If you are a fresh business entrepreneur, here is a compilation of 10 most profitable small businesses to start in 2016. Not only will it give you a chance to establish yourself in the market but it will also help you make handsome money in 2016. These ideas for small business are not just money-making but also captivating at the same time. Start now..
Selling Clothes
Many young people are turning to selling secondhand clothes. In every business center in towns or residential areas, you will notice shops or stalls selling these clothes. It is one of the favourite business ideas so far. The trick is starting small by selecting good and fast moving items such as children’s clothes or official ladies clothes. Do your selection carefully to have a high chance of quickly turning over your stock. As a small business, never tie down your cash in stock.
Freelance Printing
Printing of documents such as receipt books, invoice books, delivery books, wedding cards, business cards, brochures, funeral programs and any other documents used by businesses or individuals does not necessarily require you to own a printer or printing machine.
You can outsource these jobs and give your clients a higher quotation. Your main concentration will be in looking for clients who want documents printed. As usual, always start small and grow with the business as you learn the ropes.
Personal Lending
I am sure you have friends or relatives who keep asking for money every now and then. Today they want fare to go to such and such a place, next day they need help to pay their rent, another time they want to buy some dress or shoe but they have no money etc. This can be a good business opportunity for you. Stop giving them handouts! Lend them money at a fee of say 10% or 20%.
Make it very clear to them that yes you will give the money but to be returned on a certain fixed date with a fee on top. Keep good records of those you have given money, the amounts, fees, contacts and due dates. Let them sign a form to acknowledge receipt and commit to pay back at a fee.
You can also lend to small business people. Since businesses are expected to make some money every day, you can lend for a week or a few days. This will reduce rate of default and increase your returns. Visit the business and assess the stocks and expected returns before lending.
Childcare
With parents getting busy by the day, small children are increasingly being left at home under the care of house helps. Many parents are worried of the safety of their children left at home because many house helps are known to abuse children left under their care.
Small businesses that cater to kids are hot moneymakers. Parents don’t have enough hours in the day to take care of every programmed event for their children. Talk to parents with small children who do not go to school in your neighbourhood. Explain to them that you can look after their children well at a small fee. Target children between 1 year and 3 years. You do not need to start with a big place; you can use your house.
All you need to do is to buy secondhand toys, both hard and soft, to keep the children busy the whole day. Prepare to feed and wash them whenever necessary. If you have to, you can hire an assistant to help out with the children.
Ensure you agree with the parents on the exact time of dropping and picking the children, feeding, fees charged or any other special needs the children may need.
Cleaning Services
Since many businesses started outsourcing their cleaning services, many entrepreneurs have made good money cleaning offices and buildings. You too can join in this by setting up your cleaning services business.
This is surprisingly one of the easiest businesses to start. Depending on your set up, you can buy some buckets, cleaning rags, detergent, brushes etc and look for clients who want their homes or offices cleaned. Professionals such as lawyers, doctors, engineers or some businessmen may not employ cleaners in their offices. You can approach them and offer to clean their offices once a week at an agreed fee. You can also visit homes and offer to clean their carpets. With 4 or 5 clients, your week is fully covered.
Errand Service
In some ways, urbanization has made people busier than ever. Between working long hours, cooking more at home and juggling responsibilities, there’s a lot that gets left undone. A service that runs errands (including dropping off dry cleaning, paying bills, shopping etc.) requires just a cell phone. Start small, do a good job and word of mouth will spread quickly.
Services such as renewal of driving licenses, business permits, collecting and paying bills, shopping, passport applications etc require a lot of patience and time. With majority of people busy and cannot stand in queues for hours, you can offer to do these on their behalf, at a fee of course. Pitch your idea to those who need the service and do a good job. In no time, word will spread about your timely and efficient service.
This business idea requires high level of trust because some documents are very valuable. You can start with close friends and family to demonstrate and develop trust.
Tutoring
If you are good in a certain subject or area, you can offer to teach others at a fee. Many people are willing to pay to learn talents such as music, piano, drawing, singing, hairdressing etc. If you are talented in any of these areas, you can make money by teaching others.
The beauty with this business idea is that you don’t need to set up and pay for a location or room. You can visit the client in their homes or offices to teach them. Your operating costs will therefore be minimal.
Event Organization
Events such as parties or meetings require a great deal of time and effort to plan and organize. You can offer to plan and organize such events at a fee. Look out for parents with birthday parties for their kids, couples planning to wed, churches with fundraisers or special events, companies and organizations with business events such as product launches, parties, meetings etc. Approach them and offer to take off their headache of planning and organizing such events at a fee. If it is a company or organization, you will need to have a thorough knowledge of their activities, products, market and other details.
Marketing your services will be your key task in event organization business. Look for ways to advertise your event organization skills and network through family and friends. If you do a good job, word of mouth advertising will bring clients your way, therefore, strive to excel.
