Thursday, July 14, 2011

4 Low Cost Business Ideas

So you want to own your own business, but you don't have much startup financing. Don't worry; there are lots of great business ideas that don't require significant startup financing.

BusinessNewsDaily has identified four smart business ideas that you can use as a springboard to starting your own business.

Business Opportunity: Personal Concierge

Regardless of the hours in a day, it seems that for many people there’s simply not enough time to get everything done.

The need to get more accomplished has fueled the demand for personal concierge services. The role of a personal concierge is simple: to assist busy clients in getting things done — whether it's paying bills, picking up the kids or doing the grocery shopping.

A recent study by the International Concierge and Lifestyle Management Association shows that new low-cost startup concierge businesses are turning profits at a quick rate.

Fifty-one percent of the survey’s respondents said they invested $5,000 or less to start, and nearly a quarter of them realized a profit in the first year.

Katherine Giovanni, founder of the International Concierge and Lifestyle Management Association, said she expects the industry to continue growing, regardless of the economy.

"People are trying to squeeze 36 hours into a 24-hour day, and when you do that you inevitably don’t do it very well," Giovanni said. "Although the concierge industry is fairly new, the number of companies that are catering to time-starved people is skyrocketing, as is the customer demand for such businesses."

What this means for entrepreneurs: There is money to be made in running other people's errands. The concierge study shows the average hourly rates of personal concierge services range from $30 to $55 per hour. You already run your own errands; think how nice it would be to get paid for doing it.

Business Opportunity: Senior Care Services

This year, the first of some 78 million Baby Boomers will officially take on the additional title of senior citizens. Born between 1946 and 1964, this group will lead an extensive increase in the senior citizen population.

While some will require advanced medical care, many will just need help with day-to-day activities — or just a little companionship.

According to research from Home Instead, a senior care franchise, the nation’s senior population will have increased by almost 3 million by year’s end, to nearly 49 million; by 2025 that number will grow to 72 million — more than double the 35 million seniors America had at the turn of the new century.

The numbers are creating an immediate need for those with patience and compassion to brighten the day of those in their twilight years.

And Steve Everhart, founder of The Senior's Choice, a network of independent senior care companies, said it’s not just the aging Baby Boomers that are increasing the demand for senior care services.

"It’s the parents of Baby Boomers that are living a whole lot longer than they used to because of medical breakthroughs," Everhart told BusinessNewsDaily. "This continued moderated demand in our in-home assisted living services for the next five to 10 years bodes well for our industry."

What this means for entrepreneurs: While opening your own care facility may be out of your immediate reach, there are other opportunities to specialize in senior care with your own business. Whether it's cleaning, retrofitting houses to be more accessible or offering some kind of paid companionship, the opportunities to dive into this market are limitless and can be inexpensive.

Read more here:

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