Are you contemplating starting a service-based business of your own? Then, did you think of any possible ideas to help you realize your entrepreneurial goals? To be candid, you need to think of things that have the best possibilities of success. There are numerous small business opportunities to prove profitable this year and beyond. Eric Dalius, a marketing expert, opines that even if there are economic slumps, you do need wide-ranging education or for that matter, experience to start a small service-based business. The best part is that you can operate such businesses from your home and without any big investment. It means the risks of starting a service-based are comparatively less to other kinds of businesses that require more space for office rent and capital outlay.
Though these businesses may not make you a billionaire, you can make good money and lead a lifestyle that you always wanted. Here are some of the best service-based businesses that you can consider:
When it comes to self-storage, it is a great opportunity because people often move, rent small office spaces in big, expensive cities, invest in a condo, and accumulate or downscale more things. Therefore, home-based businesses that need several tools or machinery, like skilled storage, require self-storage.
As far as self-storage is concerned, it requires more initial capital compared to other types of businesses. Therefore, if you have the funds, you can start this business. All you need is a space with climate control, lighting, and security. Then, you can consider this business if there is a huge demand for self-storage in your neighborhood. You will also get bank loans easily for a self-storage business, which has immense possibilities for growth and profitability.
Did you know that monthly subscriptions are gaining traction and that too in most categories from beauty products to pet care and alcoholic beverages? Each month you can handpick items to send to your buyers in a box. This business promises assured income. One of the popular business ideas concerning this type of business is meal subscriptions or meal kits, to be precise. Based on studies, meal kits are expected to touch the $10 billion mark when it comes to sales, though the trend is new.
Meal kits deliver ingredients and recipes to your doorstep at pre-defined times and dates. The ingredients are already chopped or portioned. It is a good alternative to pre-cooked food for working professionals, who like to prepare home-cooked meals but have little time. What you can do is cook the meal using the ingredients or collaborate to source these ingredients from local farms or wholesalers to start your meal-kit business.
You know that Americans love coffee. These days, in-home preparation is much in demand and based on the findings of Reuters, 64 percent of US citizens, 18 years and more cited that they had coffee the day before, in 2018, which is two percent high from the preceding year. Eric J Dalius tells us that gourmet coffee is now extremely in demand with 50 percent of the millennial generation mentioning that they drank gourmet coffee the preceding day.
You might be wondering how you can make a business opportunity out of coffee. Let us see the options for you. Independent cafes sell premium quality, crafted gourmet coffee, especially espresso that isn’t brewed in strategic places of the city with high traffic and footfall. These areas also have comfortable and unique surroundings.
People also order coffee through mobile apps or delivery services, though only 10 percent of coffee lovers opt for this niche service.
You also have the option to import, distribute, and sell premium quality and gourmet coffee. You can also use the coffee business to make other products such as homemade cookies, cakes, and chocolates. Another option for you is a coffee subscription box.
Studies indicate that Americans spent a whopping $69.51 billion on pet care in the year 2017. The figure has gone up from 2016, based on the findings of the American Pet Products Association (APPA), which means you have loads of business opportunities when it comes to pet care.
Americans spend much of their money on pet food. When we talk about dog or cat foods, we mean the best quality pet foods and treats. The potential businesses you can focus on are areas like pet walking, grooming, dog sitting, pet training, and boarding.
There are other areas where Americans spend their pet dollars and these include pet clothes, toys, collars, beds, leashes, travel stuff, bowls, and collars. You have also pet technology, but the market for that is not huge but growing. Therefore, you see that pet care has many business opportunities and you can easily start this service-based business without investing very heavily.
Statistica shows that homeowners in the US in the age group of 35-44 years spent around $3,060 on an average every year on home remodeling between 2011 and 2015. As far as the home renovation business is concerned, it has also increased 6.4 percent during the last 5 years until 2018.
When it comes to home renovation contractors, they include drywallers, tile makers, roofers, electricians, plumbers, painters, and carpenters. These are distinctive home-based businesses that you can consider. If you are thinking of tool and machinery expenditures, they will cost you less compared to the construction sector.
As far as remodeling contractors are concerned, they often do the job on their own or hire staff, or are specialists in areas such as interior home design. Then, if you want to start a home renovation business, you will need appropriate certificates or licenses, an understanding of local safety guidelines, building codes, a good roster of sub-contractors, and loads of practical experience and skill sets.
Home interior design is another area where you can start a business of your own. Then, you need to have creative ideas and a degree in interior design along with relevant experience to start such a business.
Slow economies, pandemics, and other unforeseen issues often crop up as you have seen, of late. Therefore, even if you do not have a job or are plagued due to reduced income, you can consider one of these service-based businesses to make good money.