The start of a new year can be an excellent time to put up a new business, even a small one. If you’re planning on putting up a small business, here are a few suggestions.
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Co-Working Space
Do you have a business space you can lease or buy that measures at least 120 square feet? Can you hook up to a fast internet service? If your location is convenient for freelancers who get work online or is accessible to owners of small startups, then you can put up your own co-working space. There’s still plenty of room (pun not intended) for new co-working spaces, according to the Global Leadership Summit in London. At the summit, 34% of business owners said they would be implementing remote working arrangements for more than half of their full-time employees this year. A quarter of the attendees also said that over 75% of their workforce prefer not to work in a traditional office. This is solid proof that putting up a co-working space in a good location will make for a thriving small business.
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Health Spa
You can put up a wellness spa that offers a wide range of services. Traditional massages like Thai, Swedish, and Shiatsu, as well as foot massages, are no longer considered indulgent luxuries and are sought-after even in common places like malls. In 2018, the US spa industry reported that 190 million Americans made spa visits. Your spa business doesn’t have to be limited to the traditional massages, too; you can offer other spa services that focus on skincare, such as facial treatments.
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Landscaping Business
A lot of growth is expected for the landscaping industry, as more new homeowners are looking for sustainable landscaping, while an increasing number of retirees want their lawns and gardens kept pristine. Opportunities are also available for those supplying gardening equipment and gardening products since many working-age adults in the US are turning into avid gardeners. Note that while there’s money to be made, the demand for landscaping services can stretch your cash reserves too thinly. You can definitely start a landscaping business, but if you need financial help, you may consider one of the SBA lenders in Utah to back you up.
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Food Truck
It’s no secret that people need and love good food. Instead of a diner or restaurant stuck in one location, why not put up a food truck? The average monthly revenue of a food truck can range from $5,000 to $20,000. But is the industry growing? According to this report, it may be growing in some places, and stagnant in others. Overall, industry growth is expected to rise by another $140 million in 2020. As of 2019, the industry’s total revenue hit $1 billion. There’s a lot of room for new food trucks, as consumer preferences are turning towards unique gourmet food at lower prices, according to this report.
These are a small sample of the profitable businesses you can put up, but don’t limit your choices to what’s featured here. A good way to decide on what business to put up is to figure out what you’re passionate about and see how you can get the capital to start it.
