Top 10 Small Business Ideas for Aspiring Entrepreneurs

Rapid digitization encourages people to start their own unique ventures through small business ideas. Everyone wants to pursue innovative professions to grab the new generation’s attention. With traditional approaches slowly becoming obsolete, young aspirants and enthusiastic about taking unconventional work opportunities and turning them into business ideas.

An estimate shows that small businesses comprising around 500 employees make up approximately 99.9% of all U.S. businesses. For all the jobs created between 1995 and 2020, small businesses cover 62% or 12.7 million of the lot, whereas big companies cover only about 7.9 million.

Reputed organizations might have the upper hand in the industry, but startups are driven to offer a customer-centric experience to people with reasonable products. Start-up is the next dream of America and has an abundance of aspiring entrepreneurs willing to kickstart their journeys.

Our blog covers various small and online business ideas to analyze how young American entrepreneurs approach the job market.

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Top Small Business Ideas for Aspiring Entrepreneurs

1. E-commerce businesses

E-commerce business is a prominent online business idea taking over the world due to multiple reasons. It eliminates the traditional brick-and-mortar stores and shifts its customer focus to online mode, especially in the digitization era. You can find different options to sell your products. For example, you can either build your own website (which facilitates direct selling) or integrate your store on an online platform like Amazon. Whichever option you choose, product quality and marketing tactics play a significant role in this approach.

Digital marketing is an exceptional tool to fuel an e-commerce business as such by directly interacting with the audience. Social media marketing practices such as collaborations, content marketing, visual merchandising, and paid advertising tend to be effective when working on e-commerce platforms.

Average Earning: USD 101,464 /annum

2. Pet Sitting Business

Just like the babysitting business has gained popularity among youngsters, the parallel version of it is– pet sitting is a great idea for starting your own business. It is one of the most accessible and, comparatively, low-investment business ideas.

In this business, you’re responsible for taking care of the domestic pets of your clients when they don’t have enough time to do it themselves. All you need to do is have a location, online application, toys, and pet food. Clients can book your slot online and give their pets under your surveillance.

Average Earning: USD 137,556 /annum

3. Freelancing Writing Business

Freelance writing is a trending business idea with minimum investment and maximum profit. The only requirement of this business is a computer or laptop and a decent internet connection, which makes it exceptionally easy in terms of the establishment. Freelance writing allows you to write well-researched and fresh content for different genres, such as journalism, marketing, press, health care, and many others.

Apart from this, it also comes in different languages. You can start your writing business in whichever language is comfortable for you. If you have expertise in, let’s say, tech, then you can become a tech writer. This idea is super flexible and convenient and gives you abundant opportunities to generate revenue.

Average Earning: USD 40,000-80,000 /annum

4. Consulting Business

A consultancy business idea requires time investment more than capital investment. If you have a deep understanding of any particular field in which you can offer professional consultancy to others, it is one of the greatest business ideas for aspiring entrepreneurs.

You can cover topics such as social media, business development, leadership, public speaking, communication, education advice, and many other fields. You need a setup for consultation and skills to run this business. While the job profile does not require any credentials, you must have a significant amount of knowledge and experience in the relevant field,

Average Earning: USD 69,618 /annum

5. Aerial Photography

Enthusiastic about videography and capturing picturesque moments? Then this business idea is just for you! Aerial photography refers to commendable drone shots of events or places. Drone photography is becoming super popular nowadays following the compelling visuals and fresh perspective it offers to the client. People hire aerial photographers either for a specific occasion or a big event.

In order to initiate this small business idea, you need a drone flying license, professional cameras, additional photography gear, and 2-3 team members to assist you on location. Aerial photography offers a unique and fresh perspective to sites, weddings, political events, and monuments by unusually capturing their beauty.

Average Earning: USD 51,088 /annum

6. Professional Organizers

Professional organizing is another emerging small business idea that many aspiring decor specialists and space designing experts are pursuing. Professional organizing refers to a business where organizers have to set up the client’s office, home, school, university, and other spaces following their visual goals.

