wholesale: Switch from dropshipping to bulk buying and storing inventory.
- Affiliate marketing: Shift towards promoting products rather than selling them directly.
Ideal for: Aspiring entrepreneurs with strong market research skills, minimal startup capital, and digital marketing acumen.
3. Etsy shop owner
If you have a talent for creating handmade goods, consider starting an Etsy shop.
Market demand: Handcrafted, vintage, and unique items are highly sought after, with platforms like Etsy making them accessible globally.
Competition: While Etsy has many sellers, a unique craft, consistent quality, and excellent branding can help you stand out.
Initial investment: Material costs, shop setup fees, and marketing expenses.
Revenue model: Profit from the sale of crafted items or digital downloads.
Scalability: Expand product range, offer workshops, or explore wholesale opportunities.
Regulations: Adherence to platform rules and understanding shipping and customs if selling internationally.
Challenge 1: Standing out among thousands of shops. Etsy is a bustling marketplace with many talented creators, so standing out can be tough. To overcome this challenge, consider specializing in a specific niche to make your shop more memorable. It could be anything from vintage jewelry to hand-painted ceramics.
Challenge 2: Driving traffic to your shop. With so many shops on Etsy, driving traffic to your shop can be challenging. To overcome this challenge, promote your shop on social media, and consider Etsy’s built-in advertising options. Use SEO techniques to make your shop and products more discoverable.
Challenge 3: Managing inventory and fulfillment. Keeping up with product demand and ensuring prompt delivery can be demanding. Set realistic expectations for your customers regarding shipping times to overcome this challenge. Keep a steady supply of raw materials on hand, and consider hiring help during busy times.
Biggest risks:
- Copycats: Other sellers replicating your unique designs.
Mitigation: Regularly introduce new products and potentially trademark unique designs. - Platform dependency: Being overly reliant on Etsy for sales.
Mitigation: Diversify with your website or other platforms.
Success strategies:
- Customer engagement: Personalized notes, custom orders, and excellent communication.
- Quality imagery: High-quality photos showcasing products.
- SEO: Understand Etsy SEO to ensure your products are easily discoverable.
Exit strategy:
- Brand expansion: Start a standalone e-commerce website.
- Teaching: Offer craft workshops or online courses.
- Licensing: License your designs or patterns to larger manufacturers.
Ideal for: Craft enthusiasts, artists, and makers with a keen sense of aesthetics and attention to detail.
4. Event planning
Event planning could be a great business opportunity if you’re organized and enjoy working with people. You could plan corporate events, weddings, parties, and more.
Market demand: From corporate events to weddings, individuals consistently need to turn visions into reality.
Competition: The industry is vast. Specializing in specific events or themes can carve out a niche.
Initial investment: Marketing expenses, potential venue booking advances, and event planning software.
Revenue model: Charge per event, hourly rates, or a percentage of the event budget.
Scalability: Expand into a full-fledged event management company or branch into specialized areas like concert management.
Regulations: Understanding local event permits, health and safety regulations, and contracts is essential.
Challenge 1: Building a portfolio. Without a portfolio, it can be hard to secure clients. To overcome this challenge, offer to plan events for friends and family to build your portfolio. Take high-quality photos of these events to showcase your skills.
Challenge 2: Managing multiple vendors. Coordinating with various vendors can be a logistical challenge. To overcome this challenge, build a network of reliable vendors. Keep communication lines open and maintain good relationships with them.
Challenge 3: Handling high-stress situations. Events often come with last-minute changes and issues. To overcome this challenge, develop strong problem-solving skills. Be adaptable and always have a backup plan.
Biggest risks:
- Client dissatisfaction: Not meeting client expectations.
Mitigation: Detailed initial consultations, mood boards, and regular check-ins. - Unforeseen mishaps: Events can face unplanned disruptions.
Mitigation: Always have a backup plan and thorough contracts covering potential issues.
Success strategies:
- Networking: Build relationships with vendors, venues, and caterers.
- Portfolio building: Document each event with high-quality imagery.
- Continuous learning: Attend workshops and stay updated with industry trends.
Exit strategy:
- Consultancy: Offer event strategy and consultation services.
- Training: Provide event planning courses or workshops.
- Agency model: Grow into an event management agency, hiring other planners.
Ideal for: People-persons with strong organizational skills, creative vision, and crisis management capabilities.
5. Life and career coach
A life and career coach helps clients set professional and personal goals and create a plan to achieve them. This could be an excellent business idea if you enjoy helping others achieve their potential.
Market demand: With the complexities of modern life, many seek guidance in personal or professional spheres.
Competition: There are many coaches, but a genuine success record, expertise, and specialization can make one stand out.
Initial investment: Costs for certification (if pursued), marketing, and coaching tools or software.
Revenue model: Charge per session, offer package deals, or run group workshops.
Scalability: Expand into a coaching firm, offer online courses, or write self-help books.
Regulations: While formal regulations are limited, having recognized certifications can boost credibility.
Challenge 1: Gaining credibility. In a field where trust is paramount, establishing credibility can be challenging. To overcome this challenge, acquire coaching certifications from recognized institutions and collect client testimonials.
Challenge 2: Client acquisition. Attracting clients in a competitive market can be tough. To overcome this challenge, offer free introductory sessions, create a strong online presence, and use referral programs to attract new clients.
Challenge 3: Adapting to client needs. Each client’s needs are unique, requiring different strategies and techniques. To overcome this challenge, develop various coaching techniques and stay up-to-date with the latest personal and professional development research.
Biggest risks:
- Client dissatisfaction: Not achieving client goals or improvements.=
Mitigation: Set clear expectations, continuous feedback loops, and personal development. - Dependency on personal brand: Most coaches rely heavily on personal reputation.
Mitigation: Diversify services and create evergreen content/products.
Success strategies:
- Continuous learning: Stay updated with the latest techniques and psychological insights.
- Networking: Attend seminars, join coaching networks, and engage in collaborative ventures.
- Personal branding: Regularly publish content, testimonials, and success stories.
Exit strategy:
- Book publishing: Share insights in a widely distributed format.
- Online courses: Develop courses offering structured self-help or development pathways.
- Consultancy: Work with organizations on employee development or holistic strategies.
Ideal for: Empathetic individuals with strong communication skills, a genuine desire to help others, and an understanding of human behavior.
We recommend the following life and career coach resources:
6. Sewing and alteration specialist
If you have a knack for sewing, starting a sewing and alteration business could be a great fit. You can offer various services, from mending clothes to creating custom garments.
Challenge 1: Keeping up with fashion trends. Fashion trends change rapidly, and staying current can be challenging. To overcome this challenge, regularly follow fashion blogs, magazines, and influencers to stay updated.
Challenge 2: Meeting client expectations. Every client has unique needs and expectations for their garments. Communicate clearly and set realistic expectations for turnaround times and final results to overcome this challenge.
Challenge 3: Marketing your services. Standing out in a competitive market can be tricky. To overcome this challenge, build an online portfolio showcasing your work and ask satisfied customers for reviews.
We recommend the following sewing and alteration specialist resources:
- International Open Academy’s Tailoring Course for Beginners
- American Bespoke Tailoring Academy’s Programs
Free Business Startup Kit
Receive six actionable guides, including a how to start a business checklist, detailed comparisons of LLCs, corporations, sole proprietorships, and partnerships to determine the best fit for your business, plus insights on crafting a compelling pitch deck to attract investors.
- How to Start a Business Checklist
- Starting a Corporation Guide
- Is an LLC Right for You?
- Starting a Sole Proprietorship
- Starting Business Partnerships
- Creating a Powerful Pitch Deck
Most profitable online business ideas
1. Social media consultant
With businesses striving to maintain a strong social media presence, social media consulting is a business you can start with minimal investment.
Challenge 1: Keeping up with social media trends. Social media platforms and trends are ever-changing. Staying up-to-date can be a challenge. Regularly educate yourself on the latest social media trends, algorithms, and practical strategies to overcome this challenge. Following industry leaders and participating in relevant forums can be beneficial.
Challenge 2: Proving your expertise. Without a proven track record, convincing potential clients of your expertise can be demanding. To overcome this challenge, start by offering your services to small businesses in your network. Use the results you achieve for them to showcase your skills. Additionally, consider acquiring a certification in social media marketing.
Challenge 3: Attracting and retaining clients. With numerous social media consultants, attracting and retaining clients can be challenging. To overcome this challenge, specialize in managing social media platforms or catering to a particular industry. Offering a comprehensive package that includes strategy, content creation, and analytics could also give you an edge.
2. Virtual tutoring
With the increasing demand for online education, virtual tutoring is a great business idea that requires minimal investment.
Challenge 1: Building credibility. Without teaching credentials or a proven track record, it can be hard to gain trust. To overcome this challenge, gain a teaching certification or tutor qualification to enhance your credibility. Join platforms like Chegg Tutors or Tutor.com to gain experience and testimonials.
Challenge 2: Finding students. Attracting students willing to pay for your tutoring services can be challenging. To overcome this challenge, use social media to reach potential students in your subject area. You could also connect with local schools and colleges to offer your services.
Challenge 3: Standing out in a crowded market. With numerous online tutors, standing out can be difficult. To overcome this challenge, specialize in a particular subject or cater to a specific age group. For instance, you could offer advanced calculus tutoring for college students or reading tutoring for elementary students.
3. Online course creator
With the growth of online learning, creating and selling online courses can be a profitable business idea.
Challenge 1: Identifying a course topic. Choosing a topic that is both popular and within your expertise can be tricky. To overcome this challenge, look at existing courses on platforms like Udemy or Coursera. Identify gaps where your unique knowledge could fill a need.
Challenge 2: Creating engaging content. Online learners have many options, so your content needs to stand out. To overcome this challenge, invest time in creating interesting content. Use videos, interactive quizzes, and real-world examples to make your course more appealing.
Challenge 3: Promoting your course. Attracting students to your course, among many choices, can be challenging. To overcome this challenge, To overcome this challenge, leverage social media platforms, your personal network, and email marketing campaigns to promote your course. Consider offering a discount for the initial enrollees.
4. Online dating consultant
In the age of digital dating, an online dating consultant can help clients optimize their online profiles, choose the right dating platforms, and navigate online interactions.
Challenge 1: Establishing trust. Building credibility in a field often seen as subjective can be tricky. To overcome this challenge, use testimonials and case studies to highlight successful matches you’ve facilitated.
Challenge 2: Staying current. Online dating trends and platforms change rapidly. Regularly research and stay updated with the latest dating apps and trends to overcome this challenge.
Challenge 3: Managing sensitive client information. Handling sensitive client information requires careful handling. To overcome this challenge, implement robust data privacy measures and be transparent about your privacy policies.
We recommend the following online dating consultant resources:
Free Business Startup Kit
Receive six actionable guides, including a how to start a business checklist, detailed comparisons of LLCs, corporations, sole proprietorships, and partnerships to determine the best fit for your business, plus insights on crafting a compelling pitch deck to attract investors.
