26 Great Business Ideas for Entrepreneurs
Whether you’ve already started a business or want to start your first one, these fantastic business ideas provide opportunity for entrepreneurs wishing to start something new.
- The best small business concepts frequently use an internet business approach.
- Create a thorough business plan for a venture you are knowledgeable and passionate about.
- Find out if there is a market for the good or service you wish to offer before launching a business.
- Anyone looking for motivation to launch a business should read this article.
If you’re considering launching a business, you should think about if your concept meets a need in how people go about their daily lives and approach their jobs. You might have a viable company idea if you can identify an unmet need and a target market. But how can you initially come up with a good idea? There are 26 excellent business ideas on this list that will help you succeed.
26 great small business ideas
You can start your entrepreneurial career with the help of this list of 23 excellent business concepts. Reduce in mind that many of the suggestions below can be implemented with just a credit card processing partner, allowing you to keep startup costs to a minimum.
Continue reading for some ideas on the many business ventures that could help you succeed.
1. Online reselling
Start an internet reseller business if you’re interested in both sales and apparel. You can start your business as a side hustle and grow it into a full-time resale business, but it will require time, commitment, and a keen eye for fashion. You may start by selling your old clothes and other stuff on online storefronts like Poshmark and Mercari, then develop your own resale website.
Think about looking for hidden treasures at flea markets and estate auctions and then selling them online to sell for a profit. If you’re careful and look in the appropriate locations, you might be able to gather a sizable inventory of good-condition products for very little overhead.
2. Pet sitting
Seventy percent of American families own a pet. Your pet-sitting small business can provide these families with reassurance when they are away for a long amount of time. You will keep an eye on the dogs, cats, or other pets of your clients while they are away. You’ll need to play with them, feed them, give them water, and (if they have dogs) walk them as needed as part of your work. You must frequently inform clients of the progress of their dogs if you want to maintain their satisfaction.
Pet sitting can be a particularly good small-business concept if you already have streams of income that only require a laptop and an internet connection. You may operate two income streams at once because almost all pet owners will be happy to let you work on your laptop while you visit their homes with their animals.
3. T-shirt printing
Starting a T-shirt printing company could be fun if you have a sense of comedy or fashion. Additionally, you can screen-print patterns that you have obtained a license for onto plain t-shirts. In either case, it’s simple to buy the equipment you need to get started if you have space for a T-shirt printing setup.
4. Cleaning service
If you enjoy cleaning, you could probably make money doing it. You are able to provide cleaning services to individuals, apartment buildings, and commercial premises with a small team, a variety of cleaning materials, and transportation. The average hourly rate for cleaning services is $25 to $50. Cleaning services are simple enterprises with minimal overhead; all you need is preparation, commitment, and promotion to draw clients.
If you want to set yourself apart from competing cleaning services, think about charging more for premium services like external power-washing or floor waxing. These services might make the difference between your new cleaning service and established businesses who have too many customers to offer that caliber of cleaning.
5. Online teaching
Opportunities for entrepreneurs have arisen as a result of the demand for online education. Since this is an internet business, you may teach a course on any subject you are knowledgeable about from anywhere. Consider teaching English as a foreign language to students overseas if you lack extensive understanding in any particular area.
6. Online bookkeeping
Technology has made it possible to complete many bookkeeping tasks online, much like in schooling. Take use of contemporary technology to launch your own online bookkeeping service if you are an accountant or bookkeeper who desires the liberty and independence of operating your own business.
Consulting can be a successful career choice if you are knowledgeable and enthusiastic about a certain subject (such as business, social media, marketing, human resources, leadership, or communication). You can launch a consulting firm on your own, build it over time, and eventually bring on more consultants.
8. Medical courier service
Consider starting your own courier service, preferably a medical courier service, provided you have a dependable car and strong time management abilities. Transporting medical supplies including lab specimens, prescription drugs, and equipment would fall under your purview as a driver. Starting a courier service on your own or with the help of other drivers are also options.
