Starting a business is risky and takes every bit of dedication and hard work a person can employ to their follow-through-and-hang-on genes. But, it’s one of the most rewarding experiences that you’ll ever have in your life.
While starting a business has never been easier in history -- thanks to technology -- you will also want to make sure when you start a business that you enjoy doing something which is going to be profitable. If you need help generating ideas, here are 12 business ideas that are profitable because of the market demand at this time, and they all have one thing in common - low startup costs.
1. Accounting, Tax Preparation, Bookkeeping, and Payroll Services
Jenna Weaver, an analyst for Sageworks (a financial data service that has analyzed the net profit margin of small business and compiled a list), says that, “The accounting industry is consistently a top performer on our list.” In fact these services have a generous 18.4 percent net profit margin.
Despite the popularity of invoicing and accounting software, and the state of the economy we still need accountants - even if it’s just once a year to help prepare taxes. Best of all? This business typically has a low overhead and repeat customers.
2. Senior Services
Back in 2010, there were approximately 524 million people were aged 65 or older— which comes out to 8 percent of the world’s population. However, by 2050, the amount of people over 65 is expected to triple to about 1.5 billion by 2050.
That means that senior care services has the potential to become one of the biggest industries. This can include anything from in-home care, transportation, nutrition services, advising this age demographic on medical claims, or running errands.
3. Dog Walker
If you love being around dogs, and want to start a business that contains physical activity, then you should obviously consider launching a dog walking service. You could start immediately and the overhead is incredibly low. So, even though a dog walker earns on average $12.00 per hour, that’s almost all profit.
You should, however, look into pet insurance. This usually costs around $200-$400 per month.
We’re all skilled at something. You can take whatever you are talented with or skilled at and start earning money from it by starting your own consulting service. This consulting can be anything from teaching employees how to use a new piece of software at a local business, sharing your investing knowledge to clients, or passing along your farming skills to that new farm-to-table restaurant who is trying to grow and raise their own food.
The biggest expense is marketing your services, which includes purchasing a website domain and generating content.
5. Real Estate Agent or Broker
All you need to get started in this great business is an agent or brokerage license. Of course, the economy also has to be be right. But, the operating cost is low, which can result in a 15.9 percent net profit margin.
Even if it’s not a buyer’s market, you can rent out your apartment to a tenant or list a vacation home or spare bedroom on Airbnb.
53 million Americans have already joined the freelancer generation. And, it’s easy-to-understand why. A freelancer can work from anywhere they'd like and earn a solid living for possessing skills like wiring, designing, managing social media accounts, photography, or being a virtual assistant.
It also doesn’t take much to get started. Just a computer and an internet connection.
7. Translation Services
If you speak a second language, or you if you want to become fluent in another language, then you can become a translator and earn around $20 per hour. As we enter an increasingly global economy, we’re definitely going to need people to translate documents or be the middleman during a meeting for startups and businesses and healthcare.
8. Car Rental or Leasing
The rising on-demand economy has lead to more people renting or leasing vehicles through companies like Zipcar and Hertz. However, you can also rent your personal vehicle out by using marketplaces like Turo, GetAround.com, or easyCar Club.
Don’t want to part with your vehicle? You can always become a driver for Uber or Lyft.
9. Subscription Service
The subscription business model has been all the rage lately. Netflix, Dollar Shave Club, Birchbox, and Copyblogger have all proved that having monthly subscribers can be a lucrative business - no matter which industry you’re involved with.
Whether it’s delivering food, receiving a box full of goodies, exclusive content, or services like haircuts, you can start a subscription-based business by providing something of value to your a target audience. And, you can use tools like Subbly to get that business up-and-running quickly and easily.
10. Fashion, Accessories, and Crafts
If you’re able to design and create clothing, fashion accessories, or build furniture, then there’s a huge market out there to capitalize on. And, thanks to Shopify, Etsy, and CafePress, you have all the tools and resources you need to get started.
I actually know several people who started selling handmade crafts to a couple of friends and have now left their full-time jobs because their little side business became a hit.
11. App Development
There are over 2 billion smartphones worldwide. That’s a huge opportunity for you to cash-in on by developing your own app. Even if you aren’t a coder or an engineer, but still have an amazing app idea, you can still make money from your app idea by hiring a talented developer to make it a reality.
12. Food Truck
The mobile food business is booming. In fact, my town recently had a large food truck festival. Besides the demand, it’s relatively cheap to start, especially when compared to opening up your own restaurant. If location is ever an issue, you can simply relocate. The most important thing to keep in mind when starting a food truck business is to be aware of local laws so that you don’t get in trouble.
FoodTruckEmpire is an excellent resource for you to use if you want launch your own mobile food business.
The point is, I've heard so many people say that they would start a business, but can't afford it. Maybe your first business should be something with a low startup cost, and when you sell that business, you can start your dream company.