There’s no better way to begin the year than by having money-making opportunities. While the options are many, here are the three best bets you can start fast.
1. Payroll Franchise
About 99.99% of businesses in the United States are small-scale, according to the Small Business Administration (SBA). They also employed more than 58 million people in 2015. That’s about 47.5% of the total workforce during that year. Most of these businesses, though, have fewer than 20 employees. That’s a golden opportunity for anyone who wants to offer a service-related business.
That person can provide payroll services to these companies. The employee regulations, especially taxation, can be confusing and overwhelming for small-based enterprises. They need expertise without the high costs of having an in-house accounting department.
You don’t even have to begin such service from scratch. You can take advantage of a franchise that provides strong support for its business owners.
2. Shared Economy
The shared economy may be popular these days, but experts believe it will only grow further in the coming years. According to PricewaterhouseCoopers (PwC), the global sharing economy will increase from no more than $20 billion in 2014 to a whopping $335 billion in 2025. While ridesharing will dominate the market, lodging and even goods or equipment will also take a share of the pie.
Forrester Research, meanwhile, revealed the industry is far from reaching its saturation point. The growth of technology and both the millennial and the Z generations further boosted the popularity of shared economy and even rentals.
If there’s one significant bump on the road, it will be regulations. Because this business model is new, many states still don’t know how to deal with it. Future policies may either make or break the business.
3. Gig Economy
A possible 2019 business idea can be a one-person team through the flourishing gig economy. Also known as freelancing, it’s a fast-growing trend in the U.S. A poll by NPR and Marist showed about 20% of the jobs were by contractors. Should the trend continue, as many as 50% of the workers in the country by 2027 are freelancers.
Many factors drive the popularity of freelancing, including the following:
- Availability of technology that can help in communication and collaboration
- Access to jobs even outside the United States
- Need for freedom of time
- Demand for another job that can help augment income
- Potential for higher income
- More focus on skill and commitment than educational background
Gig economy, however, does have its risks and challenges. One of these is taxation, which can be complicated when the person does a job for a business located overseas. The informality of the process may also mean incomplete or missing paper trails.
Some of those in this industry can be subject to abuse and lack of benefits many “regular” employees receive. These include Social Security, Medicare, retirement plans.
These money-generating business ideas are quick to do, and the potential for good income is high. They won’t work, though, until you have the entrepreneurial mindset. Like other businesses, they require dedication, commitment, passion and sound decisions.