9. App development
Consider a job in app development if you have knowledge and experience in technology. The fact that many Americans carry smartphones around with them every day has fueled demand for mobile apps. The popularity of virtual reality software in recent years has led to a need for VR app development as well.
10. Transcription service
A transcription service will enable you to work from home with a flexible schedule if you have a good ear and can type swiftly. With the proliferation of speech recognition technologies for healthcare provider dictation, medical transcription services are becoming necessary.
You can choose how many or how few transcription tasks you want to accept. This flexibility can be especially useful if you don’t want to start right away or if you want to keep your day job for the time being. Consider becoming a certified transcriptionist and specializing in a few areas to improve your company possibilities and allow you to charge more.
The typical line rate for medical transcriptionists is 6 to 14 cents, which adds up quickly. Keep track of the tasks you accept because transcription work typically has a 24-hour turnaround period. But because you may initially just accept a small number of requests, you can scale up when you’re ready. The starting and overhead costs are really low, which is the best part. Only a computer, the necessary software, and a secure messaging service are required.
11. Professional organizing
Looking for a business venture that would truly make you happy? Professional organizers, like Marie Kondo, make a profession by assisting clients with minimization and decluttering. Many people are frantically trying to minimize and regain control of their stuff in this age of materialism. Although minimalism is becoming increasingly popular, many individuals find it difficult to leave with items they’ve had for a while. Helping clients create a strategy for downsizing is part of what it means to be a professional organizer.
If you appreciate creating useful and comfortable settings and are well organized, you might be effective at teaching others how to do the same. People will pay you to advise them on how to reduce their stuff and keep their place organized. For marketing purposes, request permission from your clients to snap before-and-after pictures of the spaces in their homes that you have organized. If so, you may utilize them to build a portfolio that you can share on social media to draw in new customers.
12. Freelance copywriting or content writing
You may make a name for yourself as a freelance copywriter or content writer if you have a knack for language and some understanding of marketing. There are several businesses that will pay you to write blogs, site material, or press releases. Your worth will increase if you can assist clients in developing a strategy around particular keywords that their target audience is already utilizing in internet searches.
The best thing about running a freelance copywriting business is that you can work from anywhere as long as you have access to the internet. You can run this business from the convenience of your home or even from a moving vehicle if you like to travel. You may even turn freelance writing into a full-time career if you build a sizable network and receive referrals from pleased customers.
13. Home care service
Supporting elders who are housebound and require in-home care can be greatly aided by someone with experience in care and hospitality. Additionally, there will be an increase in demand for this service. The population of people aged 85 and above is anticipated to quadruple between 2020 and 2060, going from 6.7 million to 19 million, according to the Population Reference Bureau. There are now almost 600,000 centenarians (those over 100) in the world. Many people will require care and support, frequently in their own homes.
Fortunately, you don’t need experience in the medical field to serve seniors and build a prosperous business at the same time, but those talents will also be in demand. Many senior citizens require assistance with a variety of duties, including housing repairs and errands. After gaining some expertise, you might think about expanding your company to assist seniors in moving from their homes to assisted living facilities by providing services like packing, transporting, arranging, or storing their furniture and belongings.
14. Translation service
IBISWorld’s study indicates that the translation services sector had a fall in 2020, as did many other sectors. Nevertheless, IBISWorld predicts that the sector will have a “significant increase” over the next five years. This predicted growth is understandable given how easily accessible English-speaking markets are to entrepreneurs in other nations thanks to the internet.
Due to this development, multilingual speakers now have the opportunity to provide specialized services like document translation and website information translation for usage in other markets. If you speak several languages well, you might be able to carve out a niche for yourself in the translation services sector.
15. Digital marketing
Every day that goes by, the value of the internet increases, but it also gets difficult for businesses to effectively sell themselves online because of the online clutter. Services for digital marketing are continuously in demand. Nevertheless, a lot of small and midsize businesses would rather outsource them than build an expensive in-house team. If you’re skilled in SEO, content marketing, PPC, web development, or social media management, you might be able to take advantage of a business opportunity that gives you the flexibility to work from home.
