The electric vehicle charging market is largely run by big names like Tesla, Electrify America, and EVgo. But there’s at least one small business breaking into the market early and showing other entrepreneurs what’s possible in this evolving market.
Franklin’s Charging currently has two locations in Little Rock and Hot Springs, Arkansas. The owner, Jeff Franklin, is a former teacher who was an early investor in Tesla, giving him enough money to start the business.
According to the U.S. Department of Energy’s Alternative Fuels Data Center, there are currently about 64,000 public EV charging stations across the U.S. While some big names like Electrify America and SemaConnect do work with independent business owners to set up charging stations, the industry is still dominated by large corporations rather than individual owners.
That is likely due, at least in part, to the fact that EV charging isn’t the most profitable business model just yet. But with higher EV adoption rates, the increased demand is likely to lead to profitability.
Jennifer Sensiba recently wrote in an article for CleanTechnica, “For those who decide to jump in and get started, if you do an excellent job and become the go-to place for EV drivers, you’ll have an edge over the more timid people who jump in later once it’s an easy profit situation.”
Sensiba also wrote of her experience visiting Franklin’s Charging at their two locations. She noted the company’s dedication to staying on top of maintenance and providing a clean, comfortable experience for all visitors. This includes access to nice waiting areas and even vending machines and snack bars. She also detailed the owner’s dedication to providing exceptional customer service, speaking with all visitors directly and solving any issues quickly.
This attention to detail is important for all businesses – but especially small ones that are competing mainly with large corporations. These big names generally have the resources to provide positive experiences, even when a business model isn’t quite profitable yet. But for aspiring entrepreneurs who are looking to enter an emerging market, jumping in and providing top-notch service might just help you stand out as demand rises.
Intuit Inc. has announced the launch of the QuickBooks Grant Program.
This initiative will provide 20 small business owners with $10,000 each, alongside mentorship resources aimed at fostering their success. This program is a key part of Intuit’s Small Business Success Month, designed to support small businesses with essential tools, resources, and funding.
“Helping small businesses thrive is critical to our communities and our economy, but access to capital continues to be a challenge many entrepreneurs face,” said Emma Rodgers, Senior Vice President of Marketing & Revenue at Intuit QuickBooks. She emphasized that QuickBooks is dedicated to providing all small businesses with the necessary tools and resources for growth and success. This new grant program aims to deliver impactful funding that can help make business dreams a reality and drive prosperity for the small business community.
Small business owners in the U.S. can apply for the QuickBooks Grant Program at quickbooks.com/grants. Applications will be accepted from May 28 to June 30, 2024, until 11:59 pm PT. Applicants need to submit a brief essay explaining how the grant will help them overcome business challenges or achieve a specific goal. Full eligibility requirements and judging criteria are available on the QuickBooks website.
Alongside the $10,000 grant, each recipient will gain access to three months of valuable mentorship resources. This includes participating in Intuit’s Adopt a Small Business program for six weeks and access to a series of webinars focused on establishing a solid foundation for business success. Through this mentorship, small businesses will learn how digital tools and platforms like QuickBooks and Mailchimp can reveal key business insights, speed up money movement, streamline processes, and connect with customers.
According to the Intuit QuickBooks Entrepreneurship in 2024 Report, nearly a quarter of U.S. consumers plan to start a new business this year. Two-thirds believe that starting a business is a better path to building personal wealth compared to buying a house. Despite the high rates of new business formation, both new and established small businesses face a challenging environment. Tightened credit availability, high interest rates, and inflation are significant hurdles. Increasing access to small business funding is therefore crucial.
For more information about the QuickBooks Grant Program and to apply, visit quickbooks.com/grants.
GoDaddy has expanded its Small Business Generative AI (GenAI) Prompt Library to boost small business support and success. This enhanced library now offers over 185 prompts and introduces new features and languages, making it easier for entrepreneurs to leverage GenAI in their daily operations.
Empowering Entrepreneurs with GenAI
Keeping up with GenAI advancements can be daunting for small business owners. GoDaddy’s expanded GenAI Prompt Library (smallbusinessprompts.com) simplifies this process, providing tools to help entrepreneurs tackle common business challenges.
“GoDaddy’s GenAI Prompt Library is a powerful tool for small business owners interested in leveraging GenAI but don’t know where to start,” said Eugene Ware, Director of Engineering and Machine Learning at GoDaddy.
The new prompts in GoDaddy’s library are designed to be more interactive. When copied to a GenAI chatbot, these prompts now ask for specific information such as the business name, target audience, and location. This interactivity ensures that the output is highly relevant and useful.
The library now features a clip-to-copy icon, streamlining the process of transferring AI prompts from the library to a chatbot. This feature saves time and enhances usability.
To address a broader range of business needs, 43 new prompts have been added across five new categories:
Ad Campaigns: Includes prompts for display, print, radio, search engine marketing, and social media campaigns.
Branding: Covers audience research, brand kits, personality, tone, and voice.
Data Analysis: Helps with analyzing customer feedback, reviews, sales data, and support requests.
Loyalty: Focuses on recurring revenue, renewals, and customer retention.
PR and Outreach: Provides prompts for campaigns and press releases, local SEO citations, media outreach, and sourcing news outlets.
GoDaddy is committed to keeping the GenAI Prompt Library impactful and relevant. The company will continue to evaluate prompts, monitor trends, and use real-time feedback from users.
In addition to the expanded English-language library, GoDaddy has launched versions in India, Mexico, Colombia, Spain, and Brazil, supporting Spanish and Portuguese languages.
How to Access the GenAI Prompt Library
Small business owners can start using GoDaddy’s Small Business GenAI Prompt Library to enhance their operations by visiting www.smallbusinessprompts.com.
Zoom has announced the general availability of new AI capabilities across Zoom Workplace, including enhanced features for Zoom Meetings and Zoom Team Chat.
The AI Companion, Zoom’s generative AI assistant, now offers more customization, personalization, and quick reply capabilities. Since its launch in September 2023, over 700,000 accounts have enabled AI Companion, with adoption rates steadily increasing.
Here’s a look at some of the new features:
Quick Reply for Mobile: The AI Companion can now suggest short, contextual replies in Team Chat on mobile devices, helping users stay engaged and aligned from anywhere.
Custom AI Companion Notice: When an AI Companion feature is enabled in a meeting, a customizable notice informs attendees. This feature allows enterprises to tailor the notice with their own text, formatting, hyperlinks, and more, enhancing the Zoom experience for their needs.
External Collaboration Settings: New settings and a dashboard in Team Chat give admins better control over external users. Admins can enable or disable approvals for adding external users to group chats and channels and view all external connections in the External Connections dashboard.
Tedious tasks can hinder creativity and productivity. Zoom’s AI Companion helps relieve employees of these tasks, allowing them to focus on more meaningful work.
Global Search: Available in June, this feature synthesizes information across Zoom Workplace, enabling users to search for data, documents, meeting recordings, SMS messages, files, contact names, Zoom Notes, Zoom Whiteboards, Zoom Events Webinars, and Shared Spaces.
AI Companion Meeting Summary for Educators: Also available in June, this feature allows educators to find and review meeting summaries for their classes, with the option to share them with students.
The integration of Zoom and Workvivo enhances employee engagement, helping them make the most of their time, whether they are on the front lines, in the office, or working remotely.
Workvivo TV and Zoom Rooms: This integration allows users to broadcast important updates, news, and events using Workvivo TV on Zoom Rooms digital signage, distributing critical information quickly across multiple locations.
Zoom Workplace technology helps maximize in-office productivity and collaboration.
