6 Great Small-Business Opportunities

In today’s economy, one cannot simply rely on one source of income. Many people cannot afford to give up their day jobs to shift to entrepreneurship, but they recognize the value of having a business.

Here are 6 great small business opportunities that anyone can start with just a little bit of enthusiasm and energy. These small business opportunities can help you set up a potentially long-term revenue stream. The best part is that these ideas are simple and possible to start at your own home.

1. Lease Your Space

Airbnb , Roomorama and Couchsurfing have now enabled people to rent out their unused space to travelers and short-term leasers from around the world. If you have a spare room or apartment, why not convert it into a rental space that can generate you income while you’re at work or away. You can also target exchange students or visiting professors if you’re near a university. If you live in a prime location or near a famous tourist destination, travelers would pay the extra dollar just to stay in your room or space.

2. Party Services/Event Coordination

Do you love planning your friends’ gatherings and parties? Why not turn that into a business by doing party planning and services during the weekends. This is perfect weekend business as most parties occur on a Saturday or Sunday. Create a database of suppliers, from caterers to entertainers and designers. Most people do not have the time or patience to plan family reunions or parties so this is the perfect opportunity for you to take charge and give service.

People are willing to pay good money just to avoid the headache of planning a special occasion. Do not worry as the internet is your friend with all the tips and ideas available. Other party services you can provide are table and chair rentals, DJing, making custom cakes, freelance bartending, and photography.

3. Food Truck

If food is your first love, then consider starting a mobile food truck business. It can cost you a couple of thousand dollars but it’s cheaper than building a traditional restaurant. Moreover, consumers are slowly turning to food trucks for their breakfast, lunch, dinner and even snacks. Bring your kitchen anywhere and serve hungry customers with your specials. Mobi Munch founder Josh Tang even said that the failure rate for food trucks is just between 10 and 20 percent as compared to 60 to 90 percent for a brick-and-mortar restaurant.

That’s a considerably lower risk to take if you're just starting a business. All you need is one special recipe and, of course, a truck to bring it to customers everywhere.

4. Website Design

If you don’t like talking to people face to face, then you can set up your own website design service. There are a number of short courses to help you develop your skills or just find website designers that can help you. Nowadays, businesses know the value of having a website where their customers can check out their products or services. Every single new entrepreneur can be your client and it will not take too much of your time.

Go through your local community and built your client base there. With a solid client base, you have a good small business without requiring too much maintenance time.

5. Translation Services

Businesses are also going global these days. A translation service is a small business you can build at the comfort of your home if you speak different languages. The U.S. Bureau of Labor Statistics’ Occupational Outlook Handbook projects a 46% growth in demand for translators by 2022. This is a big business opportunity you can start small and grow while having a day job.

6. Vending Machines

If you are looking to dip your feet into the entrepreneur waters, then franchising a vending machine can help you start small. Skip the soda machines and go for those health-oriented and specialized vending companies to put in schools, offices and other public buildings. A lot of people are shifting to a healthy lifestyle. Franchising a healthy vending machine will enable you to enter the market with lower risks and better returns than starting from scratch. It will also require little time from you once you’ve purchased your machine.