If you’ve ever contemplated of starting a business, you may have mulled over ideas on what type of business you should own. After all, there are several types of small businesses that are much more lucrative than other types of businesses. However, they demand you put work into them to ensure its (and yours) success.
Of course, before you begin any kind of business, you must develop a business plan. This will allow you to see your projected sales and profits before you find yourself six months to a year in and you’re struggling. Don’t forget that the majority of small businesses will fail and close their doors the very first year.
6 Types Of Small Businesses That Can Be Very Lucrative
1 – Coffee Shop
If you love the smell and taste of coffee, you could open your own coffee shop (think Starbucks or Costa Coffee). You can start your business with a tiny portable van that lets you make the coffee on the run. Place the van near a train or subway station or in a park where people don’t mind stopping off for coffee.
If you decide a coffee shop is the way to go, you’ll need a great location. If you opt for this route, you’ll need to set up the business in a busy part of the town.
Bear in mind that the setup costs for a portable service are low, and it’s higher for a larger brick and mortar business.
2 – Car Wash
If you like washing cars, you can create a car washing business – perhaps in a church parking lot, car park entrances or an old garage. The costs to set-up this type of business is low – all you need are the following things:
- Rental space
- Access to water
- Buy washing detergents
Special Note: The city council may require you to have a license to operate this type of business. Make sure you find this out before you start the business.
3 – Catering
A catering business can be run in the comfort of your own home or in a small business. Many people will use a catering service for private events such as work events, birthdays, etc. Local authorities will require that you get a health and safety certificate and a hygiene certificate.
4 – Gardening
When it comes to the warmer months of the year, people often hire a gardener to keep up their lawns, cut trees and shrubbery and maintain their garden. The startup costs for this type of business is often low, as you mainly do the work. Bear in mind that the autumn season is ideal for this business since people often want to clear their lawns of leaves that have fallen.
A way to bring new customers to you is to go door-to-door or drop leaflets throughout businesses in your area. Bear in mind that people with larger homes tend to need these kinds of services.
5 – Internet Businesses
Many people dream of working from home. And, if you have the knowledge, you could start a lucrative Internet business and make money from advertisements. If you don’t have a lot of money to begin with, you can create content for a blog or learn how to code. The two things you’ll need to learn is how to bring visitors to your website and do online promotion.
One of the good things about an Internet business is that the startup costs are extremely low. You just need a website and a product/service to sell. You’ll need a way to accept online payments although PayPal can certainly help you in this regard.
6 – Delivery Van Service
Businesses to still need their packages delivered to homes and other companies. The only set-up you need is a van to ensure you can deliver the packages. You can target local businesses or advertise locally to see success. Repeat business tends to happen with recommendations and word of mouth.
If your goal is to become an entrepreneur, then you need to decide what type of business is best for you. These above business ideas are just some of the many that can be extremely lucrative and profitable for you… but make sure you do your research.