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Written by: Esther Strauss
Esther is a business strategist with over 20 years of experience as an entrepreneur, executive, educator, and management advisor.
Edited by: David Lepeska
David has been writing and learning about business, finance and globalization for a quarter-century, starting with a small New York consulting firm in the 1990s.
Updated on March 15, 2023
Based on the steady increase in jobs, Iowa is recovering well from the pandemic slump, with many new jobs in the accommodations, food services and manufacturing sectors.
The corresponding increase in disposable income bodes well for startups. If you’re looking for guidance on what might do well, you could bake cakes or make candles, open a boutique or a liquor store.
Check out our list of excellent Iowa business ideas to jumpstart your entrepreneurial journey.
A great deal of manufacturing has moved overseas in recent decades, but US manufacturing is still an $8 billion industry that has seen steady growth in recent years. Manufacturing businesses can be extremely profitable, but they also require a lot of planning and hard work.
The first step is to decide what you’re going to produce. Do some market research and see which products are selling well and where there may be a market gap. You should keep an eye out for products that are more affordable to manufacture or offer a significant markup and strong profits. Next, you’ll need to rent or purchase a manufacturing facility, preferably in an out-of-the-way location to keep costs low. Once you start making your products, you’ll need to have them tested and certified and acquire all the necessary licenses and permits.
Finally, you’ll be ready to launch a marketing campaign that, with a bit of luck, should start bringing in orders and put you back in the black.
Starting an insurance business can be a great way to make a profit while helping others plan for the future and hedge against financial losses. The global insurance industry has been growing, with revenues estimated to reach more than $6 trillion in 2025. Analysts believe the industry is poised for a more rapid growth as the world recovers from the pandemic. This could be the right time for you to start your own insurance business.
You can start small by setting up an office affiliated with a major industry player. Before you launch your business, you need to know your products well and focus on a niche market. Will you be offering property, health or life policies, among others? You’ll also need to consider the emerging technologies in coming up with business models. It would be helpful if you have actuary skills, some customer service experience and great networking skills.
Are you interested in real estate? If so, you’re probably well aware that the pandemic, even as it cratered other industries, has spurred record-setting growth in the US real estate market, with prices and sales totals as high as they’ve been this century. The market has cooled down slightly lately, but it’s still a great time to get in on the action — and one good way to do so is by starting your own rental property business.
The concept is easy. You simply buy a multi-unit property, or a larger residential complex, and start making a steady income from renters, in addition to property appreciation and tax benefits. Of course you’ll need a significant investment to get started, but you also need to break some eggs to make an omelet.
But you will of course need to decide what type of rental property you want to invest in. Are you interested in buying and managing properties yourself, or would you prefer to invest in a property management company? Next, research the market and find out the price range for the area where you’re looking to buy. Be sure not to overspend early on. Get started, get a feel for the industry in your area, and then start thinking about making bigger bets.
The average American ate less than 20 pounds of fish and shellfish in 2019, a slight increase from the previous year but still below the recommended dietary allowance. The US Department of Agriculture’s Dietary Guidelines for Americans recommend that people eat two 4 oz servings of seafood each week, or 26 pounds per year. This presents an opportunity for fish farms to increase their output. If you’re looking to start a fish farm, you’re on the right track.
A fish farm commercially breeds fish and seafood, usually for food. It’s important to prepare a substantial amount to find a suitable location, establish your fish pond, procure the required equipment, and find a reliable supplier of fingerlings. Of course, you’ll need to comply with licensing, zoning, and other regulations. It’s also to your advantage to scope out the market and draw up a plan on how to corner a share. With these in place, you’re on your way to launching a successful fish farm business.
Thinking of setting up a health care business? You’re on the right track. Demand for health care services is on the rise mainly due to an aging population in the US. By 2030, the number of American adults age 65 and older is forecast to exceed 60 million. This means increased health care spending. Which segments are booming, you might ask. Profits are growing fastest in medtech and health care information technology (IT).
So what are you waiting for? Now’s the time to start a health care business. Take the first step by finding a niche that you can focus on. Make sure you have the necessary permits and licenses, whether you’re thinking of starting a medical practice, home health care company, or something else entirely. You’ll also need to decide on a value proposition that will set you apart from the competition and make it easier for you to promote your business.