- How to Start a Business Checklist
- Starting a Corporation Guide
- Is an LLC Right for You?
- Starting a Sole Proprietorship
- Starting Business Partnerships
- Creating a Powerful Pitch Deck
5. E-commerce reseller
E-commerce reselling involves purchasing products and reselling them online at a profit. Platforms like eBay, Amazon, and Etsy make it easy to start.
Challenge 1: Finding profitable products. Identifying products that will sell well at a higher price point can be difficult. Research trends and best-selling items on various e-commerce platforms to overcome this challenge. Attend auctions, estate, and clearance sales to find potentially profitable items.
Challenge 2: Managing inventory. Storing and organizing your inventory can be challenging as your business grows. To overcome this challenge, implement an inventory management system early on. This could be as simple as a spreadsheet tracking what you have in stock.
Challenge 3: Standing out from the competition. Many resellers might be selling similar products, so differentiation is critical. To overcome this challenge, provide excellent customer service and fast shipping. Write detailed product descriptions and take high-quality photos.
6. Mobile app developer
As smartphones become more integral to our daily lives, the demand for innovative mobile apps continues to grow. A mobile app development business could suit you if you have coding skills.
Challenge 1: Staying updated with changing technologies. Mobile app technologies are continually evolving, and keeping up can be challenging. To overcome this challenge, dedicate time for ongoing learning. Follow industry blogs, participate in relevant forums, and attend developer conferences to stay current.
Challenge 2: Differentiating your apps. There are millions of apps in the app stores, so standing out is tough. Identify underserved niches where your app could significantly impact overcoming this challenge. Focus on providing an exceptional user experience to set your app apart.
Challenge 3: Attracting clients. Finding clients willing to pay for your app development services can be hard. To overcome this challenge, build a portfolio showcasing your best work. Leverage your network and use platforms like LinkedIn to connect with potential clients.
We recommend the following developer resources:
7. Affiliate marketing
Affiliate marketing involves earning a commission for marketing another person’s or company’s products.
Challenge 1: Choosing the right products. Picking the right products to market can be challenging. To overcome this challenge, look for products that align with your target audience’s interests and needs.
Challenge 2: Building an audience. An affiliate marketer needs a large, engaged audience to be successful. To overcome this challenge, use content marketing, social media, and SEO to grow and engage your audience.
Challenge 3: Trust and reputation. Maintaining trust while promoting products can be tricky. To overcome this challenge, always disclose your affiliate relationships. Promote products you believe in.
8. Content creator or influencer
A content creator or influencer generates engaging content for a specific niche or audience, often brand-sponsored.
Challenge 1: Building an audience. Growing a dedicated audience can be challenging. To overcome this challenge, consistently create high-quality, engaging content that resonates with your target audience.
Challenge 2: Securing sponsorships. Finding brands willing to sponsor your content can be tough. To overcome this challenge, develop a unique brand voice and style to attract potential sponsors.
Challenge 3: Maintaining authenticity. Maintaining authenticity while promoting brands can be challenging. Only promote products and brands you believe in and use to overcome this challenge.
9. Independent author
As an independent author, you publish your own books, typically selling them online.
Challenge 1: Writing the book. The process of writing a book is long and challenging. To overcome this challenge, break down your writing into daily or weekly goals to make the task more manageable.
Challenge 2: Self-publishing. Self-publishing is a complex process involving many steps, from editing to cover design. To overcome this challenge, hire professionals, like those on crowdspring, for editing, book cover design, and formatting. A good book cover is essential in attracting readers.
Challenge 3: Marketing and distribution. As an independent author, you’re responsible for marketing and distribution. To overcome this challenge, create a marketing plan that includes social media promotion, email marketing, and partnerships with relevant influencers or blogs.
10. Subscription newsletter
A subscription newsletter is a regularly delivered email with valuable content that subscribers pay to receive.
Challenge 1: Creating valuable content. Continually creating content that people are willing to pay for is a challenge. To overcome this challenge, conduct regular audience research to keep abreast of their changing needs and interests.
Challenge 2: Building a subscriber base. Growing a subscriber base from scratch is difficult. To overcome this challenge, offer a free version of your newsletter, then upsell to a premium subscription with additional benefits.
Challenge 3: Retaining subscribers. Keeping subscribers engaged and preventing them from canceling their subscriptions is tough. To overcome this challenge, regularly seek feedback from your subscribers to understand what they like and don’t like about your newsletter.
11. Translator
Starting a translation service can be a flexible and rewarding business if you’re multilingual. Translators work across various industries, translating everything from legal documents to novels.
Challenge 1: Gaining client trust. As a translator, you’re handling sensitive and potentially confidential information. To overcome this challenge, provide testimonials, get certified if possible, and consider getting insured.
Challenge 2: Staying up to date with languages. Language is constantly evolving, and staying current is essential. To overcome this challenge, regularly interact with native speakers, continue learning, and stay updated with popular culture in the countries of your languages.
Challenge 3: Facing heavy competition. The translation field is quite competitive, and setting yourself apart can be challenging. To overcome this challenge, specialize in a specific industry, like medical or legal translation or a less common language pairing.
We recommend the following translator resources:
- A certification from the American Translators Association will legitimize your business and help you get clients.
- University of Massachusetts Amherst’s Online Translation Certificate
- The University of Arizona’s Online Translation Certificate
- The University of Georgia Online Translation Certificate
Essential Branding Toolkit for Entrepreneurs
Build a stronger brand with our free guides. Get actionable insights to define your brand’s unique voice, understand your market, and stand out to customers. The guides are concise, actionable, practical, and tailored for the busy entrepreneur.
- The Ultimate Branding Checklist
- Crafting Your Unique Value Proposition
- Build Your Brand Pillars Worksheet
- Market Research Kit
Easy businesses to start
1. Personal Shopper
If you have a good eye for style and enjoy shopping, consider starting a personal shopping business.
Challenge 1: Building a client base. Finding individuals willing to pay for your shopping services can be challenging. To overcome this challenge, start by offering your services to your personal network and ask them for referrals. A professional website showcasing your services, pricing, and testimonials can attract potential clients.
Challenge 2: Staying updated on fashion trends. The fashion world is always changing, and staying updated can be challenging. To overcome this challenge, subscribe to fashion magazines, follow fashion influencers, and attend fashion shows. Also, networking with local designers and boutique owners can keep you updated with the latest trends.
Challenge 3: Differentiating your services. With various personal shoppers and stylists available, standing out is crucial. To overcome this challenge, cater to a specific market, like plus-size or sustainable fashion. Offering related services, such as wardrobe organization or image consulting, can differentiate you.
2. Language tutoring service
Consider starting a language tutoring service if you’re fluent in a second language. You can offer personalized lessons to students or adults seeking to learn a new language.
Challenge 1: Attracting students. Many language learning resources are available, so attracting students to your service can be difficult. To overcome this challenge, focus on providing customized, one-on-one tutoring sessions that online platforms can’t offer. Market your services at local schools, community centers, and online platforms.
Challenge 2: Adapting to different learning styles. Each student will have a different learning style, and adapting your teaching method to each can be challenging. To overcome this challenge, familiarize yourself with other teaching methods. Be flexible and patient, and tailor your lessons to each student’s learning style and progress.
Challenge 3: Staying motivated over long periods. Language learning is a long process, and it can be hard to keep students motivated. To overcome this challenge, break down the learning process into achievable goals. Celebrate your students’ progress to keep them motivated.
3. Blogger
As a blogger, you create and publish articles on your blog, typically monetizing through ads, affiliate marketing, or selling products.
Challenge 1: Creating quality content. Creating high-quality, engaging content regularly can be a daunting task. To overcome this challenge, start with topics you’re passionate about and knowledgeable about. Your enthusiasm will resonate with your audience.
Challenge 2: Attracting readers. Building a steady readership base is challenging. To overcome this challenge, implement good SEO practices, promote your blog through social media, and collaborate with other bloggers to boost your visibility.
Challenge 3: Monetizing your blog. Making a consistent income from your blog can be tricky. To overcome this challenge, diversify your income streams. Combine display ads, sponsored posts, affiliate marketing, and selling your own products or services.
Best businesses to start with little money
1. Online course creator
If you’re an expert in a specific field, consider monetizing that knowledge through an online course.
Challenge 1: Building a credible presence. Before people will pay for your expertise, they need to trust in your knowledge and abilities. One way to establish credibility is by creating a personal website that outlines your qualifications, professional experiences, and client testimonials. Prominently link your online course from a dedicated landing page to make it easy for potential students to find and enroll.
Challenge 2: Choosing the right course platform. Numerous platforms can help you create and host your online course. The challenge is finding one that fits your budget while providing the necessary support services, like automatic student payment processing and class reminders.
Challenge 3: Creating engaging content. You must create compelling, well-structured content to keep students engaged and ensure they find value in your course. You might find online course creation templates or platforms with inbuilt course structure guides helpful.
We recommend the following resources for online course creators:
2. Self-publishing author
If you have a way with words and a story to tell, consider self-publishing your own book.
Challenge 1: Attracting attention. A professionally designed book cover is essential for capturing readers’ interest, whether you’re launching an ebook or a print version. Invest in a quality cover design that entices potential readers and accurately represents your book’s content.
Challenge 2: Choosing the right publishing platform. You’ll need to find a self-publishing platform that suits your needs, whether that’s wide distribution, high royalty rates, or excellent customer service. Take the time to research different options and consider the pros and cons of each.
Challenge 3: Marketing and promotion. Book fairs, bookstore readings, and social media promotion are all excellent ways to get the word out about your book. Remember, the more people know about your book, the better your chances of selling copies.
We recommend the following resources for self-publishing authors:
3. Podcast host
If you’re a charismatic speaker or storyteller, consider starting a podcast.
Challenge 1: Creating quality audio content. You’ll need a decent microphone and a quiet, echo-free recording environment. Learn how to edit audio files to ensure your podcast sounds professional.
Challenge 2: Choosing a podcast hosting service. Many podcast hosting services are available, each with its own strengths and weaknesses. Research and choose one that suits your needs and budget.
Challenge 3: Growing your audience. Marketing your podcast and growing your audience can be a significant challenge. Develop a clear, appealing logo and build a dedicated podcast website where listeners can learn more about your show, access episode lists, and find subscription links.
4. Tour guide
If you know your local area and enjoy public speaking, consider starting a tour guide business.
Challenge 1: Public speaking and customer engagement. As a tour guide, you’ll need to be able to speak confidently, engage with a diverse range of people, and stay focused despite distractions or interruptions.
Challenge 2: Marketing and promotion. Start with a website and promotional materials like flyers and business cards. Consider investing in online advertising or partnerships with local hotels or travel agencies as your business grows.
