Starting a small business can be hard, especially when an estimated one-half of new businesses typically fail within the first five years of opening. So with this kind of rough business climate, how can you set yourself up for success?
When starting a business, it’s important to establish a strategic plan in order to reach your desired goals. One of the most effective ways for an organization to reach success is by using the strategy of Objectives and Key Results (OKR).
OKRs are used to make sure that team goals and individual objectives of team members are met. This goal-setting strategy is usually outlined through OKR tracking software where you can analyze the results in real-time. OKRs are made up of two things: three-to-five objectives and under each objective three-to-five key results. Key results are measured using a score of 0 to 100 percent. One example of an objective is developing your organization’s professional image.
Whether you are looking for a successful side hustle gig or ready to fully launch into self-employment, below are five great ideas to take on in 2020.
Accounting
Most people hate doing their taxes and put it off to the last minute. However, if you are one of those people who are good with numbers, then you might consider getting into this profitable business. Individuals and businesses alike hire people to do their taxes for them. Your work will include bookkeeping and processing invoices. When getting into this business, you will need tax folders and cover sheets to present your clients their tax returns in a professional way.
Online Education and Tutoring
Educating others is an incredibly profitable business. You’ll find scores of people who are interested in developing new skills or wanting to become an expert in something. If you are already an expert in a certain subject, then consider turning your expertise into a service for others.
You can offer tutoring in math to college or high school students or if you are fluent in another language, offer to teach others that language. You can also design online courses on subjects that you are an expert in. Many professionals are always looking to add to their resume in order to boost their careers. These online courses could be in search engine optimization, digital marketing, and web development.
Consulting
Just like with education, if you are an expert in a specific field, then consider going into consulting. New businesses are always looking for advice and tips from top experts, such as driving social media traffic or money-saving strategies. However, before you dive into this lucrative business and begin offering advice, make sure you’ve developed plenty of contacts and a solid amount of business knowledge.
Food Trucks
Years ago, people were uncertain about purchasing food from a truck. Now food trucks are trendy and hip within the foodie movement. If you are already in the food industry, then consider getting the necessary permits and buying a truck so you can start offering this one-of-a-kind dining experience. Patrons of all stripes flock to food trucks because the service is quick and the food is usually made up of eclectic recipes you wouldn’t find in traditional restaurants.
Web Design
Web designers are highly sought after for any business. New companies are always looking to improve their websites and capture customers’ attention online. In addition to transforming professional websites into sleek platforms, you can also get into graphic design and create company logos as well. Consider taking online courses and reading popular web development and design books to see if this is the right business idea for you.