Wholesale is all about the advantages of scale: prices are lower than retail because the purchases are in bulk, vast amounts of tomatoes, cement mix, shoes, or whatever it may be. If you’re good at scaling up and making sales, you might want to consider starting a wholesale business, because the industry is expected to continue its steady growth in the years ahead.
Getting started will require a significant investment, because all of that inventory is not going to suddenly appear out of nowhere, and you’ll need a place to keep it. Fortunately, unlike retail, a wholesale business doesn’t have to worry about finding an area with heavy traffic. Instead, the main concern is space. Once you’ve got your goods and a warehouse, you’ll need to obtain all the necessary licenses, then start reaching out to local businesses that might be interested in your goods.
Keep in mind that this is a big and growing industry, which means you’re going to face stiff competition from established firms and other new entrants. You’ll likely need to work hard, and smart, to succeed.
The great thing about getting into the liquor business is that it’s economy-proof. When the economy is doing well, people celebrate. When recession hits, people drown their sorrows with a drink or two. That explains why the liquor industry has seen steady growth in recent years and is expected to continue to expand.
It’s always a good time to start a liquor business, and you could start yours now and help people celebrate the end of the pandemic while setting yourself up for a good living. You’ll need to find a reliable distributor to partner with, preferably with a wide range at reasonable prices. You’ll also need to get your licenses and permits and rent out a space in a location with good traffic.
Once that’s all sorted, have a drink on the house because you’ll soon be on Easy Street.
Puppies are undeniably cute, and with hard work, preparation and planning, you could be breeding dogs and helping find homes for countless cute and cuddly pups. Many people are very particular about their pets and willing to spend hundreds of dollars on the right dog. That’s why dog breeding is a $2 billion industry, which highlights the opportunity in this market.
If you’re thinking of starting a dog breeding business, there are a few things to consider first. First, if you don’t have adequate space in your home, you’ll need to rent out a space, preferably with room to run for the canines. Next, you should decide which breed to focus on — Labradors, Golden Retrievers, French Bulldogs and German Shepherds are among the most popular, while ChowChows and Rottweilers are among the most expensive.
The next step is to create an attractive website, and don’t forget to include great photos of your dogs, which you should share on social media sites like Instagram or Facebook. Few will be able to resist.
Do you have an eye for trends? If so, starting your own boutique may be a great fit. Following years of steady growth, the US clothing boutique industry is worth more than $18 billion. Many of today’s serious shoppers walk right past the brand outlets and department stores and head straight for exclusive boutiques offering new, unique and vintage clothing and accessories not found anywhere else.
To draw them in, you will need to establish a strong brand based on your own sense of style. You might embrace a pre-WWII theme and offer flapper dresses, hats and brooches. Or maybe you’re a disco lover and prefer bell bottoms, short shorts, and tube tops. Or you could go with a clean and simple, more futuristic look. The key is finding and highlighting your own sharp fashion sense. If it’s right, the shoppers will come.
If you’re passionate about music, why not consider starting a music business? Music helped a lot of people shake off the blues and cope with the pandemic. Listening to music helps improve mood, promote relaxation, boost creativity, and more. As millions of people turned to music, the recorded music industry soared to new heights and broke sales records. In the US, the industry earned nearly $15 billion in 2021, its highest annual revenues in history.
Starting a music business can be a fun and rewarding experience, but it’s important to determine what kind of music you will focus on. Artists can make money by selling their music, using social media, or creating branded content for clients. But first, you will need to build up an audience. Be creative and think of ways to attract a large following in social media and get them to view your videos. You’ll be competing with BTS but with some patience and hard work, it can be done!
Cannabidiol, widely known as CBD, is a non-psychoactive compound found in cannabis plants — and one of the world’s fastest growing industries. The US legalized cannabinoids in 2018 and the market soared to nearly $5 billion by 2020. It’s expected to be worth as much as $20 billion by 2025, and you could ride this wave with your own CBD business.
Why is CBD so hot right now? Because of the widely reputed health benefits of CBD oil and other CBC products. They reportedly reduce the negative effects of epilepsy, cancer, Crohn’s disease, chronic pain and other ailments. You could do online research, collecting testimonials of CBD’s health benefits, and use that as marketing material. But first you’ll need to find a reliable CBD supplier and stock your inventory in preparation for the coming wave of customers.
