There are lots of good small business ideas and various kinds of business to choose from. Everyone desires their own small business, or at least has an idea to have their own small business. But locating a profitable small business is no simple task. Statistics show that most entrepreneurs are generally successful if they try to follow a few prescient small business tips.
The most profitable small businesses are those run by people with a strong passion for their work, who enjoy meeting new people and helping people solve their problems. Most of these businesses are usually hobbies. If you have an interest in cars, auto repair, cleaning services or something similar, then starting up a small auto repair service or a cleaning services company would be a good option.
There are many other kinds of small businesses like network marketing, real estate franchising, online businesses etc., and many of them have high profit potential as well. All you need to do is look around your house. What are the things that sell? Chances are, these are the things that will help you start your own profitable small business.
A successful business also needs a strong market, low overheads and a high turnover rate. Of course, you won’t make any money if you don’t even get a single customer in your first year. A little over one percent of all small businesses go on to earn a profit in their first year. So what are the most successful small businesses? Those that have a high profit potential and have a high turnover rate!
The reason for this is simple. It is a numbers game. If you earn ten percent in your first year, you can expect to earn fifteen percent in your first year alone. And since most part-time employees start earning more once they get a full-time contract, you can expect your part-time employees to earn twenty percent in their first year – a great return on investment for any entrepreneur!
So if you want to earn more than fifty percent profit in your first year, you need to look for businesses with high profit potential and a low turnover rate. Also, you should consider hiring marketing services that can increase your sales and build your customer base. Start thinking about your future today. Remember, in the next five years you can bet that some of the things you are doing now will be completely useless!