Professional organizers’ primary job is to provide their clients with a blueprint for where things should be placed or organized in a setting. You can even assist them with placements if you have a backup team and an eye for organizing spaces. However, it requires human capital, money, and time investment.

More than any reigning marketing strategy, word-of-mouth helps professional organizers to obtain their clients. Therefore, make sure you have the right credentials and skill set before initiating a professional organizing business. The higher the quality of your services, the more money you make. This small business idea can also be your stepping stone toward becoming a successful interior designer.

Average Earning: USD 50,980 /annum

7. Social Media Marketing and Online Advertising

Online presence is the driving force behind many business ventures. From traditional to entirely digital, brands resort to efficient social media strategies to target customers toward their service. Social media marketing is the go-to for every business, thus making it one of the greatest online business ideas for entrepreneurs proficient in making a digital presence. However, initiating a social media marketing agency can be very challenging. This field can be lucrative if you have the right digital marketing skills and advertising knowledge.

Average Earning: USD 43,875 /annum

8. Property Management

Property management refers to overseeing commercial and residential real estate, ensuring responsible supervision of properties owned by clients. The business requires you to regulate the supervision, maintenance, and handling of operations related to privately or commercially owned properties.

The role comprises all relevant responsibilities, from managing a property’s well-being to screening potential tenants. You can be an excellent property manager running your own small business with the right communication and persuasion skills.

Average Earning: USD 51,478 /annum

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9. Online Teaching

Online teaching service is one of the widely recognized and growing online business ideas that enable you to earn from the comfort of your household. Holding the right credentials, skills, and experience can help you ace this role and earn a large monthly sum.

From private tutoring classes to publishing videos on global video-sharing platforms like YouTube, millions of people can reach you and your business, helping you to make it big in the teaching industry. All you need is a camera and microphone. Online teaching is truly a low-investment idea with big returns.

Average Earning: USD 45,080 /annum

10. Cleaning Services

Organizing and cleaning services hold enormous potential for small businesses with low upfront costs. The role comprises diverse niches, including house, vehicle, and carpet cleaning services.

The best part? No formal training or certifications are required to initiate this business idea; you only need domestic cleaning supplies, 2-3 teammates, and a few business name ideas to spread easily among your potential clients. You can conveniently establish a name in the industry with high-quality service and unique marketing tactics (active social media presence and content generation).

Average Earning: USD 40,999 /annum

Conclusion

Perceiving the freedom entrepreneurship offers, the next generation is motivated to explore small business ideas. People are driven to offer innovative solutions in exchange for age-old services being served by a few reputed industry names. Access to information, skills, and resources makes it far easier to embark on the entrepreneurial path.

Though acknowledging success is non-linear in this industry is essential. Obtaining resources and exploring quirky business name ideas do not confirm entrepreneurial success. Therefore, before stepping into entrepreneurship, ensure you have the true skills and experience to sustain your small business.

Aspiring entrepreneurs hoping to thrive in their entrepreneurial endeavors can check out upGrad’s Master of Business Administration program, offered under the guidance of Golden Gate University. The course is designed for fresh graduates and working professionals who want guidance and skillset to fuel their small businesses. Learners get to choose among five specializations: General, Finance, Business Analytics, Adaptive Leadership, and Marketing, to hone professional skills in their area of interest.

Frequently Asked Questions (FAQs)

1. Q1. What are the most profitable small businesses?

Ans. Some of the most profitable sectors to establish your small business include Business Consulting, IT support, SaaS model businesses, Real Estate, Accounting, Tax Preparation, Cleaning Services, and Photography, among others.

2. Q. What are the skills required to run a business?

Ans. The hard skills required to run the business are– accounting, marketing, and financial planning. You must also exhibit problem-solving, communication, decision-making, and other soft skills to attract clients for your business.

3. Q3. What are the easiest business ideas?

Ans. The easiest small business idea which does not require certifications include Dog Walking, House Cleaning, Home Tutoring, House Painting, and Yoga Classes.

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