Top Ten Small Business Ideas – Small businesses are not dead. In fact, there has never been a time when small businesses have received so much support. It is certainly quite risky and challenging to run a small business in these times, but there is still a great opportunity to solve various consumer problems and meet the increasing demands.
So if you’re thinking that now might not be the time to start a small business, think again! More people are doing it than ever. And while that means there’s also more competition than ever, there’s an incredible amount of great retail small business ideas out there that can reflect your dreams and passions.
Top Ten Small Business Ideas
Let’s take a look at this far from exhaustive list of retail business ideas and see if any catch your eye.
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More and more of us are interested in a variety of things. And it’s great! If you’re having trouble narrowing down the types of products or services you want your store to offer, pick a few. More and more SMEs are doing this.
Actually, the idea has been around for a long time. Yamaha sells both motorcycles and pianos; Bic is known to sell both lighters and pens; Nestle sells water and chocolate.
Today, retailers usually focus on two less expensive and time-consuming products. Some craft breweries venture into selling hot sauces or even repair bicycles. Larger retailers like Urban Outfitters have rebranded to sell much more than just clothes; Books, maps, plants, albums and many other small ticket items now line their shelves.
There are endless ideas out there, so don’t be afraid to try something unique. A new combination of products may seem strange at first, but it will definitely attract attention. And if done well, it could be a huge retail hit.
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Quick service restaurants are still generally doing well. Even fast food has found ways to keep growing amid the health and wellness craze. Nowhere is this growth greater in QSRs than in food trucks and pop-up stores.
Food trucks are mobile, versatile and suitable for every target group. With restaurants now having limited seating or banning indoor dining altogether, food trucks have a competitive advantage.
As a food truck business owner, you can track the seasons across the country, strategically plan holidays, position yourself near major events, and easily rebrand yourself when needed. This small business idea offers a remarkable level of flexibility and choice.
Pop-ups have similar luxuries. It’s an easy way to market your SMB and great talking points for social media. Plus, it provides the urgency and excitement that gets your brand going. Pop-ups can serve groceries, but they can also be any other type of retail, from a fashion boutique to a pet store.
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Not long ago we only had a handful of beers, wines and spirits to choose from. Not many others were made, the laws were strict and distribution was even stricter. Of course, this is no longer the case. Craft breweries and distilleries are everywhere. Local wine and cheese shops seem to be around every corner. Craft spirits, such as those sold as vomFASS, have been a big hit. And the demand keeps growing with it. If your town has a gap in wine shops, craft beer bars, or any other alcohol or liquor outlet, consider filling it. Your neighbors will love you.
Cities, big and small, are more local than ever. There is no more New York, L.A. or bankruptcy. Cities like Sioux Falls, Santa Fe or Asheville (to name just a few of the many great smaller towns across the country) welcome new residents from all over the country. And they have attracted attention by providing a strong community and neighborhood environment.
Central to this atmosphere are cooperatives, community markets and local festivals. Co-operative grocery stores or wellness stores compete with some of the biggest names in the country. Local gyms partner with other businesses to attract new customers. More and more cities now host farmers’ markets and swap meets. If your city needs something like this, think about organizing it. If it is already there, think what kind of small business idea is missing and start it yourself!
Fortunately, most of us demand more responsibility from our retailers. And many retailers responded in kind. QSR small businesses are often more focused on providing a local farm-to-table menu. Shoe manufacturers like Allbirds use natural, recyclable materials in every pair. Even major coffee brands like 365 Everyday Value insist that their beans are sustainably and fairly traded.
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This movement is gaining momentum, so jump on the moving train while there’s still time. There is still a lot of market space for thousands of different products.
More and more Americans are spending money to take care of themselves. From gym memberships to herbal tea shops, the global health and wellness market revenue is expected to reach US$6033196 million in 2025.
The cool thing about health and wellness retail is the variety of types of products or services you can offer. You could open a small spice shop in Taos, a juice shop in Portland, or a natural supplement store in Minneapolis.
Think about what type of wellness interests you the most and see what the local supply and demand is. Once you get started, you have many opportunities to expand and scale your small business.
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This one is pretty wide, but that’s the beauty of it. Organic products are more popular than ever. And it’s not just organic products that consumers are asking for: cosmetics, skin care, baby products, pet food, alcohol, to name just a few.
Again, focusing on your sourcing, sustainability and supply chain can give your business instant credibility. Find your niche and start your retail business.
What’s better than locally produced? Handmade by you, the retailer. It’s interesting, easy to tell your brand story and inspiring. And most people want to support these kinds of small businesses. It’s also easy to collaborate with other local artists to sell handmade products together. This type of cross-promotion benefits both sellers and will make your buyers happy.
Not only is vintage cool, but it’s also a good exercise to reuse old but absolutely fine clothes. Plus, it has to be one of the funnest small businesses to start. Building up your inventory is easy, and you can do it by shopping at some of the most interesting places.
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Vintage stores, thrift stores, or thrift markets are also easy ways to compete with e-commerce retail. Very few web stores have started selling used goods online.
The art of cooking may be on the wane, but Blue Apron certainly isn’t. The company that sells you a meal in a box was the fastest growing retailer in 2017. And Blue Apron is just one of MANY.
Dollar Shave Club began selling complete men’s grooming kits in 2011 and was recently acquired by retail giant Unilever for about $1 billion. Winc (formerly Club W) sells monthly customizable wine sets. Try the World sells authentic gourmet dishes selected by chefs from around the world.
The industry is growing at an incredibly fast pace and can be sold online or in brick and mortar stores. It makes shopping easy and exciting. So come up with the next big box subscription idea and join us!
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Marijuana is legal in one form or another in most states today. The industry is overwhelmed by both small players and large companies, making it difficult to enter the market. The associated regulations and laws are also difficult to circumvent. This is not to say that someone should not open a weed shop; it can be remarkably profitable. But for this article, the focus will be better on retail dealing with cannabis.
The growing interest in and use of cannabis is undeniable, opening doors to new glass shops, QSRs, vape shops, clothing retailers and even art shops or studios. You have many options and a large, largely untapped market for starting a small business.
And finally, how about following the now famous example of TOMS shoes and donating with every purchase. People pay more for these types of products, so your margins don’t even have to suffer. It goes hand-in-hand with the sustainability movement and is a great way to create positive publicity around your brand even before it opens. You can donate the product you sell (as TOMS does), or you can make it something completely separate. What a great opportunity to start a small business.
Of course there is! Very. But it’s a good start. If you are considering starting a small business or have just started one and need a great small business POST system, look no further than KORONA. Click the link below to see some of our great POS features and sign up for a free demo!
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