Embarking on a path to entrepreneurship is not for the faint of heart. It is a road filled with twists and turns that can leave you with millions of pennies. That’s why in today’s economic climate it is more important than ever to open a business that will be profitable in the short term and for the long haul. To help you get started on being your own boss, below you will find several suggestions for businesses that are lucrative and fairly easy to start.
Opening a candy business is a sure-fire way to bring in much-needed income. Studies have shown that even during bad economic times, candy businesses often stay afloat. This could partially be due to people wanting to experience ‘affordable luxuries”. And candy is a small way to indulge, even when finances are difficult.
On the other end of the food spectrum is a catering business. One of the best aspects of opening this type of business is that you can start small and then grow larger as your client base takes off. All you need is a passion for cooking and an at-home kitchen to get started. At first, this could be a weekend project where you primarily cater special events. As your company’s reputation increases, working your way up to corporate events is often the ticket to bringing in the big bucks.
Children Centered Businesses
Additionally, areas that continually see growth no matter the economic climate are related to childcare and education. They are growth markets because parents often want their children to have the best academic and professional options. They will often pay a premium for high-quality educational services.
Starting an at-home daycare center focused on an area such as bilingual education or preparing children to learn more in the STEAM fields can provide a unique spin to the traditional daycare experience. By limiting the number of children you accept into your daycare you can focus on providing an exclusive educational experience. You will be able to charge more money per child based on the curriculum you provide and, ideally increase the level of educational attainment by your pupils.
Tutoring businesses are also very popular choices. While tutoring in any subject can be lucrative, the avenues that pay the most money tend to be in the high school levels of math and science. In many metropolitan areas rates for these tutoring services start in excess of $50 an hour. The rates climb higher still if the tutor is a certified teacher or has a college degree in a math or science field.
Low Maintenance Businesses
If you’re looking for a more laid-back style of self-employment, choosing a low maintenance business is key. Two of the most successful options are public storage units and laundromats. And while you can hire onsite personnel to manage the day-to-day operations, that may be unnecessary with app builder software customized to your needs.
Storage unit businesses can be designed to allow customers to sign up online and gain access to the facility without ever meeting anyone in person. Also, with a low-cost security system, you can ensure the safety and integrity of your business’ operations.
Laundromats can function similarly to storage units in that you don’t need to employ anyone. You can simply unlock the door and close-up at night. Usually, machines are coin-operated and are not easily broken into. Furthermore, by placing a coin change machine in your business, you’ll produce a value-added option for your customers who can’t or won’t be able to get to the bank to make change.
Despite all of the positive aspects of these two businesses, the most likely hurdle to owning storage facilities and laundromats is the initial financial investment. However, even that can be solved by a visit to the Small Business Administration at https://www.sba.gov//. They offer a multitude of funding programs to help small businesses open their doors and continue to grow. So, if you’re interested in a more hands-off approach, look at these options.
As you can see, there are numerous opportunities to open a business that is safe and can provide you with financial freedom. Choosing to be your own boss is one of the best decisions you’ll ever make. Good luck on your entrepreneurial journey!