The world of business is a fast-paced and hectic one. And when most people think of the industry, they assume the only way to survive is to become king; they believe that the only definition of success is measured by how many people know your name. And while, yes, there is a definite amount of success in having brand recognition and billions in the bank, but success is measured in other ways. In this tough economy, the ability to start a business and see it stay afloat while consistently remaining positive is a success.
Here are some industries that have managed to prove successful for small business owners.
Sharing Economy
What exactly is the sharing economy? Typically, if you’re sharing something, there is no exchange of money, so it would be hard to make a profitable business. Don’t let the name fool you, because the sharing economy has become incredibly popular these last few years.
The question still remains: what is the sharing economy?
Essentially, the sharing economy is the community of people who rent out their personal property to those looking for short term use. For example, Airbnb allows homeowners to rent out their homes to anybody looking for a place to stay, whether it be for one day or one month; other companies, like Uber, allow car owners to turn their own automobile into a taxi, giving rides to anybody who requests one. While the company names, like Airbnb, Lyft, Uber, etc. have become very popular and profitable, the actual users of these services have managed to make a decent profit on their own. For example, Uber has said that some of its New York drivers are making $90,000 a year! Granted, there is some serious work ethic involved in making that amount, but all businesses require a lot of work ethic in order to function.
Mobile Business
At first it may seem as though mobile business refers to anything involving smartphones or cellular networks. But, at least in this case, mobile business means just that: businesses that are on the move. The mobile business offers a large amount of potential for a wide variety of ventures. Anything from personal trainers to food trucks to even IT support can be managed on the road. For example, according to Salary.com, the average personal trainer’s salary is $57,000. Now imagine bringing your personal fitness tips to the client’s houses. It is more convenient for your client, and could definitely lead to positive word-of-mouth, which then leads to more business. And if your business gets big enough, you could even begin hiring other personal trainers to increase your client base.
There are a number of industries in which smaller businesses can thrive. This is only a small sample. But for those of you looking to begin your new company, do not be afraid of corporate juggernauts, or feel that the only way to become successful is to build a multi-billion dollar, global organization. There is no shame in achieving success as a small business owner.