Launching a small business takes careful planning on all fronts. You don’t want to invest everything and leave yourself without a cushion in case the business doesn’t take off right away. On the other hand, you don’t want to do a half-baked job – you can only succeed if you give the business everything that you can.
If you’re considering starting a small business shortly – maybe even your very own Aussie online casino – you’ll want to make sure that the business goes well and:
- Has the potential to be profitable.
- Has the potential to do well, even in uncertain economic times.
- Doesn’t leave you dependent on too many people to do things that you don’t know how to do.
- Doesn’t require huge amounts of start-up capital.
- Offers rewards for dedication, perseverance, hard work and a desire to succeed.
Check out some of the most promising small business models, including those that you can operate as a home-based business.
According to senior community development specialist Andrew Pack, the average job growth rate outlook for skilled trades occupations is 8 percent including skilled construction, skilled service, and skilled industrial workers. If you have training in some of the skilled construction or industrial trades you might want to open a small business from your home. According to the economic forecasts, it’s likely that, as you prove yourself, demand will increase.
Skilled trades include:
- Skilled construction, such as sheet metal workers, carpenters, plumbers, electricians, and operating engineers.
- Skilled industrial, such as welders, machinists, electrical installers and tool and die makers.
- Skilled service, such as auto body repairers and chefs, dental hygienists and medical technicians.
Software Engineering and Development
Software engineers and developers create, test and maintain software, both on mainframes to mobile devices. The U.S. Bureau of Labor Statistics reports that the demand for software developers will increase by 17% each year through 2023.
Software development is in high demand but small companies cannot afford to keep a software engineer/developer on staff. That’s where self-employed developers come in. Experience and a reputation in the field is a good idea so you might want to start out as a salaried employee and then become a self-employed contractor. Ease of remote access, combined with cloud computing, make software development an ideal business for home-based workers.
Taking care of children isn’t easy, nor is it lucrative. But it’s one of the most rewarding careers that you can do and there are some business opportunities in many areas of children’s services market. They include
- Afternoon clubs and classes such as art and music.
- You are tutoring in school subjects.
- Preschool and nursery school care and education.
- Afterschool care
In some of these fields, especially in childcare, you’ll need to obtain a license from your local municipality or state. But if you enjoy working with children and have experience or training, consider turning it into a business.
Bike Sales, Rentals and Service
More and more people are riding scooters and bikes, both for the health and environmental benefits as well as for the convenience and ability to travel without worrying about parking.
Bike commuting is growing – in the United States, it has grown 73 per cent in the largest cities and 47 percent nationwide over 10 years. Many cities are trying to encourage people to use bikes rather than cars to commute to work.
Biking is healthy, popular, heavily promoted by government and good for the environment. That makes it a pretty good business bet, both to sell/rent/service pedal-powered bikes, and e-bikes that use electric or battery power. Analysts say that sales are expected to hit close to 50 million units this year.
You can set up a bike business including options for people to convert regular pedal bikes to E-bikes using a kit that allows replacement of the back or front wheel hub with a hub that contains a small electric motor, cabling and a battery.
Senior Care Services
The ageing population makes senior care services one of the best business opportunities. By 2030 seniors will make up one-quarter of the entire U.S. population.
Seniors generally want to “age in place.” That means that they want to continue to live in their own homes, in their own communities, for as long as possible.
To make that happen, people can offer them services such as:
- Driving services
- Shopping services
- Cleaning services
- Landscaping services
- Pet-walking/care services
- Property maintenance services
You might also want to rent out rooms to seniors and offer them care – this requires a license and training but it allows you to use your home to bring in income.
Body Decoration Services (Tattoos and Piercings)
Want to turn your artistic abilities into hard cash? Start a tattoo business in your home. According to statistics, the tattoo industry generates billions of dollars every year in America and its continuing is rapid growth.
You can learn the trade via an apprenticeship alongside a professional. This generally takes about 3 years. In some states and municipalities, tattoo parlors (including your house) require a license and require that the tattoo artist complete a course.
Gourmet Coffee Shop
Starbucks has created a climate in which people appreciate good coffee. You might think that you can’t compete with the big chains but if you can find a convenient location, offer a pleasant atmosphere and serve high-quality beverages, you can start your own business.
This isn’t a home-based business. Nor is it a business for someone who wants to work alone – you need to be open as many hours as possible so you’ll need a staff. You’ll also need to properly train your baristos and baristas so that they offer a service that will make people want to come back for more. If you can do that, you’re in business.