Today is the last day of November, and we are just a month away from starting another year. This week, it was reported that the GDP grew at a rate of 3.3% in the Third Quarter, and signs are pointing to continued economic recovery in the year ahead. For aspiring entrepreneurs, this may be the ideal time to start a new business and capitalize on the current state of economic growth. And with all the business opportunities available in 2018, there are a lot of options to choose from.
When someone asks, “what are the best small business opportunities for 2018?”, this is a very difficult question to answer. Everyone’s circumstance is different, and what might be an ideal business for one person might be a disaster for someone else. Before going further, you need to evaluate your own skills, passion, budget, family commitment, and other factors to see which potential businesses might be right for you. Because there are literally thousands of opportunities out there, and knowing your unique skillset will help you narrow down the choices.
In this article, I’m going to highlight 8 business opportunities that are hot right now and I believe will continue to gain strength in the coming years. Some of these are franchise businesses, while others are businesses you can start on your own. Franchise business opportunities are best suited for someone who has more capital to invest (or can gain access to more capital), and someone who wants an established blueprint and recognizable brand to partner with. For those who are more independent-minded and/or are on a limited budget, a non-franchise business model might be more appropriate.
So without further ado, here are 8 small business opportunities for 2018 and beyond:
Software Application Development
Are you a tech person? Do you have the ability to develop software? If you have these skills, the sky is the limit. Everyone is looking for the “easy” button; e.g., one-click automation that can accomplish tasks and solve problems. Demand for apps has skyrocketed since Apple came out with the first smartphone in 2007, and there is no sign of this industry slowing down. Creating apps is one of the most lucrative businesses out there. If you have the skills, this is a no-brainer. Even if you don’t have the skills, you can always outsource the work and oversee a very profitable business.
Each day, 10,000 Americans turn 65. This fact is creating enormous opportunities for those who want to serve our growing senior population. One thing is certain about the Baby Boom generation; they do not intend to go quietly into retirement. They are determined to stay fit and remain active, and the last place they want to end up in is a nursing home. To keep living in their house, however, they might need someone to come by and help them with certain tasks; such as meal preparation, light housekeeping, etc. In other cases, they might also need skilled nursing care at home. This is where you come in. Senior care is one of those businesses that hits the “sweet spot” of being both highly profitable and a great service for the community. And since you can operate out of a small to moderate-sized office, the overhead is far less than many other business models.
Facility Support Services
Cleaning, building repair and maintenance, security, moving, and other building support services are in high demand right now, with exponential growth projected until at least the middle of the 2020s. If you have a background in this industry and you have the organizational skills to put together a strong sales and fulfillment team, this might be the business for you.
Mobile Repair Services
We have an increasingly mobile society, and more and more consumers want someone to come to them to deliver essential services. This provides a strong opportunity to enter the mobile repair market. This could mean a handyman business (there are some franchise brands that focus on this niche), mobile mechanic, or other similar services. With apps like Takl out there, you can become a mobile service provider just by registering, providing a valid ID, and clearing a background check.
Fast food on wheels used to be primarily the domain of hot dog and ice cream vendors. That is no longer the case. Today, there are numerous types of food trucks that are thriving out there. One of the benefits to this business model is you eliminate the cost of maintaining a set location. And once you have the truck up and running, you can adjust locations and find just the right places to reach your target market.
Parents have always been willing to invest in the well-being on their kids. Today, there are several ways an entrepreneur can help them accomplish that. Children’s services encompass a wide variety of business models. Some of the most popular include day care/early childhood education, tutoring essential skills such as math, reading, and English, health and fitness for kids, summer camps, and many others.
Online Marketing Consultant
Digital marketing is a huge part of the advertising and marketing world that most “brick and mortar” businesses need help with. From building the initial website to search engine optimization (SEO) to mobile marketing to social media promotion, there are countless ways you can help businesses cost-effectively grow their market share online. If you understand the digital marketing world (or are willing to learn) and want to make a great living helping other businesses, this could be an ideal opportunity for you.
Do you love to write but never thought anyone would pay for the words you produce? Think again! Though you may not get your best-selling novel published anytime soon (then again, even this is easier than you may think through self-publishing), you can still do very well as a freelance writer. Freelance writing is closely related to online marketing. Someone has to produce all the content that goes on websites, blogs, social media posts, email newsletters, white papers, and other places. And companies are willing to pay good money for quality content.
If you think you have the skills to enter the freelance writing world, there is an excellent course out there that will get you started. It’s called the New Freelance Writer Starter Pack, and it teaches you everything you need to know about how to become a freelance writer, and how to get clients on one of the most lucrative freelancing platforms. The investment may seem a little steep (around $500), but for a detailed blueprint on how to enter one of the most profitable online industries, it is well worth it for someone with strong writing skills.
These are just 8 of the best small business opportunities for 2018. There are countless other opportunities out there, and we will be highlighting many of them in the weeks and months ahead.