Companion Zoom Rooms: Users can now pair a Zoom Rooms for Touch device with a Zoom Room, using additional inputs like cameras from companion devices. This expands the functionality of multiple screens and cameras for hybrid meetings, optimizing different spaces.
Zoom recently introduced post-quantum end-to-end encryption (E2EE) for Zoom Meetings, making it the first UCaaS company to offer this advanced security feature for video conferencing.
Accessing the New Features
Account owners and users (if admin-approved) can download Zoom Workplace from the Zoom website to access these new features and capabilities.
The National Federation of Independent Business (NFIB) recently outlined measures for Congress and the White House to help small businesses combat inflation. Small business owners have cited inflation as their primary concern, urging legislative action.
As small businesses struggle with inflationary pressures, the NFIB’s recommendations provide a roadmap for legislative relief. By addressing regulatory burdens, tax stability, competitive practices, energy costs, and healthcare expenses, Congress and the White House can support the backbone of the American economy.
Jeff Brabant, NFIB Vice President of Federal Government Relations, emphasized the need for government intervention.
“Congress and the administration helped get small businesses into this mess with excessive spending, now they can help get them out of it,” Brabant says.
He highlighted the overwhelming impact of inflation on small businesses in an uncertain economy and the need for regulatory and tax relief.
“By lessening regulatory burdens, providing tax relief, and more, Washington can prioritize the small business economy,” he adds.
Stephanie Camarillo, owner of Molly Maid in Boise, Idaho, echoed this sentiment.
“Inflation has touched every inch of our business, and we would welcome any relief to ease the regulatory and financial difficulties we continue to face daily,” Camarillo says in an NFIB release.
She stressed the importance of making the Small Business Deduction permanent for long-term planning.
Key Recommendations from NFIB
Halt Costly Regulations
The Biden Administration has imposed nearly $1.5 trillion in new regulatory costs, adding over 275 million paperwork hours for small business owners. NFIB urges the White House to retract burdensome regulations such as the Department of Labor’s overtime and independent contractor rules, OSHA’s walkaround rule, the EPA’s tailpipe emissions rules, and the DOE’s appliance energy efficiency rules.
Ensure Long-Term Price Stability
With over 30 million small businesses facing a significant tax hike at the end of 2025, NFIB calls on Congress to make the Small Business Deduction permanent by passing the Main Street Tax Certainty Act. This move is crucial for the financial stability of small businesses.
Anti-competitive practices within the credit card network ecosystem have led to unsustainable swipe fee increases, harming small businesses. NFIB advocates for the passage of the Credit Card Competition Act to introduce competition in the marketplace and reduce these fees.
Federal policies restricting domestic energy production have raised energy costs for small businesses, forcing them to pass these costs on to customers. NFIB urges Congress to pass H.R. 1 and S. 4072 to prevent the EPA from increasing costs further.
High healthcare costs disproportionately affect small businesses, hindering their ability to hire and invest in employee benefits. NFIB calls for the passage of the CHOICE Arrangement Act, the Lower Costs More Transparency Act, and the Employer Reporting Improvement Act to lower healthcare costs for small businesses.
Most small business owners are not confident in their current marketing strategies, according to a new study by Constant Contact and Ascend2. The survey, which includes responses from more than 1,300 small businesses across parts of the world, found that 73 percent of entrepreneurs lack confidence in their marketing tactics.
There are many different challenges small business owners face, which can contribute to this lack of marketing confidence. For instance, 81 percent of respondents worry about the current economy, 56 percent said they only have an hour or less per day to dedicate to marketing, 34 percent feel that they lack efficiency, 33 percent have trouble understanding what’s working, and 32 percent said they lack resources.
Sarah Jordan, chief marketing officer at Constant Contact said in a release, “Small business owners are usually much more passionate about their products and services than they are about marketing, but they still need to attract and retain customers to grow. Our research shows that while most SMBs recognize the importance of marketing, they often lack the time and expertise to be effective, especially in the rapidly evolving digital landscape.”
Today’s entrepreneurs are often forced to play many different roles within their businesses. They aren’t always marketers by trade, but they still are responsible for these tasks if they don’t have the staff or resources to work with professionals. Even when hiring and outsourcing are possible, there are still many factors that contribute to marketing success – and it’s often tough to distinguish the best strategy for each business’s goals.
There is no one-size-fits-all approach to small business marketing, so evaluating your objectives and outlining the right tools and strategies to try is an essential step. If you can outline a few key metrics or KPIs to check as you try new strategies, you’ll be better positioned to learn about what works for your business and what doesn’t. Though you’re likely to try some things that aren’t effective, this method of measuring results and performing ongoing tests can help you feel more confident over the life of your business.
Visa and J.P. Morgan Payments have announced a strategic partnership aimed at enhancing the speed and ease of money transfers within the United States. This collaboration is set to provide both businesses and individuals with quick and secure methods for sending and receiving funds.
Utilizing Visa’s advanced technology, J.P. Morgan Payments will now offer faster payment solutions to its clientele. This initiative will allow customers to transfer money directly to bank accounts or digital wallets using only debit card details, significantly streamlining the process and expediting access to funds.
“This is an important collaboration for our clients and our business. Visa Direct’s capabilities align strategically with our commitment to delivering innovative solutions to our clients. By boosting our ability to deliver faster payments, we’re streamlining payment processes, enhancing liquidity management, and providing greater convenience for our customers,” said John Skinner, a leader at J.P. Morgan Payments.
Yanilsa Gonzalez Ore, a leader at Visa, added, “We are thrilled to be working with J.P. Morgan Payments. Their dedication to excellence and customer-centric approach mirrors our own values. The addition of faster payments across North America for J.P. Morgan Payments customers is a further step in delivering on that promise, providing quicker, more efficient movement of money that benefit businesses, consumers, and the broader economy.”
Since the introduction of WhatsApp Communities, different groups, including neighborhoods, school associations, and hobby clubs, have adopted this feature to maintain organization and connectivity. To further enhance group interaction, there are new functionalities for event organization on WhatsApp, along with structured reply options in Announcement Groups, allowing members to engage with important admin messages.
Members can now respond to admin announcements in WhatsApp Communities, enhancing communication and connection within groups.
With these new tools, planning events through WhatsApp aims to be more straightforward, whether it’s for a virtual meeting or a birthday celebration.
Any group member can create an event, and participants can RSVP, so everyone knows who will attend. Details about the event can be found on the group’s information page, and attendees will receive reminders as the event approaches.
Initially, this feature will be available to groups within a Community, with plans to expand it to all groups in the next few months.
Additionally, WhatsApp is enhancing communication in Announcement Groups by enabling member replies. This feature helps maintain an organized discussion while allowing admins to receive feedback from their members. Replies are neatly compiled and can be expanded for full context, with notifications kept silent to avoid disturbance.
Many small business owners feel forced to try out new strategies to combat rising costs – including the newly coined phrase “shrinkflation.”
Shrinkflation refers to businesses charging the same prices for goods and services instead of raising prices, but offering a smaller size or quantity of said item. According to a recent study from Clarify Capital, about 12 percent of small businesses have tried this strategy as a way to control costs. And even more businesses, about 20 percent, are planning to try this strategy in the future.
So, what do consumers think about this strategy? So far, 81 percent of consumers in the Clarify Capital study said they have noticed shrinkflation. And 96 percent believe that businesses are not transparent about using this strategy. In fact, 68 percent said they’ve switched brands or companies because of it. And 45 percent said they’ve opted for generic alternatives to products they used to buy.
