Do you have an ambition to be a business owner? Have you considered what type of company you might like to own? A big part of running a successful business is understanding what people need. Consider what problems people might have regardless of the state of the economy and what kinds of problems you’d like to solve. This can help increase the likelihood that your enterprise will thrive.
You might want to consider combining your business acumen with another profession to boost your chances of success. Even if your primary specialty is in one of the fields discussed below, it’s not a bad idea to take some business classes at some point. Each of the below areas is likely to do well whether the economy is booming or limping along.
Plumber
Everyone needs plumbing, and at one point or another, everyone needs a plumber as well. You don’t have to be a plumber to run a plumbing business, but you’ll increase your own value to the business that you run if you become trained and licensed. Another thing you may want to consider is whether you want to set up your own company, buy an existing plumbing company or purchase a franchise. There can be advantages to owning a franchise. You may be able to get a substantial amount of support, but you may have less flexibility than you would on your own.
Home Contractor
If you like the idea of being invaluable regardless of the economy but both dentistry and plumbing make you feel a little bit squeamish, consider becoming a contractor of some sort. Many might postpone major remodels during economic downturns, but they will still need to fix things like damaged roofs and other structural issues even during stretches when they aren’t splashing out on a new kitchen. You can learn contracting on the job and strike out on your own once you have some experience under your belt.
Dental Practice
Ownership of dental practices is regulated on a state-by-state basis, and in most states, you need to be a dental professional in order to be an owner. However, it may be possible for you to be a shareholder in a dental practice. Alternately, of course, you could attend dentistry school and set up your own practice. This can provide the satisfaction of helping others along with the benefits of being a business owner.
When you open your practice, you can attract more patients by offering a financing plan. Through a company that is considered trustworthy by many leading dental practices, you could get paid for patient fees up front, while cutting merchant fees in half. These plans can offer the patient payment plans for up to 60 months with options for 0% APR.
Automobile Repair
As is the case with teeth, plumbing systems and houses, vehicles need repair even at times when it’s financially inconvenient. In fact, people might hang onto their cars for longer during a downturn, which means they would need more repairs. You don’t need to be a mechanic yourself, but you may need to observe certain regulations or obtain certifications in order to set up an auto repair business. You’ll have an advantage if you are also a mechanic, but management, organizational and financial skills will get you far if you aren’t.
Property Management
Whether the economy is good or struggling, people need a place to live, and landlords don’t always have the time, skills or desire to manage properties to rent out. Depending on where you live, you might need to get a real estate license. You may be required to obtain other certifications or licenses as well to stay in compliance. You can choose to focus on a specialty, such as hot vacation rentals or commercial properties. But those specialties may be more vulnerable to the health of the economy and consumer wallets. Regular residential property management might offer more stability and less worry about filling up the rental calendar.
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