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Career Entrepreneurs Small Business

7 Businesses to Start in 2018

When the economy is booming, there is more ambition and more business ideas overall. This year could be a great time to finally get a loan and start a business that you’ve always dreamed about. The key to finding a perfect business idea is to understand your customers and to know what kind of business is needed in your community.

It’s best to find a niche that will allow you to dominate the market, but still large enough to allow you to stay lucrative.

Remote employee monitoringRemote employee monitoring

Modern businesses rally a lot of remote employees. This is a great way to save money on salaries and on overhead that comes with having a real office. However, there’s still a need for managing these employees and organizing their work in order to make it more productive. This provides an opportunity to create a company that focuses on these services in particular.

The most important part of setting up such a business is to purchase software needed to keep track of the employees and their work. At the same time, you still need to have people skills that a traditional business manager must have.

Home renovation

A company becomes successful if it finds the right time to put its products and services on the market. This can sometimes be a matter of luck or it can be a matter of carefully investigating the market and demographics behind it. Home renovation businesses very much depend on the property market as a whole. Now, when more people are buying and renting homes, such a business can be very lucrative.

It takes quite a lot of preparation to organize a home renovation business. Besides tools and trucks, you’re also going to need skillful workers which can be quite expensive.

Financial planningFinancial planning

Personal finances are becoming more complicated than ever. An average middle-class family now needs to manage complex financial decisions such as savings, investing and diversifying income sources. Small and middle-class investments are usually in stocks and real estate, but cryptocurrencies and gold are also becoming popular.

This creates a need for professional financial planners that can work with smaller investors and middle -class families. There’s not that much planning involved in starting this business, the biggest difficulty is finding clients, which means you should focus on marketing efforts.

A food business

A great thing about starting a food business is that it can start small as a restaurant or a food truck and evolve into something much greater and with stronger ties within the community if you prove yourself with the local customers. There are also a lot of ways of diversifying the income sources by catering to local weddings or other events.

The biggest expense and the first thing that need to be done in order establish a food business is to buy the needed equipment. Start with a few ovens, an industrial mixer, and a large freezer.

Tech recycling

Almost everyone has more than one gadget or a mobile device they no longer use. They mostly waste space, instead of being recycled and used to fund a purchase of a newer and a better device. This is partly because it’s difficult to find the company that provides this service.

That means that your company can create a monopoly in this niche market, once it’s set up. You don’t need to have your own recycling machines; it’s enough to provide an infrastructure for collecting the gadgets and delivering it to someone who can recycle them.

Accounting servicesAccounting services

Accounting service is one of those businesses that can be created even without having an office or a large budget. First, you need to find clients and expand on your network. This can be achieved with the utilization of your resources only for marketing purposes.

Businesses of all kinds need accounting services because that’s one of the best ways to save money and use the resources for growth and development instead of on taxes. The main decision this type of business needs to make right away is whether they plan to specialize in a particular industry or to hire tax accountants with a general knowledge of the tax code.

Cleaning services

Cleaning companies can thrive just based on their location. There’s not that much difference between different companies in terms of the quality of work, so all that you need to do to stand out is to locate your business somewhere where there are a lot of job opportunities. Commercial areas with a lot of banks and offices are usually the best spots.

A good team of employees is the most important part of such a business and that should be a priority during the founding. It’s also a good idea to stock up on cleaning supplies and materials.

These businesses can prove to be very lucrative and relatively easy to set up. It’s best to analyze the needs of your community and create a company based on that analysis.

image credit: https://www.pexels.com

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