Of course, rising costs are a very real concern for many businesses. So it makes sense that many entrepreneurs are looking for creative solutions. However, consumers seem especially wary of this strategy in the current economy – especially for companies that aren’t upfront about the changes. Small businesses may even face extra negative consequences due to shrinkflation if their changes drive away once-loyal customers.
It’s this lack of transparency that has grabbed the attention of consumer groups and even government officials. In fact, countries like France and South Korea are now requiring companies to label products that have shrunk in size while retaining a higher price.
So what are small businesses to do? Each company is different, but it may be worth looking into other strategies like careful budgeting, reducing waste, or even raising prices slightly. For those who do determine that shrinkflation is the best option, being upfront with customers and explaining why the change is necessary may help you retain as many customers as possible.
Businesses across Louisiana and the rest of the country are turning to a new kind of barter system to save money and make use of their existing resources.
This alternative form of payment is called Moxey. It’s a network of small businesses that sign up to be part of the app and directory, offering their own products or services in exchange for Moxey payments.
Let’s say you own a restaurant and need a new exterior sign, but you have several sets of chairs and tables that you no longer use. When you sign up for Moxey, you can offer those unused items and search for sign companies that accept Moxey payments. These transactions don’t have to be direct trades; you can offer your products or services to other businesses, accept Moxey as payment, and then use those credits to purchase products or services with other businesses.
The idea is that small business owners and their customers will prioritize doing business with other companies that use Moxey. So, those who sign up will have a built-in customer base in their communities.
Moxey’s Founder and CEO Charlie Davis told WBRZ, “It’s like a giant family, where we keep the money in the family. So the more money you spend with local business owners, the more money those local business owners spend back with you.”
More than 3,000 businesses are already using Moxey. Many are currently based in Louisiana, but the system is open to businesses throughout the country. When you sign up for Moxey, you can then search on the app or website for businesses in your area that provide the product or service you need. You can also use the platforms to offer your own products or services to other businesses in your area. The payments are even taxable, with businesses receiving a 1099-B form at the end of the year.
In addition, Moxey offers interest-free lines of credit to new members that they can use anywhere in the network.
Since costs for various products and services are at all-time highs, it makes sense for businesses to turn to a modified barter system. Moxey offers a creative solution that can make the process convenient. But the idea of partnering with other businesses to trade or offer reduced rates on products or services you can afford to spare may help entrepreneurs in nearly any community control costs more effectively.
Grants from large corporations and public entities can work together to help small businesses grow and succeed. These grants provide money for important things like new equipment, marketing, and training staff. When big companies and government groups join forces, they offer more resources and support. This helps small businesses improve their services, reach more customers, and create new jobs.
Here are some grants from large corporations and public entities available now nationwide.
Large corporations sometimes offer small business grants to support potential customers and gain some positive attention. Recently, a few big names like Amazon and Progressive Insurance have launched new funding rounds to support small businesses. Read about these programs and more small business grant opportunities below.
Small Business News May 24, 2024
This week the news roundup has news addressing a wide range of small business issues. This includes a reminder from the IRS making energy-efficient updates to their homes can qualify them for home energy credits. There is also a rule change by the SEC that could make it easier for small businesses to raise money with crowdfunding. For that and much more, take a look at the rest of the roundup.
The Internal Revenue Service (IRS) reminds taxpayers that making energy-efficient updates to their homes can qualify them for home energy credits. Expanded by the Inflation Reduction Act of 2022, these credits provide significant incentives for homeowners to invest in energy improvements.
The Securities and Exchange Commission is considering a rule change that could make it easier for small businesses to raise money with crowdfunding. The Small Business Capital Formation Advisory Committee discussed the potential rule change at a recent meeting, though the change has not yet been officially approved.
Microsoft unveiled its groundbreaking Copilot PCs, marking a significant leap in personal computing technology. These innovative devices are designed to integrate seamlessly with Microsoft’s AI-driven Copilot, enhancing productivity and user experience. With AI at the forefront, these devices promise to enhance productivity, improve user experience, and provide top-notch security.
Kent Ellsworth, an Arizona tax preparer, pleaded guilty to two counts of assisting in the preparation of false tax returns. This was part of a nationwide scheme that utilized abusive-trust tax shelters to defraud the IRS. Ellsworth’s fraudulent activities carried out through his business, Ellsworth Stauffer P.C.
Salesforce and IBM announced a strategic partnership to leverage AI and data to drive business innovation. This collaboration combines IBM’s data foundation and AI capabilities with Salesforce’s customer relationship management (CRM) expertise. The strategic partnership between IBM and Salesforce represents a powerful alliance in AI and data.
Multi-factor authentication (MFA) is a very important tool for securing your online accounts. However, scammers have developed new techniques to phish MFA codes, putting your data at risk. Understanding these methods and learning how to protect yourself is key for maintaining your digital security.
Small business owners are not satisfied with the current presidential candidates. But they could have a major impact on the outcome of the upcoming election. According to a recent survey from Goldman Sachs, 55 of small business owners who took part in the survey said they are dissatisfied with the way the candidates have addressed small business issues so far.
Amazon recently updated its policies related to selling certain dietary supplements on its platforms. Starting in April, dietary supplement products related to sexual enhancement, sports/bodybuilding, and weight management will need to be verified through a third-party testing organization.
Entrepreneurship has no age limits. One startup support organization in Pittsburgh is taking extra steps to foster creativity and business acumen in young people. Startable is a program of Innovation Works, a local startup organization that supports tech entrepreneurs throughout the community.
Getting traditional bank funding can be tough for any small business. But it’s especially challenging for those who are re-entering the workforce after incarceration. This was the case for Stephanie Blaco. After spending a decade in prison, she had trouble finding a traditional job.
Square’s latest Quarterly Restaurant Report sheds light on evolving dining trends, consumer spending, and restaurant wages. With patio season approaching, these insights offer valuable information for restaurant owners. Rising Payroll Costs in Full-Service Restaurants and Bars Labor remains a significant expense for restaurants.
Davis Owens, from Hamilton County, Ohio, has been sentenced to prison for his involvement in disabling emissions control systems on diesel trucks in violation of the Clean Air Act. Owens, 34, from Cleves, Ohio, will serve 30 days in prison, followed by seven months of home confinement and one year of supervised release.
Chase for Business has released its latest survey findings, showing that small business owners remain optimistic about future growth and are increasingly willing to invest in digital solutions.
The latest quarterly earnings updates from major quick-service giants Yum! Brands, Starbucks and McDonald’s reflect ongoing adjustments in consumer behavior among the current economic environment. As reported by Fox Business, each company’s results highlight the differing impacts of market conditions on their global operations.
A rise in shoplifting incidents is threatening small businesses across the U.S. For example, Baltimore County police were reportedly called to the same block as the now-closed Walmart in Towson over 300 times throughout 2023, as reported by Fox Baltimore. This represents a 149 percent increase between 2021 and 2024.
Goldman Sachs has reportedly been recruiting small businesses to advocate for its own interests. According to a recent from Reuters, the bank connected small business owners with members of Congress who may have influence surrounding financial regulations.
Nearly half of micro businesses are using generative AI to compete with larger brands. This data comes from a survey of over 3,000 business owners with ten or fewer employees performed by GoDaddy’s Venture Forward. In the survey, 44 percent of respondents said they agree that AI will help with their business growth over the next year.
The Small Business Administration (SBA) has reminded Oregon private nonprofit organizations about the upcoming deadline to apply for federal disaster loans. These loans are intended to assist with property damage caused by severe winter storms, straight-line winds, landslides, and mudslides that took place from January 10 to 22. The deadline to apply is June 12. Francisco Sánchez Jr.
