Starting a small business involves a lot of hard work and a lot of risks. In fact, more businesses fail than those that succeed. About 80% survive the first year and 67% by the second year. This may not seem bad considering that business is generally seen as high risk. But survivability drops to 45.1% to 51% in the fifth year. By the tenth year, only a third of small businesses are left standing. The most common reasons cited by experts are diminishing market need, insufficient capital, and too much competition.
The numbers seem discouraging, but if this were enough to stop every enterprising individual, people would have no products to buy and no stores to buy them from. If you have any desire to put up a small business, do not let the odds stop you. Instead, play them in your favour. And based on common traps that cause businesses to fail, these would give you the best chance to succeed.
People need agricultural products to survive, but there are not enough farmers to meet their demands. If you get into pastoral farming, investing in dairy cattle is a good idea. Market trends in the last two decades show a favourable upward trend compared to beef cattle. If crop farming is more of your expertise, you can fill the gap for the huge demand for organic fruits and vegetables. Make sure you partner up with a reliable Budget Truck Rental company, especially in the critical first two years, to make sure your product reaches the market.
There are many retail stores today, but the market is nowhere near saturation. You can still put up a retail store and not face too much competition. Electronic and pharmaceutical products showed the largest increase in sales in the last quarter of 2019, so it would be a good idea to start here.
Having an e-commerce service is one way to keep up with the current trends, such as online shopping, to make your business more viable. You can also leverage dropshipping or link up with a Budget Truck Rental Company to make sure your customers receive your products.
Providing business solutions by delivering goods for other companies is another viable small business idea. In this era where almost anything can be bought online, you could be the link between the online shops and their customers.
There is a demand for landscaping services despite the changing season. Most people want their lawn cleaned up during spring, their turf mowed evenly in the summer, the leaves bagged come fall, and shrubs and driveway prepared for winter.
Landscaping does not require any degree, but a lot of expertise and experience is needed nonetheless. If you want to get into the business but do not know where to start, you can first apply for a landscaper position and gain some experience. At around $23 an hour, you can also start saving up for the needed capital once you are ready to dive in. You may want to try a Budget Truck Rental at first until you get a handle of things.
From individual homeowners to commercial establishments and buildings, you will never run out of clients who need plumbing services. Same with landscaping, you can build your skills first by applying as an apprentice and work your way up to obtaining a license and having enough expertise to be self-employed.
The government provides support for small businesses in the form of easier registration, grants, and funding, and even mentoring. This should give you a leg up as you start your small business and grow it into the next big thing.