I am sure you must be on a look out for that ultimate idea or the most successful small business ideas, if you are a relatively new entrepreneur.
The reason I mention small business is because, for a relatively new industry player or an entrepreneur, it is much easier to start off a business at a relatively lower scale.
It helps them have better leeway and the relative pressure on them to work out resources is also much lesser.
Additionally, most times we see a small business has better potential to turn profitable in a short while.
This is important because, for small players, they do not have the tenacity to continue for a long haul without any reward.
Rather it is a tough ask for them.
This is exactly why I decided to create a list of most successful small business ideas.
They are not just easy to implement, need relatively a lot fewer resources.
They also have the capability to turn profitable in a short while.
My list will no doubt help you start a business that addresses your interest and passion.
It also yields a profitable source of sustenance too.
A small business is a business that has less than 500 employees.
Therefore, even if you have a factory or company with 400 employees, your business is categorized as a small business.
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What Are the Most Successful Small Business Ideas?
Here is the list of the most successful small business ideas that work and make money:
- Career Coaching
- Handicrafts Using Waste Material
- Event Planning
- Home Based Catering
- Daycare Centers around Home
- Maintaining Yards
- Odd Job or Errand Service
- Computer Servicing
- Providing Cleaning and Facilitation Services
- Consultants For Energy Efficient Homes/Office
- Day Care Centre for Dogs
- Moving & Packing Business or Moving Company
- Content Writing
- Telephone Marketing
- Virtual Assistant
- Remote Bookkeeper
- Language Translator
- Social Media Consultant
- Health Insurance Consultant
- Create an Online Store
1. Career Coaching
Career coaching has been a much sought after profession by many, especially for those who have the passion for teaching.
You are able to address a wide range and age group of people who could be looking as some kind of coaching for their career.
From fresher looking for guidance before starting a new career or choosing one to relatively older professionals looking for a career change, the possibilities are innumerable.
Additionally, you can help clients better prepare for interviews, improve the presentation in their resume and help them take on interviews with a lot more confidence.
You can always make money through career coaching as one of the most successful small business ideas.
But keep in mind that you have to work hard while it is very difficult to expand the business.
In other word, it is not a scalable business if you don’t use the power of the Internet and the Data Technology.
It can only be a small business that can have a constant amount of income if you succeed to take it off the ground.
2. Handicrafts Using Waste Material
Have you ever considered the trash that is lying around in your house like old CDs or perhaps wooden boxes or even worn out shoes?
The fact is all of these materials can very well turn into profitable business ideas.
If you look at sites like Etsy, you would notice that a significant number of people are making a successful career out of it.
Moreover, this type of business model is not very resource heavy either.
You can start it off quite simply using the available alternatives at home.
Given the low cost involved in starting the business, the relative returns are also significantly higher.
Entrepreneurs find it much easier to retail this kind of stuff as well.
Even a simple online presence through an FB page is more than sufficient to create a stir and rustle up the desired response from buyers locally as well as globally.
Please note that although such a business works and can make money, it is known as a survival business, not a job that you can rely on it for good.
It is hardly expandable and you can not easily scalable it.
Keep reading. I will refer you to the businesses that have everything you need to be successful and financially free.
3. Event Planning
If you love throwing parties and organizing meetings, then this could be a very profitable alternative.
Whether someone is getting married or wants to throw a baby shower party or even undertake a corporate meeting, there is no dearth of opportunity to make a strong business proposition.
In fact, according to the US Statistics department, there is a whopping 44% growth in meetings, conventions and event planning.
This means that the business opportunity for those interested is relatively much higher and can yield a lot more promising profit.
The quest for churning out a unique presentation makes event planning an incredibly successful business option.
The challenge here is not how many resources you can generate but rather how interesting you can make the event in comparison to peers.
That is dependent more on the kind of concept you have and depth of your understanding on any issue.
Additionally, it also highlights your keen need to develop an understanding of the client’s exact need.
This is what differentiates the most successful event planners from the rest.
4. Home Based Catering
If you have a knack for cooking and have a passion for great food, this is no doubt an interesting way to make it a profitable option.
Home based catering services are highly in demand and work as a very efficient formula for small events and particularly low scale or low budget gatherings.
They also need a relatively low scale of resources to start with and anyone with even a small amount of fund and passion and go ahead with it.
However, they are among the hardest business to maintain and promote, and are struggling business by nature.
You can hardly expand such a business to increase your income.
It also doesn’t leave you any free time to enjoy your life.
5. Day Care Centers around Home
One such is the day care centers. If you think about it and look around, there is often a serious dearth of quality day care centers with a home-like touch.
Most daycare centers are either rather large organizations or inefficiently run alternatives.