Challenge 3: Differentiation. Consider choosing a specific niche, like historical tours or food-tasting tours, to make your services unique and attractive to potential customers.
We recommend the following resources for tour guides:
5. Build a handyman service
A handyman service is a profitable venture for those who are good at fixing things around the house and already own tools.
Challenge 1: Proving your expertise. Unlike white-collar professions, trade skills are often overlooked and undervalued. To overcome this, establish your credibility with potential clients by highlighting your experience, licenses, or certifications in the field on your website and promotional materials.
Challenge 2: Expanding your reach. You must connect with potential customers in your area to get more jobs. This can be done by distributing business cards and displaying professional signage.
Challenge 3: Protecting yourself from liability. When working in someone else’s home, there’s always a risk of accidental damage. To mitigate this, invest in general liability insurance and clearly state your terms of service on your website.
We recommend the following resources for aspiring handymen:
6. Selling handmade goods/crafts
Crafters who enjoy making unique items with their own two hands can turn their passion into a business by selling handmade goods on platforms like Etsy.
Challenge 1: Showcasing your products. You must visually capture the essence of your work to entice potential buyers. To overcome this, invest time and resources into high-quality product photography.
Challenge 2: Standing out from the competition. The online marketplace is filled with a plethora of handmade products. To overcome this, consider carving out a niche for yourself, making unique items that cater to a specific audience.
Challenge 3: Finding the right selling platform. There are many e-commerce platforms out there, but finding one that fits your needs and budget is crucial. Research your options before settling on a platform.
We recommend the following resources for crafters:
7. Start a monetized blog
For those with unique thoughts, insights, or experiences to share, starting a blog can be a profitable venture.
Challenge 1: Becoming a subject matter expert. It’s important to pick a specific niche to blog about to gain credibility and high rankings on search engines. Research and continuously expand your knowledge about your chosen subject.
Challenge 2: Building a loyal readership. To monetize your blog, you’ll need a steady stream of readers. This can be achieved through regular content updates, reader engagement, and effective SEO strategies.
Challenge 3: Monetizing your blog. Consider paid advertisements, sponsored content, or affiliate marketing to generate income from your blog. Choose the method that aligns best with your blog’s content and audience.
8. Join an affiliate marketing program
Joining an affiliate marketing program can be profitable for those with a robust online presence.
Challenge 1: Building audience trust. Promoting affiliate products requires your audience to trust your opinions and recommendations. To overcome this, ensure your affiliations align with your brand and promote products you genuinely believe in.
Challenge 2: Attracting a large audience. The success of affiliate marketing heavily depends on the size of your audience. To overcome this, utilize your website, email newsletters, and social media to grow your audience.
Challenge 3: Choosing the right affiliate programs. Not all affiliate programs offer the same benefits. Research various programs to find the ones that fit best with your brand and have good commission rates.
We recommend the following resources for those interested in affiliate marketing:
Essential Branding Toolkit for Entrepreneurs
Build a stronger brand with our free guides. Get actionable insights to define your brand’s unique voice, understand your market, and stand out to customers. The guides are concise, actionable, practical, and tailored for the busy entrepreneur.
- The Ultimate Branding Checklist
- Crafting Your Unique Value Proposition
- Build Your Brand Pillars Worksheet
- Market Research Kit
9. Become a makeup artist
Running a makeup artist business can be rewarding if you have a knack for makeup and enjoy working with people.
Challenge 1: Meeting licensing requirements. Some states require special licensing to practice as a makeup artist. Check with local government agencies to learn about necessary licenses or certifications to overcome this.
Challenge 2: Promoting your services. As a makeup artist, you must showcase your work to attract clients. Develop a portfolio of your work and regularly update your website with your latest creations.
Challenge 3: Networking within the industry. Success as a makeup artist often relies on referrals and industry connections. Attend industry events and build relationships with photographers, event planners, and others who could refer clients to you.
We recommend the following resources for makeup artists:
10. Launch a house-sitting business
A house-sitting business caters to those who yearn for security and peace of mind while they’re away from home. Whether your clients are globetrotting or jetting off for work, you are their domestic guardian.
Challenge 1: Building trust with clients. Personal branding is vital since you’re asking clients to entrust you with their homes and valued possessions. Overcome this by creating professional business cards and a logo that communicates reliability.
Challenge 2: Expanding your client base. Initially, you could house-sit for people you know and garner testimonials. Word-of-mouth is powerful advertising. Encourage happy clients to share your business cards, effectively expanding your reach.
Challenge 3: Enhancing your skills and services. Clients may expect you to handle minor home maintenance issues. Improve your competitive edge by learning basic home repair skills. This way, you can deal with emergencies, increasing your service value.
We recommend the following resources for house sitters:
11. Ignite your creativity with a t-shirt company
A t-shirt company is an excellent platform to express your creativity, with a low barrier to entry, making it an enticing business prospect.
Challenge 1: Designing your t-shirts. Not a designer? No worries! Platforms like Crowdspring can assist you with custom t-shirt designs.
Challenge 2: Setting up your online storefront. You’ll need an e-commerce website and a logo that aligns with your brand to sell your products.
Challenge 3: Ensuring quick product delivery. Partner with a rapid fulfillment service that guarantees two-day deliveries to impress customers.
12. Empower others as a life/career/health coach
If you’re passionate about helping others achieve their potential, consider becoming a life, career, or health coach.
Challenge 1: Establishing your credibility. Since your expertise is your selling point, showcasing your skills is vital. A professional website reflecting your niche and the benefits clients can expect is a perfect start.
Challenge 2: Building a client base. Referrals are key, so make a lasting impression with a memorable logo and business cards to help clients spread the word.
Challenge 3: Upskilling. While certifications are not required in this unregulated industry, consider pursuing a reputable certification once revenue starts coming in. This will enable you to charge higher fees and elevate your service.
We recommend the following resources for life/career/health coaches:
13. Help job seekers with a resume writing service
Job hunting can be stressful. With your knowledge of the hiring process and concise, impactful writing, you can ease the stress and help job seekers snag that coveted position.
Challenge 1: Staying updated with resume-writing best practices. As hiring practices evolve, it’s essential to stay informed. Regularly attending workshops and webinars can help keep your skills fresh.
Challenge 2: Reaching your audience. You’ll need a professional website that outlines your services, skills, and pricing. Also, consistent email or social media communication can help build client relationships.
Challenge 3: Working remotely. Your laptop and a stable internet connection are your office. With these, you can manage your website, interact with clients, create resumés, and market your business – all from your comfort zone.
We recommend the following resources for those helping with resume writing services:
14. Simplify travel with a planning business
With the many travel platforms available today, planning a trip can become overwhelming. If you’re organized and knowledgeable about the travel industry, consider starting a travel planning company.
Challenge 1: Establishing a reliable contact point. You’ll need a professional website featuring your logo, contact details, services, and pricing. An engaging bio can also create a human connection with potential clients.
Challenge 2: Meeting clients. While a physical office is unnecessary, meeting clients in person can help build trust. Coffee shops are a perfect informal meeting place, and online platforms like Zoom can widen your client reach.
We recommend the following resources for travel planners:
15. Beautify homes with a staging business
If you have an eye for design and understand what home buyers look for, a home staging business could be your calling.
Challenge 1: Showcasing your work. On your website, include high-quality photos of spaces you’ve staged. If you’re new, stage your home or a friend’s and photograph your work.
Challenge 2: Investing in essential equipment. Good photography is key to demonstrating your skills. If your smartphone’s camera isn’t up to par, consider investing in a good digital camera and basic lighting equipment.
Challenge 3: Networking with real estate agents. A successful home staging business often relies on referrals from real estate agents. Business cards can help leave a lasting impression and potentially lead to future referrals.
We recommend the following resources for home stagers:
Niche business ideas: unique startup ideas
1. Virtual reality (VR) arcade
Starting a VR arcade can be profitable as VR technology becomes more affordable.
Challenge 1: Investing in VR equipment. VR equipment can be costly, which can be a hurdle when starting. To overcome this challenge, research different VR systems to find the best balance of cost and quality. Leasing equipment may be a viable option to reduce initial costs.
Challenge 2: Attracting customers. Drawing customers to your VR arcade can be challenging. Host themed gaming events, tournaments, or parties to overcome this challenge to attract a diverse customer base. Offering a unique selection of VR games can also help you stand out. And you can bring your arcade directly to your customers’ homes and offices.
Challenge 3: Keeping up with technological advances. VR technology is rapidly advancing, and staying updated can be a challenge. To overcome this challenge, attend industry trade shows, follow VR news, and connect with VR equipment manufacturers to keep abreast of new developments.
2. Drone photography business
With the advent of more affordable and high-quality drones, starting a drone photography business can be a profitable venture.
Challenge 1: Acquiring necessary licenses and permits. Flying a drone for commercial purposes requires compliance with aviation regulations. To overcome this challenge, understand the local regulations in your area. You may need to pass a test to receive a license for commercial drone operations.
Challenge 2: Developing photography skills. A drone isn’t enough; capturing high-quality and appealing images is necessary. To overcome this challenge, practice your photography skills often. Experiment with different drone settings and shooting angles to create unique images.
Challenge 3: Finding clients. Finding clients who need your services can be challenging. To overcome this challenge, showcase your work on social media and photography platforms. Attend networking events and connect with businesses needing your services, such as real estate agencies or event planners.
3. Subscription box service
Subscription boxes are a popular trend providing customers with regular deliveries of products they love.
Challenge 1: Identifying a unique niche. The market is crowded, and finding a unique niche is critical. To overcome this challenge, look for trends and underserved markets. Your box could focus on anything from artisanal cheeses to eco-friendly products.
Challenge 2: Sourcing products. Finding suppliers that offer quality products at a reasonable price can be challenging. To overcome this challenge, attend trade shows, browse online marketplaces, or contact manufacturers directly. Negotiate bulk pricing to keep your costs down.
Challenge 3: Retaining customers. Keeping customers subscribed month after month is essential for your business’s success. To overcome this challenge, regularly change your box content to keep it fresh and exciting. Provide excellent customer service and consider a loyalty program to retain customers.
4. Indoor plant business
Indoor plants have become a popular home decor trend. If you have a green thumb, consider starting an indoor plant business.
Challenge 1: Maintaining plant health. Keeping a large inventory of plants healthy can be challenging. To overcome this challenge, learn about the specific needs of the different types of plants you sell. Regularly monitor them for signs of pests or diseases.
Challenge 2: Attracting customers. Differentiating your plant business from others can be tough. To overcome this challenge, offer unique plant varieties that aren’t commonly available. Provide exceptional customer service, including advice on plant care.
Challenge 3: Managing inventory. Balancing the demand with the supply of healthy, attractive plants can be tricky. To overcome this challenge, keep track of your sales to understand which plants are most popular. Adjust your inventory based on consumer demand.
