In the challenging economic times starting a new small business may be a tough decision. To kick start a business you need to have a valid profitable business idea backed by a team of professionals. As small and medium sized enterprises thrive to contribute heavily towards the economic growth and stability it is a good idea to launch a new business.
Best Small Business Ideas
After some research, we have selected a list of top ten most profitable, recession proof inspirational small business ideas you need to try out in 2018.
10. Launch a Clothing Brand
Most of the shoppers these days are looking for trendy, appealing and stylish outfits with option of trying out new brands offering unique designs at a reasonable price. Setting up a new clothing brand requires a team of talented fashion designers i.e. human capital, a tailor workshop, outlets in famous areas of the city and marketing campaigns through social media, TV and magazines.
9. Import/Export Commodities
Starting a business concerned with importing and exporting commodities is a profitable small business opportunity. Exporting self-made products will not only help contribute towards the economic prosperity of your home country but will also let you target a wider market segment for your products.
8. Food Business
Setting up food business is the easiest and recession proof method of earning revenue. Offering hygienic food at competitive prices either by establishing a restaurant, bakery or through launching product in the market is one of the risk free small business idea. To launch a food business you need to open either a restaurant, small outlet or construct a workplace and hire food specialists to prepare eatables according to international standards on food quality and hygiene.
We rank establishing a food business within the list of best small business ideas for 2018.
7. Accountancy Services Outsourcing
Accountancy and Bookkeeping is a legal requirement for all the business entities regardless of their size. Keeping in view the unavoidable high costs of maintaining a fully functional accountancy department, more small business owners are willing to outsource their accountancy and bookkeeping work to external consultants so establishing a company that outsources accountancy services is a profitable small business idea. To launch an accounting services outsourcing business you mostly require human capital i.e. Professional Accountants having affiliation to a Professional Accountancy Body.
6. Retail Business
This year 2018, is swamped with ample opportunities for entrepreneurs. Establishing a retail business where you would resell the products purchased from manufacturers to end consumers may earn you required level of profitability. The biggest company in the world Wall Mart Inc has penetrated into the Retail Business so this depicts how much profitable this business is. To kick start a Retail Business you need to open a shop, purchase inventory for reselling to customers and some innovative marketing campaigns like offering gifts, prizes, discounts or perks upon certain items.
5. Education/Legal Consultancy Services
Establishing an education and legal advisory firm is another profitable business idea for small business owners. Providing career counseling services to students and also helping them, get their Scholarships/VISA for studying abroad has a wide scope. However in order to diversify business activities offering Immigration/Visa Consultancy services to skilled professionals and also assisting small business owners in legal corporate issues falls within the ambit.
4. Manufacture Green Products
Over the last few years green products have attracted many customers and green chip investors so it is feasible to establish a business offering environmental friendly products. You could use recycled energy for manufacturing your products, manufacture gadgets by recycling raw materials etc.
3. Marketing and Business Consultancy
During tough economic times when the global economic recession made inroads into the major markets, many large corporate entities increased their marketing budgets. Even large corporate organizations are ready to outsource their marketing work to external consultants with the intention of boosting their sales and are more than happy to offer commission on sales. Marketing is not limited to Television Advertisements but now extends to email marketing, social media marketing and offline marketing in the form of advertisements within the magazines, flyers, newspapers and text books etc. Offering consultancy services to other business organizations for their incorporation, budgeting, investment, shares portfolio, legal matters, sales/marketing strategies etc. remains a lucrative small business idea in 2017.
2. Software and Application Development
Starting Software and Application Development Company, is another very profitable small business idea for 2018. More home computer users and large corporate entities are interested in implementation of new software’s and IT systems. The scope of establishing a software house is very wide like offering cloud computing services, application development, implementing (Enterprise Resource Planning) all fall within its ambit.
1. Online Business
Despite the recent buzz in the media regarding search engine penalties, establishing an online business remain the best small business idea. While the social media is booming and the IT revolution is at the level where it has never been, in today’s economic climate establishing an online business is the best small business idea. Selling products and earning commission through affiliate marketing, offering outsourcing services as a freelancer to top notch organizations, website designing, online marketing and monetizing websites is a good way to earn the desired profits. The best part about starting an online business remains the lowest levels of required investment.
Leadership skills are crucial when you’re running a successful business. Starting a brand new small business in 2018 will be a tough decision but as the current circumstances suggest the economy is on its way towards recovery so establishing new small business is a viable idea for 2018.