In that comparison, the home based day cares can be a great option.
If you like kids and can gain basic professional training along with the necessary licenses required, you can easily start off a day care centre at home.
Often just the large drawing room in your house or one of the bedrooms can be easily converted into a daycare facility.
It can often become a great option for working parents looking out for a home like day care centers for their kids.
Also in terms of a business proposition, this is one of those high margin options that require rather small resources to start off operations initially.
Additionally, the day care centers can also be scaled up in terms of providing additional facilities and training for the kids attending.
However, you have to be too careful about the legal problems it can have.
You have to get the permits and be aware that you can always get sued by one of the parents.
I believe this is not the business that is worth the headache and stress.
It is also very limited because you can’t take care of an unlimited number of kids.
6. Maintaining Yards
The question is whether you have the vision to see it.
Think about it; have you thought about the chore that weeding, leaf raking, snow shoveling and such tasks.
Yes, indeed the whole task of maintaining your yard can be a major headache.
Now think about the many others like you who are also dealing with the same problem.
So all you need to do is simply work out an entire system of staff that can go around doing the same set of services for a price.
In this way, you are addressing a demand and meeting it with a unique service opportunity that can create huge profits for you.
This is a good temporary small business for the students or those who have started a new online business and still haven’t made any money through it.
I know a millionaire entrepreneur who has made over $150 million through his online business since 2011.
Before he starts making money through his online business and while he was working to take off the ground, he was used to cover his expenses through lawn moving and maintaining yards.
He collected about 10 clients in the area that he could take care of on his own.
Surely this is not what you can do for good, unless you expand it and hire some workers. But the problem is there is a lot of competition in all areas.
7. Odd Job or Errand Service
This is exactly why running an errand service can be a great idea in your tryst towards identifying the most successful small businesses.
There are many small services by paying the electricity bill or taking mails to the post office or even clearing mails or buying grocery.
Sometimes getting someone to do the running around for you can be a great help.
Therefore, you can easily start running an errand service.
Not only is the profit margin relatively high, it is important that you are able to cater to a key demand profile.
Of course, you need to do some market research to identify the kind of service that will generate the right response in your area.
But the point is there are opportunities galore, all you need to do is identify them and go ahead with it.
8. Computer Servicing
But the point is not many ones of us are very well versed with it to properly do justice to the kind of service required.
There is a range of private computer service from the installation of firewall to desktop cleanups to basic device connectivity and adaptation.
All these can be easily addressed if you had a person designated to do computer servicing in your area and who could simply answer a phone call and come home to do the job.
Often most of us would not mind paying the price for getting some work done quickly.
Therefore opening up a computer servicing centre can become one of the most successful small businesses that you could think about.
As a person who has such a ability, you will be a lot more eligible for the data technology systems that enables you make a lot more money that what you can even imagine.
9. Providing Cleaning and Facilitation Services
Not only are you bringing forward a solution to the cleaning needs of many, but also this is one service that does not require a huge amount resource mobility.
You can easily rake up a collection of related equipment, create a team of workers who can deal with floor cleaning, carpet vacuuming or window cleaning and do some local publicity.
You are then ready with your business model.
Many people choose these small cleaning facilities as opposed to bigger institutions as they can offer more competent service at a relatively attractive rate and with minimum hassle.
As a result of this, the opportunities for you, as a service provider, are significantly higher and thereby the relative returns and profit margins are a lot more promising.
You must understand that cleaning is one of the basic services that no one can wish away, and almost everybody would be glad to hire someone for a price if these issues can be handled.
10. Consultants For Energy Efficient Homes/Office
So in your tryst towards identifying the most successful small businesses, it is common knowledge that you have to look for gaps that you could help in filling up.
So, for example, we all look forward to energy efficient homes.
However, most times we are at a loss to identify the right alternative.
How cool would life be if someone could just come and help us with their suggestion and advice?
Well capitalize on it and create a team of consultants for energy efficient outlets.
This is the best way to create a great alternative for raking in profits.
However, compared to the other successful small business ideas like cleaning, it is something that needs knowledge, skill and experience.
I don’t think it is among the easy small businesses to start.
11. Daycare Centre for Dogs
Perhaps we do not realize it, but the fact is that most of who have pets find it a major challenge to find the appropriate care centre for them.
Be it when you are going to work or when you want to go for a vacation to a destination where you cannot take pets.
You don’t want the pet to be neglected and want a care center that can give them home like warmth.
The solution is quite simple; just turn your backyard into a care home for your pets and for all those who are on a look out for a similar alternative.
Of course, one crucial precondition is that it can be a physically exhausting profession and you must be ready to take up the challenges at all cost come whatever.
