It's sadly a fact that most small businesses fail within the first five years. Statistics show that just over 50% of small businesses end up closing their doors shortly after this five-year point. This is why when gauging what type of business you want to open, you really do need to spend some time and investigate which small businesses tend to be more profitable than others and thus have a longer lifespan. Below are five small business ideas that have a positive outlook beyond that half-decade mark.
Accounting and Bookkeeping
People need their taxes done. Beyond this, other businesses need help with things such as payroll. If you have a background in accounting—this may be a business idea for you! The accounting and bookkeeping field shows no signs of slowing up in the near future. And given that overhead is quite low, it's a relatively easy small business to get up and running. All you need is some technology, the latest in accounting software and you can work from home.
Medical Care
Everything from physical therapy, to medical offices, to assisted living facilities, are in high demand right now. The population is aging, and healthcare services are needed more so than ever before. This could be a very lucrative field to get into. Plus, you have to keep in mind that the younger generations are more engaged with healthy living ideas. Depending on your background, this is certainly a business space to look into.
Website Creators
Everyone needs a website. And while some businesses do opt to create these on their own, for those seeking more professional outcomes, website developers and creators are a necessity. You can start local. Reach out to regional companies and offer a snapshot of your website services.
Real Estate
Owning and operating your own real estate brokerage can be a very satisfying and profitable career choice. Granted, you do have to have your license, but beyond that, the initial costs to get started are fairly minimal compared to some other fields. The key to this is getting out in your community and networking.
Pet Grooming/Sitting
Americans love to spend money on their pets. Yearly, the amount we spend increases as our adoration of our furry friends becomes a priority. Getting into the grooming and/or pet boarding business can be a very profitable way to go. Especially if you love animals!
Whatever your business, First Union is here for you! We want to be your go-to when you're looking to expand, add new staff or buy new equipment. Our loan products range from 5k to 1 million; we have the resources to get you the money you need, fast. Call today!