A recent study by the SBA found that when unemployment is high, the number of sole proprietorships goes up. Some people who are laid off from their jobs decide to start small businesses.
If you find yourself in such circumstances — out of a job and thinking about starting a business — chances are you won’t have much money to start up with. So Business.gov put together 10 businesses with potential for growth in 2010 that require little startup capital.
1. Consulting for your former employer or in your old industry
2. Web businesses
3. Virtual assistant
4. Online social media consulting; online content production
5. Convenience services for consumers
6. Pet businesses
7. Kids products or services
8. Mobile apps development and mobile consulting
9. Specialty foods
10. Landscaping and handyman services
All 10 of these businesses can earn profit quickly if a potential buyer can be easily identified. I would encourage everyone to take these basic ideas and customize them into something unique. A niche market is much easier to dominate than a generic one.
I suggest going to Google and doing some research to get ideas. Many people don’t know that Google tells you the subjects that people are searching for information about. If you think about it, where there are people with problems, there are people with open wallets. I’ll explain…
Let’s explore idea #7 – children’s products or services. When I first typed in the word “children”, Google made several suggestions – books, dictionary, museum. “Child” resulted in health, development and tax credits.
Next, take these 6 ideas and do more research to learn about existing business models and how you can tap into these markets. Surf all over the web – look locally and globally for examples. Keep notes about what you found. Think about your personal interests and how you can combine some ideas to make your business unique.
I don’t want to make this sound overly simplistic, but it can be. Open your eyes, take notes and think creatively.
I love this stage of business development, the whole world is out there - how can I profit? Send me your ideas and I’ll help you brainstorm. Kay Peck