Are you considering starting a small business? Do you want to learn more about the competition for your existing small business? Knowing which industries earn the most money this year will help you make smart decisions. The following five types of small businesses are all sure to earn money in 2018.
1. Coffee Shops
Last year, almost half of all coffee customers drank the beverage outside of their homes. Many of these people drink specialty coffee, but you can also earn money by selling regular brewed coffee.
To compete with big coffee chains, give your cafe a unique theme that will help you stand out and make customers excited to visit you. In addition, try to find a location that plenty of people pass by on a regular basis, giving them a chance to get coffee while they travel.
2. Smoke/Vape Shops
As more people begin to view vaping in a positive light, there’s no better time to get into the e-cigarette or vape industry. The market is set to grow by over 20 percent and will reach around $61 billion in value by 2025. Exciting flavor varieties and flexible vape kits prove to be enticing features for potential customers, so make sure you provide a range of products for every kind of customer.
3. Bike Stores
Every year, Americans spend $81 billion on bike products and services. Biking is popular because it keeps people healthy and reduces car traffic in addition to the equipment costing less to maintain. Many customers like to ride electronic-powered bikes, but you can also earn a profit selling pedal bikes. Some owners with the right tools and skills offer bike repair services, while entrepreneurs who live in areas with many tourists provide bike rentals.
Bakeries across the country saw a total of $31 billion in combined revenue in the past year, while industry growth is projected to increase at eight percent between 2016 and 2026. Many sales come from weddings and other formal events, but you can also make a profit selling baked goods to individuals.
5. Beauty Salons
The $445 billion beauty industry is an excellent choice for any entrepreneur and is more diverse than you might think. Hair salons and barber shops, tanning salons, spas and massage clinics, waxing franchises and many more specialties are all expected to enjoy significant job growth.
Beauty and cosmetology will always be in high demand and can provide you with a fantastic business opportunity. No matter what you plan to specialize in, you can reap the rewards of a large customer base by opening a beauty salon of some kind, as long as you present your products and services correctly to draw attention and interest.
Point of Sale System for Small Businesses
A point of sale (POS) system like the National Retail Solutions POS+ makes managing your sales and inventory simple. At NRS, we help small businesses like yours succeed. Buy the POS+ today or request a quote for extra equipment.