The success of your business begins with learning everything you can about what works and what doesn't.
It's fair to say that everyone who goes into business hopes to succeed. The ultimate goal of any small business owner is to build a business with lasting power, no matter how hard they have to work or how many adjustments they must make. While there are no guarantees of success, here are five types of small businesses with a history of doing better than most.
1. Agriculture, forestry, fishing, and hunting
This may seem like an odd array of career fields to lump together, but it's how the Bureau of Labor Statistics classifies them. Whether you're a farmer, own a fishing and hunting camp, or have an agricultural equipment store, your odds of success are good. In short, if you can carry out business outdoors, you have a better-than-average chance of success.
2. Cleaning services
The world is not slowing down anytime soon, meaning people have less time to clean their homes and offices. And for most busy people, finding a cleaning service they can depend on is like finding a rare diamond. Better yet, once your business reputation is built, chances of success go through the roof.
3. Business consulting
Whether you once owned a print shop, ran a restaurant, or oversaw production in a manufacturing company, other businesses are willing to pay you for your knowledge. As the owner of a consulting firm, you're responsible for everything from landing new contracts to balancing your business account. If you like to stay busy, consulting may be just right for you.
4. IT support and repair
Despite recent layoffs in the tech industry, we'll always need businesses that can provide IT support, repair our equipment, and offer technology solutions. If you love working with tech and dream of starting your own business, this field is worth exploring.
5. Online course instructor
No matter what your skill set involves, there are people around the globe who want to learn. Almost anything can be taught online if you're willing to meet with clients on their schedule. Whether you speak Portuguese, play the guitar, create pastries worthy of a five-star restaurant, or have a knack for teaching math, your talent is marketable. Once you have an online tutoring business set up, you'll have room for expansion.
Tips for success
There is no one secret to success, but here are some things most successful small businesses have in common:
- They start small.
- They don't tie up too much cash or allow themselves to take on business loans until the business can afford to make payments.
- They know their market.
- They understand how they plan to make money.
- They listen to their customers.
- They maintain quality service.
- They're receptive to customer suggestions.
- They set regular goals.
- They control their inventory.
- They find creative ways to market their business without breaking the bank.
- They don't spread themselves too thin.
As you build a business, you will be inundated with negative statistics regarding success rates. Don't listen to them. Instead, focus on learning as much as possible about the competition and developing a plan to add value to your service that will keep customers coming back.
Alert: our top-rated cash back card now has 0% intro APR until 2025
This credit card is not just good – it’s so exceptional that our experts use it personally. It features a lengthy 0% intro APR period, a cash back rate of up to 5%, and all somehow for no annual fee! Click here to read our full review for free and apply in just 2 minutes.
