With the new year right around the corner, many aspiring entrepreneurs are already starting to think about their upcoming resolutions and plans, and starting a new business is usually one of the most popular goals. Every month there are more than half a million new businesses founded in the U.S., but even more are closed down and only about half will stay in business past the 5-year mark. Luckily, by choosing the right business model and market, you can drastically increase your chances of launching a company that will remain profitable in the long-term. With that said, here are 5 kinds of businesses that have a high chance of profitability in 2018:
1. Local HVAC Service
Regardless of where you’re located, wherever there are buildings there will always be a demand for heating, air ventilation, and cooling (HVAC) systems. If you already have a work van and are willing to enroll in HVAC training courses, this is a low-cost business opportunity that’s definitely worth taking advantage of. You may have to earn EPA certification and other licenses or permits to satisfy local regulations, but once you’ve done so it’s just a matter of finding your first clients/projects. Sites like best-hvactraining.com make it easy to compare and choose ideal training courses for boosting your credentials.
2. Yard Maintenance and Landscaping Company
Like HVAC services, lawn maintenance and landscaping are constantly needed anywhere there are homes or businesses. Every month companies and individuals move into new offices and places of residence, and when they do they usually need to secure a new lawn care/landscaping provider. By establishing your brand in the community and hiring people that will do the job right every time, you’ll be putting your new business in an ideal spot to attract the attention of prospective customers.
3. Online Consignment Shop
Selling gently used items online is a great way to create an additional income stream, and it’s a business model that works with little to no start-up capital. All you have to do is offer to sell other people’s stuff in exchange for a small commission that’s taken out of the sale amount. Alternatively, you could start by liquidating some of your own things or by searching for free or cheap items that can be resold for a profit.
4. YouTube Channel
Starting a YouTube channel might seem like a pipe dream, but in reality, plenty of ordinary people have created convenient residual income streams simply by uploading informative or entertaining videos to their YouTube channels. Of course, this idea isn’t for everyone, but if you can find a good niche to step into and you’ve got what it takes to get subscribers, this is definitely a worthwhile side hobby.
5. Construction Contracting Business
Finally, it should be noted that construction is on the rise in many states, and with new construction comes new contracts that are up for grabs. Applying for government contracts is one way you can land your first project, but it’s extremely important to ensure you have the necessary tools and employees to compete the job according to the contract specifications.
Recognizing and Filling Trending Demands
As you might’ve noticed, all of the above businesses are based on ongoing trends in supply and demand. But these business models certainly aren’t the only good ones – any time you can accurately identify and accommodate a widespread demand, you’ll be on the right track.