November 16, 2011
Dave published this at 11:06 am
A troubled economy, fears about the stock market, and where things will go in 2012 with a presidential election have led many individuals considering opening a small business to wait on the sidelines.
That being said, some individuals have found the small business world to their liking. Whether it was always a dream to work for one’s self or being let go at a full-time job and then turning to themselves for employment, some will tell you that opening their own small business was the best decision they ever made.
Know the Risks of Opening a Small Business
The choice on whether or not to open a small business is not to be taken lightly. Individuals must consider the risks and rewards that come with such a decision, including the potential financial losses that can quickly overcome someone and their family should the planned venture fail.
When looking at where to possibly begin a small business, keep in mind that some industries are thriving quite well right now given their importance to consumers. Even when the economy is in trouble, some fields will continue to prosper, so be cognizant of that when looking into a small business venture.
If your dream is to own and operate a small business, some industries to look to include:
- Elderly care – With an ever-growing number of American senior citizens, it makes sense to have a business supplying them with products and/or services. Whether it is products to make their lives easier or health care items, this market is growing and can in many cases foot the bills;
- Employment assistance – With many Americans out of work, a large number of them have still not given up hopes of locating a decent paying job. In turn, individuals need services such as resume writing, assistance in job hunting and more. Creating a one-fits-all service for such needs could prove quite valuable in this day and age;
- Retirement services – As more individuals look at the possibility of having to work longer to meet their financial needs, they need retirement advice in the process. If you have sound financial planning skills and are qualified to work in such an arena, this can prove a steady source of clients;
- Home repairs – Given that more consumers are looking to save money on their home repair needs, qualified and inexpensive service providers can pick up some steady and decent paying work in this area. The obvious catch here is being both talented and covered by insurance prior to working on someone’s home or business;
- Health and Fitness – With more Americans being informed by their health professionals that they need to lose weight, lower cholesterol levels etc. it only makes sense. Properly trained fitness experts can cash in on such needs by either opening up their own studios or even coming to people’s homes to help them with their fitness needs;
- Home organizer/planner – As more and more Americans find it hard to fit all they need to do into a 24-hour period, business planners and organizers can be a great asset to individuals. If you are good at organizing and planning things, your services can be a great small business need for countless individuals;
- Auto repair – Even when people are struggling financially, 9 out of 10 still need their cars to get them around. Qualified mechanics that may be looking to branch out from their employer and open their own shops can potentially drive off with a good income. Finally, be ready to take on the added responsibilities of running your own shop, both good and bad.
These are but a few of the small business ideas that you should consider if you’re looking to open up your own company.
Running a small business takes time, patience, money and a commitment to seeing the job through.
If you think running a small business is a small task, think again.
Photo credit: Businessinfoguide.com
Dave Thomas, who covers among other subjects’ document management and HR software, writes extensively for Business.com, an online resource destination for businesses of all sizes to research, find, and compare the products and services they need to run their businesses.