Are you looking to start your own business in 2019? It’s a bold ambition, to be sure, and one that could offer great rewards and success. However, there are also pitfalls that must be avoided. One of the greatest risks when it comes to a startup is that you have no safety net. You sink or swim on your own merits, and there is generally no structure in place to bail you out if things go wrong.
With that in mind, it’s always a good idea to minimize risk and maximize potential reward as you select the startup opportunity that’s right for you. But what businesses are poised to be most successful in 2019, and which are likely to fail?
Lucrative Small Business Industries
One of the most important ingredients when it comes to ensuring the success of your business venture is getting into a business that is trending upward. For example, trying to launch a career as a print newspaper owner in 2019 would definitely represent an uphill battle. On the other hand, there are many fields that are growing exponentially, and it may be the perfect time to open a business in any of these industries.
Carefully research your options before committing and make sure you know what you’re getting into. Some of the most lucrative industries when it comes to small business opportunities are:
- Accounting. There are a number of things that make this a profitable business opportunity. For one, the overhead is small. You can run a service industry such as an accounting practice out of your home. There is no need to purchase premises or supplies. There’s also the fact that everyone pays taxes and always will, so a service that provides help with financials will never go out of style.
- Legal services, including not only lawyers but also notaries, settlement officers, and title search agents. This field also tends to have low operating costs.
- Franchise restaurants are a reasonably safe bet if you do your research. Before you settle on a burger franchise opportunity, talk to current franchisees and learn more about how the business is performing.
- Consulting. Putting your experience and expertise to work for others is a great way to monetize a resource that you already have just lying around. People require consultants in many different fields, so think carefully about what you’re best at.
Of course, you need to be mindful of the risks involved in starting up a business before you get in too deep. Keep the following in mind as you make your foray into the business world:
- Have a business and marketing plan that is well structured and formalized. It’s not enough to simply know what you’re going to sell. A detailed business plan should also include your goals and how you plan to achieve them. Then you want to make sure you have metrics by which you will evaluate success. Without this in place, your business could be failing without your knowing about it, and you might neglect to take corrective action when you could still have turned things around.
- Identify product and market risk. Is your product something people want? Can you successfully point to the problems it solves? It’s vital to know your market and determine how you’re going to appeal to them.
- Assemble a great team. You’re only as strong as your weakest link, so make sure you have a great team on your side. With the right group of people, any business venture can be a success!
It’s always risky to put yourself out there and take on a new business venture, but as long as you have prepared adequately and done the necessary research, you should be able to do well. And operating within a successful field never hurts your chances.