Entrepreneurship is big in the US, with young people keen to chase their passions instead of pursuing run-of-the-mill jobs. There are others already amid their professional journeys looking to weave success stories with their dream startups. Either way, you shouldn’t stop yourself from trying your hand at an entrepreneurial venture.
If you check the numbers, you will get a lot of inspiration. According to 2023 statistics, the US is the best country for startups, with a total score of 198.08. That’s four times as many points as the United Kingdom, ranking second with a score of 51.22. Conversely, surveys also show that one in five startups in the country fail to survive beyond their first year of operation.
Choosing the right niche and an ideal market fit can help you maximize your chances of survival and success. At the same time, you should look for a low-investment, low-competition, and high-return business vertical to succeed.
We have a list of lucrative startup ideas that can give aspiring entrepreneurs a great start and sustainable success.
Construction Contractor Services
Construction is a booming industry in the US, with a growing demand for residential and commercial properties. The number of businesses in this segment has grown at an annual average of 4.2% between 2017 and 2022. As an aspiring entrepreneur, you need not invest in a big construction company. You can start small as a contractor services provider.
Niches like roofing, landscaping, painting, plumbing, and interior design are in high demand. Commercial and residential concrete contractors can also start small and make it big due to a constant demand in the niche. You can learn the skills required for your business or hire a team of qualified professionals to serve clients.
According to Milliken Corporation, a successful startup in this niche is built on the foundations of safety, quality, communication, and relationships. These factors enable you to build trust and credibility to thrive in a competitive space.
E-commerce
E-commerce is another lucrative business idea worth exploring for budding entrepreneurs. The domain has a relatively low barrier to entry and a high potential to scale. Forbes notes that 20.8% of retail purchases in the US will happen online. It is projected to reach a whopping 24% by 2026. While the numbers give you a valid reason to join the bandwagon, you cannot undermine the stiff competition.
Think outside the box with customized products such as custom-printed t-shirts or mugs. Opt for the dropshipping model as it does not require you to keep the actual products in stock. You can get orders from buyers and pass them on to suppliers to get the products shipped directly. Also, invest in a robust online presence with an attractive storefront to hook the audience. You’re going to need capital if you want your e-commerce business to thrive, so consider looking into various e-commerce financing options.
Metal Tags Manufacturing
Metal tag manufacturing is a relatively less competitive startup vertical, but it does not fall short on the demand front. Metal tags are used in various industries, from product labeling to asset management. Think beyond the basics and explore customization options with different metal materials, unique shapes, and laser engraving.
US Quick Tags notes that producing blank tags in bulk quantities is a good start for aspiring entrepreneurs because it entails a simple process. You can create a market for your products by focusing on the quality, durability, and precision of your products. Quick turnaround time is another way to set your startup apart in this niche market.
Digital Products
The digital product market is growing, with a high demand for online digital downloads and licensed products. The best part is that you can start with minimal investment with only the right skills rather than a physical space and infrastructure. Here are a few examples of digital products you can sell:
- Educational materials such as ebooks, courses, guides, and learning products
- Licenses for photos, videos, music, or other types of creative assets
- Templates for websites, resumes, brochures, and product listings
Wedding Venue Rentals
According to a survey by The Knot, US weddings hit a record figure in 2022, with 2.6 million couples saying their vows. Not surprisingly, the wedding venue industry is lucrative as most people want to host ceremonies with friends and families. Investing in a wedding venue is an excellent startup idea as it gives you an opportunity to make hefty rental income throughout the year.
Consider a venue with a unique theme to carve a niche for your startup. For example, you can create memorable experiences with a rustic barn setting or a virtual reality tour for people unable to visit in person. The Madison Event Center recommends offering all-inclusive packages that include décor, catering, and other services that can give your business a competitive edge.
With the New Year around the corner, aspiring entrepreneurs will likely have a vision for their startup in mind. However, success in the competitive space boils down to choosing the right idea and creating a niche without a big investment. You can try one of these startup ideas to transform your dreams into reality.
