Profitable Business Ideas that actually do work in a tough economy are out there. Industry analysts predict the biggest growth potential is in businesses that provide a particular niche service or product for a defined segment of the population.
The following types of businesses that are now succeeding are landscaping companies, tutoring centers, elder and disabled person care, fashion and community food operations. Below are several types of businesses that are actually thriving and will continue to do so for years, given the fact that the boomer population is now retiring and are now looking to hire someone to do something that they once did. What they all have in common are their low start up costs to enter into the market.
Starting a landscaping business can be done with as little as $1000. To keep costs down, buy used lawn care equipment. Only after turning a significant profit should you even consider buying new.
Because of the recent economic downturn, fashion designers who design for the budget conscious consumer will do the best. You will need enough capital to turn out at least three seasons of products to convince retailers of your professional commitment for a minimum of $5,000 in start up capital.
If you have an education background, you need at least $4,000 a month for start up costs to start a tutoring center. You can use your contacts to get highly educated people to work with you to develop an educational curriculum plan. Using a marketing plan, find a need for a certain kind of specialized tutoring. You can rent office space and used office furniture to keep costs down.
For those wanting to start a restaurant or catering business, start up costs can be as little as $500 but can go as high as $1 million. There is currently a demand for healthy, organic meals at reasonable prices. Again find a niche such as preparing or delivering gluten free or organic meals. Do research on local laws and health regulations regarding food preparation and permits. You may be even required to rent commercial kitchen space to run your catering business.
Another growth area is the need for companies that provide a wide range of personal services for the elderly and people with disabilities. This could be anything from making deliveries of groceries, arranging medical appointments and transportation, or simply checking on a daily basis to see if the clients need anything. Companies like these allow people to continue living in their own homes. But you must have a passion for this line of work: one businessman who heads up a personal care company says it can be very demanding because his customers are more like 52 aged parents. However, his business turned a healthy profit in under a year.
As the baby boomer population grows older, the demand is for companies that can handle the needs of clients who still cherish their independence. Start up capital is not a lot in comparison to many franchises that demand a six figure capital start up. With the right work ethic and marketing, you too can be successful right now.
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