7 types of successful small businesses you can start today

Published on Jul 01, 2021

7 types of successful small businesses you can start today

7 areas of opportunity with low-overhead, high-growth, and solid earnings potential

Small businesses are the backbone of our economy and make up 99.9% of all businesses in the United States. That means millions of people have found success in starting their own companies.

At Valley Bank, we see a lot of small business plans. So, we’ve learned a few things about what makes a successful business opportunity. 

1.  Take your business to your customers — start a mobile business

Mobile in this case means any business or service that comes to the consumer. Usually operating without permanent locations, they significantly reduce facilities expenses and present an opportunity for increased flexibility for the service provider. These businesses are on the rise as increasingly busy customers are willing to pay a little extra for the speed and convenience of a mobile service.

Ideas for a mobile business:

2.  Be part of the Sharing Economy 

With the Sharing Economy in full swing, you can start a business with less overhead and high growth potential as customers further embrace the comfort and convenience of using shared resources.

Ideas for breaking into the Sharing Economy:

  • Create a new platform by borrowing the business model
    • Uber, Lyft, and Airbnb may be some of the most well-known sharing economy businesses. These platforms can be effectively modeled for a small business opportunity with large scale potential. Even these giants started small. Airbnb started modestly when co-founders Brian Chesky and Joe Gebbia noticed local hotels were completely booked for an upcoming conference. They got a few air beds and rented out space in their home for $80 a night. This soon grew into multinational platform offering nearly 5 million listings and a recent valuation of $31 billion. That’s incentive for you. 
  •  Join an existing platform
    • You don’t have to reinvent the wheel to profit from the Sharing Economy. These businesses present an excellent opportunity to run your own business as an independent contractor. This may be a great option for those with constraining schedules or additional careers. If you have the resources to participate in an existing platform, go for it. For many, Airbnb has become a great source of additional revenue, bridging the gap for mortgages and supplementing retirement incomes. 

3.  If not the Sharing Economy, why not the Gig Economy

If you have a skill to offer other businesses, consider hiring out your services on a project by project basis. This business model has very low startup costs, particularly if you’re already certified or qualified in your area of expertise. Use word of mouth and client referrals to build a loyal customer base to give yourself the flexibility of being the boss.

Ideas for successful freelance businesses:

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4.  Start teaching online

High tuition’s and evolving education platforms mean that many people are turning to flexible, cost-effective education options. Platforms like YouTube have opened many possibilities for online teaching and additional opportunities for generating income for the right entrepreneur.

Consider this online education idea:

5.  Americans are prioritizing health — take advantage 

Positively impacting your clients’ physical and mental health can be an incredibly rewarding experience. This opens several opportunities for small business owners to capitalize on this growing trend.  

Ideas for successful wellness businesses:

6.  Think different — when it comes to food 

Ever dream about opening a restaurant but don’t want to take on the high startup costs? Then consider an alternative food service business. From food prep to inventory management, new and improved resources help effectively manage your small food service business to turn a profit from the low-overhead business models. 

Ideas for successful food businesses:

7.  Don’t fear Amazon if you have an online retail niche

Online stores provide so many benefits for shoppers who are pressed for time or are limited in their local selections. For small business owners that means there are ample opportunities online to sell their goods.

Ideas for successful online retail businesses: