Small businesses (those with fewer than 500 employees) are actually not that small when you consider their overall impact on the economy. According to recent data from the U.S. Small Business Administration, there are approximately 33.2 million small businesses in the United States, representing 99.9% of all U.S. businesses and employing 61.7 million people, or 46% of all private sector employees.
A record 5.4 million new business applications were filed in 2021, an average of about 15,000 per day, and about the same number (5.1 million) were filed in 2022.
If you're considering joining the ranks of entrepreneurs but aren't sure where to start, here are 12 small business ideas to consider.
12 Ideas for Small Businesses to Profit in 2024
bookkeeping
If you're good with numbers, organized, and detail-oriented, a career in bookkeeping may be a good option. As a freelance bookkeeper, you can record financial transactions, reconcile bank and credit card statements, create invoices, manage collections, prepare budgets and forecasts, manage payroll, prepare financial statements, and collect tax data. Collecting, etc. Managing someone's finances comes with inherent risks, so if you choose this route, consider forming an LLC.
automatic refinement
Rising car prices are forcing people to drive their cars longer, increasing the demand for auto detailing services to keep cars looking new. According to Grand View Research, the global car detailing market was valued at $37.91 billion in 2022 and is expected to grow 5.5% annually until 2030. Depending on your business plan, you can offer mobile detailing services or have customers come visit you. No formal training is required, but completing a certification program, such as one offered by the International Detailing Association, can help you stand out from your competitors.
cleaning service
If you are detail-oriented and have good time management skills, a house cleaning business may be a good option for you. Depending on the client, this may include vacuuming, mopping, dusting, cleaning kitchens and bathrooms, removing trash and recycling, changing bed linens, organizing living areas, and cleaning windows. there is. Some clients provide cleaning supplies, while others expect you to bring your own. No formal training or certification is required to clean your home, but being bonded and insured shows a level of professionalism.
elderly care
By 2034, the number of older adults is expected to outnumber children for the first time in U.S. history, according to data from the U.S. Census Bureau. A rapidly aging population will increase the demand for home care. As a senior care provider, you can provide companionship, check on medication status, prepare meals, help with household chores, coordinate medical appointments, provide transportation, and assist with basic needs such as eating, bathing, and grooming.
event planning
Event planners help individuals and businesses plan and execute special events such as weddings, birthday parties, graduations, conferences, and fundraisers. If you are highly organized, meticulous, have strong communication skills, and know how to stick to a budget, the event planning business can be a very rewarding career.
No special licenses or credentials are required, but having a network of vendors and professionals helps make each event a success. If you don't want to start your business from scratch, consider purchasing an existing online business, app, or blog using an online marketplace like Flippa.
freelance copywriting
If you have a talent for creative or technical writing, freelance copywriting can be a rewarding business opportunity. Copywriters create content for websites, newsletters, social media captions, blog posts, graphics, signs, magazines, brochures, instruction manuals, and more. You'll need a computer and a good internet connection to get started, but proofreading tools like Grammarly can help you hone your skills.
handyman service
A handyman (also known as a handyman, repairman, or contractor) performs a variety of repair and maintenance tasks to keep your home or business in good condition. Depending on your skillset, you can focus on minor repair tasks like installing fixtures and cleaning gutters, or specialize in a specific area like electrical, plumbing, or HVAC systems. Your state may require a general contractor's license for large projects, and specific licenses may be required if you're doing electrical, plumbing, or HVAC work.
Online tutoring
According to the Education Recovery Scorecard, math, reading, and history scores over the past three years show that students have learned far less than average during the pandemic. With so many children falling behind in school, demand for online tutoring is high and expected to continue to grow. No specific qualifications are required, but tutors typically have a university degree or relevant real-life experience in the subject area they offer.
pet care services
If you love animals, there are several pet care business opportunities worth considering. One option is a dog walking business. He can escort and exercise the customer's furry friends (he can work with one or several dogs at a time). Another possibility is a mobile or brick-and-mortar pet grooming business that keeps dogs looking (and smelling) great. Alternatively, you can offer pet sitting services to care for animals while their owners are away on business or vacation.
