Small business is booming in America, and firms with fewer than 20 workers make up 89 percent of total business organizations in the United States.
It has been long understood that the majority of new job creation comes through private sector expansion by small organizations, but the question remains for those who have yet to break out of their personal corporate gridlock: how do I get my own dream off the ground in order to achieve my personal success?
Investing in yourself is always a worthwhile decision, but before jumping into the deep end, it’s important to understand what separates a successful small business from the three-quarters of venture-backed startups that have ultimately failed. Read on for what a small business needs, and what sorts of small businesses are currently performing well.
What does a small business need?
The first thing a profitable small business needs is a plan: where do you fit within your local or online community’s niche or general needs, and how do you aim to build a base of users who rely on your product or service?
Finding your strengths and identifying places in which your business may struggle is the first, critical step to finding success for your dream company. It is important to keep in mind that low overhead, service businesses are a great opportunity in an online or consultancy setting. If you have marketing, accounting, web design, or teaching expertise, you may be able to launch a business in one of these areas with few initial financial costs.
Lastly, accounting for as much of your startup expenses as you can muster in the initial planning phase is an important hurdle to success. Many fledgling offices don’t take the time to investigate call center software pricing, printing expenses, or data management costs.
Seasonal and year-round accounting
Tax preparation work is a big industry to dip your toes into if you have extensive accounting experience. Every year, hundreds of millions of Americans file taxes that they don’t understand and want to finish as quickly as possible. H&R Block, which is by far the largest tax preparing organization in America, assisted in filing 20 million tax returns and enjoyed revenues of $3.2 billion in 2018.
A friendly, neighborhood tax assistant is a welcome change for many of us when it comes to this unnerving process that comes in lightning speed every April. Experience in this arena can net you a healthy full time salary with little or no extra training or certification, depending on your background.
Talented website designers are in high demand these days. There are 200 million active websites on the internet today, with the total number of registered domains rising above 1.5 billion. In today’s world, every business, institution, and non-profit organization needs a responsive and up-to-date web presence.
Web design is something that is not too difficult to learn — if you aren’t already one of the more than 160,000 skilled American designers out there currently employed in the sector. Web design is as ubiquitous as tax expertise, and the need for these professionals will only keep rising.
Research and writing work is a great space for those with an eye for detail. Nowhere is this need more prevalent than in the legal field.
Paralegals and even lawyers can build a highly skilled team of legal researchers of their own to lend contracted assistance to the often overwhelmed legal community. Legal work is a highly skilled arena, but those with the required skillset and educational background can command a hefty price tag for their services.
Finding your niche is critical to success, but so is building out the essentials of a functional office. Whether you plan to grow from the dining room table or a small office space right off the bat, getting your house in order to do your homework regarding the clients you hope to draw in will set you off on the path to success.