Given the significance of digital marketing to any brand, you must react to changes in your clients’ marketing plans. Social media management is more than just scheduling postings with a set-it-and-forget-it attitude; it also involves continuously monitoring for comments and communications. Digital marketing can be the ideal career choice for you if you appreciate carefully planning and executing marketing strategies. Another type of digital marketing that you might think about is becoming an affiliate marketer.
16. Owning a food truck
There are several different types of food trucks that provide a variety of foods and cuisines. Bring your preferred cuisine with you so you may sell it to hungry consumers on the go. Yes, you will be working, but you will be doing so in a field that you are passionate about, giving you the opportunity to meet others who share your interests.
Though starting a food truck may seem like a crazy notion, the business is expanding. In addition to having the extra benefit of mobility, a truck has much lower overhead and maintenance costs than a restaurant.
17. Lawn care service
It’s likely that your parents made you take care of the lawn if you were raised with one. While many people find lawn maintenance annoying, some people find it to be calming and tranquillizing. Although so many people find the task tedious, working outside with your hands to tame and beautify the natural landscape can be a joyful experience as well as financially rewarding.
Depending on the number of clients you have and the size of the jobs, all you really need to provide lawn care services is some basic equipment, a trailer, and sometimes some workers. By providing top-notch services and developing a reputation as a company that completes tasks thoroughly and with a smile, you may expand a modest lawn care business into a complete landscaping business. This may be the right line of work for you if you enjoy working outside and designing beautiful landscapes.
18. Rideshare driving
Using your car to become a rideshare driver is an option if starting your own business seems difficult or risky enough. You are free to work as much or as little as you like because the rideshare service is responsible for all business expenses and management. The ability to establish a side business that pays well and only requires the desire to take people to their destinations and engage in the occasional polite conversation is made possible by rideshare programs like Uber and Lyft.
The independence of a small business owner without the demanding workload of running the back-end logistics is what rideshare drivers enjoy. Ridesharing might be a good method to try out entrepreneurship if any of the other business concepts seem to demand too much time or up-front money.
19. Real estate
The property market can be difficult for many people to understand. You can assist clients in finding their ideal house at a cost that works for them as a real estate agent. In many places, you simply need to finish a few months of classes and pass an exam to qualify as a real estate agent. Keep in mind that even with a qualification, you’ll need good social skills, so if you’re not a people person, this might not be the road for you.
20. Graphic design
Corporations, small businesses and sole proprietors all require eye-catching advertising materials, but not everybody has an eye for what looks good. If you have an artistic streak and know how to organize content into a visually pleasant structure, start a graphic design business to supply flyers, digital ads, posters and other engaging visual materials. Graphic design takes minimal physical items beyond a laptop and a desk.
21. Drop shipping
Not all companies that sell items store them on-site. In drop-shipping, people who manage e-commerce sites go to a third party to fulfil all orders. The third party is presumably a wholesale merchant or other organization that conducts a warehousing and shipping operation. The little inventory and tools needed for drop-shipping make it an especially fantastic company concept if you’re worried about overhead costs and physical space.
22. Personal training
If the gym is like your second home, you might want to contribute some of your skills and assist others attain their fitness objectives. As a personal trainer, you can offer in-home training sessions that suit to each of your clients’ exercise skills. You can also assist customers construct individualized nutrition and food plans so their diets complement their physical goals.
Many personal trainers start their client acquisition strategy with social media accounts that highlight their expertise in the gym along with some encouraging quotations. While a certification can help broaden your consumer base, you aren’t legally obliged to have any particular training to start this type of business
23. Resume writing
Whether they wish to change careers, boost their compensation, or work in a different setting, people are constantly seeking for jobs. Of course, the majority of job applications call for applicants to send in resumes outlining their work history. You may make job candidates’ resumes stand out from the crowd as a resume writer.
