If you are considering starting a small business, there are a lot of options. Hundreds of thousands of new businesses are started in the United States every year. So, what are some of the most popular types of new businesses?
Everyone Loves a New Restaurant
About 30,000 new restaurants are opened each year in the United States. That’s a whole lot of new food going around. However, due to a variety of factors, about 18,000 of them will fail within the first year. Even though that is a high number, don’t give up hope if it is your dream to have a restaurant. Just keep the following in mind:
- You need to have good restaurant equipment to make great food and keep up with demand.
- Make sure you are dedicated; a restaurant takes a lot of time and effort.
- Restaurants take some of the most startup capital.
Retail Stores are Still Popular
Even with many people shopping online, physical retails stores are extremely popular for people starting a new business. Each year, a significantly different number of retail stores are opened, and the types of stores opened change, as well. The same can be said about the stores that are closed. When considering a retail store, think about the following:
- A retail store should have a niche that has a good demand in your area.
- Retail stores have a difficult time due to Internet shopping, so it is important to also have an Internet presence.
- You will need to have stock, as well as a place to hold it, which will cost a large amount of money, depending on your product.
Online Stores Gain Momentum
Because more people are shopping online, more entrepreneurs are also heading to the Internet. This is something that businessmen and stay at home moms are all getting in on. Online stores are easier to manage than traditional retail stores, because they require less overhead. They can also be managed from the privacy of your home.
- Online stores will require knowledge of Internet marketing to make a good profit.
- It is a good idea to keep to a specific niche when deciding to open an online store.
- You may not need to store your products, depending on the type of supplier you choose. However, if you do dropshipping, you are going to have a lower profit margin.
Eldercare is Growing as a Business
In 2011, 13% of the United States population hit 65 or older. Because of this, eldercare is a growing industry. As the baby boomer generation is hitting their elder years, they are going to need more care and companionship. This can become a lucrative business for the shrewd entrepreneur.
- Eldercare requires dedication and good people skills.
- This is a growing business, and may soon have a lot of competition. However, currently, it is a business that has a significant lack of options.
- Education or experience in the medical field is helpful in this industry.
There are an unlimited number of options when creating a new business. It is important, however, to do something that you are interested in.
Joseph Stark Jr. is a freelance writer by day, focusing on technology and business. By night he is a tech junkie, gym member, and avid comic book enthusiast. He currently resides in Santiago, Chile with his cat Oscar. Reach out via Twitter.
Image courtesy Vernon Chan