A study from the Small Business Administration shows that non-employer business formation rates go up during periods of high unemployment. For entrepreneurs who are thinking of starting a sole proprietorship, Business.gov offers some tips on startups with the potential for growth in 2010 that don’t require significant startup capital.
Web businesses, in general, are cost-effective. By publishing ad-supported content websites or ecommerce sites, entrepreneurs can find inexpensive startup costs and potentially bring in lots of cash as these markets are predicted to thrive in the new year.
Another low-cost, high-demand business at the moment is the virtual assistant company. Small business owners are increasingly using virtual offices to save cash. As the volume of these remote companies grows, the need for them to hire experts to help keep them organized will increase.
Perhaps a less expected opportunity for inexpensive startups comes in the pet industry. The source reports that Americans spend $10 billion a year on pet supplies and more than $3 billion on pet services. These numbers are expected to grow in 2010, so entrepreneurs can consider pet-sitting or dog walking as a cheap way to make some big bucks.
The inexpensive startup costs of these businesses should not give entrepreneurs false confidence about incorporation; as with all business types, entrepreneurs should do their homework on niche markets before starting a company. They might also consider consulting with incorporation service professionals before business formation.