Repeat business is a huge factor in restaurant success. So, how can you drive customer loyalty? Jon Taffer, host of Bar Rescue, shared several tips for creating customer loyalty in an appearance on Gary Vaynerchuk’s podcast. The main point Taffer made was that restaurants need to focus on getting customers to come back at least three times.
The National Federation of Independent Business (NFIB) has endorsed new legislation introduced by Senator Tommy Tuberville (AL) and Representative Warren Davidson (OH-8). This legislation seeks to repeal the Corporate Transparency Act (CTA), which currently requires small businesses to report detailed ownership information, a rule seen as overly burdensome.
Let’s face it: We live in a divided world, and this happens in business and our personal lives. Staying in our own bubble isn’t the long-term solution.
In today’s environment, small business owners must remain vigilantly aware of scams. One persistent fraud is the Yellow Pages invoice scam, which tricks businesses into paying for non-existent advertising spaces that fraudulently mimic the official Yellow Pages.
A new Bank of America Homebuyer Insights Report (HBIR) reveals that 70% of prospective homebuyers feel renting may harm their financial future. Renters fear they are missing out on long-term investments, and 72% worry about rent increases impacting their finances. With high interest rates and home prices, uncertainty about whether to rent or buy has increased.
The National Federation of Independent Business (NFIB) has released its Small Business Optimism Index for April 2024. The report reveals slight improvements but highlights ongoing challenges due to inflation and labor costs. The NFIB’s Small Business Optimism Index rose by 1.2 points in April to 89.7, marking the first increase of the year.
PathSpot, a New York tech startup, has developed a hand hygiene device that identifies if hands are not sufficiently washed. Known as the Handscanner, the device is described as a handwashing lie detector. It is already being used in 10,000 food service outlets around the world, including franchised Taco Bell, Arby’s, and Chopt restaurants, according to a report from WRAL-TV.
Kent Ellsworth, an Arizona tax preparer, pleaded guilty to two counts of assisting in the preparation of false tax returns. This was part of a nationwide scheme that utilized abusive-trust tax shelters to defraud the IRS. Ellsworth’s fraudulent activities carried out through his business, Ellsworth Stauffer P.C., concealed more than $60 million in income from the IRS, resulting in approximately $17 million in lost tax revenue.
Ellsworth’s guilty plea highlights a significant victory in the fight against tax fraud. The case underscores the IRS and Justice Department’s commitment to identifying and prosecuting those who engage in tax evasion schemes. Businesses and individuals are reminded of the importance of complying with tax laws and the severe consequences of attempting to defraud the IRS.
Details of the Fraud
From 2017 to 2023, Ellsworth prepared and filed over 500 false tax returns for around 60 clients across the country. These clients, mostly successful business owners, used the tax shelter to underreport their income and evade tax liabilities. The scheme involved clients assigning nearly all their income to sham trusts and a so-called “private family foundation,” falsely claiming these as legitimate to avoid taxes. However, these entities were mere bank accounts under the clients’ control, not legitimate trusts or foundations.
Ellsworth was trained to prepare tax returns using these fraudulent methods, reporting income as trust income and offsetting it with deductions for personal expenses. He earned fees from the clients who participated in the tax shelter, furthering the scheme’s reach and impact.
Ellsworth’s guilty plea means he faces serious legal consequences. He is scheduled for sentencing on August 14 and could receive a maximum of three years in prison for each count of preparing and filing false tax returns. Additionally, he faces fines up to $250,000, a period of supervised release, and prosecution costs for each count. The final sentence will be determined by a federal district court judge, who will consider the U.S. Sentencing Guidelines and other relevant factors.
Acting Deputy Assistant Attorney General Stuart M. Goldberg of the Justice Department’s Tax Division and Special Agent in Charge Andy Tsui of IRS Criminal Investigation’s (IRS-CI) Denver Field Office announced Ellsworth’s guilty plea. The IRS-CI is leading the investigation, with Trial Attorneys Amanda R. Scott and Lauren K. Pope, along with Senior Litigation Counsel Corey J. Smith of the Tax Division, prosecuting the case.
Loans can be your best friend when you are shopping for cars. They make vehicle purchases more feasible and affordable, but different people may qualify for different loan terms. Credit scores are one reason. For example, a higher credit score can lower your interest rates and reduce the amount of your monthly payment.
Approval
If you want a loan for a new CDJR for sale, your credit score determines whether you get approved at all. Fortunately, many people qualify.
However, if your score is low enough (under 575, generally), you might not qualify for a loan or only with lenders who deal in subprime loans.
Interest Rate
Lenders see people with higher credit scores as more likely to make their loan payments. Thus, they are less of a risk to lenders. The higher your credit score, the lower your interest rate should be, and the more money you should save over the life of your car loan.
If you have a lower credit score, you can make a car loan more affordable if you have the ability to wait a year or so before making the purchase. Use the time to keep your credit utilization ratio under 30%, pay past-due payments, apply for secured cards if necessary, and make all bill payments on time. A score of 680 or higher should get you the lowest interest rates.
Length of Loan, Loan Amount, and Fees
The better your credit is, the more flexibility you can expect to have in choosing a longer loan term. Similarly, you can usually qualify for higher loan amounts with a higher credit score. If your credit score is low, you may have to accept a shorter loan term and for a smaller amount.
Fees are another cost of car loans, and they can change based on your credit score. If you are a borrower with a lower credit score, you may have to pay higher loan origination fees, among other fees or charges.
Down Payment Amount
Lenders may not require you to put down as much money if you have a higher credit score. They feel more comfortable letting you do this since you have a history of making loan payments on time.
Financial experts recommend down payments of at least 10% to 20%, but you could put down less with many lenders if you have a sparkling credit score. Sometimes, lenders won’t even require a down payment. You would be paying more interest over the life of the loan, though, since the balance you owe is larger.
Monthly Payments
Your credit score, interest rate, and loan term determine your required monthly payment amount. You should expect lower monthly payments the better your credit score is.
Fortunately, you are probably not stuck with your original car loan if you steadily improve your credit score since taking out the loan. You can refinance a loan to get a better interest rate and other terms for a lower monthly payment. Refinancing does come with its own fees and other charges, though, so make sure the numbers come out in your favor.
Conclusion
If you manage your credit responsibly, you can make car ownership more affordable. Regardless of your credit score and loan terms, on-time payments may help you qualify for even better loan terms in the future.
Square’s latest Quarterly Restaurant Report sheds light on evolving dining trends, consumer spending, and restaurant wages. With patio season approaching, these insights offer valuable information for restaurant owners.
Rising Payroll Costs in Full-Service Restaurants and Bars
Labor remains a significant expense for restaurants. According to the Square Payroll Index, hourly earnings for restaurant workers have increased by 66% since 2017, compared to a 40% rise for retail workers. Payroll costs have grown more rapidly in full-service restaurants and bars than in cafes and quick-service restaurants (QSRs).
Ming-Tai Huh, Head of Restaurants at Square, stated:
“Bars and full-service restaurants rely more on higher-skilled employees who perform hard-to-automate tasks, which increases payroll costs. It’s the exact opposite situation for QSRs and cafes. These sellers can more easily use technology to automate and streamline operations, helping lower operating costs for front and back of house.”
Chicago recently approved an ordinance to phase out the tip credit, raising the minimum wage for tipped workers from approximately $9 to $15.80 per hour by 2028. As of April 2024, 62% of Chicago restaurant workers already earn a base wage of $15.80 per hour. The median wage for these workers, including tips and overtime, is $21.70 per hour.
