The Best Small Business Opportunity

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Amazon Fulfillment

E-commerce will continue to grow. Retail sales increased 6.9% during the fourth quarter of 2020. E-commerce sales (online) increased 32.1%.

Fulfillment by Amazon allows product sellers to sell their products through Amazon.com, the largest retail platform on the internet.

Amazon can take the hassle out of running a retail online business. It handles packing, shipping and returns in exchange for monthly storage and fulfillment fees.

The seller is responsible for shipping the products to a fulfillment center on Amazon and creating product listings in their Amazon store. Sellers receive their weekly share of proceeds once listings are live.

FBA sellers can source products for Amazon through a number of different methods, including:

• The seller has the original idea of a product and gets it manufactured according to his specifications.
• Wholesalers, whether local or national.
• You can get bulk discounts from overseas suppliers like Alibaba.
• By arbitrage–purchasing discounted items online or from retail stores and reselling them for a profit.

Amazon FBA is a great way to enter the online retail market if you want to start your own product sales business.

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Skilled Trades

The truth is that some people have the false impression that skilled tradespeople are underpaid. The truth is that skilled tradespeople enjoy rewarding careers and are well-paid.

The manufacturing industry is having difficulty finding workers to replace the retiring baby boomers in skilled trades. Due to these shortages, small and medium-sized manufacturing companies have had to refuse work because they lack the skilled workers needed to complete it. 3

The shortages are widespread and affect many industries. They create a high demand for skilled workers in such trades as:

• Welding
• Carpenter and general construction
• Plumbing, pipefitting and steamfitting
• Electrical and electronic control systems
• HVAC (Heating, ventilation, air-conditioning, and refrigeration)
• Machine-workers and metalworkers
• Masonry
• Steelwork

Self-employment is a great option for skilled trades because of their nature.

• Most locations have a high demand for skilled tradespeople and a fairly high salary.
• Many trades are suitable for home-based business, as they can be performed on the jobsite.
• Most skilled trades have relatively low startup costs compared to other businesses. They also cannot be automated in any way, which ensures future job security.
• There is demand everywhere. Many experienced tradespeople are taking advantage of remote or overseas opportunities to command higher levels of compensation.

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Software Engineering and Development

Software developers and engineers create, test and maintain software across a wide range of platforms from mainframes and mobile devices. According to the U.S. Bureau of Labor Statistics (BLS), the demand for software engineers is expected to grow by 22% until 2029. They earned a median salary of $101,140 in 2010.

contract work is a perfect fit for the software industry. Software engineers often start as salaried workers and then become independent contractors. Software development is a great home-based business because of cloud computing and remote access.

There are many other high-demand and well-paid jobs in the IT sector.

• System Analyst
• Hardware and software technicians
• Network engineers
• Security experts

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Purchase and delivery of Meal Kits

The meal kit industry is gaining popularity among busy people who do not have time to prepare and shop for healthy meals. They also want to reduce their carbon footprint by reducing waste. By 2022, the meal kit industry is expected to generate $11.6 billion dollars in sales in the United States.

Online, customers select recipes and receive meal kits that include pre-measured and chopped ingredients along with cooking instructions and final preparation. Consumers can adhere to their dietary needs by using information like calorie counts.

Small to medium-sized growers, ranchers and seafood suppliers can benefit from the business opportunities created by meal kit suppliers who avoid large wholesalers. Delivery-service providers may have the opportunity to pick up ingredients from producers, and then deliver the finished product to their customers.

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Virtual and Augmented Reality

Virtual reality (VR), and augmented reality, represent a significant leap in the ability to immerse users in a realistic experience. Hardware and software vendors work furiously to introduce new VR products on the market. The industry is growing quickly, with the global market expected to grow by 18.0% between 2021 and 2028. 6

Virtual reality has virtually limitless potential for both business and pleasure. Consider:

• 3D movies Movies in 360-degree VR are currently being developed.
• Real Estate Marketing Imagine looking for a home, and having the option to walk through a house online in VR from your office chair.
• Gaming VR is revolutionizing gaming, with new titles released almost weekly.
• Team building exercises: Add a VR experience to team-building events.
• VR Social Media Interaction: Friends can interact in an online virtual space.
• Training VR can bring a higher level of realism to training scenarios. Businesses like UPS have launched new training programs for delivery drivers using VR.
• VR Meditation: The perfect tool for customizing meditation.

VR “escape room” and lounges are booming. This is where groups of people can get together to play VR or VR adventure games, or to solve group puzzles. Virtual reality is a great business for those who are tech-savvy and have an interest in technology.

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Self-Storage Units

Self-storage continues to grow across North America. This is due to a growing transient workforce and a trend of people accumulating more stuff. Reality shows like “Storage War” also continue to gain popularity. In the last 10 years, the number of households that rent storage units has steadily increased. By 2020, 10.6% of U.S. household will be renting storage.

Storage space is also in demand because of the trend among businesses to reduce, or even eliminate, storefronts. Self-storage is a great option for plumbers and electricians to store their tools and equipment at a lower cost.

Self-storage facilities must be equipped with climate control, lighting and security. The initial capital costs of building and land construction are expensive, but they can be easily funded by rental income if there is a constant demand for storage in your area.

Trachte Building System offers free web calculators to determine the profitability of self storage based on estimated capital costs, operating expenses and rental income.

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Home Renovations

The best remodeling contractors are in high demand. Even in difficult economic times, home renovations are a business that seems to always do well. Why not make it a business if you love construction and would like to help clients realize their home renovation dreams?

HomeAdvisor reports that homeowners spend on average $8.305 a year for home improvements. This is a lot of work for carpenters and painters as well as electricians, plumbers. drywallers, roofers and tilers.