Your love for pets and a natural passion for animals is another important precondition.
12. Moving & Packing Business or Moving Company
People are moving all the time from city to city, from one locality to another and they are perpetually looking out professional movers and packers who would not charge the moon from them.
You can gently slip into that hole and cater to a key demand area at competitive rates.
When you are operating in your locality, it also means you do not have to invest a lot of money in marketing your services and can benefit a lot from your local network.
As I see, the number of moving companies is going up every day in big cities that attract a lot of immigrants.
So, it has become a too competitive business.
I know some moving companies closely.
Some of them who have been around for over 20 years, make good money, but they have two main problems.
First, they can’t expand the business and make more money.
The income is fixed.
The second problem is that to maintain that fixed income, they have to work 7 days a week.
And of course there is a third problem now which is the competition which is becoming a more serious problem every day.
Although moving as a good small business opportunity has helped thousands to make a living, it doesn’t give you money, time and financial freedom.
13. Content Writing
You can start the business with some very basic resources like a laptop and an internet connection.
You can easily subscribe to some online sites that can help you with job postings and find potential clients who might need your service.
From creating content for websites to brochures to just about any type of literature, you can easily earn huge profit from this type of business.
Content writing these days have become a very popular professional alternative.
14. Telephone Marketing
Well, the fact is while you might not need it, there are many who capitalize a lot from these and companies pay a lot to those willing to take up this job.
Therefore the pay structure of telemarketers can bring in big opportunities for you to clock in sustainable gains with basic resources.
The fact that you can pursue this type of small business from the comfort of your home is an added advantage.
The fact is it is a huge prospect in the making.
Think about it; if you were an organizer or run a business dealing with organizers to help others make their life clutter free, how great that would be.
Well, the fact is being an organizer is one of those small business ideas that can easily scale up the size and business opportunity that arises thereafter.
16. Virtual Assistant
You work remotely and do all possible things that a business owner or a business manager does not have time to do.
From opening emails to answering voicemails, there are many specific services that a business manager is constantly trying to get organized.
The biggest advantage is most of these can be easily done from the comfort of your house and do not need a huge resource investment in any form, whether you talk of equipment or infrastructure or even time.
17. Remote Bookkeeper
Surprisingly these are cropping up as interesting alternatives in the list of the most successful small business ideas.
One such option is that of the role of a bookkeeper.
If you have a background in accounting or financing and have the required time to work from home, all you need to do is simply apply to offer your services remotely to organizations requiring it.
The fact is most organizations are badly in need of it and will do anything to get someone to do the job for them without incurring a huge cost.
18. Language Translator
If you are well versed in a particular language and can identify the need for translators for that whether it is for corporates or publishing house, it can easily translate into a thriving business alternative.
Remember a small business is always about identifying a niche and making it big there.
The solution is about providing competent services at an extremely competent rate which will give you an edge over established players in the field.
19. Social Media Consultant
In today’s world, most businesses are relying heavily on social media marketing and the social media consultant is one who advises the clients about the various possibilities and avenues of social media and how to capitalize on them.
Moreover, the social media consultant explains the client about how to promote their marketing initiatives through it.
As a consultant, your role is all about identifying the right solution for the target customer and the client.
20. Health Insurance Consultant
In this case, we are talking about health insurance consultants.
If you have the related knowhow in this field, you can easily make it big by offering your service to target clients.
You can advise them on the right solutions for them and help them to go about the entire task of getting the insurance smoothly.
A lot of times you would see many people avoid the hassle of insurance just to avoid all the paperwork involved.
As a health insurance consultant, you play the role of a facilitator.
21. Create an Online Store
You can either select direct retailing or even drop shipping alternatives.
The core point is that you need a website to take forward your e-commerce aspirations.
Even in terms of the choice of product, you have a wide range.
It can be either selling something on your own or something you acquired from a seller or even creating a very special niche set of suppliers with a choice of some special and unique set of products.
The online store ensures that you can access it from any corner with the help of a laptop and internet connection.
It does not require too much of resources to start a website either.
However, having a website or online store doesn’t mean that you have created a business based on the Data Technology systems.
It doesn’t mean that your business is scalable and will have the capacity of expanding and growing.
It also doesn’t mean that your business will give you time, money and financial freedom.
Having a website and selling some products through it, is a great small business idea, but you have to know how to take it off the ground and promote it, so that it makes a lot of money.
We can conclude the most successful small business ideas are often the ones that can cater to the demand of the maximum number of people around you at the minimum cost and effort involved on your part.
You need to be simply proactive in getting the right type of business idea and go big on the whole initiative.
Profit and returns in a business is all about getting a significantly higher return without a huge dent in your resource base.