“The increase in the number of people starting their own businesses in the US has surged to a 13-year high” according to Business Insider.
New applications for an employer ID in the US “reached 1.1 million through mid-September, a 12% increase over the same period last year and the most since 2007,” according to an analysis of US Census Bureau data by The Wall Street Journal.
But what kind of business do you start?
Not to be a “Debbie Downer” many people starting small brick-and-mortar businesses tend to overlook the impact of crime.
New investors who get started in real estate ventures soon begin to realize where the best “deals” are located. Often they are in parts of town where drugs and crime are prevalent.
Yes, there are thousands of exciting startup businesses that fight to get capital from Angel investors that realize that there is an opportunity somewhere out there, still unrealized for many factors.
According to Forbes in an article about boring businesses;
“… U.S. Small Business Administration, in 2008 (the most recent year for which data is available), these (boring) companies produced 46 percent of the nonfarm GDP rivaling major corporation contributions and exceeding startup ventures as a category.”
Boring businesses are almost always service-oriented.
Some examples include:
– Child care.
– A food truck.
– Catering services
– Cleaning services.
– House painting.
– Printing services.
New business owners have the challenge of raising money. And some of these boring offline businesses, like food trucks, still may encounter the issues mentioned earlier.
There are many advantages to earning extra income. It can improve your life as you:
– Pay off your debt.
– Save for big purchases, such as a vacation.
– Stop living paycheck to paycheck.
– Help you retire sooner.
– Figure out a business idea.
– Become more diversified with your income streams.
We Prefer the Online Business Model
It is not a coincidence that Jeff Bezos is the richest person in the United States.
An online business gives you the ability to work from anywhere. That means you can travel. You can also choose to live anywhere you want.
The other advantage of the business model we chose is that it is based on a ‘boring’ service that is more than 300 years old!
Though similar to our biggest competitor in San Francisco, he won’t give you the ability to share in the wealth.
Some jobs may require you to work a certain number of hours per week. But the online business model will allow you to set your own schedule on a week-to-week or month-to-month basis. Especially if you are a single mom, it can be extremely difficult to make ends meet and still have a life. Especially when you have a full-time job, and childcare expenses. Working an online business gives you a way to create more financial stability and independence in your life.
One of the harsh lessons of the pandemic is that your day job doesn’t translate to financial security. Many workers were laid-off without notice — or sympathy. Research reveals that many of the jobs that were lost during the pandemic will not be replaced!
With a side online business, you have another source of income. It can go a long way toward helping fill in financial gaps. Plus, you can use the extra income to build up your emergency fund.
You can learn more by checking our Business articles section for inspiration or leave a comment in the section below….