5. Personal chef service
If you love cooking and have culinary training, a personal chef service might be your recipe for success. You’ll create customized meals for clients, perfect for busy professionals or individuals with dietary restrictions.
Challenge 1: Building a client base. Finding clients willing to pay for a personal chef can be tricky. To overcome this challenge, leverage your personal network to find your first clients. Consider offering free or discounted services to friends or family in exchange for referrals.
Challenge 2: Meeting varied dietary preferences and requirements. Clients may have specific dietary needs or restrictions. To overcome this challenge, learn about different dietary requirements such as gluten-free, keto, vegan, etc. Ensure you’re comfortable preparing meals within these constraints.
Challenge 3: Managing your time effectively. Juggling multiple clients and their individual meal plans can be a challenge. To overcome this challenge, create a clear schedule and stick to it. Use meal planning and prep techniques to streamline your cooking process.
6. Voiceover services
Voiceover work is in demand for commercials, animation, video games, and more. This could be a great business idea if you have a unique voice and good speaking skills.
Challenge 1: Building a portfolio. Without a portfolio, it can be challenging to attract clients. To overcome this challenge, consider initially offering your services for free or at a low cost to build up your portfolio. Make sure to get high-quality recordings of your work.
Challenge 2: Staying healthy. Voiceover work requires a healthy voice. To overcome this challenge, regularly practice vocal exercises, stay hydrated, and avoid behaviors that could harm your vocal cords, like excessive shouting or prolonged periods of speaking.
Challenge 3: Finding consistent work. Voiceover work can often be project-based, which may lead to inconsistent income. To overcome this challenge, network within the industry and maintain good client relationships to secure repeat work. Register on platforms that match voiceover artists with clients.
7. Home staging business
If you have an eye for interior design and a knack for making spaces look their best, a home staging business could be your calling. This involves preparing homes for sale, making them attractive to potential buyers.
Challenge 1: Building a network. Establishing relationships with real estate agents and property developers can be challenging. To overcome this challenge, attend real estate events and join local business networks. Offer incentives for referrals from real estate agents and past clients.
Challenge 2: Managing inventory. Handling furniture and decor items for multiple homes can be tricky. To overcome this challenge, use a reliable inventory management system. Consider renting furniture and decor instead of buying them outright to save on storage space and costs.
Challenge 3: Dealing with diverse tastes. Different clients and potential buyers may have vastly different tastes. To overcome this challenge, focus on creating a universally appealing aesthetic. Keep up-to-date with home decor trends and customer preferences in your local real estate market.
8. Mobile spa service
Bringing the spa experience to clients’ homes is a great business idea. It offers convenience and a personal touch, providing services like massages, facials, and manicures.
Challenge 1: Building trust. Gaining clients’ trust when entering their homes can be a challenge. Use client testimonials and professional certifications to prove your credibility to overcome this challenge. Always maintain a professional demeanor and respect clients’ privacy.
Challenge 2: Travel logistics. Managing travel time and costs between appointments is crucial. To overcome this challenge, plan your appointments carefully to minimize travel time. Factor travel costs into your pricing or set a specific service area.
Challenge 3: Maintaining hygiene standards. Maintaining cleanliness and hygiene while working in different environments is critical. Invest in portable cleaning tools to overcome this challenge and follow a strict hygiene protocol for each client visit.
9. Children’s party service
If you love planning and have a knack for creating fun, themed events, consider starting a children’s party service. This involves organizing and hosting birthday parties, holiday events, or other celebrations for kids.
Challenge 1: Managing expectations. Parents and children may have different expectations for the party. To overcome this challenge, conduct a detailed consultation with parents and the child (if appropriate) before the party to ensure everyone is on the same page about the theme, activities, and other special requests.
Challenge 2: Safety and liability. Children’s safety is paramount, and managing potential risks is essential. To overcome this challenge, always have safety protocols, and consider getting insurance to cover potential liabilities.
Challenge 3: Keeping up with popular themes. Kids often want parties that reflect their interests, which can change quickly. To overcome this challenge, stay up-to-date with popular kids’ shows, movies, and toys to ensure your party themes are current.
10. Food truck business
Operating a food truck allows you to share your culinary skills with a broad audience without the overhead costs of a traditional restaurant.
Challenge 1: Navigating regulations. Different areas have different rules for food trucks. To overcome this challenge, thoroughly research local laws regarding sanitation, permits, and where you can park and sell.
Challenge 2: Differentiating yourself. The food truck industry is highly competitive, with many unique offerings. To overcome this challenge, find a unique culinary niche or specialty that sets you apart.
Challenge 3: Dealing with logistical challenges. Operating a mobile food business comes with unique logistical challenges, like vehicle maintenance and varying locations. To overcome this challenge, regularly maintain your truck and maintain a consistent schedule and location to build a regular customer base.
11. Handyman
Starting a handyman business could be the perfect fit if you’re skilled in-home repairs and enjoy variety in your work. Handymen provide many services, from repairing a leaky faucet to assembling furniture.
Challenge 1: Building a client base. Winning customers’ trust to let you into their homes can be challenging. To overcome this challenge, build your reputation by offering excellent service and encouraging satisfied clients to leave positive reviews.
Challenge 2: Keeping skills up-to-date. The field of home repair is constantly evolving with new materials and techniques. Regularly upskill by attending workshops and staying informed about industry trends to overcome this challenge.
Challenge 3: Liability. There can be liability concerns when performing home repairs. Protect your business by obtaining appropriate insurance and always following safety procedures to overcome this challenge.
We recommend the following handyman resources:
12. Woodworker
Crafting unique wooden items, from furniture to decorative pieces, can be a rewarding and profitable business if you have woodworking skills and an eye for design.
Challenge 1: Sourcing quality wood. Finding a reliable source of quality wood can be challenging. To overcome this challenge, establish relationships with local lumber yards or mills. Consider using reclaimed or recycled wood for an eco-friendly angle.
Challenge 2: Staying competitive. Standing out in a market full of mass-produced goods can be tough. To overcome this challenge, showcase your unique, handmade pieces and emphasize their quality and craftsmanship.
Challenge 3: Safe workshop practices. Woodworking can be dangerous if safety practices aren’t followed. To overcome this challenge, invest in safety equipment and training, and maintain a clean and organized workspace.
We recommend the following woodworker resources:
13. Videographer
With the rise of video content online, there’s a growing demand for skilled videographers. Videographers capture important moments and create compelling visual stories from weddings to corporate events.
Challenge 1: Staying updated with technology. The technology and techniques used in videography are constantly evolving. To overcome this challenge, regularly participate in industry workshops and webinars to keep your skills current.
Challenge 2: Standing out in a competitive market. With many people offering videography services, differentiation can be challenging. To overcome this challenge, specialize in specific video content, like drone footage or documentary-style videos, to stand out.
Challenge 3: High upfront costs. The cost of professional-grade video equipment can be high. To overcome this challenge, start with essential equipment and gradually upgrade as your business grows. Renting equipment is also an option.
14. Photographer
Photography is a diverse field with a multitude of niches. From event and wedding photography to portrait, nature, and product photography, this could be a great business venture if you have a keen eye and technical skills.
Challenge 1: Competition and market saturation. With the rise of high-quality smartphone cameras and photo editing apps, competition in the photography business is intense. To overcome this challenge, specialize in a specific type of photography and build a strong portfolio showcasing your unique style and expertise.
Challenge 2: Staying current with technology. The world of photography is ever-evolving, with new equipment and software emerging regularly. To overcome this challenge, regularly attend industry workshops, webinars, and trade shows to stay updated on the latest trends and technology.
Challenge 3: Building a consistent client base. Finding regular clients can be a challenge, especially when starting. To overcome this challenge, networking is vital. Attend local events, collaborate with other businesses, and use social media to expand your reach.
We recommend the following photographer resources:
15. Bed and breakfast owner
Owning a bed and breakfast can be a rewarding business for those who enjoy meeting new people and providing hospitality. This business requires managing bookings, maintaining the property, and providing guests with an unforgettable experience.
Challenge 1: Regulations and licensing. Complying with local zoning laws, obtaining necessary licenses and permits, and meeting health and safety standards can be complex. To overcome this challenge, research local regulations thoroughly and consider hiring a business attorney to ensure you meet all legal requirements.
Challenge 2: Attracting guests. Attracting guests in a crowded market with many lodging options can be challenging. To overcome this challenge, create a unique guest experience, build a strong online presence, and use online booking platforms to reach a wider audience.
Challenge 3: Managing operational tasks. Running a B&B involves various tasks, from housekeeping and maintenance to guest relations and marketing. To overcome this challenge, implement efficient operating systems and consider hiring staff as your business grows.
16. Clothing boutique owner
Owning a clothing boutique can be a stylish and rewarding business opportunity. As an owner, you’ll curate a unique selection of clothing and accessories, provide a personalized shopping experience for customers, and build relationships with designers and distributors.
Challenge 1: Sourcing quality inventory. Finding unique, high-quality items that resonate with your target market can be challenging. To overcome this challenge, attend trade shows, build relationships with independent designers, and watch fashion trends.
Challenge 2: Standing out in a competitive industry. The retail clothing industry is highly competitive, with many established brands and stores. To overcome this challenge, create a unique shopping experience, offer exceptional customer service, and curate a distinctive collection that appeals to a specific demographic.
Challenge 3: Managing inventory. Keeping track of inventory and predicting what items will sell can be complex. To overcome this challenge, invest in a reliable inventory management system and analyze sales data to guide purchasing decisions.
17. Specialty food store owner
From artisanal cheeses to locally sourced produce and gourmet chocolates, owning a specialty food store is a fantastic opportunity for food enthusiasts. As an owner, you’ll source and sell unique food items and provide customers with various flavors they can’t find in standard grocery stores.
Challenge 1: Sourcing unique products. Finding and maintaining a supply of unique, high-quality food can be challenging. To overcome this challenge, build relationships with local farmers, attend food trade shows, and always be on the lookout for new and exciting products.
Challenge 2: Navigating health and safety regulations. Food businesses must adhere to a variety of health and safety regulations. To overcome this challenge, hire a business attorney or consultant specializing in food businesses to ensure you meet all regulatory requirements.
Challenge 3: Standing out in a competitive market. Making your stand out with many different food stores can be challenging. To overcome this challenge, specialize in a specific type of food, provide exceptional customer service, and host in-store events like tastings or cooking classes.
18. Trucking business
Starting a trucking business can be lucrative, especially with the continuous demand for transportation services. As a truck driver, you’ll deliver goods over various distances, manage your schedule, and maintain your vehicle.
Challenge 1: High startup and operational costs. Purchasing trucks and maintaining them, in addition to fuel costs, can be expensive. To overcome this challenge, consider leasing your trucks or look for used options in good condition to reduce upfront costs.
Challenge 2: Regulation compliance. The trucking industry is heavily regulated, and compliance can be complex. To overcome this challenge, stay updated with industry regulations, ensure proper licensing and permits, and keep detailed records.
