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What Kind of Small Business Should I Open With This Economy?

small business idea

Small business ideas

While many individuals may be hesitant to run out and start a new small business given our troubling economy, there are opportunities out there for individuals who are willing to try and make a go of it.

As more people are out of work or unhappy in their current positions, feeling that they’re not earning enough money to keep pace with their financial needs, the opportunity to open up their own small business can become more attractive.

In the event you find yourself in the position of considering opening up a small business, obviously your experience level in that particular industry would play a key role in the odds of it being successful.

Some fields are inclined to survive and prosper no matter what the current economic conditions are. Face it, people will always need medical care, work done on their cars, insurance, food etc. So, should you look into any of those fields to start your entrepreneurial dreams?

With that said, what industries may be good to consider at this time in opening a small business?

Among those I would look to include:

  • Medical care services for seniors – As the population continues to see longer life expectancies, that translates into among other things more medical care needs for senior citizens. Whether it is opening up a supplies shop with such products for seniors or actually serving seniors first-hand with meal service, housekeeping, medical care, there are different options to choose from. Given the dependability seniors have for such products and services, be sure you can meet their needs;
  • Car repair – While some car dealers are literally trying to give individuals new cars, more and more Americans are hanging on to their vehicles for longer periods of time. Lowering their car registration and insurance fees by having older cars suits many drivers just fine. In turn, those older cars are going to need repair work to keep them running smoothly, so having your own repair can be a nice little gold mine. Assuming you may have been or are working now doing repair shop work, it may be time to drive off with your own shop;
  • Collection agency – Yes, you do need some experience in this line of work, but opening a small business collection agency may not have come at a better time. As more and more individuals struggle to meet paying their bills on time, you can reap some of the benefits. If you start your own such business, make sure you hire qualified and understanding employees. Given the sensitive nature of this business, you don’t want your new small business collection agency getting a bad name for itself in an already questioned business;
  • Used books and other amenities– Even though many Americans complain that they don’t have enough time in their days to get everything done, many still set aside time to read a good book. Whether you open a used book shop, home appliance shop or other such venture, think of services and/or hobbies that people enjoy using/doing and how you can save them money in the process.
  • Delivery service – As mentioned above, many individuals say they don’t have enough time to do their everyday chores, be it the grocery store, laundry services, mail drops, etc. With that the case, having a small business delivery service can be a great opportunity to make some money. Reliable transportation of course is the biggest factor and meeting deadlines for your customers;

These are but a few of the small business opportunities that can await you in today’s challenging economic climate.

Most importantly, stake out a business that you know you are capable of running and one that has the potential to prosper, not go in the tank.

Dave Thomas writes extensively for www.business.com, an online resource destination for businesses of all sizes to research, find, and compare the products and services they need to run their businesses.

About author

Resource Nation Team
Resource Nation Team 14 posts

Resource Nation is an online and offline resource for entrepreneurs and small business owners. The company provides tips for selecting business service providers, and a connects businesses with local and national vendors in over 100 categories such as credit card processing, web design and VoIP.

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