The raging COVID-19 crisis has not been particularly kind to small businesses in the U.S. and in many countries across the world. According to the results of the August 2020 Small Business Pulse Survey by the U.S. Census Bureau, close to 79 percent of small businesses in the country felt significant ill effects due to the pandemic.
By any standards, it was quite a staggering level considering that more than 99 percent of all small firms in the U.S. are small businesses. Additional data also revealed that 45 percent of the country’s gross domestic product (GDP) came from small businesses back in 2010 — another figure that shows just how critical small businesses are to the U.S. economy.
Now, if you’re currently trying to open a business and your budget on hand could only afford you to start small, don’t fret. There are plenty of small businesses that you can explore right now with a huge promise of growth and stability amid the volatile situation.
Here are five small business options you should try out soon:
The ongoing pandemic situation paved the way for businesses that offer products stored in jars and bottles such as sandwich spreads, salad dressings, and even home spa essentials such as massage oils. If you have a limited budget to work with, then this is one business route you should consider.
To open such a business, you should think of the specific products to sell and then source the raw materials for them. You should likewise invest in a portable liquid filling machine and the containers for your products such as jars and bottles. Finally, be sure to develop a nice packaging for your products plus a strong marketing campaign using social media, which is by far the most effective (and inexpensive) marketing tool for small businesses throughout the pandemic.
Residential and commercial cleaning services
These days, business owners and private individuals have become more aware of the need to keep their premises clean and virus-free since COVID-19 can be transmitted through droplets left on a lot of surfaces. This is why there has been a recent boom in commercial and residential services, and also why you should consider trying out your luck in this niche business.
You can easily start a small cleaning operation by hiring a few staff who are trained at sanitizing surfaces using industry-approved cleaning and disinfecting solutions. You should likewise invest in basic household and commercial-grade cleaning materials, as well as personal protective equipment for your crew.
By starting with a few establishments and homes, you can begin creating a good reputation, one satisfied customer at a time.
Local delivery/errand running business
Do you have a spotless driving record and a large-enough and well-maintained vehicle? If so, then you can start a local delivery or errand running business right away.
With many people still unwilling to go out to buy the things they need (both residential and commercial property owners), there’s definitely a ready market for such business ventures. These are simple enough options since you only need the ones mentioned above plus some organizational skills and lots of patience (since you’ll be buying and delivering things for customers).
Somewhat similar to a delivery service is a hauling business. This just means that you’ll be putting in your vehicle anything that people would be unwilling to load on their vehicles (or simply because they don’t own one yet).
Again, it would be ideal if you have a clean driving record and if you have a vehicle that’s ideal for hauling tasks (a pickup truck or a closed van would be perfect). You’ll also need some hauling crew or a few handymen if you intend to be hands-on. Moreover, you’ll have to buy some ropes and similar restraints to keep things still during transport, so you can avoid damaging your customer’s precious cargo.
If you have a knack for making plain lawns look like a millionaire’s, then a landscaping business is ideal. Among the different business options in this group, this might be the priciest in terms of the budgetary requirement but is also the one with the greatest potential for raking in huge profits.
Once you have the right landscaping tools and equipment, plus access to essential supplies, you can start accepting projects one at a time. Just gradually build up your reputation as a reliable landscape contractor and you’ll surely make it big in no time.