Are you based in California or planning to move there in the near future? If so, you might be wondering about the best types of businesses to start in the Golden State. While it’s possible to start just about any kind of business in California, some industries may fare better than others. So, if you’re not picky, it makes sense to choose one of those.
Before setting up your business, it’s important to know the laws surrounding sole trading and business creation. You can get a California EIN here and learn everything you need to know about taxes and insurance by doing a little bit of internet research or reaching out to an accountant. ooking for inspiration on successful business ventures? Consider the insights shared by Deep Patel in his interview on building a grooming brand that reached 8 figures within 2 years.
Here are some of the types of businesses that may be successful in California:
Real Estate
The average home price in California is almost 88% higher than the national average, making it an expensive state to live in. While getting on the property ladder is tough in California, it’s the perfect place for people with experience in the real estate industry to coordinate sales and secure leases. Depending on the kind of business you run, you may be able to earn a lot of commission for the houses you sell successfully. What’s more, California is an extremely densely populated state, meaning that demand for homes is usually high. The downside to having a real estate business is that there will be a lot of competition, so make sure you know your stuff to attract clients.
Gas Station
California has a real culture of cars and, with over 8000 gas stations already in the state, it’s a lucrative business to get into. Some people may be worried that sustainable initiatives might lessen the need for gas, but despite electric cars growing in popularity, around 96% of vehicles in California still rely on gas. While it might seem like this industry is competitive, you can stand out from the crowd by offering a good price or by setting up shop in a location where there aren’t many other gas stations around.
Beauty Salons
You might not know much about the beauty industry, but Californians sure do. Whether it’s skincare treatments, hair salons, tanning studios, or tattoo parlors, California has it all. Don’t worry, you don’t have to learn the trade yourself, you can simply manage a salon and hire professionals to carry out services for you. You will have to consider regulatory bodies, as California is very strict on the type of beauty services that can be carried out and how. Familiarise yourself with the Professional Beauty Federation of California and the California Board of Barbering and Cosmetology before starting your business to be safe.
Restaurant
California is a huge tourist attraction, with people from around the world flocking to its beaches each and every year. As a result, restaurant businesses can do very well, especially if they cater to people on vacation. If you’re starting a restaurant business, be sure to choose a desirable location and have a unique selling point that makes you stand out from the crowd.
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