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Maybe racking your brain with a thousand small business ideas has exhausted you.
The very fact you are here means you are motivated — no amount of exhaustion can stop you. The enthusiasm might stem from the rush, the kind of excitement you can’t get from a cubicle. Bottom line is you are pumped up to ring the new year with your very own business.
To ensure your motivation doesn’t get beat down by your exhaustion, we have created a comprehensive list of the top ten small business ideas for 2018.
You can stop wandering off the internet looking for the next big business plan. Make the right choice by picking a business that suits your capabilities and current situation.
Let’s dive in:
Here’s a list of small business ideas from the most expensive initial investments to the cheapest ones:
Old is definitely gold. With the world population going older at breakneck speed, home care services is one of the most promising small business ideas. Typically, these services include live-in nurse, housekeepers, and companions.
Cost to set up: Approx. $114,400 ( Franchise) $171,600 (Independently owned) Average Gross profit: Approx. $286,000 ( Franchise) $343,200 (Independently owned)
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Out of the many small business ideas, a car charging station has the potential to become a promising business for the future. Part of it has to do with people becoming environmentally conscious and the other being the falling price tag of Electric vehicles (EVs). It’s projected that by 2050, 65% of all sales will be EVs, taking away the market share from gasoline based vehicles.
Similar to how the rise of automobiles led to the growth of gas stations, EV charging stations will enjoy the same benefit. With top car brands like Audi, BMW, Nissan, and Tesla, launching EVs in 2018, there is no better time to set up a car charging station.
Cost to set up: Approx. $50000 Average pricing: $8.50 for a two-hour session
Although pets have become mainstream, it’s not feasible for pet owners to take them on every vacation. People are looking at pet boarding centers to ensure their pets are taken care of in their absence. Since pets are considered family, owners are ready to spend premium amounts for their well being.
Here are few stats to show you how pet boarding is one of the most lucrative small business ideas:
The numbers clearly indicate that services like pet boarding will enjoy great levels of demand in 2018 and beyond.
Cost to set up: Approx. $10000 to $50000 (Depending on location, size, and state regulations)
Average income/revenue: $20 to $25/ pet/ day
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Stock photography companies like Shutterstock are always on the lookout to buy great quality images. Interestingly, the list of contributors to stock photography has increased rapidly and so has the money. Shutterstock alone paid a total sum of $83 million to its contributors.
It's one of those small business ideas which has big money riding over it. Why?
Companies who require visual content, but are not in the position to create one, see stock photos as an affordable alternative. With 84% of the communication being visual in 2018, stock photography companies are paying handsome amounts to match demand with supply.
Cost to set up: Approx. $8500 to $12500 Average revenue/ income: $500 to $10000 (depending on the number of downloads)
Watch the video to know the top ten websites which will pay you well for your photos.
Proficient in a language? You can stop your search for small business ideas because translation services might be the right fit for you.
According to a study, translation services is the fastest growing industry, projected to add 12,401 jobs by 2019. The trend can be attributed to two factors:
But before you start, you need to get certified. There are many institutions offering translations courses. Consider the course fees as part of your business expense — without it, you don’t have a business.
Cost to set up: Approx. $2000 to $10000 (Including certification) Average revenue/ income: $72000/ yr (Certified) to $53000/ yr ( non-certified)
People are more inclined than ever to cut expensive wedding overheads. One such is the cost incurred to set up DJ equipment. That’s why people are looking at mobile DJs as an affordable alternative to traditional DJs.
Mobile disc jockeys tour with portable sound, lighting, and video systems. They play a set of pre-recorded music with the help of USB flash drives and laptops. As a result, people don’t have to worry about the equipment as it’s already taken care by the DJ. Essentially, it's one of those small business ideas that work on offering customer convenience.
Cost to set up: $2000 to $4000 (total average cost of equipment) Average income/revenue: Approx. $6000 to $100K annually (solo business)
A rise in healthcare cost and poor insurance schemes has led people to seek out medical assistance in other countries a.k.a medical tourism. But, with so many countries, hospitals, and clinics, making the right choice can be difficult. This is where medical travel agents come in, providing consultation and logistics for people to make the right pick.
Cost to set up: $400 to $2000 (Membership fee to join a host agency) Average revenue/income: 10% to 15% commission on each patient.
With recruiters spending just over 5 seconds looking at one resume, candidates are in no mood to take chances. This has fueled the demand for professional resume services. To put it bluntly, FOMO enables such small business ideas to flourish.
Generally, resume services include writing CVs and cover letters, professional guidance, and enhancing interview skills.
Cost to set up: Low (for non-certified professionals) $500 (for certified professionals) Average income/revenue: $400 (entry level resume) to $1100+ (executive level resume)
There are a few factors which make content writing one of the hottest small business ideas of 2018:
Cost to set up: Low (Computer + internet connection) Average revenue/income: 54¢ to $2.06 per word.
Watch the video to create content that performs well for Google search results.
Are you one of those who turns into a fashion police every time you see celebrities walking down the red carpet? In that case, become an online personal stylist to turn your passion into expertise.
Offer online assistance to help people choose the right outfit and accessories. All you need to kickstart is an understanding of what kind of clothes and colors work on different body types with a dash of an entrepreneurial spirit.
As far as the demand for a personal stylist is concerned, you need not worry. With apparel and accessories sales projected to increase up to 116 billion USD, your expertise will always be required.
Cost to set up: Low Average fee: $15/hr to $200/hr (Based on experience)
Whichever small business ideas you go for, the intention should always be to start small and not end small. Basically, pick a business where scalability is feasible in the future.
This means at some stage, you will need to hire people who have to work as a team. It's a tricky transition, one which can make or break your business. For a smooth transformation, come up with a rough blueprint for scalability. Consider your many business funding options if your blueprint includes large expenses like hiring new technical staff or making a big business purchase. A proactive approach will help your business have an uninterrupted growth trajectory.
Thinking of starting a small business? Hiver can help you scale and manage teams without breaking a sweat. Built within the Gmail, Hiver offers a zero learning curve. With an effortless platform adoption; confusion, frustration, and conflicts can be avoided. Ultimately, teams are able to work productively, leading to better business performance.
Abhilash is the content marketer at Hiver. On free days, he's a glorified coffee snob and a passionate blogger. On not-so-free days, he's trying to understand the right perspective when it comes to content marketing.