Challenge 3: Long and irregular hours. Truck driving often involves long hours on the road and erratic schedules. To overcome this challenge, create a balanced work schedule, prioritizing rest and self-care to maintain health and safety.
19. Car detailing specialist
A car detailing business can be profitable for individuals with an eye for detail and a passion for cars. As a car detailing specialist, you’ll restore vehicles to their original condition or, even better, provide various cleaning services.
Challenge 1: Attracting regular customers. Cars only need occasional detailing, so attracting regular customers can be challenging. To overcome this challenge, provide outstanding service, offer loyalty programs, and consider branching into related services like oil changes or tire rotations.
Challenge 2: Staying current with the latest technologies. Detailing techniques and technologies continually evolve, requiring you to stay updated. To overcome this challenge, attend trade shows, sign up for professional training, and subscribe to industry publications.
Challenge 3: Overhead costs. High-quality cleaning supplies can be expensive, which can add up over time. To overcome this challenge, buy cleaning products in bulk and consider using eco-friendly products, which can be a unique selling point.
20. Garden designer
A garden design business might be the perfect fit if you have a green thumb and an eye for design. Garden designers plan and design gardens for residential and commercial clients, transforming ordinary spaces into lush, green havens.
Challenge 1: Seasonal demand. Garden design tends to be seasonal, with demand spiking in the spring and summer. To overcome this challenge, diversify your services to include winter tasks like garden preparation or interior plant design.
Challenge 2: Keeping up with trends and technology. Like any design industry, garden design trends change, and new technologies (like 3D design software) emerge. To overcome this challenge, attend industry events, follow influential garden designers, and learn to use design software to present your ideas professionally.
Challenge 3: High competition. The landscape design field is competitive, with many individuals and companies offering similar services. To overcome this challenge, find a niche in your specialized market, such as native plant gardens or small-space solutions.
We recommend the following garden designer resources:
21. Travel planner
As a travel planner, you’ll plan and organize travel itineraries for individuals, families, and businesses. This business can be very rewarding for those who love travel and are excellent at logistics and planning.
Challenge 1: Building supplier relationships. Strong relationships with accommodation, transport, and activity providers are vital to providing quality experiences for your clients. To overcome this challenge, attend travel industry networking events, join professional organizations, and always provide feedback to suppliers to strengthen relationships.
Challenge 2: Staying updated with travel trends. Travel trends change rapidly, and staying updated can be challenging. To overcome this challenge, subscribe to travel publications, attend travel expos, and connect with other travel professionals to keep abreast of the latest trends and destinations.
Challenge 3: Attracting clients in a competitive market. The travel planning market is highly competitive, with many online and offline services available. To overcome this challenge, differentiate your services by specializing in a specific type of travel (like sustainable travel or adventure tourism) or a particular region.
We recommend the following travel planner resources:
- The Travel Institute Training & Certification Program
- Penn Foster Travel and Tourism Specialist Career Diploma
22. Home inspector
A home inspection is an essential step in the home-buying process, and as a home inspector, you will provide potential home buyers with detailed reports about a property’s condition.
Challenge 1: Acquiring necessary certifications. You must be certified or licensed in most states to perform home inspections. To overcome this challenge, research what qualifications are needed in your area, and consider investing in courses or training programs that can help you get certified.
Challenge 2: Building a client base. As a home inspector, you must build a network of real estate agents and potential home buyers who can refer or use your services. To overcome this challenge, start building relationships with local real estate professionals, and consider advertising your services in local homebuying resources or online platforms.
Challenge 3: Staying up-to-date with building codes and standards. Building codes and standards can be complex and vary by location, and keeping up-to-date with these can be challenging. To overcome this challenge, join professional organizations and subscribe to industry newsletters to stay informed about regulations and industry standards changes.
We recommend the following home inspector resources:
23. Consultant
Consultants are experts who provide professional advice in business, education, law, regulatory compliance, human resources, marketing, finance, health care, and many other specialized fields.
Challenge 1: Establishing credibility. Clients want to know they can trust your advice. Consider certifications or advanced degrees related to your expertise to overcome this challenge. Regularly attend industry conferences and publish articles to establish thought leadership.
Challenge 2: Finding clients. Attracting your first clients can be difficult when starting. To overcome this challenge, leverage your network. Reach out to former colleagues or friends who may need your services or know someone who does.
Challenge 3: Setting fees. It can be challenging to determine what to charge for your services. To overcome this challenge, research what others in your field charge and consider your experience level, the project’s complexity, and the potential value to the client when setting your rates.
24. Property manager
A property manager handles all the day-to-day tasks related to managing a rental property for property owners. This could include finding tenants, handling maintenance and repairs, and dealing with tenant issues.
Challenge 1: Acquiring the necessary knowledge and skills. Property management requires diverse skills, including knowledge of real estate laws, maintenance skills, and people skills. To overcome this challenge, consider taking courses or earning a certification in property management to gain the necessary knowledge and skills.
Challenge 2: Building a client base. Building a client base can be challenging when you’re just starting. To overcome this challenge, network with local real estate professionals, attend real estate events and advertise your services to property owners.
Challenge 3: Handling multiple tasks efficiently. Property management involves numerous tasks, from dealing with tenant complaints to overseeing property maintenance. To overcome this challenge, invest in property management software to help you keep track of all your tasks and streamline your workflow.
25. Massage therapist
A massage therapist helps clients reduce stress, relieve pain, and promote overall wellness through various massage techniques.
Challenge 1: Getting proper certification. Massage therapists must be certified, and the requirements can vary by location. To overcome this challenge, investigate the specific requirements in your area and enroll in a reputable massage therapy program to gain the necessary skills and certification.
Challenge 2: Building a clientele. When you start, finding clients can be challenging. To overcome this challenge, offer discounted or introductory rates to attract initial customers. Also, leverage social media and local networking events to promote your services.
Challenge 3: Physical demands of the job. Massage therapy can be physically demanding, which can lead to burnout. To overcome this challenge, be mindful of your physical well-being, take time for self-care, and consider adding other wellness services to your offerings to diversify your workload.
26. Interior designer
Interior designers use their creative and technical skills to design and enhance indoor spaces to make them functional, safe, and attractive.
Challenge 1: Acquiring necessary credentials. In many areas, interior designers must be certified or licensed. To overcome this challenge, look into the requirements in your area, and consider obtaining a degree in interior design or a related field.
Challenge 2: Building a portfolio. Prospective clients will want to see examples of your work. To overcome this challenge, consider offering your services to friends or family to build your portfolio or use design software to create mock-ups of your design ideas.
Challenge 3: Keeping up with design trends. Design trends change quickly, and it can be hard to keep up. To overcome this challenge, follow design blogs, attend industry trade shows, and network with other designers to stay up-to-date on the latest trends.
We recommend the following interior designer resources:
27. Consignment shop owner
Consignment shops sell items for individuals and take a percentage of the sale price. This model allows you to offer various items without purchasing inventory upfront.
Challenge 1: Sourcing items. Finding a steady supply of items to sell can be challenging. To overcome this challenge, build relationships with local communities. Advertise your service and explain the benefits to potential consignors.
Challenge 2: Pricing items. It can be difficult to determine how to price things. To overcome this challenge, research what similar items are selling for and consider the item’s condition, brand, and demand when setting prices.
Challenge 3: Building trust. People need to trust you with their items. To overcome this challenge, be transparent about your pricing and terms. Regularly communicate with consignors about their things and any sales.
28. Gym owner
Owning a gym can be a rewarding business for fitness enthusiasts.
Challenge 1: High startup costs. Equipping a gym can be expensive. To overcome this challenge, start small with essential equipment and add more as your membership grows. Consider leasing equipment to lower startup costs.
Challenge 2: Attracting members. Competition in the fitness industry is fierce. To overcome this challenge, offer unique classes or amenities that set your gym apart. A strong social media presence can also attract members.
Challenge 3: Retaining members. The fitness industry often sees high churn rates. To overcome this challenge, foster a sense of community in your gym. Regularly check in with members to ensure they are satisfied and encourage them to meet their fitness goals.
29. Boutique agency owner
A small creative boutique agency offers specialized work for a limited client list.
Challenge 1: Building a client base. Attracting clients to a newly established boutique agency can be tough. To overcome this challenge, offer a unique selling proposition that distinguishes you from the competition. Leverage your network and engage in strategic partnerships.
Challenge 2: Managing limited resources. With a small team, managing resources effectively can be challenging. To overcome this challenge, prioritize client work that aligns with your agency’s strengths. Hire freelancers for specialized tasks, if necessary.
Challenge 3: Maintaining consistent revenue. Revenue flow can be inconsistent due to the project-based nature of the work. To overcome this challenge, seek long-term contracts with clients. Offer retainers for regular work.
30. Coffee shop owner
Coffee shops are popular for people to relax, work, and socialize.
Challenge 1: High startup costs. Initial investment costs for a coffee shop can be high due to equipment, supplies, and location. To overcome this challenge, consider starting as a coffee cart or kiosk before moving into a larger space. Leasing equipment can also help reduce upfront costs.
Challenge 2: Attracting customers. Competition in the coffee industry is stiff. To overcome this challenge, offer unique coffee blends or special promotions. Engage with your community through events and local partnerships.
Challenge 3: Maintaining quality. Consistency and quality of coffee, and customer service are vital. To overcome this challenge, train staff properly and invest in quality ingredients.
31. Moving company
A moving company assists people and businesses in relocating their goods from one place to another.
Challenge 1: Regulatory compliance. Complying with state and federal regulations can be challenging. To overcome this challenge, ensure you have the correct licenses and insurance and adhere to all regulations in your region.
Challenge 2: Managing logistics. Coordinating the scheduling, truck maintenance, and employee availability can be complex. To overcome this challenge, invest in good management and planning software to streamline operations.
Challenge 3: Building trust. People entrust movers with their possessions, so building trust is crucial. To overcome this challenge, offer excellent customer service. Collect and share customer testimonials.
33. Daycare owner
Running a daycare means you provide care and supervision for children while their parents are at work or otherwise occupied.
Challenge 1: Licensing and regulations. Daycare businesses are heavily regulated and require licensing. To overcome this challenge, meet all local and state requirements and maintain your license.
Challenge 2: Safety. Ensuring safety is a significant challenge when caring for children. Regularly review your safety procedures to overcome this challenge and invest in safe, high-quality equipment.
Challenge 3: Staffing. Hiring qualified, trustworthy staff is critical. Conduct thorough background checks on potential hires to overcome this challenge and invest in training.
33. House cleaner
A house cleaner offers cleaning services to homeowners who are too busy or unable to clean their homes.
Challenge 1: Building a client base. Finding a steady stream of clients can be challenging. To overcome this challenge, start with word-of-mouth referrals from friends and family. As your cleaning business grows, consider online advertising.
