The Top 5 Small Business Industries To Invest In
A lot of people want to start small businesses.
Research shows that over half a million people start businesses in the US every month. While becoming your own boss is an exciting dream, the truth is that about half of these businesses fail within five years. There are several reasons behind their failure, but a major one is that these small business owners simply invested in the wrong field.
While some industries take longer to recoup investments, a couple of them are in such high demand that you’re sure to find success almost immediately.
Real Estate
Everyone needs a place to stay. Thanks to the tough hand dealt to millenials, there are more people living in temporary accommodation than ever before. Because of this, real estate leasing has become a hot market. People are less committed to spending their entire lives in one place and the market reflects this.
Coupled with the fact that young adults are travelling more, your ability to provide a roof over people’s heads is almost guaranteed to be a successful endeavor. Nowadays, there are several ways to get into the real estate business.
Websites like Airbnb make it easy for aspiring entrepreneurs to rent out their rooms or houses for short periods of time. It’s a great way to earn a steady income with little effort. Additionally, making an initial investment and purchasing real estate can set you on the path to becoming a successful rental agent.
Fitness Training
Many of us despise the gym. There are a variety of reasons behind this from our discomfort with being vulnerable in such a large, crowded space to simply hating the act of working out. For this reason, personal fitness trainers have seen increased demand from people who’d prefer to have one-on-one guidance or want to work out in the comfort of their homes.
Celebrity fitness trainers easily make over $100,000 per year. And while only a tiny percentage of trainers make that much, most earn enough to, at least, lead comfortable lives. Fitness training also requires little investment. Getting certified as a trainer is relatively easy and the rest of your success comes down to your drive and enthusiasm about exercise.
Moving Services
Do you have a van, a driver’s licence and movers insurance? Congratulations, you have a moving service! If you’re located in a big city, this is a great small business idea. People are constantly moving, either from one neighborhood to another, or from one city to another. Moving services are indispensable during this process.
This small business is the epitome of true freedom. You can set your rates as you please, decide where you want to go and which items you prefer to transport. Depending on which cities you work in, you can easily recoup your vehicle and insurance investments during your return trip.
You can also decide to make it a one-man business or simply hire people for each trip. But thanks to today rental market, you’ll likely be in business for a long time.
Accounting
There are about 30 million small businesses in the US, many of whom don’t have accountants. That’s a lot of small businesses. Accountants provide several indispensable services like bookkeeping, tax preparations and financial advice. Because of this, you can be assured that, if you’re providing accounting services, there’s someone out there who wants to contract your small business.
Accounting requires a fairly high investment compared to the other industries on this list. To qualify as an accountant, you need to go through years of schooling and gain various certificates. But with every business needing your services, the financial returns are even higher.
Copywriting
In the digital age, words are worth more than ever before. People spend so much of their time online either watching or reading content. Which means, if you’re a writer, you couldn’t have picked a better time to start a small business.
Copywriting requires almost no investment and is required by industries all over the world. From blog posts to social media and public relations, businesses need words to sell their products and services. If you have a talent for making people sound good on paper, then you have a small business idea.
Despite how easy it seems, copywriting isn’t for everyone who knows how to wield a pen. When it comes to words, you either have a way with them, or you don’t.
Most of these leading small business industries are online, meaning you can work with customers around the world. Despite this, insecure payment methods often keep small business owners from spreading their wings and acquiring the international contracts they deserve.
Bank wire transfers often cost an arm and a leg to send. In addition to this, they are often slow and unreliable as a single missing detail can mean losing your money.
Step into the digital age. Use Veem.
Veem is the next generation global payment platform that allows you to send and request international transfers safely, quickly, and effortlessly. With low costs regardless of the destination, it’s the best choice for sending and receiving payments from your overseas contractors, vendors, and partners.
Sign up for a Veem account today and watch your small business grow.
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