Tuesday, 21 July 2020

9 Small Business Ideas That Will Make You Money Fast

Small Business Ideas 

 Nearly two-thirds of Americans dream of openinga small business, so what's holding them back? What's holding you back? Many aspiring entrepreneurs simply don't knowwhere to start. If the idea of being your own boss appealsto you, but you don't have a good small business idea. I'm here to help.
Business Ideas

 The team at Fundera has helped thousands ofsmall businesses succeed across the country, and I've seen successful business owners innearly every industry. Today, I'm going to cover nine profitablesmall business ideas that don't take too much time or money to launch. Let's get started. Our first small business idea is podcasting. The best way to grab people's attention todayis with interesting on-demand content that fits a busy lifestyle. Podcasts are the perfect solution. More than 50% of Americans have listened toa podcast, with 90 million tuning in on a monthly basis. That's a huge potential audience.
And if you look around you'll see there'sreally no limit on topics that you can have a podcast about. For example, Casper Mattress’s “In YourDreams” podcast helps listeners interpret their dreams. Mastercard’s “Fortune Favors the Bold”discusses the future of money. Even the grocery store Trader Joes has a podcastexplaining what's behind their product development. Once you come up with a concept, getting startedin podcasting is easy and low cost.
 Just record your podcast episodes and uploadthem to a podcast hosting service like Buzzsprout or Podbean. Then, go out and get an audience by marketingyour podcast. Our second small business idea is real estateinvesting. Although the economy has its share of upsand downs, the value of real estate always tends to bounce back. In fact, over the last several years, realestate has outperformed stocks two to one in terms of annual returns. There are a bunch of ways to get involvedin real estate investing. You can buy property and rent out all or aportion of it. You can also fix and flip distressed homesor commercial properties. If you think you need a ton of money to invest,think again. You can get a mortgage loan for as littleas 3.5% down.
You can also pool money with other investorsas part of a real estate investment group or REIG for as little as $5,000. An REIG lets you invest money in a condo orapartment building and earn returns on a monthly basis. In some up and coming cities, the median priceof a home is relatively low. For example, the median home price in Arlington,Texas is just $240,000, but the city is experiencing healthy population and employment growth,making it a great place to invest in real estate. Our third small business idea is accounting,tax prep, and bookkeeping services. I know, way less glamorous than podcastingor becoming a real estate tycoon. But, this can be a very profitable businessidea for those of you who are good with numbers.
It can be helpful if you're already a certifiedpublic accountant, enrolled agent, or QuickBooks expert, but you don't have to be. In fact, there are short term training programsto teach you about accounting and taxes, and bookkeepers don't need a specific degree. You can also launch an accounting or bookkeepingbusiness without a lot of overhead expenses. All you need is a computer and some marketingspend to promote your services. Tax season is the busiest time of year foraccountants and bookkeepers, but the money you make during tax time can help you coveryour bills throughout the rest of the year. Not really a numbers person? Then consider our fourth small business idea,college admissions consultant. Getting into college has become increasinglycompetitive and expensive over time. Thirty years ago, only about half of highschool grads applied to college. Now, two-thirds of high school grads are applyingto college.
The cost of attending a public universityhas also increased more than 200% in the last 30 years given the increased competition andcost. Parents and students are hiring college consultantsto help them navigate the confusing admissions process. If you have a background in education or connectionswith local schools, starting a business in this field can be very lucrative. The average hourly fee for a college counseloris $200. You'll work directly with the student to assesstheir strengths, advise them on what colleges they should apply to, and review their collegeapplications and essays. Up next on our list of small business ideas? Starting a food truck. There are now over 4,000 food truck businessesin the U.S., and revenue is growing at an annual rate of around 8%, making this a veryprofitable business concept. 

Because of patchy state and local regulations,food trucks are definitely more popular in some parts of the country than others. Portland, Seattle, and DC are popular hotspotsfor food trucks. Starting a food truck requires a slightlylarger investment of capital than the other business ideas we've covered, but less thanyou might think, especially if you rent rather than buy a truck. Renting a food truck will cost about $2,000to $3,000 per month. Renting also allows you to test whether you'repassionate about running a food truck business. Starting a self-storage business is our sixthsmall business idea. People in densely-packed, expensive citieslike New York and Los Angeles are accustomed to paying a premium for storage spaces. Storage for personal items is actually a $38billion industry and one in 11 Americans pays to store their excess items. Launching this kind of business takes a sizableinvestment since warehouse space isn't cheap, even in small cities.
 But once you buy the space, you can rent itout and make a nice profit. As more millennials move to cities, and asmore baby boomers downsize their living spaces, you can count on this quickly becoming a veryprofitable business opportunity. Many entrepreneurs worry that their businesswill be booming...until the next recession comes around. Well, our seventh small business idea--eventplanning--is pretty recession proof. Even when the economy turns sour, people getmarried, have children, and throw parties, and they need event planners to help. The majority of today's event planning customersare young people who have grown up in an on-demand, connected world. The best way to build a business for yourselfin this industry is to make yourself easily available.
 Provide creative solutions, and position yourbrand on social media. Event planning is a pretty low overhead businessbecause you're working in the venue that your client provides, and you can factor the priceof materials and decorations into your cost. With the rise of ride sharing, restaurantdelivery, and grocery delivery, support Services for these industries are becoming importantbusinesses in their own right. Local messengers and courier services offeressential support services.
Most on-demand services need to rely on adelivery network that's broader and faster than the postal service, FedEx, or UPS canprovide, and that's where private couriers and messengers come into play.
Revenues in this industry are growing at 5%per year, and command a total of $107 billion in revenue. If you have a dependable mode of transportationand a cell phone, you can start a courier service. You could use a car or truck, but a scooteror bicycle is fine too if you're on a budget. Then, you just need to market your businessso that services in need of couriers know about you.
 Our final small business idea is interpretationand translation services. You might think that with online tools likeGoogle Translate and Translate.com that the need for human translators is going down,but the reverse is actually true. What was already a $43 billion industry in2017 will grow to nearly a $48 billion industry in 2021, making this one of the most lucrativesmall business ideas. As the country becomes more diverse, the needfor professional translators is increasing in healthcare, law, finance, entertainment,education, and other industries.
A skilled freelance translator, particularlyone who is certified by the American Translators Association, can bring in six figures peryear. You can promote your services on freelancingwebsites, directly pitch your business to companies like Honda, Netflix, and Microsoft,or work with government agencies. And those are nine small business ideas thatcan quickly turn a profit. Check out fundera.com/blog for more businessinsights, and subscribe to our YouTube channel for more videos.