With more than 12 million people unemployed due to the economic downturn, now is a tough time for many American families. However, many people have parleyed this into an opportunity to start a small business and take the plunge into entrepreneurship!
As 2012 wraps up and draws to a close, now is the perfect time to look at business ideas and consider starting a small business in the New Year. Is it time to be your own boss?
Explore some of the small business ideas with potential now and in the near future:
- Elder Care Services
The demand for elder care is projected to grow by 2.8% through 2030. Our median age has risen, and the percentage of the population over 65 has gone up exponentially, making elder care a service in high demand.
- Consignment Shop
With the economic downturn, people have become much more cost-conscious and consignment shops are doing great. Instead of paying full price, more and more consumers are looking for gently used products. You can start a consignment shop out of your garage with low overhead, and if you’re successful, you can always grow your business and lease retail space.
- Pet Businesses
In spite of the economic problems, Americans spend more than $50 billion annually on their pets. One of the best business ideas, if you’re an animal person, is a pet-related business. Grooming, doggy day care, dog boarding, mobile grooming, pet sitting, dog walking, pet supply stores – the type of pet-related small business you can start varies dramatically depending on the initial investment you’re willing to make.
- Cupcake Bakery
In the past few years, the trend for wedding cupcakes instead of wedding cakes has grown exponentially. Cupcakes give you the ability to experiment with flavors and please more people – and they even cost less! And cupcakes are great for all kinds of occasions – birthdays, corporate events, and even everyday. Starting a cupcake bakery can help you capitalize on this trend.
- Ghost Writing
With the demand for written content growing, the demand for reliable ghost writers has also grown. Publishing and sharing written materials is easier and cheaper than ever, and ghost writers are writing everything from articles and ebooks to full-length fiction and non-fiction novels. If you have a writing background, or expertise in a specific field and you’re a decent writer, this can be a great foray into entrepreneurship.
- Translation Services
Translation services experienced a decline during the recession, but now they’re poised for new growth. As companies focus on international growth over the next five years, they’ll turn to the translation industry to provide services. And in areas of theUnited Statesthat are home to large populations that don’t speak English, translation services remain in high demand.
- Car Repair Concierge
Have you ever taken your car to get serviced, and waited forever for the repairs to be completed? A car repair concierge does the waiting for you. Car service concierges take cars to get repaired while their owners are at work or doing other important things. Some even bring owners a rental car if they need a replacement while the vehicle is serviced. This service is in growing demand in affluent markets.
Bottom line as we wrap up 2012 and head into 2013, it’s a great time to start a small business. If you’re creative with your business ideas, you can enter an existing space or create an entirely new market. Entrepreneurship has never been a more attractive career path!