Entrepreneurship has become a popular career choice over the past two years as American consumers have been woken up to its viability by the COVID pandemic. However, one of the main reasons for the 20% failure rate of small businesses in their first year is the lack of a solid business idea to base them on, which inevitably leads to a rapid decline after the start. launch.
Fortunately, this article contains 10 of the most lucrative business ideas for potential entrepreneurs in the United States. They have been curated for new business owners as they do not require significant capital to get started, hence why many are based online. Some require specific knowledge or expertise, although this can be learned online with relative ease.
1. Social media management
Nowadays, a company’s online presence is essential for its success, especially its survival. Businesses are constantly battling with each other to increase the reach of their online marketing, hence the popularity of professional social media accounts. Of course, these accounts need to be managed, which won’t be high on a busy entrepreneur’s to-do list.
2. Web Design Agency
The face of the web design industry has changed irreversibly since the beginning of the internet. In the early days of the web, building websites was a highly technical job that required a thorough knowledge of technical programming principles. However, with drag-and-drop solutions like SquareSpace and WordPress, anyone can now start building websites.
Those who have a creative mind and the time to allocate to understand how these website building platforms work are well suited for a career in website design. Starting with a few customers and growing outwards can snowball into a self-sustaining business surprisingly quickly.
3. Drop shipping company
Dropshipping is a form of e-commerce that has become popular where the seller is no longer required to keep the products they sell in stock. Instead, all purchase orders are given to a third party, who sends the product to the customer. This is an increasingly popular option that offers very lucrative returns for those with a keen eye on what can sell.
4. Fulfillment by Amazon (FBA)
A small business idea for those considering e-commerce is Fulfillment by Amazon (FBA). It’s one of the most convenient tools for selling online, as it takes almost all the hassle out of packaging, delivery, payments, and returns. As long as the product you wish to sell via FBA passes its proprietary quality test, Amazon will package and ship your product to a customer each time an order is placed.
5. Affiliate Marketing
Affiliate marketing is the term used to describe an agreement between an online retailer and a third party for the former to pay the latter for any traffic/sales generated through referrals. This online business strategy is perfect for those who are already working full time and looking to supplement their salary with passive income.
6. Freelance Writing Business
Perhaps one of the simplest and most requested services you could provide online is freelance writing. Only two things are needed: a laptop and WiFi. Despite a gut feeling suggesting otherwise, a degree in career-related subjects is not required, especially in the more informal space of freelance writing.
It’s especially helpful for this career if you have knowledge or experience in an industry or topic you could write about. For example, someone who used to trade cryptocurrencies has a wealth of knowledge that they could draw on to write literature on this very popular topic. Since they would have a comprehensive understanding of this industry, they could elucidate some of the most common questions people have about it.
7. Cleaning company
If the idea of doing other people’s dirty work for them doesn’t sound too bad, a cleaning business might be a good option for you, especially considering the low start-up costs and potentially high returns. Very little funds are needed initially, all that is really needed is some basic cleaning materials and soap.
Although it’s been around for a while now, blogging still offers a good source of income for entrepreneurs, even if it takes a bit of effort and research to find a gap in the market that has little competition. This is ideal for those who already work from home, such as students and stay-at-home parents.
9. Virtual Assistant Service
A number of other small businesses need help getting started and getting started, and that’s where you might come in. and answer customer questions.
10. Teach a language online
With the rise of a number of online platforms, as well as the number of bilinguals in the United States, for those who speak more than one language, finding income for teaching has never been easier. . The best part of a business like this is that it doesn’t require you to be physically present to work, it can be done virtually.
Due to the rise of entrepreneurship and home-based businesses, the demand for flexible office space has grown exponentially. This incredibly powerful tool is popular with a variety of clients, including consultants and e-commerce stores (to name a few). The services provided by these virtual offices can prove invaluable to any new entrepreneur when starting out and are definitely worth checking out.