Challenge 2: Setting competitive rates. Determining a fair but profitable rate for your services can be difficult. To overcome this challenge, research your competitors’ pricing and consider your time, effort, and expenses.
Challenge 3: Managing your time. Balancing multiple clients and their various needs can be challenging. To overcome this challenge, develop a scheduling system and leave time for travel, rest, and administrative tasks.
34. Tour guide
As a tour guide, you lead individuals or groups around places of interest, providing expert knowledge about the locations.
Challenge 1: Gaining in-depth knowledge. Having a comprehensive understanding of your chosen tour area is essential and challenging. To overcome this challenge, research extensively, visit often, and keep updated on any changes or developments.
Challenge 2: Attracting tourists. It may not be easy to attract enough tourists to make your tours profitable. Collaborate with local businesses, hotels, and travel agencies to overcome this challenge to recommend your tours. Also, have an online presence to reach more potential clients.
Challenge 3: Managing different personalities. Handling a group with different personalities and expectations can be tough. To overcome this challenge, develop strong people skills. Be patient, empathetic, and flexible to cater to different needs and ensure everyone enjoys the tour.
35. T-Shirt printing business
T-shirt printing businesses design and sell custom-made shirts. They typically create t-shirt designs and then use a third-party printing company to produce the t-shirts. This makes it an excellent option for artistically inclined entrepreneurs who don’t want to deal with the hassle of production and inventory.
Challenge 1: Finding a unique niche. The t-shirt market is saturated, and finding a unique niche can be difficult. To overcome this challenge, research your market, find out what designs or messages resonate with a particular group, and specialize in that niche.
Challenge 2: Quality control. Ensuring consistent, high-quality prints can be challenging when outsourcing production. To overcome this challenge, thoroughly research and select a reputable print-on-demand service—order samples to check the quality before selling to customers.
Challenge 3: Attracting customers. Attracting and retaining customers in a crowded online marketplace can be tough. To overcome this challenge, invest time in creating a strong brand, utilizing social media marketing, and providing outstanding customer service.
Best small business ideas for women
1. Personal stylist
A personal stylist business caters to individuals who need assistance with their wardrobe choices. Stylists help clients make the best clothing and accessory decisions for their lifestyle, profession, and personal style.
Challenge 1: Convincing potential clients. Convincing people that they can benefit from your stylist services might be tough, as people are used to picking out their own clothes. However, you can make a compelling case with solid marketing showcasing your past work and highlighting the transformation and confidence your clients gain.
Challenge 2: Staying up-to-date with fashion trends. The fashion industry changes rapidly, and your advice will only be as good as your knowledge. To overcome this, keep up with the latest trends, attend fashion events, and continuously educate yourself about the industry.
Challenge 3: Sourcing clothing items. Finding high-quality, stylish items within your client’s budget can be challenging. Develop good relationships with local boutiques and retailers. You can often negotiate discounts for your clients, which adds value to your service.
We recommend the following Personal stylist resources:
2. Fitness Coach
As a fitness coach, you would help clients achieve their health and fitness goals. This business is perfect for women passionate about health, fitness, and inspiring others.
Challenge 1: Establishing credibility. Establishing your credibility can be challenging in a market full of fitness gurus. Get certified through a recognized fitness institution, adding to your credibility and helping you stand out.
Challenge 2: Client retention. Keeping clients motivated and committed to their fitness goals can be tough. Developing a personal relationship with your clients and regularly tracking and celebrating their progress can help them stay motivated.
Challenge 3: Staying current with fitness trends. Like fashion, fitness trends change constantly. Staying up-to-date with the latest techniques, diets, and workouts is crucial. Regularly attending fitness workshops and seminars can help you stay current.
We recommend the following Fitness coach resources:
3. Personal Chef
Personal chefs prepare meals for individuals or families, typically in the clients’ homes. This business suits women who love cooking and are great at creating varied, healthy, and delicious meals.
Challenge 1: Dietary Restrictions. Handling clients with specific dietary needs or restrictions can be a challenge. To overcome this, get educated on various dietary needs (vegan, gluten-free, low-carb, etc.) and tailor your menu accordingly.
Challenge 2: Managing multiple clients. Managing multiple clients and their unique preferences can get overwhelming. Good organization and planning skills are essential. Develop a system for tracking clients’ likes, dislikes, and dietary needs.
Challenge 3: Sourcing ingredients. Finding high-quality ingredients that are also cost-effective can be a challenge. Build relationships with local farmers or wholesalers for fresh, affordable produce.
We recommend the following personal chef resources:
4. Childcare services
Starting a childcare service can be a great small business idea for women who love children and have a knack for caring for them. This service caters to parents needing a safe and engaging environment for their children at work or otherwise occupied.
Challenge 1: Licensing and regulations. Meeting the licensing requirements and abiding by the rules and regulations set by your state can be challenging. Do thorough research on what’s needed to be in compliance and stay updated on regulation changes.
Challenge 2: Trust building. Parents need to have absolute trust in you before they can leave their children with you. To build this trust, create a transparent operation where parents feel involved and secure about their child’s safety and well-being.
Challenge 3: Adequate space. Having enough space that is also child-friendly can be a challenge. Ensure you have a safe, clean, and engaging space for children. This might require some investment in toys, books, and child safety measures.
We recommend the following childcare resources:
5. Elder care services
Providing elder care services is another rewarding business that caters to families with elderly loved ones who need assistance with day-to-day activities.
Challenge 1: Emotional and physical demands. Working with the elderly can be emotionally and physically demanding. Ensuring you are equipped to handle these demands is important. Consider obtaining a certification in elder care to learn more about this population’s unique needs and challenges.
Challenge 2: Trust building. As with child care services, families must trust you before entrusting their loved ones. Highlight your qualifications, experience, and passion for caring for the elderly to build this trust.
Challenge 3: Regulations and compliance. Meeting the necessary regulations and compliance measures can be challenging. Understand these for your state or region and ensure you are always compliant.
We recommend the following elder care resources:
6. Social media consultant
For those adept at navigating the world of social media, offering consultancy services to businesses can be a fruitful venture. Businesses, big and small, need to maintain a strong social media presence and often require expert help to manage this aspect of their branding.
Challenge 1: Staying current. The world of social media is ever-changing, and staying up-to-date with the latest trends, algorithms, and best practices can be challenging. Regularly educating yourself, attending webinars, and following industry experts can help you stay in the loop.
Challenge 2: Proving ROI. Clients will want to see tangible results from their investment in your services. You should be adept at tracking and presenting key metrics that demonstrate the value of your work.
Challenge 3: Building a client base. Finding and retaining clients is a challenge many new businesses face. Networking, both online and offline, and offering excellent service to your existing clients (who can then refer you to others) can help build your client base.
We recommend the following social media consultant resources:
- Social Media Examiner for the latest industry news and tips.
7. Virtual assistant services
Virtual Assistant (VA) services are in high demand as businesses and entrepreneurs seek ways to outsource tasks and increase productivity. You might manage calendars, answer emails, or coordinate projects as a VA.
Challenge 1: Diverse skillset. As a VA, you may be expected to handle various tasks. Building up a diverse skill set can be challenging, but plenty of online resources are available to learn new skills.
Challenge 2: Building a client base. Finding clients when you’re starting can be tricky. You might consider joining a platform connecting VAs with clients or networking in online business communities to build relationships.
Challenge 3: Managing multiple clients. As your client base grows, staying organized can become a challenge. Investing in good project management software can help you stay on top of tasks and deadlines.
We recommend the following virtual assistant resources:
8. Herbal farm stand
Running a herbal farm stand can be an excellent small business idea if you love nature and have a green thumb. You can grow various herbs and educate your customers about their benefits.
Challenge 1: Knowledge of herbs. Knowing the properties of different herbs is vital. The key is continuously learning and staying updated about different herbs and their uses.
Challenge 2: Seasonal variations. Herbs are seasonal, and you must adapt your offerings based on the time of year. Planning and preparation for each season is crucial.
Challenge 3: Attracting customers. Creating awareness and attracting customers to your stand can be a challenge. Consider marketing strategies such as community workshops or herb-related events.
9. Children’s book author
If you have a knack for storytelling, consider becoming a children’s book author. You can inspire young minds and address various important topics through your stories.
Challenge 1: Content creation. Creating engaging and age-appropriate content can be challenging. Learning about child development and studying successful children’s books can help craft your stories.
Challenge 2: Illustrations. Illustrations are a crucial part of children’s books. You may need to collaborate with an illustrator if you’re not artistically inclined.
Challenge 3: Getting published. Navigating the publishing world can be daunting. Consider working with a literary agent or explore self-publishing options.
10. Food product creator
If you love cooking and have a unique recipe, you can turn it into a business by becoming a food product creator. You could sell your products in local stores or online.
Challenge 1: Food safety regulations. Understanding food safety regulations and acquiring the necessary licenses is crucial. Research your local laws thoroughly.
Challenge 2: Scaling production. Scaling production from a home kitchen to larger quantities can be challenging. You might need to collaborate with a commercial kitchen.
Challenge 3: Distribution. Getting your product onto store shelves or selling it online requires a clear distribution strategy. Research various distribution channels and decide which works best for your product.
11. Career coach
A career coach helps clients navigate their career paths and strategically decide their professional futures.
Challenge 1: Establishing credibility. As a career coach, your expertise and insights are your product. Establishing credibility through certifications, testimonials, and a strong online presence can help gain clients’ trust.
Challenge 2: Client acquisition. Getting your first clients can be difficult. Network at professional events, offer free sessions to get started and ask for referrals.
Challenge 3: Keeping up with industry trends. The job market is dynamic, and staying updated about trends can be challenging. Regularly reading industry-specific news and attending workshops and seminars can help stay current.
12. Art curator
Starting your own art curation business can be great if you have an eye for art. You could curate art for businesses and homes or create your own online gallery.
Challenge 1: Building relationships with artists. Having access to high-quality art requires good relationships with artists. Regularly attending art shows, galleries, and other networking events can help.
Challenge 2: Understanding the client’s taste. Each client will have a unique taste and style. Spending time understanding their preferences before suggesting art can improve client satisfaction.
Challenge 3: Keeping up with art trends. The art world is continually changing. Regularly researching, attending shows, and studying can help you keep up with current trends.
13. Pet sitting
A pet-sitting business involves looking after pets while their owners are away.
Challenge 1: Handling different animals. Different pets require different care. Understanding the needs of various animals will be important.
Challenge 2: Trust issues with clients. People love their pets; handing them over to strangers can be tough. Building a good reputation, obtaining positive reviews, and having a professional website can help gain trust.
Challenge 3: Handling emergencies. Being prepared to handle emergencies is important. First aid training for pets can be extremely helpful.
We recommend the following pet-sitting resources:
14. Doula
A doula provides emotional, physical, and educational support to mothers before, during, and after childbirth.
