5 Small Business Ideas for Aspiring Entrepreneurs
Are you thinking about starting a small business but aren’t quite sure what might be successful in your area? Whether you need to start with little to no money or you’re able to invest a bit more, some businesses do well in nearly any economy and are easy to start without specialized training.
What Business Can I Start Quickly?
The United States Small Business Administration estimated around 1.04 million businesses opened while 928,000 closed in 2021. The success rate of companies varies based on industry, but businesses that take a long time to start don’t seem to do any better than those formed on the fly.
What are some small business ideas for aspiring entrepreneurs that don’t cost a lot to start and don’t require a degree?
1. Animal Care
According to the Bureau of Labor Statistics, animal care and service work pays an average of $28,730 per year and only requires a high school diploma. Animal care is an excellent option if you love animals and want to set your own schedule.
You can start your own pet sitting business, for example. Other options include grooming animals or training them. You will need to know some basics to do either, so you’ll want to take online courses and practice on the pets of family and friends before grooming and trimming someone else’s animal.
2. Pawn Shop
People will always have items they want to pawn for money and others will buy those things to save a buck or two. In a nutshell, you’ll trade cash for an item and hold it for a certain amount of time. If the person comes to collect the piece, they pay you interest on what was basically a loan. If they don’t return, you sell the item to someone else and profit from the difference.
You don’t have to spend a fortune to get your pawn shop up and running. Rent a small storefront and have enough cash on hand to purchase items. You do need some knowledge of what things sell for and what people will buy, since you don’t want to pay more than you can profit and you don’t want to sit on inventory too long. Things such as jewelry, musical instruments and electronics should sell fast.
Marketing is a growing industry with a lot of opportunities for savvy entrepreneurs. According to PR Newswire, the marketing industry is a $460 billion one continuing to grow. You don’t have to start a big, fancy marketing agency to jump into the market, though.
Some things you can try include writing content for existing agencies and businesses. Offer your services for some social media marketing — learn how ads work on a few platforms and sell your services to local companies. You could also work on contracts with companies and marketing firms to fill in when they don’t have enough people to complete tasks.
4. Mobile Carwash
Another business idea for young entrepreneurs is to start a mobile luxury car wash business. You’ll need to provide a better experience than running a car through the local automated wash for a few bucks to attract customers.
The beauty of this business is you can start it with only cleaning supplies and your time. Don’t just wash the outside of their vehicle, but shine up the wheels and tires. Clean and sanitize the interior. A full-service wash is more like detailing and you can make customers’ lives easy by taking your work to where they live.
5. Food Truck
Do you love to cook? If you have a little money to invest, you can buy a small food truck. Start creating a business plan and get the permits required by your city and state, then figure out where other trucks set up and find similar places.
Some towns have rotating food truck centers where people can try many different options. Talk to the city trustees in your area and find out if there are any such areas. Contact large companies and see if they’d like you to park in front of the building for lunch once a week as workers leave for their lunch breaks.
A food truck can be quite profitable if you’re good with the hustle and can cook delicious food. Some food truck entrepreneurs also offer catering services on the side or turn to meal prep offers to ramp up their profits.
Do What You Love
Becoming an aspiring entrepreneur is a way to find financial and work freedom. Figure out what you’re passionate about and center your business idea around what you already love. With a little effort, you’ll not only have a profitable business, but you’ll have a better work and life balance.
Meet The Blogger
Martin Banks grew up outside of Chicago and covers all things small-business related, as well as the world’s best hockey team, the Chicago Blackhawks
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