Chance For Success: Evaluating The Viabilities Of Common Small Businesses

If you are determined to make your own way in the business world, there are countless opportunities for you to try. Many of these opportunities require little prior experience; they are meant to be the kind of business ideas that anyone can try, and are thus accessible regardless of your prior work history.

As attractive as these businesses are, it’s worth taking a moment to consider how genuinely viable they are. Below, we’ll go through the common “no experience required” business types and judge them on their merits, so you know exactly what you’re getting into when you begin…

E-commerce Stores

What Is The Business Idea?

The idea behind an e-commerce store is simple; it’s a retail store, but it’s online.

You could create an e-commerce site of products you make yourself; for example, if you’re a whizz at making soap, there’s a market for that. You could sell your soaps online, then post them out to customers.

You can also buy products from others at wholesale prices and then sell them on your own store.

What Are The Startup Costs?

You will need to pay for website hosting for your store, but this is relatively inexpensive.
You will need to pay or hire someone to create your website. We highly recommend WordPress/WooCommerce or Shopify to create your store.
If you’re making items yourself to sell, you will have to buy the component parts.
If you’re buying wholesale products made by others, you will need to buy these products.
You will need to buy photography equipment so you can photograph the items you have for sale.

One big benefit of e-commerce stores is that you don’t necessarily need to buy a huge amount of stock, as you would with a retail store. You could start with 10 different products and only hold three items in stock, and then expand your purchases from there.

How Much Time Do You Need To Dedicate To It?

For a moderately successful retail e-commerce store, management will come close to a full-time jobs in terms of hours required.

However, you have complete control over how much time you dedicate to the business. If you only want to sell a small number of products, and thus control your workload, then that’s fine; you can do exactly as you please.

Will It Make Money?

There are no guarantees in life, but yes, you should be able to turn a nice profit.

Three Ways To Make This Kind Of Business Work For You:

Try and offer something unique, something that has never been done before. There are thousands of e-commerce stores online, so you need to stand out. Handmade and customizable items are very popular for e-commerce sites.
Start small, with a few products, and see how things sell. If one item proves to be particularly popular, you know to increase your stock levels on that item.
Invest in a good camera so you can take great product photographs. Few customers will buy an item that has been poorly photographed. Investing in a DSLR will help you achieve the best images, which will hopefully tempt your customers to buy.

Chance For Success: 7/10; a good option that is well worth considering, especially if you make your own products.

Dog Walking

What Is The Business Idea?

Simple; you walk dogs for those who cannot, or do not have the time due to work and family commitments.

What Are The Startup Costs?

There are relatively few startup costs, making dog walking one of the most accessible types of business. You may wish to consider:

Advertising and marketing costs; you will need to spread the word about your business.
Website costs. A website will help your business look more professional.
SEO services to help your site climb the rankings when people in your area look for dog walkers.

How Much Time Do You Need To Dedicate To It?

In terms of the actual walks, you can do as many as you wish, or just keep a few regular appointments each week.

For admin and promotional management, you will need to set aside a couple of hours per week. You can also use this time to organize your diary and answer any queries that you have received.

Will It Make Money?

Depending on your area, dog walkers earn anywhere from $10-20 for a half hour walk. This means it can be lucrative, especially when compared with other part-time jobs, but the amount you earn is dependent on how many clients you manage to find.

It is unlikely to be a full-time wage unless you are willing to hire other people, or walk dogs outside of your local area.

Three Ways To Make This Kind Of Business Work For You:

Dog owners are more likely to trust you if you have some kind of certification in animal behavior or pet care. This accreditation can really boost your profile and make you seem more reliable.
You don’t have to be insured, but this is a good step to take. Insurance is inexpensive and can cover you in the event of a mishap.
Don’t overestimate how many dogs you can walk at one time. Three is the absolute maximum you should be trying to handle, and only then if they have placid personalities.

Chance For Success: 4/10 if you want a new full-time job; 6/10 if you are content with part time.

Dropshipping

What Is The Business Idea?

Dropshipping is similar to e-commerce, except you never actually own the products. Instead, you create an online store, and when people buy, you contact the manufacturer who then sends the product directly to the customer.

What Are The Startup Costs?

Similar for an e-commerce store, but without the photography equipment. You should look to invest in your store design, and be prepared to spend a little money advertising.

How Much Time Do You Need To Dedicate To It?

As much as you can; the more listings you can create, the more potential there is to earn products. There are literally thousands of products that can be offered for dropshipping purposes, so the more work you are willing to put in, the bigger the potential for earnings.

Will It Make Money?

You will receive a percentage of each sale, so yes, you will make money. However, you will need to be arranging the sales of a lot of products to generate a large income. The one upside is that this income is rather passive when you have created your store; you don’t need to worry about sending the product, as that side is all taken care of by the manufacturer.

Three Ways To Make This Kind Of Business Work For You:

Stay away from nail art and accessories, as this market is well and truly flooded. Thousands of different dropshipping options exist in this area, so it’s far better to opt for something that is less saturated.
It is inadvisable to set up a dropshipping listing for electrical or skincare items, as you cannot be sure these are safe. Remember: you never actually see the product. Stick to homewares and non-electrical tools just to be sure.
Initially, look to dedicate at least one full week to listing as many items as possible for sale. This is time-consuming, but you can then sit back and wait for the sales to roll in, so it’s worth it.

Chance For Success: 5/10; this is a saturated market (even outside of nail products) and the plethora of people offering dropshipping means that you may struggle for customers.

Cleaning

What Is The Business Idea?

You offer cleaning services to domestic homes, commercial premises, or both– the choice is yours. You are responsible for the cleanliness of any area you are hired to work on.

What Are The Startup Costs?

Quite substantial, but you may already have some of the items you’ll require. You will need:

A full set of cleaning products, including heavy-duty options.
A good vacuum cleaner.
Plenty of cloths and scouring pads.
A website
An advertising and marketing budget.

Of the options on this list, setting up your own cleaning business is by far the most expensive in terms of startup costs.

How Much Time Do You Need To Dedicate To It?

You will need to set aside the time spent actually cleaning, as well as around four hours per week to manage your schedule and advertisements. Realistically, a cleaning business is likely to require the kind of hours worked in a full-time job– around 35 hours per week.

Will It Make Money?

Yes, cleaning businesses can be very lucrative.

Three Ways To Make This Kind Of Business Work For You:

Advertise services in which you use eco-friendly cleaning products, as this option tends to be popular with health-concerned consumers.
Time yourself cleaning your house so you can get a good idea of how long it really takes you to clean; many people underestimate the timescale required. You will need a rough estimate when quoting for work.
Public liability insurance is beneficial if you are running a cleaning business. This is inexpensive, and covers you in case of accidental damage during the course of the work.

Hopefully, you now have a good idea of how these common business ideas might work in practice, so you can make a well-informed decision about which may work best for you.