Some small businesses require little capital, but their profit potential is huge. Here are seven types of companies that have seen rising demand.
What Are the Most Successful Small Businesses?
Launching a business is always challenging, even if it is small. However, some companies are more profitable than others by definition. This may be because their overheads are lower, or the services or products are more expensive. Here are seven types of businesses that were thriving throughout 2020.
1. Courier Services
During the pandemic, delivery companies saw their revenues soar. As a result, many consumers have got used to ordering delivery. Visiting retail stores still poses a health risk.
In 2021, the courier service is expected to be in high demand. With no end to the pandemic in sight, these businesses have a bright future. The niche is also attractive because the overheads are relatively modest.
2. Technology Repair Services
Are you good with computers and other electronics? Why not set up a small repair business? The modern consumer is addicted to gadgets, so finding clients is easy. Devices will always break down. Capitalize on people's addiction and bring their beloved gadgets back to life for a decent fee.
Moreover, these businesses thrive because their overheads are very low. You may create a small team of experts, or work on your own first. Advertise the business through social media and the word of mouth. If you render high-quality services, customers will recommend you to their friends.
3. Online Trading in Different Markets
Online traders do not need to register as entrepreneurs to work in the market. However, they can apply their knowledge in different niches simultaneously to maximize income (e.g., trading, blogging, and coaching). Since the Covid-19 outbreak, online trading has been booming.
The growth was spurred by stringent lockdowns around the world. Many people have turned to alternative systems like Forex to make money. Day trading has existed since the 1990s, but now it is all the rage from Tokyo to New York.
In India, anyone can learn forex trading free thanks to the presence of large international brokerage firms like ForexTime. The initial investment may be modest — you need just $10 to open a cent count. Your volumes and profits will grow as you gain experience.
Aside from forex trading, there are many other avenues to explore. Using the same software, you may invest in stocks, precious metals, and derivatives like CFDs. What really matters is your knowledge, mindset, and determination.
4. Personal Fitness Training
Today, people are growing tired of Instagram amateurs who lack formal qualifications. Certified personal trainers will always be in demand. Becoming one is not too expensive.
Education will be your primary investment. Afterwards, the overheads will be minimal. Personal training is a profitable and sought-after profession. There will always be people who want to get slimmer and healthier, but do not possess the knowledge to structure their workouts properly.
The key challenge for beginners is growing their personal network. Create an attractive profile on social media, and connect to potential clients. With time, your following and clientele will grow.
5. Legal Services Firms
Excellent legal support and guidance are also in high demand. The target audience willingly pays a high price for this knowledge, which is an important part of the appeal. The main barrier is the need to get the right qualifications and experience. Rather than practising law yourself, you can hire talented professionals and open a small legal firm.
6. Selling Food from a Truck
People are always hungry, so you are guaranteed to have a target audience. However, running a restaurant involves considerable overheads — it is not as profitable as you may imagine. On the other hand, serving food from a truck requires lower investment, lower expenses, and it can become a profitable business venture. The disadvantage is the long hours day in day out (of course, unless you hire someone else to sell the food).
7. IT Support Services
The modern economy is increasingly digitised and heavily reliant on IT solutions. Businesses need powerful software and servers, intranets, websites, and more. Consumers cannot go about their daily lives without the internet. This means people who offer IT support are never out of work.
Secondly, they may charge decent rates, and the overheads will depend on what equipment you purchase for the business. The only drawback is intense rivalry in this industry. One needs to find a competitive advantage that will help them stand out from the crowd.
Many More Opportunities
These are some of the key areas that have seen substantial growth in recent years. Entrepreneurship is a path to financial freedom. With persistence and prudent planning, you can open a small business with a wide clientele.