The Impact of Small Businesses on the Economy: A Look at Their Collective Influence
Small businesses play a significant role in the economy, despite their classification as “small” in terms of employee count. In the United States, there are approximately 33.2 million small businesses, accounting for 99.9% of all companies and employing around 61.7 million people. This translates to 46% of all private sector employees, as reported by the U.S. Small Business Administration.
The growth of small businesses is evident from the record-breaking numbers of new business applications filed in recent years. In 2021 alone, there were 5.4 million new business applications, averaging nearly 15,000 submissions per day. The trend continued in 2022 with approximately 5.1 million applications.
For aspiring entrepreneurs looking to enter the business world, here are 12 small business ideas worth considering in 2024:
- Bookkeeping: Utilize your numerical skills and organizational abilities to offer freelance bookkeeping services, helping clients manage their financial transactions and maintain accurate records.
- Auto detailing: With the increasing demand for car maintenance, consider starting an auto detailing business to cater to customers seeking to keep their vehicles in pristine condition.
- Cleaning services: Tap into the demand for house cleaning services by offering thorough and efficient cleaning solutions for residential properties.
- Elderly care: Seize the opportunity presented by the growing aging population and provide in-home caregiving services to assist older adults with their daily needs.
- Event planning: If you possess excellent organizational and communication skills, consider becoming an event planner, helping individuals and organizations execute memorable events.
- Freelance copywriting: Leverage your writing skills to offer freelance copywriting services, creating engaging content for various mediums, such as websites, blogs, and social media.
- Handyman services: Capitalize on your repair and maintenance expertise by offering handyman services, taking care of various tasks to keep homes and businesses in optimal condition.
- Online tutoring: With the increased demand for academic support, especially in the wake of the pandemic, provide online tutoring services to help students catch up and excel in their studies.
- Pet care services: Cater to pet owners by offering services such as dog walking, pet grooming, or pet-sitting while they are away, providing care and companionship for their beloved animals.
- Real estate: Explore various avenues within the real estate industry, such as opening a real estate agency, flipping houses, working as a property manager, or investing in rental properties.
- Rideshare driver: Utilize your vehicle and valid driver’s license to work as a rideshare driver for platforms like Uber or Lyft, providing transportation services to passengers.
- Virtual assistant: Assist busy professionals by offering virtual assistant services, handling administrative tasks remotely, such as scheduling appointments, managing emails, and coordinating travel arrangements.
Before embarking on your entrepreneurial journey, it’s essential to familiarize yourself with the necessary preparations. Starting a small business involves meticulous planning and paperwork, including tasks like writing a business plan, securing financing, choosing a suitable business structure, obtaining licenses and permits, and selecting appropriate business software.
To streamline your business operations, you can leverage specialized software tailored for financial management, tax preparation, and legal compliance. Additionally, recognizing your strengths and weaknesses will help you delegate tasks and seek assistance when needed.
Starting a small business can be a rewarding endeavor, and with proper planning and execution, you can pave the way for success.
