Entrepreneurship has become a popular career choice in the last couple of years due to American consumers having their eyes opened to its viability by the COVID pandemic. However, one of the biggest reasons for the 20% failure rate of small businesses in their first year is the lack of a strong business idea to serve as their foundation, inevitably leading to a speedy decline after launch.
Fortunately, this article contains 10 of the most lucrative business ideas for prospective entrepreneurs in the U.S. to start. They have been curated for first-time business owners as they do not require significant capital in order to launch, hence why many are based online. Some require specific knowledge or expertise, though this can be learned online with relative ease.
1. Social Media Management
In the current day and age, a business’s online presence is paramount to its success, not least its survival. Companies are in a constant battle with one another to greaten the reach of their marketing online, hence the popularity of business social media accounts. Of course, these accounts need managing, which is not going to be at the top of a busy entrepreneur’s list of things to do.
2. Web Design Agency
The face of the web design industry has been irreversibly changed since the start of the internet. At the web’s inception, website creation was a highly technical job that required in-depth knowledge of technical programming principles. However, with drag-and-drop solutions like SquareSpace and WordPress, anyone can now begin creating websites.
Those with a creative mind and the time to allocate to understand how these website creation platforms work are well suited to a career in web design. Starting with a few clients and building outwards can snowball surprisingly fast into a self-sufficient business.
3. Dropshipping Business
Dropshipping is a form of eCommerce that has become popular become there is no requirement for the vendor to keep the products it’s selling in stock. Instead, any sales orders are handed over to a third party, who mails the product to the customer. This is an increasingly popular option that offers very lucrative returns to those with a keen eye for what can sell.
4. Fulfillment by Amazon (FBA)
One small business idea for those considering eCommerce is Fulfillment by Amazon (FBA). It is one of the most convenient tools for selling online since it removes almost all of the hassle surrounding packaging, delivery, payments, and returns. As long as the product you wish to sell via FBA passes their proprietary quality test, Amazon will pack up and send your product to a customer whenever an order is placed.
5. Affiliate Marketing
Affiliate marketing is the term used to describe an agreement between an online retailer and a third party for the former to pay the latter for any traffic/sales generated through referrals. This online business strategy is perfect for those already working a full-time job looking to supplement their salary with passive income.
6. Freelance Writing Business
Perhaps one of the easiest, yet in-demand services that you could provide online is freelance writing. Only two things are required: a laptop and some WiFi. Despite a gut feeling suggesting otherwise, a degree in subjects relating to this career is not required, especially in the more informal space of freelance writing.
It is particularly helpful for this career if you have knowledge or experience with an industry or subject that you could write about. For example, someone who used to trade cryptocurrency has a wealth of knowledge that they could draw upon to write literature on this highly popular topic. Since they would have a comprehensive understanding of this industry, they could elucidate some of the more common queries people have about it.
7. Cleaning Company
If the idea of doing other people’s dirty work for them doesn’t sound too bad, a cleaning company might a good option for you, especially when considering the low startup costs and potentially high returns. Very little funding is required upfront, all that is really required is some basic cleaning equipment and some soap.
Despite being around for a while now, blogging still offers a good source of income for entrepreneurs, though requires a little effort and research to find a gap in the market that has little competition. This is ideal for those already working from home, such as students and stay-at-home parents.
9. Virtual Assistant Service
A number of other small businesses need some assistance getting up and going, which is where you could come in. Busy entrepreneurs often won’t mind paying a little fee for this type of assistance, particularly with regard to arranging appointments, managing their emails, and answering customer questions.
10. Teach A Language Online
With the rise of a number of online platforms, as well as the number of bilinguals in the U.S., for those that speak more than one language, seeking revenue for teaching has never been easier. The best part about a business like this is that it doesn’t require you to be physically present to work, it can be done virtually.
As a result of the surge in entrepreneurship and home businesses, the demand for flexible office spaces has risen exponentially. This incredibly powerful tool is popular with a variety of clients, including consultants and eCommerce stores (to name a few). The services provided by these virtual offices can prove invaluable to any new entrepreneur when they start and are definitely worth checking out.