Starting a business can be a challenging yet rewarding experience. Whether you are an aspiring entrepreneur or a seasoned business owner, clearly understanding the different business pathways to starting and growing a business is crucial for success. It can also be helpful to explore niche markets and emerging industries to stand out from the competition.
Best Business Pathways to Start This Year
Certain businesses are more successful than others, and choosing the right business pathway can make all the difference. It can lead to cost efficiency, higher profits, and a stronger market position. Here are some of the best business pathways to start this year.
1. Become a Chiropractor
Becoming a chiropractor is one of the most promising business pathways for those interested in healthcare and helping others. The demand for chiropractic services is rising due to increased awareness of the benefits of non-invasive treatments and holistic approaches to health. As a local chiropractor, you’ll have the opportunity to build strong relationships with your community by offering personalized care.
You’ll also be operating in a sector with a substantial income potential—according to the Bureau of Labor Statistics, the median pay for chiropractors in 2020 was $70,720 per year. To embark on this business pathway, you’ll need a Doctor of Chiropractic degree and a state license to practice. It’s a pathway that requires an initial investment in education and certification but can yield high returns in a thriving market. Furthermore, as a chiropractor, you can expand your business by offering additional physical therapy, massage therapy, and nutrition counseling services.
Becoming a chiropractor can be a fulfilling and lucrative business pathway with the potential for growth in the healthcare industry. It’s a career that allows you to make a positive impact on people’s lives while also running a successful business. Additionally, with the growing demand for non-invasive treatments and holistic health approaches, chiropractic services are expected to remain in high demand.
2. Start a Diabetes Clinic
Starting a diabetes clinic is another viable business pathway, particularly given the growing health crisis that diabetes represents in the U.S. According to the Centers for Disease Control and Prevention (CDC), over 34 million people in the U.S. have diabetes, and 1 in 5 of them are unaware of their condition. This staggering figure reflects a rising trend in diabetes cases, revealing a significant gap in healthcare services that a specialized diabetes clinic could fill.
Setting up a diabetes clinic would allow you to make a meaningful impact on many lives. Your clinic could offer essential services for diabetic patients, including regular check-ups, blood sugar monitoring, dietary guidance, and educational resources. Moreover, given the complexity and chronic nature of diabetes, patients often require ongoing care, which can ensure a steady client base for your clinic.
A key aspect of your clinic could be a dedicated service for diabetic wound care. Wounds and sores heal more slowly in diabetic patients and, if not properly attended, can lead to severe complications. By hiring or partnering with a diabetic wound care specialist, your clinic could offer this crucial service, further establishing its value in the community. This is one of the business pathways that require a deep understanding of the healthcare industry and a commitment to patient care, but it holds the potential to be both profitable and rewarding.
Starting a diabetes clinic can be a lucrative business pathway that fulfills a pressing need in the healthcare industry. However, it is essential to conduct thorough research and develop a solid business plan before embarking on this endeavor. Additionally, reaching out to hospitals could also be beneficial for your clinic’s growth. These facilities often have a high number of diabetic residents who can benefit from specialized care.
3. Do Payroll For Companies
Offering payroll services for companies represents one of the best business pathways that taps into a constantly evolving need. With the ever-changing government regulations, tax codes, and health benefit options, companies, especially small and medium-sized businesses, often find it challenging to stay abreast of the latest requirements. This is where a payroll service provider takes over the complex, time-consuming task of managing payroll, allowing businesses to focus on their core functions.
As a payroll service provider, your key tasks would include calculating wages, deducting tax and other contributions, and ensuring timely and accurate salary payments to employees. You could also handle reporting tasks for the company and provide employees with their pay slips and tax payment documents at the end of the financial year.
There is a growing trend of businesses outsourcing their payroll functions, driven by the desire to streamline operations, reduce costs, and avoid penalties associated with payroll errors or late tax filings. It makes this a profitable business pathway that is expected to see increased demand in the future.
Doing payroll for companies offers a stable and lucrative business opportunity for those with the necessary skills and resources. By providing this essential service to companies, you can help them focus on their core operations while also generating significant revenue for yourself. It can also serve as a gateway for other related services, such as tax preparation and HR consulting.
4. Start a Hospice
Starting a hospice is one of the most heartfelt and compassionate business pathways, particularly suited for those with a background in healthcare or a deep commitment to providing end-of-life care. A hospice provides specialized care for terminally ill patients, focusing on managing pain and other distressing symptoms to improve quality of life.
As a hospice care provider, you would be responsible for assembling a multidisciplinary team including physicians, nurses, social workers, and spiritual care professionals, all working together to address the physical, psychological, social, and spiritual needs of patients and their families. A key role within this team is the hospice nurse, who provides direct patient care, coordinates with other team members, and acts as a conduit of communication between the patient, family, and the hospice team.
Starting a hospice requires deep empathy and resilience and a comprehensive understanding of the medical aspects of end-of-life care, regulatory compliance, and business management. The growth of the aging population and an increasing preference for comfortable, dignified end-of-life care at home or in a home-like setting suggest a continued demand for hospice care services. This makes starting a hospice a fulfilling venture and a sustainable business pathway.
