What Are Some Good Small Business Ideas in a Residential Area?

No business is small or big, it is an idea scaling up or below your expectation. If you are fed up with performing the same 9 to 5 job sitting in a 6x6 cubicle, of course, a business may motivate you to perform better, especially considering the money you could make. Young and dynamic aspirants who wish to pursue a career in business with very little investment can choose any of the ideas that we have listed further in this article.

The concept that a business big enough to list stocks on exchanges is the only kind that is profitable is not true. A business of any size or scale, capable enough to generate revenue is worth considering. In this article, we have listed some of the small businesses you can start around your residential area with as minimal investment as possible.

Before learning the types of business you can take up, it is important to consider the right idea. Unfortunately, a lot of businesses fail because people pay heed to others' expectations instead of considering an idea they are best at.  If a business sounds like fun, and you think you can take it up you should consider it, however after proper research. A casual idea of putting up a business is risky. On the contrary, you may have a good idea but you may be going about it the wrong way.

Good Small Business Ideas In A Residential Area

1. Clothing Boutique

Customers may find a boutique in a compact residential area to be an interesting place to visit and conduct a purchase. Clothing boutiques these days are considered a primary spot to have decent shopping options. By clothing boutique, it does not necessarily mean opening a large shopping mall. You can simply start with a particular segment in women's wear or men's wear or initiate the idea with basic clothing necessities. Clothing boutiques tend to put the owner on the map and make it a popular destination for nearby residents. It will also be a substitute for people visiting malls and spending a higher sum of money. Make sure your collection is up to date and follows the latest trends.

2. Art Gallery

What's better than making some money while practising leisure?

Well, if you are a good artist, can paint well and already have a lot of your collection collecting dust in the storeroom, you can rent a small room and consider it your art gallery. You do not necessarily have to come up with a huge selling price initially. You can start with a moderate amount and when you see your business is gaining attention, then gradually leverage your business.

On the other hand, you can also focus on hiring artists by looking for them on the internet, collecting the paintings and reselling them in your art gallery. You can also mix and match your work with some of the other artists and sell them all together. Initially, it may be a struggle, but once your shop becomes popular for nearby residents, they will come to you for all or any of their special occasions.

3. A Coffee Shop Or A Cafe

When you are considering a small business in your residential area, one of the best ideas can be a coffee shop. If your residential area has a scarcity of clients, with a little higher investment, you can include a coffee shop and a bar to create an upscale space for your neighbours. Create a decent environment for friends and family.

A simple serving of some wine and beer does not mean much of a hassle. With your own coffee shop, you can create a positive impact on your life. To start with, you will enjoy your sense of freedom, becoming your own boss and always be surrounded by a jovial crowd.

Once it is profitable, you will also be considered as someone who contributed towards the upliftment of your community. With the coffee shop, you will also get the benefit of exploring your creativity, and design it your way. The best part is publicising your place to gain traction from other areas.

4. A Pet Grooming Business

Grooming is a common luxury that animal owners provide their pets. Sometimes owners do not have time and sometimes the pets may be aggressive and not cooperate. You can either take courses on pet grooming or consult an excellent groomer who would attend your business on a part-time or full-time basis. The earning in such a career is typically based on demand and location. Keep a low pitch initially and scale up the business as you see your demand growing.

Further, with pet grooming, you can also include animal care workers who work by taking pets for a walk, their necessary medications when family members are not available, especially vaccination, and any other additional service as the owner deems fit. If you love animals, this business might become your favourite activity.

You can also choose to operate from your house and therefore there will be no cost of renting a place. You can run the business by keeping part-time or full-time groomers over the call or at the very most, build your kennel. Once your services are popular, you can further include rescue operations to gain traction from organisations that consider supporting street animals with funds.

5. Special Food Counter

In compact neighbourhoods, food shops are not that uncommon. Why do you want a customer at your shop, if you provide the same thing that a dozen other shops are providing? Well, if you have a unique product or services, you can gain attention better than the already existing ones.

Health food is a great segment, has gained popularity over a short period. It is because the concept of getting healthy and living longer has gained the necessary attention. The benefits of eating organic food cannot be eliminated and the number of people who favour it is ever-increasing.

You can also expect your sales to scale up as you expand your business and can then operate in multiple product categories. The food store is a good idea irrespective of the town.

6. A Salon

Employed or unemployed, everybody seeks to pamper themselves with a haircut, spa, facial, pedicure, manicure, and any other salon service keeping them groomed all the time. A salon is a place where people irrespective of age, caste, and gender visit. Every person comes with a distinct requirement, from colouring nails to bridal makeup to name a few.

You may have a slight shift in the frequency of the number of customers every day, however, your business will never stay dull. Of course, do not initially dive into providing five-star salon services, or a cheap service rate. Start with getting good professionals and customise the salon well with trendy designs to attract customers.

7. Customised Gift Shop

Gift shops never run out of customers. Given the festivals, occasions, birthdays, anniversaries, special dates people celebrate throughout the year, exchanging gifts as a gesture on special occasions has become a part of life. If you think of monetising this opportunity, you can easily encash it by providing handmade customised gift items. A novel concept such as customised gifts will never go out of business. Truth be told, creative people are most appreciated in society.

8. Spread Love With Yoga

Cultivating a healthy posture, consuming organic food, and regularly exercising are a rage today. Yoga instructors are in demand to take care of fitness needs. You do not need space to start your yoga sessions. You can simply conduct yoga classes online or in a spare room, and encourage people to visit. Most importantly, if you desire to be a yoga instructor, you can attain a degree, gain expertise and professionalism working with several other instructors in the same line.

Hope the above ideas aid your requirement. Once you decide on the idea, plan how to start thereafter.

Also read:

1) Best Tips for Customer Retention for a Small Business
2) Tips to Understand Your Market while Starting a Small Business
3) Tips for Businesses to Overcome the Covid Blues - Revival Tips for Businesses
4) What are the keys to success when operating a small scale business?
5) OkCredit: All you need to know about OkCredit & how it works.

FAQs

Q. Can I start my business from home?

Ans. Where there is a will, there is a way. Start from anywhere that makes you comfortable. Make sure you have access to online resources, a stable internet connection and a system (laptop) to work on.

Q. What is the easiest business to start?

Ans. With optimum information, lead and investment, any business are good to start. Easy operational businesses include a salon, spa centre, computer centre, food truck etc.

Q. Are there any types of businesses?

Ans. There are 4 main types of business: LLP, sole proprietorship, LLC, and corporation. For starters, LLP or sole proprietorships are the most preferred low-risk options.