Challenge 1: Getting the necessary training. Before practicing as a doula, you’ll need to complete training and certification. Many organizations offer these, such as DONA International.
Challenge 2: Building a client base. Word-of-mouth is especially important in this field. You’ll want to network with healthcare providers, join local parenting groups, and build a strong online presence.
Challenge 3: Emotional challenges. Being a doula can be emotionally demanding. Practicing self-care and finding support amongst other doulas can help.
We recommend the following doula resources:
15. Skincare product maker
You can create your skincare products to sell online or at local markets.
Challenge 1: Developing unique and effective formulas. To stand out, your products must be unique and effective. This might require a deep understanding of various ingredients and their effects on the skin.
Challenge 2: Regulations and compliance. Skincare products must comply with specific regulations. Understanding these and ensuring your products meet them is crucial.
Challenge 3: Branding and marketing: many skincare products are out there. You need strong branding and marketing to set your products apart to succeed.
We recommend the following skincare product-maker resources:
16. Voice-over artist
As a voice-over artist, you provide the voice for characters in animations, provide a voice for commercials, narrate audiobooks, and more.
Challenge 1: Developing your skills. Voice acting is more than just reading lines. Training and practice are essential to develop a range of voices and styles.
Challenge 2: Building a portfolio. Potential clients will want to hear samples of your work. Creating a diverse portfolio to showcase your talent is crucial.
Challenge 3: Finding work. Like many creative fields, finding consistent work can be a challenge. Networking and marketing yourself are key.
We recommend the following voice-over artist resources:
17. Food tour guide
Starting a food tour guide business can be great if you love food and local cuisine. You can share your passion for food with locals and tourists while supporting local businesses.
Challenge 1: Building relationships with local businesses. It’s essential to build positive relationships with local eateries for the success of your food tours.
Challenge 2: Marketing your tours. It’s crucial to market your tours effectively to both locals and tourists. This can involve online marketing strategies, working with local hotels and tourism boards, and using social media platforms.
Challenge 3: Health and safety. Awareness of and addressing the health and safety aspects of running food tours is important. This can include ensuring food safety standards are met and addressing potential allergies.
We recommend the following food tour guide resources:
17. Online nutrition coach
As an online nutrition coach, you can help people reach their health and fitness goals by providing personalized diet plans and support.
Challenge 1: Gaining credibility. You’ll need to gain a credible certification in nutrition or dietetics. Consider institutions such as the Academy of Nutrition and Dietetics or Precision Nutrition.
Challenge 2: Building a client base. Like many online businesses, building a client base can take time. You can use online marketing strategies and client testimonials to attract more clients.
Challenge 3: Keeping up with research. Nutrition science is a field that continually evolves. Staying up-to-date with the latest research is key to providing the best advice to your clients.
We recommend the following online nutrition coach resources:
Best small business ideas for students
1. Pet-sitting service
If you love animals, consider starting a pet-sitting service. This business can be started with minimal upfront investment and has a high earning potential.
Challenge 1: Building trust with pet owners. Pet owners need to trust you before they’ll leave their beloved pets in your care. To overcome this challenge, get certified in pet first aid and CPR. Consider getting bonded and insured to provide peace of mind to your clients.
Challenge 2: Attracting clients. Getting the word out about your service can be tough when starting. To overcome this challenge, leverage social media to reach local pet owners. You can also offer your services to friends, family, or neighbors to gain initial clients and testimonials.
Challenge 3: Managing multiple pets at once. If you have multiple clients, managing all their pets can be challenging. To overcome this challenge, use a scheduling tool to keep track of your pet-sitting assignments. Don’t take on more than you can handle – providing quality care for each pet is essential.
2. Personal stylist
If you love fashion and enjoy working with people, starting a personal stylist business could be the right choice. You can help clients revamp their wardrobes, prepare for special events, or develop a new unique look.
Challenge 1: Building a client base. Securing consistent clients can be challenging in this industry. To overcome this challenge, start with people in your network and offer your services to them. Use social media platforms like Instagram to showcase your work and attract clients.
Challenge 2: Keeping up with fashion trends. Fashion trends are always changing, and staying current is vital. To overcome this challenge, follow fashion blogs, attend fashion shows, and watch fashion influencers on social media to keep up-to-date.
Challenge 3: Meeting individual client needs. Each client has different tastes, body types, and comfort levels. To overcome this challenge, understand what works for different body types and personal styles. Always listen to your clients and tailor your suggestions to their preferences.
3. Craft class business
Consider teaching others through a craft class business if you’re skilled in a particular craft, such as knitting, pottery, or painting.
Challenge 1: Attracting students. Competing with online tutorials and large craft workshops can be challenging. To overcome this challenge, offer a unique value proposition like small class sizes for personalized instruction. Promote your classes locally at craft stores, community centers, and on social media.
Challenge 2: Sourcing materials. Obtaining the necessary materials for each class can be costly and time-consuming. To overcome this challenge, look for bulk discounts from craft supply stores or online retailers. Alternatively, consider asking students to bring some of their own materials.
Challenge 3: Catering to different skill levels. Your students may have varying levels of skill and experience. To overcome this challenge, consider offering different classes for beginners, intermediates, and advanced students. Be patient and encouraging with students who are just starting.
4. Landscaper
Starting a landscaping business could be rewarding if you have a green thumb and an eye for design. Landscapers help homeowners and businesses design and maintain their outdoor spaces.
Challenge 1: Seasonal nature of the business. Landscaping is often a seasonal business, with demand fluctuating throughout the year. To overcome this challenge, diversify your services to include winter maintenance tasks or indoor plant care.
Challenge 2: Standing out in a competitive market. The landscaping industry is highly competitive, with many established companies. Differentiate your business by specializing in a specific landscaping style or a unique service offering to overcome this challenge.
Challenge 3: Physical demands. Landscaping is physically demanding work that can lead to injury if not performed safely. To overcome this challenge, invest in proper safety training and equipment to protect yourself and your team.
We recommend the following landscaper resources:
5. Tutor
As a tutor, you can help students excel in a subject where they may struggle or want to advance.
Challenge 1: Demonstrating expertise. Tutors must show they have the knowledge and skills to help students improve. To overcome this challenge, obtain certifications or degrees in your chosen subject. For languages, consider proficiency certificates like the TOEFL or IELTS.
Challenge 2: Finding clients. Marketing yourself to parents and students is a common challenge. To overcome this challenge, advertise locally in schools and online on tutoring websites. Word-of-mouth recommendations are powerful, so offer an incentive for referrals.
Challenge 3: Creating a lesson plan. Developing an effective lesson plan that caters to each student’s learning style can be challenging. To overcome this challenge, develop flexible lesson plans and be prepared to adjust your teaching style according to the student’s needs.
Feeling inspired by a wealth of small business ideas? It’s time to channel that creativity into action. Here’s how to transform your vision into a thriving small business.
How to start a small business at home
1. Turning your idea into a business
2. Crafting a comprehensive business plan
3. Choosing the right business structure
4. Crafting a compelling brand identity
5. Accounting, insurance, and location
6. Funding your business
7. Launching and growing your business
Our comprehensive guide on how to start a business provides an in-depth exploration of each step involved in the process, and we highly recommend taking the time to read that guide for a thorough understanding. For a quick start guide, here’s what you need to know.
1. Turning your idea into a business
Every business starts with a simple idea. Think about what you’re passionate about or a problem you’ve noticed you could solve. Your idea doesn’t have to be brand new; it could be an improvement on something that already exists.
Starbucks didn’t invent coffee shops, but it did reinvent the coffee shop experience, turning it into a third place between work and home.
Testing your idea
Once you have an idea, you must see if others think it’s good too. This is called market validation. Talk to potential customers, ask them what they think, and see if they’d be willing to pay for your product or service. When Dropbox started, they made a simple video explaining their idea and shared it online. The huge number of people who signed up for the waiting list was a sign that people wanted their product.
Understanding your customers
Know who you’re selling to. Create a picture of your ideal customer. How old are they? What do they like? What problems do they need to solve? Netflix knew people didn’t like late fees and waiting for DVDs in the mail, so they created a streaming service that allowed customers to watch shows and movies anytime.
Study your competitors
Look at businesses that are similar to yours. What are they doing well? What could they improve? This can give you ideas and help you find ways to stand out. When creating the first iPhone, Apple saw that most phones had tiny buttons and small screens. They made a phone with just one button and a big touchscreen, which made it different from everything else on the market.
Validating your idea with real data
Remember, it’s not enough to have a great idea—you need to validate it with comprehensive market research. Use surveys, interviews, and maybe even a small version of your product (a prototype) to gather feedback. Adjust your idea based on what you learn. Before opening their first store, the founders of Warby Parker, an eyeglass retailer, tested their idea of selling glasses online by shipping samples to people’s homes. The positive feedback they received helped them shape their business.
2. Crafting a comprehensive business plan
Think of your business plan as a GPS for your business journey. It outlines where you want to go and the best way to get there. It’s not just a formality; it’s a living document that guides your decision-making and helps convince others, like investors, to join you on your venture.
Key components of a business plan
Your business plan should be a detailed guide covering all the vital aspects of your business. Here are the key sections you should include:
- Executive summary. This is like the trailer for your business plan. It should be exciting and summarize the most compelling parts of your plan.
- Company description. Introduce your business. What does it do? Who does it serve? Why is it unique?
- Market analysis. Prove that you know your industry. Who are your competitors, and what are the trends? Show you’ve done your homework.
- Organization and management. Who’s running the show? Include bios and relevant experience that make your team sound like the Avengers of your industry.
- Service or product line. What are you selling or offering? Explain why customers will be queuing up for your product or service.
- Marketing and sales. How will you attract and keep customers? Detail your strategy for making sales and building relationships.
- Funding request. If you’re looking for funding, be specific. How much do you need, and what will you use it for?
- Financial projections. Impress with numbers. Include projections like profit and loss statements, cash flow, and a balance sheet.
- Appendix. Add any documents supporting your plan, like resumes, legal documents, or product pictures.
Airbnb’s original business plan wasn’t overly complicated. They identified a problem (expensive hotel rooms and unused apartments) and offered a solution (a platform for renting out spare rooms). They showed they understood their market, outlined how to attract hosts and guests, and were transparent about their financial needs. The clarity and simplicity of their plan helped them secure early investments and set them on the path to success.
3. Choosing the right business structure
Your business structure affects everything from your day-to-day operations to taxes and how much of your personal assets are at risk. Choose wisely!
- Sole Proprietorship. This is the simplest form of business, but it means your personal assets are on the line. It’s like a solo performance—no backup band.
- Partnership. Got a business buddy? This might be for you. But remember, it’s a bit like a marriage; choose your partner carefully.
- Limited Liability Company (LLC). This structure keeps your personal assets safe if your business faces legal troubles. It’s like a safety net for your savings.
