Having your own business can help you achieve the financial stability and independence that many are dreaming of. It also allows you to have a creative outlet for your ideas while earning. A small business allows you to work on solutions and services that you believe can make a difference in your customers and the community.
Most people are afraid to start a new business because they fear failure. They are afraid that their idea might not be as appealing to their target customers as they thought it would be. They think that they are not good at selling. Some are afraid that they will not make enough money to cover the capital that they have invested.
If you think that you need a big amount of money to start a small business, nothing can be further from the truth. There are business ideas that require little capital to start. However, if you need to invest in tools, equipment, and real estate, the government works with lenders to give small businesses the funding that they need through the SBA. However, SBA loans can take a lot of time and require many documents. Another option is to apply for a home equity loan, which requires lesser paperwork and gets approved faster than bank loans.
If you are looking for some inspiration, here are some small business ideas that you can try this year.
Food Trucks
With safe physical distancing requirements and indoor dining being limited in some places, food trucks provide people a safer and convenient way to buy their comfort food. They also give starting entrepreneurs a viable business opportunity that they can start. The cost of starting a food truck can differ per location. Permit and license costs differ per state.
If you are considering a food truck, another cost you should factor in is the food truck’s cost. New, customized, and made-to-order food trucks can cost from $75,000 to $150,000. Buying second hand can be cheaper, and prices range from $40,000 to $80,000. Another option is renting one at around $3,000 per month. Depending on the type of food you want to serve, you might also need to buy additional cooking appliances on top of your refrigerator, ovens, and grills.
Food trucks are practical and flexible. You do not need to hire many employees with a food truck. You can even do it on your own or with a partner.
Kids Tutoring Services
With classrooms outside of the picture, many children are struggling with online learning. Kids have different learning speeds, and some need a dedicated teacher to assist them. If you are good in the sciences or are a natural math wizard, you can help struggling kids understand their lessons. A one-on-one online tutoring service can be what they need to boost their academic potential and their confidence in themselves. You will not be only helping children. You will also be helping stressed and overworked parents.
You can expand your tutoring services and hire credible tutors so you can reach many children. You can even do this business while having a full-time day job. The best part is, all you need to start is a laptop, headset, and internet connection. You can get creative and create your own materials to make learning fun, especially for the younger learners.
Personal Shopper
While delivery apps can provide the same services, not everyone is technology savvy. Some customers want a personal touch with their transactions. You also cannot choose who will buy and deliver your items with delivery apps. Having a personal shopper you know by name allows you to make special requests that you cannot do with delivery apps.
Startup costs for a personal shopper business can be as low as $1,000 to $2,000. You can create your own website, or if you want to take it slow, you can begin with your network of friends on social media. If you love shopping, this type of business will let you earn money while doing what you love. You can finally put your bargain radar to good use.
Dog Walking
Even with lockdowns lifted, people at higher risk of contracting the contagious Corona Virus are still advised to stay at home. Offer dog walking and care services to people who cannot take the chance of exposing themselves to strangers. While this can be more of a sideline, you can still earn extra cash without any capital.
Meal Delivery Services
More and more people are becoming more health-conscious with the pandemic. However, not everyone has the time nor the knowledge needed to prepare a healthy home-cooked meal. Some cannot go to the grocery stores due to health concerns. If you have a knack for cooking, you can do this yourself. Weekly subscription meals are becoming popular, especially for those who want to eat healthily.
Starting a business involves looking for opportunities that serve a specific need. The pandemic has opened the way for fresh business opportunities.
