Many people dream of starting their own business. Mostly because it gives you full control of your time and income goals. And the chance to break free from office politics, rules, and a hierarchy that usually benefits top-level management.
Knowing what’s happening in the small business world gives you a better chance of starting and running a successful enterprise. Take a look at these eight small business ideas to make a profit:
Business Plan Services
Turn your experience of running a business into a whole new enterprise. Helping budding entrepreneurs create an effective business plan. Start by letting your business associates and customers know this is something you offer.
You can charge $100 to 20 clients every month and make $24,000 a year. And as your business grows, consider creating your own website and app. Where clients can request your services, receive regular updates, and write testimonials.
Personalized nutrition market size is expected to grow from $8.2 billion in 2020 to $16.4 billion by 2025. Showing an increasing demand for personalized meal planning services. Mostly because of rising health awareness and a growing trend of favouring digital solutions in healthcare.
If you have a good grasp on nutrition, consider starting a nutrition coaching business. Making use of fat-burning properties of specific foods like avocados to create meal plans for weight loss. And advertise your business through flyers handed out at the local gyms and recreation centres.
Charge $20 for a week’s meal plan to several customers and make a profit of $50,000 annually.
Interior landscaping is all about maintaining indoor plants in commercial buildings through pruning, fertilization, irrigation, and cleaning. It’s a great small business idea to start if you love taking care of plants and are not afraid to get your hands dirty.
Business owners like to have greenery in the office because biophilic designs increase productivity and improve focus. Workplace morale improves when natural elements are introduced. And employees spend more time in spaces with plants.
Hand-deliver flyers to small offices, hospitals, hotels, and restaurants to advertise your business. And offer to maintain indoor plants at a weekly charge of $70. Do this for 30 clients and you’ll make $75,600 annually.
Senior Citizen Personal Trainer
Although the fitness industry has a global growth rate of 8.7%, market competition is quite fierce. With everyone and their mother considering themselves “fitness gurus” or “weight loss champs”. Specializing in a fitness niche gives you an edge over your competitors.
Obtain a certification from a reputable organization and specialize in helping seniors protect bones and prevent injury during exercise. You can create work out plans that account for health problems like back or joint pain.
Such a specialized service allows you to charge an extra $30 to your hourly rate- while also increasing your clientele.
Entrepreneurs usually have a large network of individuals offering a wide range of services. Leverage your network to start a referral service.
Where people reach out to you when in need of a particular service and can’t seem to find someone suitable. Create your referral business based on service providers working in the same market as your other businesses. Offering complimentary services but not direct competitors.
Stay in touch with your clients and keep them in the loop so they feel comfortable referring others to you. Making sure your clients are the first to know about your new services, offers, product launches, or any other business change.
Create your own website with special referral tools. And once you receive a referral, reach out to the referral source and thank them. Consider sending a handwritten note with flowers or a box of chocolate- anything that lets them know you appreciate their effort. You should also give them updates so they know you take care of businesses they send your way.
Make an additional $20,000 on $100,000 worth of services charging a 10%-20% commission.
Personalized Spa Service
In the beauty industry, it’s easier to increase income from existing clients than it is to advertise for new clients. Customers will keep coming back to you if you make them feel special and valued.
Be on a first-name basis with all your customers, learn their likes and dislikes, and discover what it takes to please them. Then customize the spa experience to each customer- from clients who love an extra 10-minute shoulder rub or the one who likes the temperature of the room a little higher. When you make your customers feel special, you gain an advantage over your competitors.
Start your rate for various packages at $150, $450 for specialized treatment, and $750 for the full-day experience. Get several customers and make a profit of $250,000 per year.
Help owners online to articulate preferences such as colour and texture and narrow down on decorating choices to bring their vision to life. Most people have a hard time deciding how their homes or commercial properties should look. And hiring an interior decorator at $100-$200 per hour is a luxury they can’t afford.
With an e-decorator, clients can get their designing questions answered at a reduced hourly rate. Create an app where people can take photos of their homes. Add images of pieces they want to include or play around with colour schemes.
Share your website on social media, home improvement forums, and reach out to local property owners to advertise your business. You can charge $90 for designing one room. Decorate 90 rooms in a year and make a tidy sum of $8,100 annually at the comfort of your living room.
New Mom Lunch and Learn
Being a new mom is scary. You don’t know if you should start working out immediately when the baby is born, or what kind of diets help in losing weight and don’t interfere with breast milk production. And given the overload of information on the internet, it’s hard to separate fact from fiction.
If you’re an expert in parenting, nutrition, or fitness, consider organizing a lunch and learning for new moms. Where you cook and teach about postnatal workouts to help get rid of baby fat, food to give your baby in their first few years, and how to manage the stress of taking care of a child.
Arrange to have a booth at family and mom trade shows. Create a blog and share content on new mom groups and forums. Put up flyers at the community centre with prenatal programs and create partnerships with local organizations dealing with prenatal and postnatal services.
Price a lunch and learn ticket at $60. If you have 3 classes of 30 people per month, you’ll save $64,800 per year.
So there you have it – 8 ideas to make a profit with a small business. As an added bonus, after you get your business up and running, you can also consider selling it on a platform like Exchange and then start again with a new idea. Get started today, there’s never been a better time.