If you want to develop a business, and you lack ideas, check out our list of most profitable small businesses to start in 2017!
Small business is considered to be a privately owned company with a fewer number of employees than a regular one. The number varies depending on the country. In Australia, small business is considered if it has around fifteen employees, in the European Union around fifty and in the US fewer than five hundred. They are very popular all over the world, but they are shown especially productive in America and let’s see why!
Copyright: rawpixel / 123RF Stock Photo
From the statistics of U.S. Small Business Administration, Office of Advocacy, small businesses are in constant growth. Since 1982 they increased by 49%, and from 1990, while big businesses eliminated 4 million jobs, small ones created 8 million new jobs. In 2016 there were 28.8 million in the US, which makes it 99.7% of the US businesses in total. Moreover, 97.7%, or in numbers 297,343, of goods in America were exported thanks to small firms. They generated 33.6% of the total export value in this country. And that’s not the best news! If you are looking to work in one of these small businesses, you will find exciting to know that they employed 56.8 million people in 2013, which makes it 48% of the total private workforce. Furthermore, employment rates rose in 2015 by 2.2%, and in 2016 they were still in progress. They are basically unstoppable!
What is interesting for the small businesses in America is that the highest percentage of ownership goes to the Hispanic demographic group with 46.3%. Next are Hawaiian/Pacific Islander owners with 45.3%. Then, African-Americans own around 34.5%, whereas Asians have 23.8% of small businesses. As there is a real balance between different nationality groups in this branch, we wondered whether there is a rational proportion in sexes as well. Apparently, the percentage of males that work in small firms is 11.5%, whereas of females is 7.2%. Very close to female percentage are minority groups with 7.1% of employment. These numbers are collected from American Community Survey.
So, what are you waiting for? It is a perfect time to start your own business! Before you do, it will be helpful to know also which banks in America offer the best rates for loans, online services or so-called e-banking, free business checking accounts, as well as premium account services, especially for small businesses. After browsing the Internet for a while we found out that top three banks in America are Bank of American Corporation, Wells Fargo, and American Express Bank FSB.
Even though there are many signs of progressing within small businesses, it isn’t however, the easiest thing to manage. The challenges that this type of business is facing differ from one country to another. In America, the biggest problem they have is with insurance costs and taxes, as they are very high, whereas in, for example, Australia and the United Kingdom, owners of small companies are concerned mostly with excessive governmental red tape- rigid conformity to formal rules. According to Forbes, 7 out of 10 new employer firms survive up to 2 years, five up to 5 years, a third at least 10 years and a quarter for almost 15 years or even more.
Now, with this information, you are half ready to create your own small business. The last thing you need to know is which ones are the most profitable to start. To create our following list of most profitable small businesses to start in 2017, we researched many sources such as Entrepreneur, Forbes, and US Small Business Administration, in order to see the most frequent suggestions. We chose 15 small businesses ideas, and for each of them, we mention the current average rates other firms are charging in those branches. There are five suggestions for the rate of $15+, five for the rate of $25+ and last five ideas for $50+. If you are interested in a similar type of research for the previous year, check out 10 Most Profitable Businesses To Start in 2015. And now, let’s see the list of most profitable small businesses to start in 2017.
