Everyone would like to own a business and be their own bosses, but targeting the right market is not as easy business as it seems. Luckily, Insider Monkey recently published the list of 15 most profitable small businesses to start in 2017 so let’s take a look at it.
To start your own business, you need to research market very good. You need a good product and/or service and you need at least 2 employees for starters. You also need a starting capital that isn’t always so low and you have to be prepared to drown in a paperwork for at least first few months.
The truth is, you can always start with drop shipping since it seems to be high in demand lately, but choosing the right product would still be the thing that will take away the most of the time you have. In order to choose the right product, you need to do a bit of a research but first of all, you need to compile the list of all products that you find interesting because nobody wants a salesman that is cool when it comes to the product he is offering. Besides that, it isn’t such a bad idea to have the insight in best products to sell online in 2017 and best products to sell from home and maybe even take a look at best selling products door-to-door. The best way to find the right product to sell is to see which products were the most sold in 2016 and see their rankings on Google Trends. If you see that their demand is decreasing, just forget it. It takes at least 10 years for some product to rise from the ashes again and you don’t want to waste all your investment on a product that everyone else is struggling with.
The market is fragile even without that. According to the Forbes, 7 out of 10 private companies survive 2 years, 5 of them can last up to 5 years, a third of all companies reach the 10th anniversary, and only one quarter survive 15 years or more. And, let’s be honest, every business requires investment. You want to take it through carefully and you don’t want to invest all of your savings for a big risk. You need to start small in order to become big and retail is not the only answer for you.
According to the Insider Monkey, there are 15 most profitable small businesses to start in 2017 and there is always the room for you.