Guide to the Best Small Businesses to Start Now
Are you in search of a small business to start this year? It is absolutely possible for you to join the other 28 million American small business owners by starting up a small business for yourself.
Not only are 54% of all sales in the United States made from small businesses, but they also provide over half of all the jobs in the country. The most profitable small businesses to start are currently in the accounting, oil and gas, and medical fields. However, it is highly plausible that you can create a good small business to start that is also profitable outside these niches.
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Sometimes, the best small business to start is one where little competition exists. Some of the best small business startups have little competition and, therefore, stand out as an innovative, intriguing new business.
What is a good small business to start this year? This guide will offer seven of the top small businesses to start this coming year according to what is working well now, projected growth, flexibility, and profitability. We will also cover how to start up a small business and how to get your business funded with startup loans for small businesses.
How to Start Up a Small Business
If you are wondering how to start up a small business, you came to the right place. Starting up a small business is not always the easiest process, but with these tips, you will be prepared for your small business to start.
Create a business plan
The best small businesses to start are, of course, those with a plan. You have to know what direction you want to take your business in if you want to become one of the best small business startups. Brainstorm ideas, define your goals, and write out your plan of action before getting too involved in other business aspects.
Decide what type of business entity you need
You need to decide if you will have employees or be the sole employee of your business. Initial business paperwork can be costly, but you will want to make sure you are starting up a small business correctly right out of the gate.
Whether you want a sole proprietorship or a corporation has little bearing on the most profitable small businesses to start. Profitability depends more on your determination, business type, and business interest. So, pick a business entity that makes the most sense for you, but make sure it is the right one from the start.
Start a website
This year, a website for your business is crucial for advertising and engaging current and potential customers. The best small business to start is definitely one with a website, whether or not you have an online business.
You will notice that most at least have a website, even if they have limited products, services, or interest. A website helps gauge interest in your business through your content and share-ability of that content. Make sure you update your content often and follow other blogs within your niche to help build an online network for your digital brand.
Build a team
Some of the top small businesses to start are operated by only one person. But unless you plan on being the sole operator of your business, you will soon need to add employees to your team. Most of the best small businesses to start usually only need a few employees. The team grows as business grows. Make sure you hire people you trust to help you build a good small business to start from the beginning.
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Market your business
What is the best small business to start in terms of marketability? That depends on how well you market! The best small business to start is only as good as you make it, and that means you need to market it well. Fortunately, the website you have (hopefully) already created is an excellent source of marketing.
You should also take advantage of the many free social networks available, like Facebook and Twitter. The best small businesses to start know how to use social media to share worthy content, advertise their own content, and engage their followers for successful marketing online.
Funding with Startup Loans for Small Businesses
If you are looking for small businesses to start and need some funding to get your business off the ground, there are several options for startup loans for small businesses. Often, even the most profitable small businesses to start need some help with funding to get up and running.
Although credit cards and crowdsourcing can be excellent ways to begin to fund your small business, you might want to consider startup loans for small businesses provided through the Small Business Administration (SBA).
Before deciding what is a good small business to start, consider the money you have, and are willing to spend, to fund your startup. Then, look into SBA loans to see what the SBA can do to help your small business and the niches you are considering.
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The main difference between the two types of SBA loans is their purpose: 504 loans are typically used for purchasing commercial real estate and equipment for your business, whereas 7(a) loans are for general purposes. If you require a lot of money to get a good small business to start off great financially, you might be better off with the SBA 504 loan that has a higher maximum loan amount.
What Is the Best Small Business to Start?
Now that you know a few requirements for starting a business and how to fund your new business, you are ready to decide what is the best small business to start. The answer really depends on you and the type of business you are interested in.
However, there are several top small businesses to start this year that look very promising in terms of interest and profitability. Some are brick-and-mortar businesses, while others can grow and operate from the comfort of your home office. Here are our picks for the best small businesses to start this year.
