Despite the universal belief (spawned by Hollywood no doubt) that it’s giant corporations that rule the world, the driving force of the economy is small business. According to the latest US Small Business Administration report, 55% of all jobs in the US and 66% of all net new jobs (starting 1970) come from small businesses. This explains why so many people attempt to launch their own startups and over 50% of those survive past a 5-year mark. Now is a great time to start building a company, but only if one uses sound small business ideas that can’t fail to succeed this year.
Top 5 Small Business Ideas to Consider in 2018
1. App development
Creating mobile apps isn’t that hard with so many building platforms one can use (TheAppBuilder, Appery.io, MobileRoadie, etc.). Mastering those won’t take much time, so anyone who has clever ideas should try realizing them this way.
There were over 197 billion mobile app downloads in 2017 and 2018 so far loos even more active.
2. Opening a hair & beauty salon
The beauty industry is thriving, so opening a hair & beauty salon is a fantastic small business idea for 2018. This is a good plan for those who are looking to build a solid business that will bring a stable income for years to come. The volatility in this industry isn’t high compared to many others. However, starting it will require a significant investment.
The biggest expense when opening a hair & beauty salon is rent as this business must be located in a ‘public hotspot’. One also should prepare to invest into high-quality salon furniture. This investment will prevent the owner from spending even more money on repairs and replacements within a few years. The supplies are the part where one can negotiate the best deals as many professional cosmetics and hairstyling products manufacturers offer special terms to salons.
3. Offering classes
Education is of great value today, as is proven by the insane popularity of online classes. A savvy person should see this as a great opportunity. Offering any type of classes is one of the least risky small business ideas for 2018. If one is already a licensed expert and can teach a class on their own, it’s possible to create personal courses. These can run both online, on platforms like Udemy, and offline in a rented space.
One can also create a learning center and hire tutors and teachers of different skills. The best way to succeed is to run classes for both kids and adults. The choice of subjects is limitless and should be decided only by the business owner’s circumstances. Today there’s a demand for everything, from extra tutoring in school subjects to critical thinking courses to cooking classes for couples to art therapy classes for stressed out small business owners.
4. Launching a food truck
The food truck business industry has been steadily growing over the past few years and is predicted to reach $1.7 billion soon. This is one of the best small business ideas now because the initial investment is reasonably low and the startup failure rate is 10-20%. That’s a huge opportunity compared to the 60%+ failure rate for new restaurants and cafes.
The downside here is that the industry is full of intense competition. However, offering top-quality services with a few original food choices is sure to have customers clamoring for the delicacies off this particular truck.