Business ideas

5 small business ideas with great potential

If you’re driven by an entrepreneurial spirit, you might think you’re ready to jump in and start a business. With entrepreneurship comes dreams of financial independence, geographic independence, and the ability to set your own schedule and be your own boss.

These are big dreams and can be some of the benefits of owning your own business, but before you can make big money, you need a business idea with the legs to take off. Here are some businesses you can start on your own and expand as you gain experience.

online freelancing

One of the easiest businesses to start is online freelancing. You can do it with the computer you already own, and you don’t need expensive equipment or licenses to get started. In fact, you don’t even need to file as a business in your state to start working as a sole proprietor.

To get started, examine your own skills and think about what other people might be willing to pay. If you’re a great writer, know how to build websites, or can create and edit videos, the possibilities for work on the web are limitless. If you don’t have any connections with potential clients, check out Upwork and Fiverr to get started.

Selling trade

People in offices are hungry, and most businesses don’t bother to take the time or expense of setting up a vending machine. If you’re willing to invest in vending machines, you can call local office building managers and businesses to find places to install them.

You can often set up the machines for free, or for a small fee to the owner, and you keep all the profits from the vending machines. This business can scale to expand throughout your city and surrounding region. If it grows big enough, you can hire people to restock the machines while you sit in the office counting your profits.

tax preparation

Tax season means big money for companies like H&R Block, TurboTax and thousands of independent tax preparers across the country. If you want your piece of the pie, you will need to obtain a tax preparation license according to your state’s guidelines in addition to meeting IRS guidelines.

Once you are certified, you can start a franchise or an independent tax preparation business. Expect to be very busy from mid-January to mid-April every year, but apart from that you get plenty of flexibility in your schedule.

Many tax firms also offer accounting, payroll, and business consulting services to supplement their tax season income.

computer repair

If you know how to get by with a hard drive, the millions of Americans who know little more about their computers than where the power button is may be willing to pay you to help them when their computers crash. .

Computer repair services include virus removal, general maintenance to improve speed, and occasional hardware upgrades and repairs, such as adding RAM or a second hard drive. If you know how to do a lot with computers, but not everything, you can always learn more from YouTube videos and online tutorials.

Home Organization

While Hoarders episodes are a worst-case scenario, millions of Americans live in cluttered homes full of clutter and no real organization. If you are well organized and have good interpersonal skills, you can turn your knack for keeping a clean house into a profitable business.

You can market your services to people in your area with an hourly rate or charge a flat rate for each project based on scope. Be prepared to help people declutter and put things away, but also be sensitive and respectful of people’s attachment to their possessions.

The essential

Starting a business can be daunting, but the process is actually very simple. Starting as a sole proprietor means you can work as yourself under your own name. You can also start a limited liability company, or LLC, for a low cost in many states.

Always act professionally, watch your finances, and be prepared to pay your small business taxes come tax time. It’s a lot easier than you think, and lots of small businesses can be built on the side while you continue to work steadily.