- Corporation (C Corp). This is for the big players. It’s a separate entity from its owners, which means more paperwork but more protection and funding options too.
- S Corporation. It’s like a C Corp but with tax benefits. Profits and losses can pass through to your personal tax return, potentially saving you money.
- B Corporation. The “B” stands for beneficial. This is for companies that want to make a profit and positively impact society.
Once you’ve chosen your structure, it’s time to tackle the red tape: Register your business. This process varies by location, but it typically involves registering your business name and obtaining a business license. We have detailed guides for starting an LLC, forming a corporation, or registering a DBA (doing business as).
You’ll also need your EIN (Employer Identification Number), like your business’s Social Security number. You’ll need it for tax purposes.
For example, many Etsy sellers start as sole proprietors, but as they grow, some become LLCs to protect their personal assets. Understanding and adapting to legal requirements as your business evolves is crucial.
Hire an expert to form your company and save time. Our trusted partners can help: Northwest ($39 + state fee) or Bizee ($199 + state fee).
We recommend Northwest. After evaluating the leading registration companies, Northwest stands out as our top choice due to its competitive pricing, exceptional customer support, and commitment to privacy.
Pay just $39 + state fees and you'll get a free year of registered agent service, articles of organization, privacy, and client support from local experts.
4. Crafting a compelling brand identity
Your brand is the personality of your business; it’s how customers recognize and remember you. It’s more than just a logo—it’s your business’s promise to your customers.
Elements of brand identity:
- Brand name. Choose a company name that’s memorable, easy to spell, and gives an idea of what your business does. Avoid names that are too generic or hard to pronounce.
- Logo. Your company logo should be simple, scalable, and effective without color. It should work on a business card and a billboard.
- Color scheme. Colors evoke emotions. Choose colors that reflect the personality of your brand and appeal to your target audience.
- Typography. The fonts you use say a lot about your brand. Whether it’s professional, quirky, or luxurious, make sure your typography aligns with your brand’s tone.
- Brand voice. How does your brand communicate? Is it professional, friendly, or authoritative? This brand voice should be consistent in all your messaging.
Warby Parker disrupted the eyewear industry with a strong brand identity that promised affordable, stylish glasses. Their friendly, approachable voice and clean, modern design helped them stand out in a crowded market.
Developing your brand
- Understand your audience. Who are they? What do they value? Your brand should speak directly to their desires and needs.
- Analyze competitors. What are they doing well? Where do they fall short? Use this information to differentiate your brand.
- Create a brand story. People love stories. What’s yours? How did your business come to be? What’s your mission? This can form an emotional connection with your audience.
- Be consistent. Ensure your brand identity is consistent across all channels, from your website to your packaging and marketing materials.
For example, Airbnb’s brand revolves around the idea of ‘belonging anywhere’. Their consistent messaging and community-focused brand story have helped them build a global presence.
5. Accounting, insurance, and location
Setting up a robust financial foundation is critical for the survival and growth of your business. It involves understanding and organizing your finances, protecting your business, and choosing the right location.
Accounting systems
- Bookkeeping. Accurate bookkeeping is the backbone of your business’s financial health. Tools like QuickBooks or Xero can help you keep track of expenses, income, and tax obligations.
- Budgeting. Forecast your revenues and expenses to avoid cash flow problems. It’s crucial to know when you can afford to invest in growth or need to tighten your belt.
For example, many Etsy sellers start as hobbyists but soon realize the importance of proper accounting once their shops grow. Utilizing simple accounting software helps them manage their finances effectively.
Insurance
- Liability insurance. Protects against claims that your business caused injury or property damage. It’s essential for both product and service-based businesses.
- Property insurance. If you have a physical location or significant business property, this insurance can protect you from loss due to fire, theft, or other disasters.
- Workers’ compensation. If you have employees, most states require workers’ compensation insurance, which covers injuries or illnesses that occur as a result of work.
For example, food truck owners must navigate various risks, from kitchen fires to road accidents. Comprehensive insurance coverage is crucial to protect against such unforeseen events.
Choosing a location
- Online businesses. Your “location” may be a domain name. Choose one that’s easy to remember and reflects your brand. Ensure your website is user-friendly and secure.
- Offline businesses. For physical locations, consider foot traffic, accessibility, competition, and costs. The right location can significantly impact your visibility and sales.
For example, local coffee shops often choose locations with high foot traffic to attract customers. They also focus on creating a welcoming atmosphere, encouraging people to linger and return.
Services like Netflix or Spotify invest heavily in user interface and server infrastructure rather than physical locations, ensuring seamless access for users worldwide.
6. Funding your business
One of the most crucial steps in starting a business is securing the necessary capital. There are several avenues to explore, and the best choice depends on your business type, stage, and personal preferences.
Bootstrapping
You can use personal savings or assets to fund your business. This is common for smaller startups or sole proprietors who want full control without outside interference. Many tech startups begin with bootstrapping. Founders might use their savings or continue working part-time jobs to fund the initial phase of the business.
Friends and family
Reaching out to your personal network can be a great way to raise initial funds. Outline the terms clearly to avoid misunderstandings. A local boutique might start with funds from friends and family, allowing them to stock their first inventory and rent a small storefront.
Investors
Angel investors and venture capitalists provide funding in exchange for equity or a share in the profits. This route is more common for businesses with high growth potential. Many now-famous tech companies started with angel investments or venture capital, which allowed them to scale rapidly and disrupt industries.
Loans
You can apply for a small business loan, but you’ll need a solid business plan and often some collateral. For example, individuals looking to open a franchise often secure loans to cover the franchise fee and initial operating costs.
Crowdfunding
Websites like Kickstarter or Indiegogo allow you to raise funds from many people, typically in exchange for early access to products or other perks. Many innovative consumer products find their footing through crowdfunding, harnessing the power of community support and interest.
7. Launching and growing your business
With the groundwork laid, it’s time to open your doors, virtual or otherwise, to the world. Launching your business is a significant milestone, but it’s just the beginning. Sustaining and growing your enterprise requires constant effort and adaptability.
Ensure your operational processes are as efficient as possible to save time and money. Online stores like Amazon have revolutionized their operations with advanced warehousing and logistics, ensuring speedy delivery to customers.
Implement marketing strategies that effectively reach and resonate with your target audience. Beauty brands like Glossier have leveraged social media marketing to build a loyal customer base through relatable content and influencer partnerships.
Keep an eye on your business’s performance and be ready to adapt your strategies based on customer feedback and market trends. For example, food truck owners often adjust their menu and locations based on customer preferences and local events, staying relevant and in demand.
As your business stabilizes, look for opportunities to expand, whether through new products, services, or entering new markets. For example, a local café might start offering baking classes or selling their signature coffee blend online to reach a wider audience and create additional revenue streams.
Remember that each step involves more detailed tasks you’ll need to handle, and you’ll often need to juggle multiple steps simultaneously. But that’s all part of the thrill of starting your own business!
Free Business Startup Kit
Receive six actionable guides, including a how to start a business checklist, detailed comparisons of LLCs, corporations, sole proprietorships, and partnerships to determine the best fit for your business, plus insights on crafting a compelling pitch deck to attract investors.
- How to Start a Business Checklist
- Starting a Corporation Guide
- Is an LLC Right for You?
- Starting a Sole Proprietorship
- Starting Business Partnerships
- Creating a Powerful Pitch Deck
Small business FAQs: Your questions answered
Jumping into the small business world can seem a bit daunting at first. What type of business should you start? How do you brainstorm business ideas? Which businesses stand the best chance of success?
We’ve got you covered with this quick FAQ rundown.
What kinds of small businesses are there?
There are many small business structures, including sole proprietorships, partnerships, limited liability companies (LLCs), and corporations. Each has unique features and benefits.
Which is the best type of business structure for most small business owners?
Most people choose an LLC (limited liability company).
Why? Because, as an LLC, your personal assets are protected if your business goes belly up. But keep in mind being an LLC means paying small annual fees to the state.
A sole proprietorship might be a good and inexpensive option if you want something more straightforward and cost-effective. But remember, in this scenario, you and your business are the same, and you risk losing personal assets if your business is sued.
How do I whip up a business idea?
Brainstorming a business idea involves a few key things: your skills, preferred working style, budget, and resources.
If you’re a wizard with words, freelance writing could be your gig. But if you’re all about that face-to-face client interaction, ghostwriting might be more up your alley. Start by focusing on what you’re good at and see how that translates into a business niche.
Then, look hard at your financials and resources to see what business setup you can manage. Maybe renting a physical office is out of the question for now, making an online business a perfect fit.
Which small businesses are super successful?
Success in the small business world isn’t one-size-fits-all. It depends heavily on finding a product or service that fits the market like a glove and backing it up with a rock-solid business plan.
Tailoring your business to your specific market is the secret sauce for lasting success.
Which small businesses are on the rise?
According to the Bureau of Labor Statistics, sectors like healthcare support, technology, personal care, food preparation, and community and social service are growing like crazy. So, dipping your toes into these industries could potentially yield impressive returns. But remember, it’s all about understanding and catering to your specific market!
How do I finance my small business?
You’ve got several business financing options to explore here. You can boot-strap using your savings. Or, if you’re comfortable with the idea, ask friends or family for help. Small business loans, crowdfunding, and finding an investor or business partner are viable paths. Remember, each option has pros and cons, so consider carefully before committing.
Do I need a business plan?
Yes!
Think of a business plan as your business’s roadmap. It will outline what your business is about, your goals, how you plan on making money, who your customers are, and many other essential things. It’s not just a document for potential investors – it’s a handy guide to help keep you on track.
How do I find my target market?
Finding your target market is all about research. Start with a broad idea of who might need or want your product, then narrow it down.
Surveys, interviews, or even something as simple as social media can give you insights into your potential customers. Once you have a clear picture, you can tailor your business to meet their needs.
How do I handle the competition?
Competition can be challenging, but also a chance to learn and grow. Keep tabs on what your competitors are doing – what’s working for them and what’s not. Use this knowledge to your advantage to improve your products and services. Remember, the goal isn’t to copy them but to find ways to differentiate yourself and highlight your strengths.
What’s the best way to market my small business?
There’s no one-size-fits-all answer here, as the best marketing strategies depend on your business and target market. However, some common effective strategies include social media marketing, email marketing, content marketing, and search engine optimization (SEO). Don’t be afraid to try different strategies to see what works best for you.
Conclusion
Starting your own business can be an exciting and rewarding experience. There are countless business ideas, whether you’re looking for a home-based business or an easy one. Understanding the challenges associated with each idea and having strategies to overcome them is essential.
Remember that a strong and unique brand can set you apart in any field. At crowdspring, we’re dedicated to helping businesses create a compelling brand through custom design and business naming services. Whether it’s an eye-catching logo, a professional website design, or a memorable business name, we support your entrepreneurial journey. The possibilities are endless, so go ahead and take the leap. Your dream business awaits!
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