Ara Kharazian, Square Research Lead, commented:
“Twenty-two states have already raised their minimum wage this year, with several more scheduled in the coming months. In addition, a number of state and local governments are working on similar bills to phase out tip credit. In an industry where profit margins are already tight, restaurants can increase staff efficiency with technology. This helps free up their time to focus on the customer-facing aspects of the business versus manual, tedious tasks.”
Despite the rise of remote work, weekday happy hours remain popular. Square data indicates that traffic in bars and restaurants between 4-6 p.m. has surpassed pre-pandemic levels. Conversely, weekday lunch traffic has not yet recovered.
As the weather warms up, consumers flock to outdoor venues, boosting sales of summer cocktails. Square’s data shows vodka as the overall favorite spirit, though tequila is preferred in certain cities. San Antonio, Los Angeles, Miami, Houston, and New York City show a strong preference for tequila.
Square also noted a seasonal increase in restaurant spending starting at the end of March, peaking during the summer, and dipping before the holiday season.
Goldman Sachs has reportedly been recruiting small businesses to advocate for its own interests.
According to a recent from Reuters, the bank connected small business owners with members of Congress who may have influence surrounding financial regulations. The goal is to convince these lawmakers that a new proposal to raise capital requirements for big banks would ultimately harm small businesses.
The proposal, which is known widely as Basel III Endgame, is a joint proposal by the Federal Reserve, Federal Deposit Insurance Corp., and the Office of the Comptroller of the Currency. The change would rewrite capital obligations for all banks with at least $100 billion in assets, largely requiring increases in aggregate capital levels.
On its surface, the proposal would only impact large banks – not small businesses. But many in the banking industry argue that the regulatory burden would force lenders to shut down certain offerings or increase costs for business customers.
To fight the proposal, Goldman Sachs recruited dozens of small business owners, often connecting through the company’s philanthropic 10,000 Small Businesses program. These business owners received travel assistance and talking points to make their points clear to members of Congress. The ultimate goal is reportedly to get these representatives to sign a letter asking the Fed to reconsider the change.
It’s certainly possible that this new regulation could negatively impact small businesses. However, the rule would only apply to banks with more than $100 billion in assets. And the Small Business Administration reports that only about 40 percent of small business loans come from such institutions. Additionally, the SBA reports that small business loans account for only around 3.3% of the total assets of banks with $50 billion or more in assets.
Programs like 10,000 Small Businesses can certainly help the small business community. The initiative has supported members through advocacy in other areas as well. But it’s also important for businesses to carefully research and consider what they’re signing up for, as large banks and corporations may have their own motives for creating these programs as well.
Starting a business that doesn’t have many barriers is always appealing. Entrepreneurs don’t always need big investments and lots of resources to begin. Just having a great idea can be the beginning of a successful enterprise. But what are the easiest businesses to start?
What Makes a Business Easy to Start?
Businesses that are easy to start have a few things in common, including low initial investment, high demand, and minimum skill requirements. There’s potential for growth and flexibility in scalability and operational hours with a great idea.
75 Easiest Businesses to Start
Here’s a list of the easiest businesses to start, considering the features that make them successful. These include excellent online business ideas.
1. Social Media Management
This requires a low initial investment. You’ll need platform-specific knowledge and skills in content creation. The market demand for social management is high, and this business can be expanded from individual clients to larger contracts.
2. Personal Shopper
A personal shopper only needs minimal investment for marketing and transportation. Skills required include understanding your client’s needs, negotiation skills, and a fashion sense. The market demand is moderate and higher in luxury and urban areas. Scalability depends on your reputation, so it’s moderate.
3. Home Cleaning Services
Home cleaning services require customer service efficiency and cleaning techniques. The initial investment is low; you need cleaning supplies and your transportation. There’s a consistent need in commercial and residential sectors, and you can expand by hiring staff and adding services.
4. Freelance Writing
Starting a business as a freelance writer requires only the internet and a computer. You’ll need niche expertise, research capabilities, and writing ability. You can scale your business up by expanding your services, and the market demand is high and diverse across industries.
5. Virtual Assistant
The initial investment for a virtual assistant is low since you only need a reliable computer on the internet. You’ll need skills in organization and communication, but the market demand is growing among small businesses and entrepreneurs. Building a VA team is one way to grow your business.
6. Craft Seller
Are you looking to sell crafts? Your initial investment is moderate and depends on online store fees and material costs. You’ll need to have skills in online marketing and be creative. Niche markets can be highly lucrative, and you can expand your business by diversifying products.
7. Dog Walking Business
This is one of the top low-cost businesses to start. In fact, if you already have some connections or are willing to get creative with marketing, it can be among the top businesses to start with no money. You’ll need to be reliable, good at customer service, and able to handle animals. The market demand is high in urban areas, and there’s potential to expand services by hiring walkers.
8. Personal Training Business
To become a personal trainer, you must invest in some certifications and equipment. Motivational skills are essential, and you’ll need to have fitness knowledge. The market demand is growing because people are becoming more health conscious. You can expand one of these businesses through additional trainers and product sales.
9. Tutoring Services
Starting a tutorial service requires a low investment, including educational materials and advertising. You’ll need to be able to teach and be an expert in some subject. There’s a constant need for this type of support, and you can hire other tutors and expand online.
10. Dropshipping Business
A business like this only needs a website and some platform fees. It would help if you were good at e-commerce management and customer service. The market demand is high as online shopping expands. This is a scalable business that operates in global markets.
11. Web Development Services
You’ll only need software tools and a specific education to get started. Project management, UX/UI design and coding are the skills you need to be familiar with. The demand is high, and you can scale your business to a full-service agency.
12. Online Course Instructor
Creating multiple courses can help you expand your business, but you need to be an expert in digital communication and content creation. Only platform fees and course creation tools are required to get started here.
13. Yoga Instructor
Your initial investment might include a rental space and certification. Skills needed are the ability to teach yoga and interpersonal communication. The market demand is high because wellness is trending. You can open a studio to scale your business up.
14. Graphic Design Services
Put aside some money for design software and hardware to get started with a good business idea like this. You must be good at graphic design and client management to make this business work, but the demand is high. Think about diversifying your services.
15. Podcast Production
Good recording equipment and editing software are necessary to get started here. You must have content creation, marketing, and audio editing skills. Podcasts are trending, and you can produce multiple shows to expand your business.
16. Translation Services
Initial investment is low because you only need linguistic education. Fluency in different languages is essential for this global business that is in high demand. Expanding the languages you offer and building a team of translators is a good move.
17. Bookkeeping Services
Get started with accounting software and a subscription. You’ll need accounting skills, but this service is essential for all businesses. Growing your client base by automating is a way to scale up.
18. Photography
Start-up costs can be high if you’re looking for quality equipment. You’ll need skills in photography and editing. The market demand here is moderate and competitive, with opportunities in specific niches. You can diversify into commercial work and portraits. This is another excellent business idea.
19. Property Management Business
Maintenance and yard tools are needed to get started. Knowledge of customer service and real estate is essential. There’s a consistent need for property managers in rental markets. Expanding your portfolio means offering varied services in different seasons.
20. E-commerce Store
All that’s needed here to begin is a website and your inventory. You need skills in digital marketing and e-commerce. With online shopping expanding, this type of store has a significant market demand. You can extend your product lines to scale up.
21. Mobile App Development
You need some software development tools and testing devices. The market demand is high because there is a constant need for innovative new apps. Scale your mobile app development business up by developing a team.
22. Content Marketing Services
There’s a low initial investment for the services, including digital marketing. The skills you’ll need are strategic planning, the ability to write and some knowledge of SEO. Build your business up by expanding your team.
23. IT Consulting
Initial costs are moderate because up-to-date technology and some certifications are required. Problem-solving skills and some IT knowledge come in handy. Expand your client base by offering diverse solutions.