real estate
There are many ways to turn your passion for real estate into a successful business, including opening a real estate agency, building a home, working as a property manager, and investing in rental properties. A state real estate license is required to act as an agent, broker, or property manager. Otherwise, there are no special requirements for rebuilding your home or renting out your property, but it's wise to check local laws and regulations to avoid legal trouble.
ride share driver
If you have a valid driver's license and own a car, you can earn a side job or even a full-time job as an Uber or Lyft driver. Rideshare drivers can choose their own hours, drive as much as they want, and earn cash from fares, tips, and promotions. You must meet minimum age requirements, have a clean driving record, proof of vehicle insurance, and own a qualifying vehicle. If you like driving but prefer transporting groceries or restaurant meals instead of people, DoorDash is an option for you.
virtual assistant
Many business owners turn to virtual assistants (VAs) to help with administrative tasks such as answering phones, monitoring email accounts, scheduling appointments, coordinating business travel, ordering supplies, and managing social media profiles. It depends. Successful virtual assistants are detail-oriented and have excellent verbal and written communication skills, strong organizational and time management skills, and proficiency in a wide range of computer programs.
What you need to know before starting a small business
Starting a small business requires a lot of planning and paperwork. Some of the tasks you'll need to tackle include creating a business plan, considering financing, choosing a business structure, obtaining a federal tax identification number, applying for licenses and permits, opening a business bank account, obtaining a business credit card, These include choosing the right credit card. business software.
According to the SBA, approximately 38% of small businesses use specialized software to run their business. Here are some options for managing your company's finances, taxes, and legal liability.
financial tools
Financial management is an important aspect of running a small business. Platforms like Lili provide tools to streamline business operations, making it easy to handle banking, accounting, invoicing, payments, tax preparation, and more. Lili also supports collaborative banking access. This is a big plus if your business has multiple owners.
tax
The most common small business taxes include income tax, self-employment tax, employment tax, and excise tax (levied only on certain goods, services, and activities). Online tax software providers like TurboTax and TaxSlayer Self-Employed make it easy to file accurate tax returns that comply with the latest tax laws. Once you start making profits, use wealth management apps like Playbook to help you optimize your investments and income taxes and set wealth-building goals.
legal
Documents must be submitted to establish and operate a company. Platforms like LegalZoom take the guesswork out of registering, managing, and protecting your business. LegalZoom's tools help you structure your business properly, stay compliant, protect your intellectual property (IP) with trademark and copyright services, and get expert help when you need it. Masu.
Timestamp: When starting a business, recognize your strengths and weaknesses
While anyone can make a few bucks with money-making apps like Survey Junkie and Swagbucks, starting a small business is a more important and rewarding endeavor. When choosing a path, you need to consider your strengths and weaknesses and know where to focus your attention.
Small business owners come from all walks of life, but they may need help in certain areas. Know what you're good at and what you're bad at, and lean on your family, business partners, independent contractors, and employees when you need help.
Frequently asked questions (FAQ)
What is the best business checking account?
Whether you're a sole trader or run a small business with employees, it's essential to keep your personal and business finances separate. With a business checking account, you can make deposits and withdrawals, deposit checks, process electronic payments, make purchases using a debit card, and more for your business. The best business checking accounts have low fees, viable minimum balance requirements, great customer service, and convenient access to your cash.
How can I start a business with 10K?
If you have a budget of $10,000 to start your business, focus on ideas with low start-up costs that can be scaled up to a larger operation. For example, you can start a cleaning services business for just a few hundred dollars. Ultimately, you can put more cash into marketing, build your customer base, and hire staff to meet customer demand. If you don't have the funds to start or grow your business, consider raising money from small business loans, crowdfunding, or venture capital.
How do I create a website for my business?
A polished website conveys professionalism and attracts potential customers. You can hire a professional to create your website for you, or you can take a DIY approach and save money. You need to choose and register a domain name, choose a design and a hosting provider. Website builders like Squarespace offer hundreds of low-cost templates that you can customize with your content and link to your social media profiles.
How do you write a business plan?
A business plan guides you through each stage of starting and managing your business. There's no right or wrong way to write a business plan, but it should include details about your business goals, the products and services you offer, your marketing and sales plans, and your financial projections. The SBA outlines two main types of business plans (Traditional and Lean Startup) to help you get started.