Small businesses make up most of the business entities in the US, and the nation is at the top of the global list for the number of startups operating locally. Where these numbers show economic progress, they also show that the market is extremely competitive, which is why only 40% of all small businesses are projected to become profitable. In fact, competition is the biggest challenge for startups, with 19% of owners believing that.
When talking about the fields in which small businesses are finding the greatest success, 7.1% of all US startups operate in the financial technology space. At the same time, 60% of entrepreneurs strongly agree that AI is by far the most promising innovation in technology and it holds the power to transform every global industry in the years to come. Together, these stats paint a prospective yet challenging future for small businesses, which means that for individuals looking to venture into the field of being their boss, having a revolutionary idea is imperative.
Here are some small business ideas that have a tendency to grow and become profitable as well as sustainable down the line:
Print-on-demand has been a growing industry for a number of years and continues to hold strong for the foreseeable future. At present, the market is valued at nearly $5.4 billion globally. With little to no investments required upfront, hundreds of products can be sold under this category.
As an entrepreneur, you can find solution providers online for the entire supply chain. From finding free templates to stock images and illustrations, from companies printing the products for you to services shipping them, it is a business that requires nothing but an internet connection, a laptop, the right suppliers, and the right mindset. You can explore this business idea with products like apparel, stationery, diaries, calendars, corporate or personalized gifts, and much more.
This business idea revolves around a fulfillment model where you don’t need to hold any inventory of the product you plan to sell. The trend has also picked up rapidly over the past few years thanks to the internet; there are service providers available today who will handle the logistics for you completely. You basically act as a middleman that sells the product to customers, but unlike the traditional intermediary, you can make significant profits over time.
Additionally, because of the extensive Chinese market for products falling in the tech category, US-based drop-shippers are making thousands, if not millions, a year. You can easily use social media to locate a product that is trending and start dropshipping it for customers not just locally but internationally as well.
Service-based small businesses
Selling a service is another lucrative business idea if you’ve got certain skills that are in demand. Once again, thanks to the internet, there is now an extensive online marketplace for hiring service providers with convenience.
While some services may require physical presence, like landscaping, cleaning services, dog walking, and numerous others, there are numerous you can provide completely remotely. Graphic designing, digital marketing, SEO audits and development, content writing, and various other services require only an electronic device and an internet connection. These services form the basis of the rapidly growing freelancer market globally and can offer impressive returns with you only investing time into the business.
Start your own fashion line
Nowadays, it is possible to pursue a business idea in almost any field you are passionate about just sitting at home. As discussed earlier, you can sell print-on-demand apparel, but if your interest lies in bespoke fashion design, there are opportunities for you too.
You also have the option of opening a fashion boutique that brings clothing items from a wide array of designers worldwide to people’s doorsteps through dropshipping. All you need to do is find the target market and build a website that lists all the products you are willing to sell.
For a more niche and lucrative business idea, you can design your own dresses, swimwear, shoes, and various accessories to sell through a website. Obviously, this is a more effort and cash-intensive process, but it is extremely convenient to set up nowadays.
Sell homemade goods or handicrafts
One of the most interesting niche business ideas is to sell something that is either made at home or by the hands of an expert craftsman. From pottery to vases, candles to soaps, and even food, you can sell many products to make money.
Customers are always intrigued by unique products, especially those that are aesthetically appealing and handmade. Depending on your target customers, you can sell these products at a premium, sometimes making significant profits. However, there is only a small market for these types of products, so this is an aspect you’ll need to bear in mind.
Leverage social media for its monetary potential
Digital influencers these days are some of the most successful businessmen out there. Some of these individuals and companies have grown huge because of the effective use of social media platforms and their monetization incentives.
However, as someone planning to step into this field just now, there are a lot of factors you’ll need to bear in mind. The biggest booster for reach and eventual monetary benefits is the central idea of your YouTube page or Instagram handle. There is no longer a need to show your face or even your voice if you want to start out as a social media influencer. Cooking channels, for instance, have music and top-down shots mostly. There is no doubt that they rake in millions of views each month.
Sell online courses
If you are good at something like SEO, graphic design, film production, or content writing to name a few skills, you can teach others to earn money out of it. This business model gained popularity after the COVID-19 pandemic forced almost all education to shift toward digital models. Today, people actively look for short courses that can teach them the basics of the trade or help them gain a competitive edge over others in their respective fields. Therefore, there is a substantial market that is open to paying for online courses as well.
Starting a business has become extremely simple and convenient these days. With only a computer and an internet connection, people around the world are generating revenues in the millions. All it takes is an out-of-the-box idea or a conventional business with extraordinary execution. So pick an idea and start your business now.