24. Personal Branding Consultant
You don’t need a lot to get started– just some expertise and marketing tools. It’s good to know branding strategies because there is a growing market demand with professionals and businesses. Grow your business here by expanding client services and building a reputation.
25. Voice Over Artist
You need a space to start a business and some money to invest in quality recording equipment. Include skills like audio editing and voice control. There is moderate market demand for entertainment and advertising in this area. Grow this business by diversifying into different niches.
Business
Initial Investment
Skills Required
Market Demand
Scalability
Social Media Management
Low
Platform knowledge, content creation
High
Individual clients to larger contracts
Personal Shopper
Minimal
Fashion sense, negotiation
Moderate (higher in luxury/urban areas)
Moderate (depends on reputation)
Home Cleaning Services
Low
Cleaning techniques
Consistent
Hiring staff, adding services
Freelance Writing
Low
Writing ability, niche expertise
High
Expanding services
Virtual Assistant
Low
Organization, communication
Growing
Building a VA team
Craft Seller
Moderate
Creativity, online marketing
Niche lucrative
Diversifying products
Dog Walking Business
Minimal
Animal handling, reliability
High (urban areas)
Hiring walkers, expanding services
Personal Training Business
Moderate
Fitness knowledge, motivational
Growing
Adding trainers, selling products
Tutoring Services
Low
Teaching expertise
Constant
Hiring tutors, expanding online
Dropshipping Business
Low
E-commerce management
High
Global market
Web Development Services
Low
Coding, UX/UI design
High
Full-service agency
Online Course Instructor
Low
Digital communication, content creation
High
Creating multiple courses
Yoga Instructor
Moderate
Yoga teaching, communication
High
Opening a studio
Graphic Design Services
Moderate
Graphic design
High
Diversifying services
Podcast Production
Moderate
Content creation, audio editing
Trending
Producing multiple shows
Translation Services
Low
Linguistic education
High
Adding languages, building team
Bookkeeping Services
Low
Accounting
Essential
Automating, growing client base
Photography
High
Photography, editing
Moderate (competitive)
Diversifying into commercial work
Property Management Business
Moderate
Real estate knowledge
Consistent
Expanding portfolio
E-commerce Store
Low
Digital marketing, e-commerce
Significant
Extending product lines
Mobile App Development
Moderate
Software development
High
Developing a team
Content Marketing Services
Low
Strategic planning, SEO
High
Expanding team
IT Consulting
Moderate
IT knowledge
Diverse
Offering diverse solutions
Personal Branding Consultant
Low
Branding strategies
Growing
Expanding client services
Voice Over Artist
Moderate
Voice control, audio editing
Moderate
Diversifying niches
26. Event Coordinator
Marketing is one of the more considerable initial investments. As an event coordinator, you’ll need to have skills in communication, negotiation, and organization. The demand for private, public, and corporate events is high. Expanding geographically or specializing in certain events helps your business grow.
27. Landscaping Business
The initial costs are moderate for a landscaping enterprise. You might need a crew, but you’ll also need to buy equipment. Landscape design skills and horticultural knowledge are essential. There’s a steady demand for commercial and residential projects.
28. Food Truck Operator
Your initial investment is high for this business. Costs include kitchen equipment and the truck. You’ll need customer service, business management and culinary skills, but the market demand is high.
Transitioning into a brick-and-mortar location helps you to grow.
29. Jewelry Design and Sales
The initial investment depends on the tools and materials you select for any small business idea. It would be best to be good at the craft because the market demand is moderate. A niche business may have high margins, but you can expand through wholesale and online platforms.
30. Gourmet Coffee Cart
An initial inventory and a cart are all you need to get started. Skills needed include knowledge of coffee and good customer service. The market demand is high because coffee is popular. You can scale up with several carts.
31. Custom T-shirt Printing
Startup costs are moderate since you’ll only need some money for printing equipment and other materials. Graphic design skills are required, and you should understand screen printing techniques. The market demand is high since custom t-shirts are popular for businesses and events. You can expand your business through bulk orders and online sales. Another great business idea.
32. Home Decor Sales
Are you thinking about starting a home decor sales business? You’ll need to know about the latest trends and interior design. There’s a high demand here, and home improvements drive it. Initial investments include a possible storefront or online platform, and you can grow this business through e-commerce.
33. Natural Beauty Products
The costs here for a startup are moderate and include ingredients and packaging. You should have a good knowledge of digital marketing and product formulation to satisfy the high demand for organic and natural beauty solutions.You can scale up a natural beauty products business by entering retail partnerships.
34. Health and Wellness Coaching
Certifications are necessary, and marketing costs are part of your startup. Motivational skills, coaching knowledge, and some smarts in the wellness industry work here. Growth can come through digital platforms and group programs.
35. Resume Writing Services
This job is attractive because it has a low startup cost. You need expertise and a knowledge of marketing. However, you should have some HR knowledge and writing skills to enter this field, which is highly needed to fill market demand.
There’s only moderate ability to scale this type of business up. However, you can expand your services to include career coaching.
36. Specialty Catering Services
Skills needed here include event planning, customer service, and culinary expertise. Initial investment costs can consist of some initial ingredients and kitchen equipment. There’s a good market dividend in gluten-free and vegan opportunities and an ability to expand through corporate contracts.
37. Online News Correspondent
Creating a correspondent job means you can scale up by growing your personal branding audience and expanding into multimedia. It’s low-cost to get started since you only need a reliable internet connection. Skills required include journalism and multimedia content creation
38. Custom Illustration Services
This one has low to moderate startup costs, including software and a digital tablet. You’ll need to communicate with clients and have artistic talent and creativity for custom illustration. There’s a market demand in advertising and publishing and the possibility to scale up by diversifying merchandise.
39. Drone Photography
You need to be able to pilot a drone here and have the proper licenses and skills in videography and photography. The cost to get started is moderate to high because you’ll need a drone with the appropriate camera equipment. A big market includes commercial projects, weddings and real estate, and you can scale up by including aerial mapping.
40. Personal Finance Advisory
You’ll need to cover licensing costs and get a certification for this job. Successful people in this field understand client management and investment strategies for a high-demand market. You can offer online courses and seminars.
41. Online Boutique
The initial investment includes an e-commerce platform and some marketing abilities. It’s essential to have a fashion sense and e-commerce management skills for a market driven by unique fashion. Exploring dropshipping is one way to boost your inventory.
42. Specialty Food Production
You’ll need packaging, ingredients, and kitchen equipment to start. Skills in business management, food safety, and cooking are mandatory. The market demand centers on ethnic vegan and organic foods, and you can expand your business with online sales.
43. Furniture Restoration
The investment here for a startup is moderate, with a workspace and tools. Successful people will have a background in refinishing and carpentry, and sustainable living trends drive the market.
44. Home Organization Services
You’ll need marketing skills and organizational tools to get started. Communicating with your clients and spatial awareness are good things to have in this growing industry, which is influenced by minimalism. Hiring staff can help you expand.
45. Children’s Entertainment
There’s a big difference in startup costs here between props, costumes, and entertainment. However, successful business owners need creativity and performance skills. There’s a steady demand that includes educational programs and birthday parties. Scaling this business up usually means expanding your geographic reach.
46. Environmental Consulting
Professional training, certification, and environmental science knowledge are usually required here. You’ll need to be well-versed in regulatory compliance in this market, which is driven by increasing environmental regulations and corporate sustainability. There’s a real possibility here of branching out with specialized services.
