Approximately 20% of new businesses fail during the first two years of being open. To ensure your small business survives you need to make sure you have a clear vision of what you’ll offer and how you’ll achieve success. If you just have a business idea you won’t get far, you need to really flesh out your business plan.
The type of business you start is also important. While you should always strive to do something you love, you also need to make sure it’s a profitable business idea.
So, keep reading to find out more about a few for profit business ideas that you can start.
1. Car Wash Services
With prices constantly rising and salaries not rising at the same rate, people opt to keep their cars and vehicles for longer stretches of time. Like most technology, new cars aren’t coming out with groundbreaking features that we’ve never seen before. If you have a car with all the features you want that is in good condition, there isn’t any reason to upgrade your vehicle.
Businesses like car wash services help people maintain the value of their vehicles. Regular car washes will help prevent:
- Dull paint
These issues can all impact your resale value so it’s best to prevent them when possible. Regularly washing your car also gives you the opportunity to spot these issues before they become a problem. This gives you time to get it fixed well in advance.
66% of American car owners will get their vehicles washed anywhere from one to two times every month, with an average of 13 times per year.
A car wash service is a profitable small business idea, but with some modifications, you can make it even more profitable. You can offer extra services that set you apart from your competition like valet services, rim detailing, or even mobile service options.
Customers will pay more to have you come to them. If you decide to go the mobile route you can also save on some startup costs as you won’t need a physical location to work from.
2. Pet Sitting
Over 65% of all households in the US own at least one pet. When these families go away for extended periods of time they have three options:
- Boarding kennels
- Pet sitters
- Take the animal with them
Some animals simply can’t go to the kennels. Rodents like hamsters and birds don’t have that option, and some cats and dogs simply can’t handle a kennel environment. Pet owners will do a lot to ensure their pet is safe and happy.
By offering pet-sitting services you’ll give pet owners peace of mind that their pet is looked after in an environment that they are familiar with. Pet sitters stay in your house and look after your pets. This includes feeding them, giving them attention, keeping them company, and ensuring they get enough exercise.
To make sure your pet-sitting gig turns into a profitable business you need to reassure the pet owners that their pets are safe and happy. Regular updates and photos are always appreciated.
If you have other sources of income that just require a laptop and internet connection, you can offer 24/7 pet sitting. Many pet owners would prefer if their pet sitters were available during the day to ensure their pets don’t spend the whole day cooped up. The more time you can spend with the pets, the more customers you’ll get.
3. Cleaning Service
A cleaning service is something you can easily turn into a business without needing much startup money. With a host of cleaning supplies, transport, and a few staff members you can offer various cleaning services to homeowners, apartment complexes, and commercial properties.
If you’re just starting out and can’t afford staff members yet you can work your way up. After a few months of doing all the work yourself, you’ll build a client base and can start hiring staff to help you expand and do more jobs each day.
Cleaning services are incredibly straightforward and require relatively little overhead. As long as you’re dedicated and attract customers, you’ll be able to turn it into a success.
Once your business takes off you can start looking into more specialized services that can set you apart from other cleaning services. Some of these specializations might require equipment or training, but once your company starts making money you can invest some of it back into the company. Spending money in order to make more money is never a bad thing.
Some specialized services you can offer include exterior power washing, floor waxing, and cleaning hazardous materials. The more in-demand and specialized the service is, the more you’ll be able to charge for it.
4. Online teaching
If you’re looking for a business idea that lets you work from anywhere and set your own schedule, then online teaching is for you. You can work through a company to gain experience in the teaching field and later branch off on your own.
To teach courses online you need a passion for your subject and knowledge of the field. Many people opt to teach English as a foreign language as it is less rigorous and mainly focuses on conversational skills. Before launching a course, you must also understand the importance of platforms where you can share your courses. Don’t worry because there are a lot of websites you can explore like Ship 30 for 30 to gain ideas about this.
5. Online Accounting
Accounting and bookkeeping are unavoidable parts of owning a business. But most people find this aspect tedious and are unmotivated to do it themselves.
If you have small business accounting software knowledge you can start your own accounting business. Small businesses often struggle” to manage their own finances and keep track of their accounts. These small businesses also usually don’t have the money to hire a big accounting company, so online services are a great option for them.
If you target these businesses you will find a whole slew of clients desperate for your help.
You can use software like PracticePro 365 to get the ball rolling. This software helps accounting firms track, manage, and record data on one easy-to-use platform.
As an online accountant, you can compile expense reports, process invoices, handle payroll, and much more. Depending on your education, if you have a CPA license you can help business owners file taxes.
If you’re passionate about accounting and want to branch out, you can offer bookkeeping courses to help small businesses manage their own finances. This is a great option for businesses that can’t even afford an online accountant. Your expert knowledge will help them in the beginning and they’re more likely to become a client in the future.
6. Transcription Service
If you don’t want to work directly with people, but you’ve got a good ear and can type quickly, a transcription service is perfect for you. Not only can you work from anywhere, but you can also work with a flexible schedule. As long as you get the work done you can do it where and whenever you want.
If you’re just starting out and doing transcription work while also holding down another job, you should start with a lighter load. Your first few clients are crucial to your success, so you want to turn in perfect transcriptions.
To garner more clients and justify charging more, you can consider becoming a certified transcriptionist and adding a few specialties. Medical transcription licenses are an in-demand specialization. Some service providers prefer that their transcriptionists have training from a certified program, so it’s a good idea to check with your local medical providers.
When it comes to transcription work, it’s crucial that you stay on top of all the jobs you accept. The general turnaround time for transcriptions is 24 hours, so don’t take more work than you can manage.
Starting a transcription service requires very little startup money. For transcription work, you only need a computer, the appropriate software, and a secure way to send messages to clients. Many transcribed files will have confidential information, so you need to know how to send them back safely.
Consider These for-Profit Business Ideas
When it comes to building a successful company it starts with finding a few good for profit business ideas. Without a good idea to start you off you’ll never start a business, so it’s important that you take the time to research your options and look at the industry competition. You might have a great idea, but if there are various other companies offering the same thing you need to find something that sets you apart from your competition.
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