Small business ideas are everywhere, but where do they come from? Based on research, the top 10 most successful small businesses in the U.S. have been listed below:
Accountancy/Bookkeeping, tax preparation and financial management are needing services for most individuals and small businesses, promising a strong need for qualified service providers now and in the near future. Many small business owners say they don’t know what to do with their time, but that’s not true when it comes to making a profitable small business idea. Good accounting and bookkeeping software can make the process easy enough that any self-respecting small business owner can do it, even if they don’t know much about accounts and bookkeeping.
If you’re looking for a small business idea that’s both easy and profitable, sole proprietorship is a very good idea. This type of business model allows small businesses to control themselves and benefit from the benefits of being their own boss. Owning your own business gives you more freedom and flexibility than an employee does, but you still have responsibilities to fulfill. For instance, you should never attempt to handle your own taxes without experience doing so, as the IRS can and will have an adverse reaction to any discrepancies in your tax return. Sole proprietorship isn’t right for every self-employed individual or small businesses, but it has its advantages.
Many small business owners don’t know how to effectively use social media to promote their business. Social media platforms such as Facebook, Twitter, YouTube and LinkedIn allow entrepreneurs to connect with their customers, peers and clients, as well as increasing their visibility to search engines. Many experts recommend that businesses consider becoming an official company on social media platforms. Making a social media campaign a part of your small business idea, marketing strategy and business plan make great business sense.
Another one of the top small business ideas is offering customer services from your home or garage. Home based services are in high demand among working professionals. Offering home delivery and assistance with everyday tasks can be a very good idea for people who want to work from home and offer personal service to clients and customers. It doesn’t matter if your products or services are in high demand or not, if you don’t advertise or promote them you won’t make much money at all.
Tax preparation services are very profitable small businesses. There are many home offices around the world where tax preparation workers do their work from their homes. Running a tax preparation service from your home requires little or no startup capital and can easily be run through a home office.
The most common reasons why home-based businesses fail to succeed is lack of marketability and startup costs. Poor advertising and promotion techniques don’t help. A home-based business on the Internet usually has little or no startup costs because Internet marketing is usually free. Many start-up costs for Internet businesses come from advertising and promotions. Other costs for Internet businesses come from setting up and maintaining databases, web hosting, domain names, email addresses and web pages.
One of the key factors to consider becoming a home-based worker is that many small businesses are in high demand. You’ll have very little competition on an online level, which can translate into high profit margins for you. In addition, Internet marketing and social media promotion tools are very affordable, so you can get started right away and create a full-time income while you work from home.
Another reason to consider starting a home-based tax preparation business is the potential to build a full-time income while you work from home. All businesses have startup costs like computer rental, paper and ink costs, accounting software and other miscellaneous costs. Many small businesses also need to acquire licenses and legal documents to operate legally. In order to get a license, one may have to take and pass an exam. The tax preparation industry is one of the most popular and fastest growing industries.
Finally, you should consider the amount of time and work experience that will be required of you before becoming self-employed. If you’re just starting out with your business, you may not have enough work experience to justify a significant capital investment. With experience, you can also increase your earning power and build a higher than average profit margin. With more work experience, you’ll also have more knowledge in a particular area and be able to pass the licensing exam with ease. This will make your venture more lucrative with less initial startup costs.
There are numerous different types of small businesses you can start with little or no capital. Some of these businesses include full-time, part-time, network marketing, affiliate and license opportunities. With a little research, you’ll be able to find legal services that will be able to provide you with all the training, mentoring and guidance you need to succeed. It is important to do your due diligence and research prior to investing any money into any of the above-mentioned opportunities. If there is something you’re not sure of, always speak with someone who specializes in this field. If you’re unable to find the answers you seek online, you can always speak to local small business attorneys to help you understand the ins and outs of your chosen field.