47. Computer Repair Services
Repair equipment and diagnostic tools are the bread and butter of this job. Due to the widespread use of computers, you’ll need some technical expertise in software and hardware for this high-demand market. Consider mobile repair options.
48. Language Teaching
If you’re working online, you’ll need to pay some platform fees to get started and have fluency in the chosen language and teaching ability. This is a growing market because of the expanding interest in language learning. Offering more languages can help you scale up.
49. Import/Export Consulting
Some knowledge of international trade regulations is essential here. You’ll need to understand negotiations, logistics and a little about global markets. The market here can fluctuate because of economic conditions, but you can usually expand into new industries.
50. Custom Cake Making
Getting started means buying some baking equipment and ingredients and mastering digital marketing. Decorating skills and creativity will separate you from the competition. There’s a high demand for birthdays, weddings, and special occasions. You can expand your business by offering catering services.
Business
Initial Investment
Skills Required
Market Demand
Scalability
Event Coordinator
Moderate
Communication, negotiation, organization
High
Geographic expansion, specialization
Landscaping Business
Moderate
Landscape design, horticulture
Steady
Commercial and residential projects
Food Truck Operator
High
Customer service, business management, culinary
High
Transition to brick-and-mortar
Jewelry Design and Sales
Variable
Craftsmanship, marketing
Moderate
Wholesale, online platforms
Gourmet Coffee Cart
Low
Coffee knowledge, customer service
High
Multiple carts
Custom T-shirt Printing
Moderate
Graphic design, screen printing
High
Bulk orders, online sales
Home Decor Sales
Variable
Trend awareness, design
High
E-commerce
Natural Beauty Products
Moderate
Product formulation, marketing
High
Retail partnerships
Health and Wellness Coaching
Moderate
Coaching, wellness knowledge
Growing
Digital platforms, group programs
Resume Writing Services
Low
HR knowledge, writing
High
Career coaching services
Specialty Catering Services
Moderate
Culinary, event planning
Good
Corporate contracts
Online News Correspondent
Low
Journalism, multimedia content creation
Growing
Personal branding, multimedia expansion
Custom Illustration Services
Low to Moderate
Artistic talent, creativity
Moderate
Diversifying merchandise
Drone Photography
Moderate to High
Drone piloting, videography
High
Aerial mapping services
Personal Finance Advisory
Moderate
Client management, investment strategies
High
Online courses, seminars
Online Boutique
Low
Fashion sense, e-commerce management
Driven by unique fashion
Dropshipping to boost inventory
Specialty Food Production
Moderate
Cooking, food safety
Centered on ethnic, vegan, organic
Online sales
Furniture Restoration
Moderate
Refinishing, carpentry
Driven by sustainable living trends
Expanding services
Home Organization Services
Low
Organizational skills, spatial awareness
Growing
Hiring staff
Children’s Entertainment
Variable
Creativity, performance
Steady
Geographic expansion
Environmental Consulting
Moderate
Environmental science, regulatory compliance
Driven by environmental regulations
Specialized services
Computer Repair Services
Moderate
Technical expertise in software/hardware
High
Mobile repair options
Language Teaching
Low
Language fluency, teaching
Growing
Offering more languages
Import/Export Consulting
Moderate
International trade, logistics
Fluctuates with economic conditions
Expansion into new industries
Custom Cake Making
Moderate
Baking, decorating
High
Catering services
51. Elderly Care Services
This job usually requires background checks and certifications. Patience and interpersonal skills are good to have. You should also have some medical knowledge in this high-demand market for aging populations. Consider expanding your service areas.
52. Pet Grooming
You should have a storefront here and need to buy some grooming tools. Successful business owners have grooming techniques and a background in animal handling. The market is good as there’s increased pet spending, and you can add a mobile unit or franchise.
53. Subscription Box Service
The initial costs include money for shipping, packaging and curation. Skills needed include product sourcing. Market research in e-commerce management for this job that focuses on niche subscriptions is needed. Leveraging customer data can help you scale up.
54. Virtual Interior Design
It would help if you had some design software and marketing tools. Skills include digital rendering, client communication and interior design. There’s a growing interest in remote services for home decor, and it’s bumping up the market demand. Consider partnering with decor brands.
55. Specialty Tour Operator
You need to invest in transportation, marketing, and permits. Organizational skills and customer service will help your business become successful. Choose the right market according to travel trends and niche popularity. Expand by adding new locations.
56. Online Fitness Coaching
It would be best to have a good website and some workout equipment to get started. You should have a background in fitness training and knowledge of nutrition. There’s a growing interest in online coaching and personal health, which will help you scale this business up through group programs.
57. Sustainable Goods Seller
Begin by putting together an inventory of eco-friendly products for an online store. Understanding e-commerce, sustainable products, and digital marketing helps. Explore some B2B opportunities to expand.
58. Freelance Editing
Software subscriptions on the internet can launch this business. Understanding editorial standards and a strong command of language are necessary skills in this market. There’s a consistent need across corporate communications and publishing. Specialize in niche markets to scale up.
59. Home Technology Installation
There’s a moderate cost to begin, including transportation, tools, and training certificates. You’ll need to be proficient in home tech systems. Smart home devices fuel market growth, and you can expand to commercial spaces.
60. Art Gallery Online
You need to put together some commission agreements and develop a website. A background in art curation and knowledge of the market are helpful. Online purchasing is growing, so you can expand through exclusive events and partnerships.
61. Mobile DJ Service
A music library and some transportation start this type of business. Successful business owners understand the importance of mixing, crowd management and musical knowledge. There’s a significant demand for corporate events, parties, and weddings, and you can hire additional DJs.
62. Custom Stationery Design
Get the right design software. Successful people have a background in graphic design to satisfy the demand for events, weddings, and branded corporate stationery. Wholesaling to retailers helps to drive profits.
63. Video Production Services
Buy professional camera equipment and editing software. Videography, storytelling and editing are the skills needed to satisfy a growing demand for digital marketing content.
64. Legal Consulting
A legal education and expertise are the cornerstones of a successful business here. There’s a consistent need from non-profit personal and business sectors. Scale up by hiring additional consultants.
65. Crowdfunding Consultant
Startup costs are low. You only need a dedicated office space and knowledge of crowdfunding platforms and marketing. The market is growing because of an increased interest in crowdfunding for startups and projects. You can transition to using consulting services for startups.
66. Specialty Retail Store
Start-up costs can be high here because you might need a location lease. Product knowledge in a specialty area is required. Market demand depends entirely on market trends and the niche you choose.
67. Online Community Management
Startup costs include those for platforms and digital tools. Prospects need to be good at content moderation and digital communication. A high market demand requires understanding social media analytics to foster engagement. Managing multiple communities across different platforms helps you expand.
68. Bicycle Repair and Maintenance
A well-equipped workshop and some specialized tools will get you started. Proficiency in customer service and bicycle mechanics are must-haves. The market is growing, and you can offer mobile repair services.
69. Specialty Beverage Production
Startup costs can be high because you’ll need equipment and to pay licensing fees. Success means understanding distillation, brewing and regulatory compliance. Niche markets have a high demand. Grow your business here by expanding distribution channels.
70. Home-Based Catering
Initial investment costs include kitchen equipment; you must be good at logistics management and menu planning. There’s a high demand that includes boutique event catering, and you can extend your offerings to corporate catering.
71. Data Analysis Consulting
The low entry costs include data analysis software. You’ll need experience with data analytics and some industry-specific knowledge to work in this high-demand market. Expanding into big data and AI analytics is a way to scale up.
72. Virtual Reality Experience Creator
VR development software is a must. You’ll need to have user experience design capabilities and some knowledge of graphic design. Applications in gaming, education, and real estate make this a growing market. You can expand into augmented reality.
