Starting a small business can be scary. As so many have heard, many small businesses end up failing before long, with their owners often incurring large losses.
On the other hand, failure rates in many industries are not as high as some would expect. Heading online to learn more will reveal that all the most common issues can be avoided by those who take care to prepare.
With so many people today looking for more independence and financial security, starting a new business can be a great option, in fact. A quick look at some of the most important issues and three tried and true business models will reveal that there are plenty of opportunities.
The federal Small Business Administration and Bureau of Labor Statistics both keep close tabs on how small, young companies in the United States are faring at all times. Figures complied by the latter show that things get easier for businesses the longer they remain in operation.
Getting over that initial hump, though, proves to be challenging for quite a few entrepreneurs. Issues like lacking capital, management skill, and planning sink many newly minted companies before their first anniversary.
Many small businesses that fail early on, though, do so for reasons that seem obvious in hindsight. In fact, entrepreneurs have access to more informed advice and assistance today than at any time in the past.
Starting a business only after all the most important building blocks are in place will always be helpful and wise. There are also certain types of businesses and associated models that consistently rank among the easiest to get going.
Opting for one of these business models will smooth the way just as much as will arranging for as much support as possible. Three types of businesses that tend to be most successful are:
Just about every area with a significant population sees plenty of demand for catering services. Better yet, it is possible to start a catering business on a shoestring budget and to build it up gracefully as it takes off. The intermittent nature of catering work also makes it a good fit for entrepreneurs who still have other jobs to hold down. Some of the most successful catering companies of all time sprang from the humblest of beginnings.
Just like catering, the cleaning industry is especially welcoming to practically minded entrepreneurs who are willing to work hard. It takes very little capital to get a cleaning business off the ground, and many entrepreneurs end up contributing the lion’s share of the required elbow grease early on. Whether for those who focus on homes or others who stick to offices, cleaning is another type of business that is particularly easy to scale up.
Competition for admission to the top colleges is fiercer than ever before. Many professionals also find themselves needing to brush up on their skills and obtain additional certifications. People with the knowledge that others covet often find starting tutoring companies to be especially rewarding. Once a tutoring service starts to gain some momentum, it will become easy to hire others to help out.
Business models like these shine because they are especially accessible while also being easy to scale up into the future. Entrepreneurs who couple such a model with the right types of support can greatly improve their odds of succeeding.