Small Business Opportunities You Should Consider (Updated)
Year after year I see some really incredible small businesses for sale.
While these businesses might well be diamonds in the rough so to speak at the time of the sale, for a buyer willing to roll their sleeves up and work hard, these businesses offer incredible opportunities for you – the new owner.
I’m going to briefly discuss more than 14 different types of small business ideas that can be incredibly successful and for each I’m going to offer my thoughts on why they can be such a great business opportunity to buy. Some of these small business ideas can even be operated from your home!
My hope is that by discussing these different types of business ideas it will help you narrow down your search for that perfect business to buy.
Let’s get started…
Mobile Food Truck Business
If you love food, I think a fantastic business opportunity is owning a mobile food truck – for 2 really big reasons – 1. You’re not tied into a costly real estate lease agreement and 2. You’re mobile! Utilize social media channels, offer some delicious, freshly prepared and cooked food and start building your reputation! When looking for an existing mobile food truck to buy, be sure to make the sale purchase agreement conditional to the vehicle and kitchen being thoroughly inspected by an expert.
Mobile Automotive Service Based Business
If you love cars, and your good with your hands, a mobile automotive based business can be a fantastic business opportunity. One key consideration when buying this type of business are the tools. You need to ensure the business comes with the right tools to do the job, they are of high quality, are reliable and operating within manufactures specifications.
Another business worth mentioning under this category would be an automotive detailing business (interior and / or exterior).
Home Maintenance / Repair / Renovation Based Business
While your first reaction to this suggestion might be that there are hundreds of people doing this, you need to know that many established medium sized businesses turn down a LOT of small jobs simply because they cannot afford to allocate their expensive resources to such small jobs.
From Painting Businesses to Deck Building Businesses, for an individual, great with their hands, this is where the opportunity lies. Most businesses for sale in this area might include a vehicle, specialized tools, marketing materials and a client list. If the business has a good reputation for doing quality work, you might find a real diamond of a business in this area worth buying.
Some other businesses worth mentioning under this category would be Carpet Clening Businesses, Window Cleaning Businesses (if you do not mind heights) and Chimney Sweeping Businesses if you live in an area where there are many houses with chimneys.
Residential Gardening Business
If you love the out doors, landscaping, plants and trees, buying an established gardening based business can be a very lucrative business to buy. Furthermore, for many people, the seasonality of the business might be the real appeal to buying this kind of business.
Another business worth mentioning under this category would be a fencing and landscaping business (particularly if you have a lot of new developments in your area).
Pet Care Businesses
People love their dogs and if you love animals too, perhaps buying something like a doggy day care would be a perfect fit for you. When considering a doggy day care that is for sale, pay particular attention to location, reputation and visual appeal of the facility. Safety of the animals, simulated home / creature comforts and overall cleanliness are just a few obvious considerations when looking at buying such a business.
Unique Product Based Business
It’s important to note that over the last few years, I’m seeing an increased number of small business owners buying various products direct from Asia – China, Vietnam etc etc. These businesses are starting to come up for sale and the beauty of buying such a business is the relationship with the supplier / manufacturer of the product over in Asia has already been established. Be it products for wholesale or retail sale, if you do not mind some travel over to Asia once or twice a year, this type of business opportunity might be for you.
Spa Based Businesses
From time to time I see some really nice little health and wellness based businesses come up for sale. Some might focus just on massage, others waxing, even tattoo removal. These businesses, and the equipment, can usually be purchased at a far lower cost than it would cost to setup the business from scratch. Furthermore, if you want to be more than just a business owner and actually perform some of the treatments, local educational institutions offer an array of courses that you can take and complete in a realtively short period of time.
It’s worth mentioning that there are people out there who have poured a small fortune into creating an online business only to be stopped dead in their tracks at the prospect and cost of now marketing their brand new online business. Marketing an online business is not for the faint of heart but if you have what it takes, you have the tools, knowledge and contacts, you can find online businesses being sold for a fraction of the cost it took to design and set up.
Home Based Businesses
Gone are the days when people judge you negatively for having a home based business. After all, clients / customers want convenience and it can be inconvenient for them to drive across the city to see you at your office, when you can simply drive over to see them. Technology and tools have all played a part in creating a swath of very successful business owners who work from home. Here are just a few examples of home based business you might also find for sale.
Adventure Tour Based Business
This is a certainly a business that can be operated from home. Of the businesses I’ve seen for sale, some might specialize in arranging individual tours whereas others might have a corporate client component to their business. If you love travelling, and you have a really passion for experiencing an adventure yourself, this might be a great business opportunity for you!
Vacation Home Rental Business
If you’ve been fortunate enough to rent a fully furnished home for your vacation, you’ll know what I am talking about when it comes to the attraction of renting a home instead of a hotel. From time to time this type of business does come up for sale but as with any other business for sale, be sure to understand the reason why the business is for sale.
A Marketing Business
There are many different types of Marketing business that might come up for sale, from businesses that specialize in website development, through to businesses that design and create brands. Of these businesses for sale you might find some that are simply comprised of a single owner / operator, through to other businesses that are comprised of a “team” of remote contractors which can be called upon on a project by project basis.
Depending upon what aspect of “Marketing” you might be passionate about, I personally think there is a big opportunity out there to buy and build a very successful marketing business.
Professional Services Business
Again another very large category but its worth mentioning because there are certainly a lot of professional service based business that can be purchased and operated entirely or in part, from home.
Some businesses worth mentioning under this category would be, Consulting based business, Photography based business and Book Keeping based business.
For some, there might be an appeal to purchase an existing franchise or franchised location. Some popular juice, sandwich and food based franchisee business locations are always for sale. On that note, do take a moment to read my article on “Buying A Franchise In Canada”. In that article I talk about a few important things you need to know, and advice I need to provide you that is specific to you buying a franchise.
Keep in mind that small businesses can be as successful, sometimes even more profitable, than businesses with lots of employees and that are committed to paying a hefty real estate lease payment every month for their facility.
I hope some of the aforementioned has sparked some creative ideas for you. I so, give me a call, I’d like to help you fore fill your dream of owning your own business.
Do also checkout my Buying A Business Course – it is a step by step course that will help you identify and buy a great business opportunity, for a great price and in a way that gives you the greatest probability of success.
Thank you for taking the time to read my article – Small Business Opportunities You Should Consider!
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