Starting your own small business is one of the most exciting, rewarding, and challenging endeavors you'll undertake. And, it's going to take some real foresight, research and dedication to keep the doors of your first business open. In fact, more than 50 percent of small businesses fail with in the first year of business, and 95 percent fail within the first five years, reports the Small Business Administration (SBA).
Several reasons contribute to the failure of a small business: lack of experience, mismanaging funds, poor location, or growing competition. But one of the biggest killers is starting a small business in a large industry without identifying if you have a necessary or essential product. We're not saying that you shouldn't open a small business, but you should be well aware of the risks if you do.
Computer-related services — As more people, world wide, begin to buy computers at a low cost, the need for computer-related services will grow too. If you have a background in information technology and can help people eliminate viruses, or fix a reoccurring computer problem, you could be the next "Geek on Call."
Child Care Services—The child care/daycare industry has become one of the fastest growing businesses in the United States. What's more, this industry makes $11 billion annually — and it's projected to keep growing. This may be the ideal small business for stay-at-home moms who want to be entrepreneurs as well.
Home Health Care Services — A small home health care business can reach many people. Each year more than 7.6 million people need home health care service reports the National Association for Home Care. The aging American population and advancements in medical technologies have spurred the necessity for qualified home health care professionals. This is a great opportunity to build a business that can help people for years to come.
The small businesses world is a tough arena. But your dedication and hard work can keep you in business for a long time to come.
For more information about starting and financing your own business visit Military.com's Finance channel.