Real Estate Business
One of the best small business start ups for this year is in the real estate field as a broker. Real estate brokers are licensed to operate their own businesses and provide house hunters and sellers with the services needed to buy or sell a home. The real estate broker career is currently ranked #4 in Best Sales and Marketing Jobs by U.S. News.
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If you are looking for what is a good small business to start that offers the most flexibility and mobility, a real estate broker business fits the bill. A real estate broker is considered a best small business to start for those who do not want a 9-5 office job and enjoy traveling frequently.
With a rapidly-growing internet that spans the world, one of the most promising small businesses to start is an e-commerce business. Starting up a small business in the e-commerce field has never been easier. Get web hosting and a domain name, and you are off to the races.
You can sell almost anything online without location being an issue like it is for a brick-and-mortar location. E-commerce is also considered one of the best small businesses to start because of its ability to provide passive income as customers buy your products. If you market well, this can be the best small business to start that produces income fairly quickly.
Freelance Writing Business
If you are looking for small businesses to start that you can operate alone, consider a freelance writing business. If you are a creative person who likes to write, a freelance writing business is one of the small businesses to start considering, especially if you enjoy a flexible schedule and the ability to work from home.
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A freelance writer’s income can be unsteady, but it also can be one of the most profitable small businesses to start if you do it correctly. You can turn it into the best small business to start with a lot of perks by regularly contributing to your own (and other) blogs, building long-term writing clients through networking, and honing your skillset to a few specific skills to offer clients.
Social Media Consulting Business
Another one of the best small businesses to start that gives a good amount of flexibility is a social media consulting business. Small businesses to start online, like social media consulting, are gaining incredible momentum and can prove to be among the most popular for this year.
Is a social media consulting business the best small business to start for you? If you have extensive knowledge in engaging social media followers and understanding how the most popular social media platforms work, you could create a profitable social media consulting business to help build an online presence for individuals or businesses.
It is also a good small business to start on a low budget, given minimal equipment usage and the ability to work from home to avoid overhead costs.
Web Design Business
One of the best small businesses to start in U.S. News’ Technology category, a web design business has a promising outlook for this year. A web designer’s median salary was $63,490 in 2014, and the career is one of the most family-friendly, flexible small businesses to start.
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A web design business is one of the top small businesses to start if you are creative and enjoy developing unique, branded websites for individuals or businesses. You typically do not need a college degree to be successful in the field, but extra credentials could be beneficial when seeking potential clients.
Web design is also one of the more budget-friendly small businesses to start, with little equipment and cost needed to get your business off the ground.
Online Tutoring Business
If you have a college degree and/or teaching experience, an online tutoring business is one of the best small businesses to start. This business is flexible in terms of how big or small you want your business to be. You can choose to work several hours per day for several students, or limit your time to just a few hours per day for two or three students.
Online tutoring is one of the best small business startups for this year as parents seek extra help for their children at reasonable costs and through the ease and convenience of online education. By 2018, the market for online tutoring is projected to surpass $102.8 billion, making it one of the very profitable small businesses to start.
Event or Party Planning Business
You might want the best small business to start that offers the most variety every day. If so, an event or party planning business may just be the best small business to start. Event and party planners help to plan every detail of a big event or party for their clients, from the venue to the colors to the food.
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Those looking for a flexible, creative, and unique business will consider this one of the best small businesses to start this year. The Bureau of Labor Statistics projects a 10% growth in this field through 2028 because event and party planners offer such a wide variety of services to help their clients have the perfect event.
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The best small businesses to start this year may not be the most obvious, but they can be very profitable if planned correctly. Before you learn how to start up a small business, remember to create a detailed business plan that will help your business grow and become profitable.
This year, we will see a rise in the online business becoming the best small business to start as more people turn to the internet and technology for their individual and business needs. This is a good opportunity to make the most of this trend if you desire flexible small businesses to start.
Starting up a small business this year is the perfect way to take your knowledge and skills and put them to work for you with a rewarding and profitable small business. We hope you find that these ideas for the best small businesses to start this year spark your creativity to plan the perfect small business for you.
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