Lucrative Businesses to Start in the New Year
2017 has seen resurgence in the U.S. economy. In the past year, the stock market is up more than 25%, and GDP growth exceeded 3% for the Second and Third quarters, the first time we have seen two consecutive quarters of 3% + growth since 2014. The numbers are not in yet for the final quarter, but there is a strong likelihood this level of growth will continue.
Experts forecast another strong year in 2018, and with sweeping tax reform now codified into law, the actual numbers could exceed these forecasts. This makes 2018 a great year for aspiring entrepreneurs to finally take the leap and get into business for themselves.
There are numerous profitable business opportunities to consider in the coming year. Here are four industries that are expected to be particularly lucrative:
Senior Care: 10,000 Americans turn 65 years of age each day, and with the Baby Boomers still in their early years of retirement, the opportunities to serve seniors are boundless. One of the best business models out there is in-home elder care. Seniors increasingly want to remain at home during their golden years, but most will need help to accomplish that. Some agencies offer non-medical services, such as cooking, light housekeeping, and companionship. This business model is well suited for someone that does not have a medical background. If you do have a medical background, you could add skilled nursing care to your list of in-home services.
Mobile Services: We live in an increasingly mobile society, and a growing number of services are capitalizing on this trend. Examples include food trucks, mobile auto repair, mobile car wash and detailing services, mobile computer and electronics repair, mobile personal training, and even mobile physical therapy. The possibilities for mobile services are virtually unlimited. Choose an in-demand service to provide that you are passionate about and offer to bring it directly to your customer, and you probably have a winner.
Business-to-Business (B2B) Digital Consulting: Many traditional offline businesses are having difficulty adjusting to the digital world. For example, some are still spending thousands of dollars a year on a Yellow Pages ad that is providing increasingly diminished returns. If you understand online marketing and how to help local businesses benefit from it, there is an endless market for your services. Digital consulting encompasses a vast number of services, from web design to search engine optimization (SEO) to pay-per-click (PPC) advertising to social media marketing to many other marketing avenues. Become an expert in at least two or three of these, and you can become the “go to” person for businesses in your area.
Bookkeeping and Accounting: The one thing all business owners have in common is they need to stay tax-compliant. And in 2018, things will be more complicated because of the new tax reform bill. The unintended effects of the legislation will not be fully known for several months, and businesses will need a professional to explain what it all means to them, and how to fully capitalize on the latest tax code changes.
The good news for CPAs looking to start an accounting firm is there are many Baby Boomers out there who are selling their firms and retiring. There are, however, some pitfalls that need to be avoided in finding the right CPA firm to buy. The best place to start is to speak with a reputable business intermediary. By working with a business broker (and particularly one with specific experience handling accounting firm transactions), you can more easily navigate the critical (and often confusing) steps in the buying process, helping ensure a smooth and successful transaction.