Starting a small business can be a rewarding full-time job or a lucrative side hustle. Whatever your intent, there are some business models that work better than others when starting an entrepreneurial venture. In that same vein, certain states provide better opportunities for small business owners. As the saying goes: location, location, location. The following states are the best for individuals looking to launch a new business:
North Carolina. The cost of living is low while the quality of life is high. People have money to spend and are in a positive state of mind. It’s much easier to convert an interested shopper into a sale when their finances are stable and they aren’t troubled about their life situation.
Utah. While many MLMs got their start in Utah, it’s also a great place to launch a small business. In fact, many startups come to Utah specifically for it’s thriving labor market.
Texas. Money matters when it comes to starting a business. In Texas, taxes are low making it an attractive location for new businesses.
Indiana. Much like Utah, Indiana has a solid labor market to keep small businesses in operation.
Montana. With a low cost of living and sizeable labor market, Montana is a great place to get a business up and running.
Having a location in mind is only half the battle. Choosing what type of business matters as well. While many small business enthusiasts already have an idea of what kind of company they want to operate, it’s important to take a look at potential clients’ interests. The following are jobs with the highest monthly search volume per the above states when compared against the national average:
North Carolina: Food truck
Utah: Food truck
Texas: Trucking company
Indiana: Food truck
Montana: Bar
While running a food truck business cropped up numerous times, that doesn’t mean that type of business will do well across the nation. For example, clothing lines and boutiques as well as dog walkers see much more interest in the northeast while trucking companies are more popular in the south and midwest.
Of course, there are staple business models that experience the highest degree of success regardless of state. For budding entrepreneurs not in the above states, the following small business models are most likely to turn a profit:
Accounting. Managing other people’s finances is a lucrative venture. Accounting, bookkeeping, and payroll services are all popular options.
Managing companies. It takes a lot to manage all the moving parts of a company and some CEOs would rather hand that responsibility over to a third party.
Real estate. Whether selling homes or commercial properties, real estate agents make thousands of dollars with each successful sale.
Car leasing and rentals. Many individuals have an interest in the automotive industry but may not like the idea of relying on sales alone for their income. Offering rentals or lease options can offer income that is less reliant on the season.
Legal services. Of all the profit-generating startups, the legal sector requires the most education and training. However, offering ad hoc services or even a full suite of options can be extraordinarily profitable for an individual with the right skills.
If the above options don’t suit your preferences, physical therapy-based jobs are poised to experience massive growth in the coming half-decade. Occupational therapy, physical therapy assistants, and physical therapy aids will all be in high demand in the coming years. They provide a wide range of therapeutic services to their clients to improve their health, well being, and overall lifestyle.
Whether running a brick and mortar store or establishing your online presence, Gerber Business Solutions can help you with the strategy and tools you need. We can even put them in place for your team and train you on how to use them! Click here for a FREE Strategy Session!
For more info and statistics on these facts, see our resource: click here