Additionally, you’ll assist your clients in putting together portfolios and cover letters that highlight their best work. Additionally, you only need some fundamental organizing and editing skills to be a CV writer. You’re already off to a great start if you know what makes resumes look polished and prepared for employers to look at them.
24. Host a podcast
More than 100 million people in the United States alone actively listen to podcasts, demonstrating how popular they have grown. The best part is that you may start a podcast on any subject that grabs your attention, including business, history, pop culture, and more. Starting a podcast needs consistency, commitment, and a fundamental knowledge of audio editing (and video editing if you want to start a companion YouTube channel for subscribers to follow).
Once your podcast has a sizable audience, you can sell time to sponsors or form collaborations with businesses that make money. You could even be able to charge to speak at events or moderate panels on the subjects your podcast focuses on as your brand grows. Of course, in order to reach that level, you must first develop a novel idea about which you are informed and passionate, and then you must ensure that you can connect with your target audience.
25. Launch a newsletter
Consider starting an email newsletter if you don’t enjoy podcasts but prefer the notion of amassing a sizable subscriber list and then selling space to ads and partners. More than 90% of Americans are newsletter subscribers. This implies that you could develop a sizable following and earn money from it if you can draw in a specific target.
To achieve this, think about a broad subject that you can write extensively about, then strive to define a brand voice and mission. When you’re ready to get started, look into the top email marketing tools that may assist you in managing your subscriber list and email sends. To give your audience more of what they want and less of what they don’t, periodically seek their feedback. After all, it is their continuing participation in your newsletter that will enable you to develop it into a lucrative business.
26. Event catering
Are you passionate about the culinary arts? If so, considering event catering as a potential business venture. Whether it’s for gatherings like weddings, parties, fundraisers, or family reunions, there is no shortage of folks who need delectable food to feed their guests. Event catering could be a fun and lucrative method for you to feed hungry visitors if you have a passion for cooking or baking.
You must build up a menu and price list before you can begin, as well as acquire the required permits and licenses. Start out small to spread the word about your catering service, but when your food speaks for itself, don’t be shocked if word-of-mouth alone helps your business grow by leaps and bounds.
How to start a profitable business
These suggestions for lucrative businesses include a range of fields and demand various time commitments and initial expenditures. However, you must launch your firm before you can start making any money.
To get you started, consider the following three steps:
1. Do your research
Do your homework before settling on any topic, whether you pick one of the suggestions above or come up with something on your own. To assist test your company idea and decide whether you want to move forward with your business proposal, you should do idea validation, a process that combines market and competition research as well as a financial feasibility analysis.
2. Get organized and make it official
You’re prepared to write a comprehensive business plan once you’ve settled on a compelling business concept. Your business plan will detail your company’s objectives and how you intend to achieve them. It will also serve as a guide for you (and possible investors) to follow over the course of the following three to five years.
You can take the appropriate actions to formally launch your small business after writing your business plan. Selecting a business structure, requesting an employment identification number, registering your “Doing Business As” name (if required), and obtaining the business permits and registrations you require are all steps you must do before opening your doors.
3. Find the right financing
Some conventional business loans might be challenging for startups to qualify for since they frequently need several years of business history. Instead, startup business entrepreneurs might think about methods for startup funding such microloans, grants, crowdfunding, or asking friends and family for money.
Another alternative for short-term funding is business credit cards, particularly for regular business expenditures. With a business credit card, you may start establishing your company’s credit history and receive benefits and points for your purchases.
What are the most successful small businesses?
Among the small firms that generate the highest sales and profits are those who use website design, a component of digital marketing. Finding customers and a reliable source of income isn’t as challenging because more people learn about businesses online than through other channels. Since everyone needs a place to live and prefers clean homes, it makes natural that cleaning services and real estate enterprises have high success rates.
What are the fastest growing small businesses?
Fastest Growing Industries to Start a Business
- Travel & Hospitality – 201% aggregate growth rate.
- Media – 198%
- Energy – 174%
- Security – 171%
- Real Estate – 168%