Self-employment is ideal for the home renovation business.

• The majority of renovations are done on a contractual basis.
• The initial capital investment required to purchase tools and machines is usually much lower than the amount needed for new construction.
• The work is done at the client’s location.

Remodeling contractors provide their services either individually or through subcontractors. They may specialize in certain areas, like bathroom or kitchen renovations or niches like restoring historic buildings, improving energy efficiency or solar installations.

You should possess the following qualities to be a successful contractor:

• Experience in the building trades, including hands-on experience and knowledge in all the other trades.
• You should have good contacts in the industry so that you can quickly call on subcontractors if necessary.
• Knowledge of current local safety and building codes.
• If required by your jurisdiction, you may need to obtain a license and certification.
• Excellent organizational skills.

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Bike Sales and Service

It’s not surprising that, due to its health and environmental benefits in America, bicycling is one of the top 5 outdoor activities by participation frequency. Strava Metro’s activity app shows that bike trips increased dramatically when the coronavirus arrived in the U.S. In Los Angeles for instance, bike trips increased 93%.

Any product that is popular, healthy, environmentally friendly, and heavily promoted in the media by the government makes a good investment. E-bikes are becoming more popular than traditional pedal-powered bicycles. E-bikes are pedal-powered or powered by electric assist. Sales of e-bikes will reach over 40 million units in 2023. With a special kit, pedal bikes can be converted into e-bikes. 11

This business opportunity is perfect for those who love cycling and want to be entrepreneurs.

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Senior Care Services

Senior care continues to be a top small business opportunity. In 2011, the first baby boomers reached 65 years old, and by 2030, the entire generation of baby boomers will be 65. Seniors will account for a quarter (25%) of the U.S. populace by 2050.

The number of baby-boomers is increasing, and so are the needs for care providers. Home health care workers are in greater demand than ever before.

Baby boomers will pay for most services to maintain their lifestyle. It is important that they continue to live in their communities. According to a study by Aging in Place, 90% seniors plan to remain at home for the next 5-10 years.

Many seniors have health or mobility problems and need help with their daily activities, including driving. Some seniors find it difficult to do household chores like cleaning, cooking or landscaping. Some people who are not experiencing a decline in their mobility may want to travel extensively, but need house sitting services, pet sitting and maintenance.

There are many opportunities for entrepreneurs to work with seniors. There are also franchises available for senior care if you don’t want to start your business from the ground up.

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Gourmet Coffee

Do you think an independent coffee shop that serves espressos, cappuccinos, and lattes can compete with Starbucks? Think again.

Independent shops have plenty of room to expand in the market for high-end, gourmet specialty coffee. According to the National Coffee Association, seven out of ten Americans drink coffee daily, and 62% do so at least once per week. You might be able to find a niche within this market. 15

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Facilities Support Services

Facility support or management services is a catch-all term that includes all the services provided by businesses including cleaning, security and building maintenance.

If you have a background in maintenance or construction and good organizational skills, why not consider a business as a facilities support services coordinator? Why not start a business as an facilities support services coordinator if you have experience in construction or maintenance and are organized? 16

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Food trucks: Markets on wheels

The food truck sector is expected to grow 2.4% in 2021, bringing in an estimated $3.9 billion. Food truck sales are expected to increase by 2.4% in 2021 and bring in $3.9 billion. 17

Clover Truck, a hugely successful company in Boston, operated a fleet that offered a seasonal menu of vegetarian meals, made with organic, locally-sourced ingredients. (They do, however, serve french fries.) The business was so successful that it has now become a brick-and mortar location.

GMonkey operates an “eco-” food truck in Durham, Connecticut that runs on biodiesel and offers delicious vegetarian cuisine to the residents. There’s a food-truck concept for every wild idea.

Get the Education, Skills, and Training You Need

There are no shortcuts for starting a business. To take advantage of certain opportunities, you’ll need to have the right credentials, skills and training. As an apprentice or employee in your field of choice, you can gain the business knowledge and skills necessary to launch your own business. You can build a reputation and create a clientele of customers and clients who are ready to patronize you new business.

Create a solid business plan

A well-crafted business plan will be essential when you start a new company. Writing a business plan will help you determine if your idea is viable in your area. If you are looking for startup capital, such as loan financing or equity funding by investors, a business plan will be essential.

You won’t be able to achieve your life goal of becoming very wealthy as a small-business owner. You’ll be able to earn a good income, become your boss and take all the decisions. You may be able to live a more flexible life. Starting a Business can be very rewarding if you build something from scratch.

It’s important to start your business by 2021 with a winning business concept. All the planning in world won’t help your business succeed without a winning idea.

FAQs

What are some good businesses to start on a small budget?

Businesses that require little or no money to begin are those without a lot of inventory, or dedicated space. Online resale and drop shipping are some of the businesses you can start for a low initial investment.

How can I obtain a loan for a new business?

You can find funds to launch your business in several different places. Start by thinking about how you can use money that you have saved to contribute to your success. You may be able get help from family and friends. Small Business Association provides loans to small business owners. You can also find investors who are looking for startups that they want to invest in. Grants from the government are also available.

How can I calculate the startup costs of a small company?

Calculating startup costs is essential for your business plan by:

• Determine your costs and what they will be.
• Adding your expenses up.
• This number can be used to calculate a realistic figure for the startup costs.
• Include these costs in any grant or loan you request.

The startup costs calculator will help you determine how much money is needed to launch your business.

How can I value a new business?

You will need to calculate your net income after taxes, and take into account several factors such as tangible assets and intangibles like branding. The profitability of the company and any liabilities will also be considered. A professional valuation will be required if you plan to sell your business. An accountant will determine the value of your company. Keep documents like tax returns, profit and losses statements and proprietary documents in a safe place.