Why start a small business?
Why do so many people start small businesses when almost half fail within the first five years?
because they want to be in charge.
A recent Cox Business survey found that 66 percent of people who are just starting their own business do so because they want to be their own boss. There is also a lot of new business. 5.4 million people started small businesses in 2021, up from 4.4 million in 2020 and 3.8 million in 2019. You’re not alone in wanting to leave corporate America and start a new life as an entrepreneur.
In addition to wanting to be their own boss, small business owners start their own companies because:
No matter why you start a business, it’s hard to make money the first year. In fact, conventional wisdom says it can take up to two years for a business to start making money. But if you start one of these 10 businesses that will make money in the first year, you won’t have to wait that long.
Enterprises with low start-up costs
One of the easiest ways to make money fast is to start a business with low start-up costs. Some of the top five businesses can be started with just a fast computer, a smartphone, and some software.
1. Social media management
If you know all about social media sites, then social media management might be the right business for you. Many small business owners find it difficult to keep up with sites like Facebook and Twitter. Your knowledge may be just what they need.
2. Online courses
Do you think you know a lot about something? No matter what you’re good at, if you have the skills, there are several tools at your disposal to create and sell online courses. The best way to do this is not to try to be good at everything but to focus on a specific niche and your audience.
3. Graphic design
Think you know a lot about Adobe Photoshop or InDesign? If so, you might be able to make money as a graphic designer. Graphic design skills are in demand and will likely stay that way in the future, whether you want to make a simple web page or a catalogue with great graphics.
Are you an accountant or bookkeeper who wants to work for you? If so, you have many opportunities. Accounting and bookkeeping services are expected to bring in $203.8 billion in revenue by 2024, so it could be a good business. Bookkeepers can handle basic tasks like billing customers and paying bills. CPAs, on the other hand, handle more complex tasks, such as preparing taxes and making financial forecasts.
Consulting is a great option for those with in-demand skills. Find your niche and start offering your services. For example, you can help new business owners choose the right accounting software or help business owners with human resources issues.
Businesses that need more investment
The next five businesses require more capital to start, but they can also help you make money in your first year.
6. Food truck owner
Food trucks are everywhere. Whether you want to sell tacos or something higher-end, a food truck business is for you. Startup costs are high, and you need to consider how much it will cost to obtain licences and insurance for a professional business. But if you like to cook, a food truck can give you more freedom and room to be creative at a third of the cost of opening a restaurant.
7. Auto Repair
If you know how to fix cars and are looking for a new job, opening your own repair shop might be a good idea. If you want even more flexibility, you can offer mobile machinery services to your customers. They may be willing to pay more if you come to them.
8. Take care of children.
If you love children and have worked with or taught young children before, opening a child care centre could be the next step for you. Setting up an outside childcare centre can cost a lot, and you’ll also have to pay licencing fees, but the demand for childcare grows every year, so you’ll likely be making money before your first year is over.
9. Car wash service
Car owners are keeping their cars longer and longer, so the demand for car wash facilities is also increasing. The market is expected to grow until 2028. However, if you offer mobile car washes and grooming services, you can make a lot more money with this niche business. People will pay more for services that are tailored to them.
10. Cleaning service
Even though the start-up cost of a cleaning service is lower than some other services, you’ll still need to buy cleaning supplies, an industrial vacuum, and a truck or van to move them. You can specialise in office cleaning or house cleaning, or you can offer both.