73. Green Cleaning Services
The initial investment includes eco-friendly cleaning supplies and equipment. Successful candidates for this business have a good knowledge of green cleaning products and practices. Increasing awareness of health and environmental impacts is making this a demand market. Consider franchising.
74. Social Media Influencer
Entry-level costs are low. They only require personal branding and content creation tools. Good knowledge of the strategic use of social platforms and collaboration with brands helps. Diversifying your content channels, like through blogs and podcasts, helps your business scale up.
75. Local Tour Guide
Low-level costs include any necessary licenses or permits. Skills needed include additional languages if needed, as well as customer service. High-tourist areas have a big market demand, and you can create themed tours.
Business
Initial Investment
Skills Required
Market Demand
Scalability
Elderly Care Services
Moderate
Patience, interpersonal skills, medical knowledge
High
Expanding service areas
Pet Grooming
Moderate
Grooming techniques, animal handling
Good
Add a mobile unit or franchise
Subscription Box Service
Moderate
Product sourcing, e-commerce management
Growing
Leveraging customer data
Virtual Interior Design
Low
Digital rendering, client communication, interior design
Growing
Partnering with decor brands
Specialty Tour Operator
Moderate
Organizational skills, customer service
Variable
Adding new locations
Online Fitness Coaching
Low
Fitness training, nutrition knowledge
Growing
Group programs
Sustainable Goods Seller
Low
E-commerce, sustainable product knowledge, digital marketing
Growing
Exploring B2B opportunities
Freelance Editing
Low
Editorial standards, language proficiency
Consistent
Specializing in niche markets
Home Technology Installation
Moderate
Home tech systems proficiency
Growing
Expanding to commercial spaces
Art Gallery Online
Low
Art curation, market knowledge
Growing
Exclusive events, partnerships
Mobile DJ Service
Moderate
Mixing, crowd management, musical knowledge
Significant
Hiring additional DJs
Custom Stationery Design
Low
Graphic design
Moderate
Wholesaling to retailers
Video Production Services
Moderate
Videography, storytelling, editing
Growing
Diversifying content types
Legal Consulting
Low
Legal education, expertise
Consistent
Hiring additional consultants
Crowdfunding Consultant
Low
Crowdfunding platform knowledge, marketing
Growing
Consulting services for startups
Specialty Retail Store
High
Product knowledge in a specialty area
Variable
Exploring niche market trends
Online Community Management
Low
Content moderation, digital communication
High
Managing multiple communities
Bicycle Repair and Maintenance
Low
Customer service, bicycle mechanics
Growing
Offering mobile repair services
Specialty Beverage Production
High
Distillation, brewing, regulatory compliance
High
Expanding distribution channels
Home-Based Catering
Low
Logistics management, menu planning
High
Extending to corporate catering
Data Analysis Consulting
Low
Data analytics, industry knowledge
High
Expanding into big data and AI analytics
Virtual Reality Experience Creator
Moderate
User experience design, graphic design
Growing
Expanding into augmented reality
Green Cleaning Services
Low
Green cleaning product knowledge
Growing
Franchising
Social Media Influencer
Low
Personal branding, content creation
High
Diversifying content channels
Local Tour Guide
Low
Language skills, customer service
High
Creating themed tours
Factors Deciding the Easiest Business to Start
When considering the easiest businesses to start, several factors come into play, significantly influencing the decision. These factors not only make the entry into the business world smoother but also enhance the likelihood of success. Here’s an expanded look at these critical considerations:
Lower Startup Costs: One of the most appealing aspects of easy-to-start businesses is the minimal initial investment required. This makes it more accessible for entrepreneurs to launch their ventures without the need for substantial capital or securing large loans.
Minimal Skill Requirements: Businesses that don’t demand highly specialized skills or extensive experience are easier to start. This opens up opportunities for a broader range of individuals, including those looking to pivot careers or start a side hustle.
Online Business Models: The digital era has made online businesses particularly attractive due to their inherent flexibility and scalability. With the world as your potential market, online ventures can grow significantly without the geographical limitations of traditional businesses.
Flexibility: Many people are drawn to businesses that offer the flexibility to work from anywhere and at any time. This is especially important for those balancing other commitments or preferring a more adaptable lifestyle.
Low Overhead Costs: Businesses with minimal ongoing expenses keep operational costs down and profitability up. Online businesses, in particular, benefit from this, as they often don’t require a physical storefront, inventory storage, or a large team.
Market Demand: Choosing a business that meets a clear market need or addresses specific pain points can significantly increase the chances of success. Doing thorough market research to identify these opportunities is crucial.
Ease of Marketing: Some businesses naturally lend themselves to easier marketing strategies, often through social media, word-of-mouth, or content marketing. This can reduce marketing costs and increase customer acquisition rates.
Starting a business that aligns with these factors can not only make the process more manageable but also more enjoyable and potentially more rewarding in the long run. It’s essential to choose a venture that matches your interests, skills, and lifestyle preferences to maintain long-term motivation and commitment.
Planning Your Small Business Idea
You must recognize strategic planning if you want business success. These small business ideas provide a way for you to plan carefully, whether you have some existing skills or are just looking for some simple businesses you can start with $1000 or less. The easiest business is often the most adaptable. It can respond to market changes rapidly.
The Path to Starting Your Own Business
Finding a profitable business idea is a good starting point. Small business owners need to consider market demand and other factors. Flexibility and reduced overhead can separate one business idea from another. Thesesmall business ideashave been carefully put together to help you take your best small business ideas and make them a reality.
What is considered the easiest business to start?
Starting a service-based business is often considered the easiest type of business to start. This can include freelance services like writing, graphic design, tutoring, or consulting. These businesses typically require minimal startup costs and can be launched with just a computer and an internet connection.
What are some examples of service-based businesses?
Examples of service-based businesses include:
Freelance writing or copywriting
Graphic design services
Virtual assistance or administrative services
Tutoring or teaching services
Consulting in various fields such as marketing, finance, or human resources
Why are service-based businesses considered easy to start?
Service-based businesses are often easy to start because they require minimal upfront investment in inventory or equipment. Additionally, many service-based businesses can be operated from home, eliminating the need for expensive office space. With the rise of online platforms and marketplaces, it’s also easier than ever to find clients and customers for service-based businesses.
Do service-based businesses require specific skills or qualifications?
While some service-based businesses may require specific skills or qualifications, many do not. For example, anyone with writing skills can start a freelance writing business, and those with design skills can offer graphic design services. However, certain services, such as legal or medical consulting, may require specific qualifications or certifications.
How can I market my service-based business?
Marketing a service-based business can be done through various channels, including:
Creating a professional website to showcase your services
Utilizing social media platforms to reach potential clients
Networking with other professionals in your industry
Offering promotions or discounts to attract new clients
Asking satisfied clients for referrals or testimonials
What are the potential challenges of starting a service-based business?
Some potential challenges of starting a service-based business include:
Finding and retaining clients in a competitive market
Managing time effectively, especially when working with multiple clients
Setting competitive pricing while still making a profit
Dealing with fluctuations in income, as clients may come and go
Balancing the demands of running the business with delivering high-quality service to clients
Are there any legal or regulatory considerations for service-based businesses?
Depending on the nature of your service-based business and your location, there may be legal or regulatory considerations to take into account. These can include:
Registering your business and obtaining any necessary licenses or permits
Complying with tax laws and regulations for self-employed individuals
Ensuring compliance with any industry-specific regulations or standards
Protecting intellectual property rights, such as copyrights or trademarks, if applicable
Understanding liability issues and considering insurance coverage for your business.