You might think being a fashionista means just splurging on the latest clothes and accessories, but did you know that you could turn your passion into a thriving business? The global fast fashion market, which refers to clothing collections that move quickly to the stores from the catwalk, is expected to surpass $210 billion by 2030. Whether you’re dreaming of launching your own line of clothes or engaging in a buy-and-sell business, there’s a huge market waiting for you.
You can start small by just selling to family and friends. As your business grows, you might want to do digital marketing and even hold live selling sessions, the latest trend in online shopping. During live selling, you will not only get to model your clothes on an imaginary catwalk in your home, but you will also be making a lot of sales. Before you start, however, it is important that you scope out the market, prepare some initial capital, decide whether to put up a physical store or stay online, and comply with government regulations.
In the podcast era, you might have thought that blogs had gone out of style. You would be wrong. More than 2 million blog posts go online every day, and after years of steady growth, the US is home to about 32 million blogs. Substack, the blog and newsletter platform, recently passed one million subscribers. As a result, there is real opportunity for a bold entrepreneur looking to start a blog business and join this massive market, even part-time.
It requires minimal investment. All you really need is a reliable computer and decent wifi. The major hurdle is coming up with a concept, an objective or mission for your blog business. You might choose generating funds to feed hungry children or delivering crucial news to the people of your city or state. Once you’ve found your niche, you’ll need to reach out across your network, LinkedIn, Facebook, Instagram and beyond, looking for all those who write on related subjects and asking them to get on board. You could offer discounts, incentives, or rewards to sweeten the deal.
Once a couple of accomplished bloggers sign on, the paid advertisements will start rolling in and you’ll be on the road to success in the blogging business.
With many people staying at home and working remotely, companies have also gone online and undertaken digital marketing initiatives to keep their target markets engaged. Global digital marketing is booming right now, and expected to more than double to $786 billion by 2026.
If you’re looking to start a digital marketing business, there’s never been a better time. Just catch up on the latest industry trends and keep in mind that since this is a relatively new industry, there are no concrete guidelines for success. Still, insights into how other companies grew can be helpful. Read and learn everything you can about the sector before uploading your first social media post or your first digital ad. Once you’ve done that, you should be able to get the hang of digital marketing!
If you’re a budding entrepreneur with a creative streak, custom-made candles represent a great combination of a fast-growing market with a business that’s relatively easy to start. With a small investment you can start making candles from home and sell them online to help countless people set the mood while making good money. Best of all, you can express your creativity in your candles. Some of today’s trendier homemade candles include calming scents, wild colors, organic ingredients and a variety of shapes and sizes, including a $65 candle shaped like a hand!
The first key step will be brushing up on your candle-making skills, and there are many online courses to get you up to speed. After that, you’ll just need to purchase all the key materials and equipment, set up an account at an online platform like Etsy and start selling your goods. Once the money starts rolling in you can create your own website, start giving tutorials to build your reputation and even open your own candle shop!
Nearly six out of 10 Americans eat dessert after a meal at least once a week, and cakes are among the favorites. Cake consumption is growing steadily in the US despite the increasing preference for healthy food. Well, those with a sweet tooth always find an excuse to indulge in cakes. If you’re fond of baking and designing cakes, starting a cake business might be the perfect career choice for you.
This type of business can be run from home so you can minimize your overhead cost. Once you’ve registered your business, you should find a reliable supplier of ingredients and supplies. Besides offering unique birthday cake designs, you might also want to introduce gluten-free and sugar-free cakes to cater to all kinds of customers. Keep yourself updated with the latest market trends and consider coming up with cakes in a box or tin can cakes. A successful cake business requires a lot of creativity, hard work and an effective marketing plan, but the result is serious dough!
The job didn’t even exist 20 years ago, but now, thanks to new technologies and the sharp increase in remote work during the pandemic, the virtual assistant industry is booming. After years of strong growth, the market is expected to be worth more than $4 billion by 2025. That means now is a fantastic time to start your own virtual assistant business, even part-time.
To be clear, we’re talking about a human, not a digital or AI-powered, assistant, who provides administrative, technical, and creative services to clients remotely, via the internet. If you have a strong business skillset, you can get started with a minimal investment and run the company out of your own home while serving clients anywhere in the world. You could also add more skills over time, increasing your revenue streams and the rates you’re able to charge.
With hard work and a bit of luck, you’ll soon be helping businesses run more smoothly and efficiently while making good money for yourself.
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