Thousands of experts work for small firms in a variety of sectors. Every year, new businesses open their doors, creating jobs and boosting local economies.
Not all small business concepts, however, are adjustable and flexible. Many firms were compelled to close and remake themselves in 2020 in order to be operating in the new normal. Here’s what you need to know about the current small company market and the prospects available if you’re considering about establishing a firm this year.
What qualifies as a “small” business?
A small business, according to the SBA, is defined as one with fewer than 500 workers or yearly earnings below a certain threshold. In the United States, most small enterprises are substantially smaller—the average small firm employs 1 to 19 employees.
In the year 2020, how many small firms will exist in the United States and Canada?
As of 2020, there are around 31.7 million small companies operating in the United States and 1.2 million in Canada, accounting for 99.9% and 97.9% of the total number of firms in each nation, respectively. Small firms employ 60.6 million people in the United States, accounting for about half of the workforce, and 8.3 million in Canada, accounting for about 70% of the entire private labor force. Applications for new small enterprises hit an all-time high in the third quarter of 2020.
Consider any of these amazing business ideas if you’re ready to start your own company.
- Consultant
Starting a consultancy business might be a lucrative alternative if you are skilled and enthusiastic about a certain field (business, social media, marketing, human resources, leadership, communication, and so on). You may start your consulting firm on your own, then expand and recruit other consultants as your firm grows.
- Online vendor
Those with a love for apparel and/or sales can think considering beginning an internet reseller business. Although it will require a lot of effort and attention – as well as a keen eye for fashion – this is a terrific side hustle that can grow into a full-time reselling company. You may begin by selling your old clothing on online store websites like Poshmark and Mercari, ultimately developing to your own resale website.
- Online education
The need for online education has created a plethora of opportunities for entrepreneurs to launch their own businesses. Because this is an internet business concept, you may teach a course on any subject you know about, regardless of your location. If you don’t have extensive expertise in any field, you may always teach English as a foreign language to students in other countries online.
- Bookkeeping over the internet
Many bookkeeping services may now be conducted online, much like schooling. If you’re an accountant or bookkeeper who desires the flexibility and independence of running your own business, you may use current technology to launch your own online accounting service, accepting clients from other businesses.
- Medical transportation service
You might want to explore starting your own courier service – especially, a medical courier business – if you have a trustworthy car and solid time management abilities. You’d be responsible for carrying medical things such as test specimens, prescription medicines, and equipment as a driver. The healthcare business is growing, which is beneficial for job security in the medical courier service market. You might establish your own courier service or employ other drivers to help you.
6. App Developer
You might wish to seek a job in app development if you are informed and skilled in technology. For many Americans, smartphones have become an everyday item, resulting in a spike in demand for mobile apps. Virtual reality software has also grown in popularity in recent years, resulting in a need for VR app creation.
- Transcription
A transcription service is an excellent business idea if you have a good ear and can type rapidly. It allows you to work from home and have a flexible schedule. Medical transcription services are in high demand as speech recognition technology for healthcare provider dictation becomes more common. You can take as few or as many transcribing tasks as you’d like if you don’t want to start all at once or if you have a day job you’d want to retain for the time being. Consider becoming a licensed transcriptionist and digging into a few specialty to increase your company possibilities and justify charging extra.
Medical transcriptionists charge between 6 and 14 cents each line of transcription, which adds up rapidly. Because transcribing work often takes 24 hours to complete, it’s critical to keep track of the projects you accept. However, the ability to accept a small number of requests to get started means you may scale up as needed, making transcription a simple service to launch cautiously. The best part is that there is relatively little initial investment and overhead. All you need is a computer, some software, and a secure messaging provider.
8. Professional Organizer
Are you looking for a company concept that would truly “spark joy”? Professional organizers, such as Marie Kondo, make a profession by assisting others with decluttering and minimalism. Many individuals are yearning to reduce and regain control of their goods in this age of consumerism, rather than allowing their goods to possess them. Minimalism is gaining popularity, but many people find it difficult to leave with items they’ve had for a long time. Helping clients build a method for downsizing and keeping things that way is an important part of being a professional organizer.
You could be effective at encouraging others to do the same if you’re a highly organized person who appreciates making environments useful and pleasant. People will pay you to assist them in eliminating their belongings and then keeping an orderly environment. To advertise your service, ask your clients whether you may take before and after images of the sections of their homes you’ve arranged, and then use those photographs to create a portfolio that you can share on social media to attract new customers.
9. Cleaning service
Cleaning may simply be turned into a company if you enjoy it. You can provide cleaning services to households, apartment complexes, and commercial buildings with a small team, a variety of cleaning materials, and vehicles. The average hourly rate for cleaning services is between $25 and $50. Cleaning services are simple companies with low expense; all you need is some preparation, persistence, and marketing to get your business known.
If you want to set yourself apart from other cleaning services, try charging more for quality services like floor waxing or outdoor power washing. These services might make the difference between your new cleaning business and established business with too many clients to deliver that degree of cleaning.
10. Freelance copywriter
You can work as a freelance copywriter if you’re a natural wordsmith with a basic understanding of marketing. Many firms may pay for your services if you create blogs, site material, or press releases. Bring your SEO expertise to the table to assist your clients in developing a plan to target certain keywords that their target audience is already searching for online. Most freelance copywriters charge between $40 and $50 per hour, although those who specialize in a particular industry may be able to charge much more.
Freelance copywriting is an excellent business to start since you can work from anywhere with an internet connection. It’s a business you may run from the comfort of your own home or, if you travel, from the road. You may even make freelance writing your full-time profession if you build up a large enough network and receive recommendations from happy clients.