Some people become entrepreneurs when they have a new idea, and other people become entrepreneurs because they want to be their own boss. This discussion is for those people. The people who want more control in their own lives. However, after going through a complex company setup process, it will be a shame if the company is not profitable.
As more countries are becoming aware that ease of doing business in a country is a big factor for economic development. Governments around the world are competing to attract entrepreneurs to their country. One way they are doing this is through the help of free zones. A Free zone business is easy to set up and run than a business outside the free zone.
20 most successful small businesses
It is common knowledge that some businesses are more profitable than others. So, which business sectors make the complex company setup process worth it? That is exactly what we are going to get into today. Here is a list of 20 small businesses that usually succeed:
1.) Business consultancy
As more and more people are looking to start their own company, the demand for company setup professionals is rising. So, if you have the experience then the business consultancy sector is ripe for the taking.
2.) Financial consultancy
There are a lot of people, with a lot of money, who do not know what to do with their wealth. There are also a lot of people who want to retire. If you are someone who knows the financial markets well, consider a financial consultancy.
3.) Construction consultancy
As urbanization is at its peak, many experienced civil engineers around the world are starting their own businesses. If you have experience in the construction field and have the necessary connections, then give it a try.
4.) Courier service
As people around the world are getting stuck indoors, courier services are kicking off. Even before the COVID-19 pandemic, there were a lot of people who would get their needs and wants to be delivered to them than go out.
5.) Cleaning service
Cleaning service is a broader sector of business than it may seem. Cleaning services start from easy gigs like dusting future to gigs like cleaning glass outside skyscrapers, which needs a lot of expensive equipment.
6.) Home care service
People who have the money to afford home care do not want to send their elderly parents to old homes/retirement homes. The demand for home care services is going to keep rising as the number of elderly people is projected to increase up to 2050.
7.) Pet sitting service
Pets are considered family members all around the world. And just like with the elderly, people pay a lot to look after their pets. It is estimated that around two-thirds of families in the U.S. have pets.
8.) Translation service
As globalization is bringing people of varying cultural backgrounds together, the demand for translators is at an all-time high. If you know two or more languages, then this is a market that you can easily enter.
9.) Property maintenance service
There are tenants with multiple residential buildings and business centers, who cannot look after all their property by themselves. They say the rich get richer, which only means that they cannot manage their wealth by themselves.
10.) Tutoring service
Everyone realizes the importance of education. There are successful businesses that connect tutors to students in exchange for a commission. So, either you can be a tutor or if you have the marketing skills, connect the tutors to students.
11.) Digital marketing agency
Businesses are always looking to increase the sales of their products and services. If you have a creative talent or a degree in marketing, you can easily help these businesses. Or even if you cannot, you can hire people who can.
12.) Real estate agency
The real estate market is a bit harder to get into, but it is profitable if you can get the sales. You need to be presentable and confident if you want to do good in this business.
13.) Bookkeeping agency
Modern technology allows people to sell their skills and specialties online. Bookkeeping is one such skill that can be sold online. Every tax-paying business needs some sort of record of its business activities.
14.) App development agency
As smartphones have found themselves in the hands of every person in the modern world. The need for app developers has increased. If you come up with an app that catches the eyes, you can become a millionaire overnight.
15.) Website design and development agency
Businesses around the world have embraced the internet. It is common knowledge now that you either adapt or get left behind. Millions of businesses still do not have a website, but they will soon.
16.) Law firm
People are aware of their rights now more than ever. But still, they need help to enforce their rights every now and then. A law firm never lacks for clients and therefore never lacks profitability.
17.) Dental firm
Life expectancy is increasing every year. This is because people are getting more health-conscious. However, people do not have dental needs for physical wellbeing only but for appearance as well.
18.) Beauty and hair salon
Speaking of appearances, people pay a lot to look good in this era of social media. Global spending on beauty products and services has been on a steady increase for many years.
19.) Auto repair workshop
As the number of car owners is increasing by the day, the need for auto repairs is increasing as well. Taking a damaged car to the shop is a challenge. If you can offer remote auto repair services, you are bound to succeed.
This is a broad sector of business. However, businesses in this sector hardly fail. Unless you choose a bad location to set up a shop or choose to sell products that are not in demand, you will succeed as a reseller.
You do not need any of the corresponding skills to open the small businesses we have discussed above. If you have the leadership qualities then only the company setup process is keeping you from opening your own small business.