5. Start a Child Care Facility
Starting a daycare is a rewarding business pathway that allows you to make a significant difference in the lives of children and their families. Running a center involves providing children with a safe and stimulating environment, often while their parents work. These centers offer various services, including full-day, after-school, and occasionally overnight care. In addition to supervision, you can also provide meals, educational activities, and opportunities for social interaction
The startup costs for this kind of business can be relatively low if you start small, for instance, by converting a portion of your home into the center. You might consider moving to a larger facility or opening multiple locations as you grow. However, you must comply with state and local regulations covering areas such as staff qualifications, staff-to-child ratios, facility safety, and nutrition standards. Obtaining the necessary licensing and accreditation can be complex, requiring careful planning and attention to detail.
The demand for quality daycare services is expected to remain strong, driven by the growing number of working parents and the recognition of the importance of early childhood education. As the owner, you have the chance to contribute positively to child development and provide a much-needed service to working families. Thus, starting this profitable business is one of today’s most fulfilling business pathways.
6. Do Property Management
Property management is another lucrative business pathway, especially for those interested in and knowledgeable about real estate. This role requires managing all aspects of a landlord’s property. The responsibilities typically include finding and screening tenants, arranging for property maintenance, ensuring compliance with housing laws and regulations, and dealing with any issues that might arise during the tenant’s lease period.
Property management companies offer a practical solution for real estate owners who lack the time or expertise necessary for the day-to-day management of their properties. These companies handle everything from marketing vacant properties, screening prospective tenants, and addressing maintenance issues to collecting rent, dealing with tenant disagreements, and even initiating evictions when necessary.
To start a property management company, a comprehensive understanding of real estate laws and a knack for working with people is essential. This business pathway has the potential for substantial growth due to the consistently high demand for rental properties. With more people opting to rent rather than buy homes, the need for property management companies is expected to continue rising in the foreseeable future.
While the startup costs can be higher than other business pathways due to the need for office space and staff, the potential for steady, ongoing revenue from management fees makes property management a financially rewarding career option. In this business, your success will be largely determined by the quality of service you provide, your ability to market properties effectively, and your skill in navigating the complexities of real estate regulations.
7. Start a Sports Clinic
Starting a sports clinic is one of the most lucrative business pathways, particularly if you are interested in health and sports medicine. This endeavor would involve setting up a medical center specializing in sports-related injuries and providing preventative care. This could range from treating sprained ankles and torn ligaments to providing physical therapy for post-surgery athletes or anyone needing rehabilitation due to a sports injury.
The demand for sports health services is high and continues to grow as more people engage in sports, fitness, and active hobbies. This industry is driven by professional athletes, youth sports, and an increasing number of adults participating in recreational activities. Getting started requires a significant investment, as you’ll need to secure a location, purchase necessary medical equipment, hire skilled staff, and obtain the required licensing. However, once established, a sports clinic can generate substantial revenue. It can provide various profit-generating services, from diagnostic tests and outpatient surgeries to physiotherapy sessions.
8. Do Assisted Living
Entering the field of assisted living facilities is another viable business pathway, especially as the global population ages. This line of work involves providing care and housing for seniors or individuals who can’t live independently due to physical or mental health constraints. Assisted living facilities offer services ranging from basic assistance with daily activities like bathing, dressing, and meal preparation to more intensive medical care.
The demand for quality assisted living has never been higher, with an increasing need for accommodations that balance independence and care. The business opportunity lies in creating a facility that provides top-notch caregiving and fosters a comfortable, home-like environment that respects residents’ dignity and encourages social interaction.
Running an assisted living facility requires a substantial initial investment—acquiring or building the facility, hiring trained staff, and complying with health and safety regulations. However, the long-term payoff can be significant, as occupancy rates are typically high and the demand continues to grow.
9. Do HR Management
Human Resource (HR) Management is a vast field dealing with recruitment, training, performance management, employee well-being, and organizational communications. It represents a crucial business pathway that balances the needs of both employees and employers. An efficient HR department can significantly enhance a business’s overall efficiency and productivity, contributing to its overall growth and profitability.
HR Management involves attracting and retaining top talent, ensuring their professional growth and alignment with the organization’s goals and values. This can be achieved through various tasks, from creating comprehensive recruitment strategies and competitive compensation packages to offering professional development opportunities and maintaining a positive workplace culture.
Further, HR Management is also about risk management. HR professionals must ensure the organization’s compliance with various labor and employment laws, preventing potential lawsuits and other legal issues. They must also handle employee grievances swiftly and fairly, fostering a sense of justice and equality within the organization.
Starting a business in HR Management can be a rewarding venture. The demand for effective HR services is continuously growing as businesses understand the importance of employee satisfaction and retention. You can choose to specialize in a particular aspect of HR or provide comprehensive services to your clients.
There are many business pathways you can take today. Each listed option above is viable and may result in a successful business venture. Whichever path you choose, remember to always keep your target market in mind and stay updated with the current trends and demands of the industry. It’s also important to continuously improve your skills and knowledge to stay competitive.