Are you a citizen of Arkansas, or do you have business dreams centered around this state? Arkansas is one of the best states in the USA to start a small business due to the high demand for many different services and products.
If you are living in Arkansas and interested in starting a business to help boost the local economy and create an opportunity to serve communities, we have compiled 15 profitable small business ideas that will help you get started.
Profitable Small Business Ideas: About Arkansas
Arkansas is a state with a rich history, known for its natural beauty and several landmarks brought about by its historical background. It is still evident in the historic districts and the many restored buildings.
Arkansas describes family values, and that is further reinforced by the low crime rate and clean, safe living that are a grade above the national average. The cost of living is low here, with little or no traffic congestion, allowing an easy commute to work. Arkansas is a great place to raise a family or settle down.
Now that you have an idea about the state, let’s look at some small business ideas and opportunities in Arkansas.
15 Profitable Small Business Ideas to Start in Arkansas
Here are several profitable small business opportunities to start in Arkansas for those who want to become entrepreneurs and want to fulfill the needs of others.
1. Outdoor Adventure Tourism
One very specific and profitable niche in Arkansas’ outdoor adventure tourism is renting canoes, kayaks, and accessories to those floating the Buffalo National River. While the river draws attention from people all over the United States, it is located in a rather rural area, and there are very few options for canoe rental.
The demand to rent canoes has always been higher than the supply, and it is not uncommon for those looking to rent a canoe to be turned away at the park by not having a reservation.
Starting a canoe rental business can be monumental given the right location, and a service that reserves canoes ahead of time and offers pick-up and drop-off to and from the river access points is sure to be a success.
2. Agricultural Products
Arkansas is a top producer in the nation for rice and poultry, which is important for the state and national economy. Small businesses, ranchers, and local farmers have options for state or government programs with funding for utilizing alternative means to the production of poultry, i.e., organic farming or raising specialty poultry breeds.
A few side businesses could be creating and selling equipment used for livestock production, waste management, or poultry litter management. Other niche markets for equipment production could be generating brushpiles and other wildlife habitats for surrounding private industries.
Bio-fuel production is a fast-growing business in Arkansas. With rising fuel costs and increased environmental awareness, using agricultural crops to produce ethanol or biodiesel could be a profitable and rewarding small business.
3. Craft Brewery or Distillery
A craft brewery or distillery represents an excellent new business venture. The craft beer industry has experienced huge growth in recent years in Arkansas.
Craft brewing is a beer-making method that uses traditional, non-mechanized methods and provides beer in very small quantities. This method is extremely creative and flexible, as there are no strict requirements for the types of beer to be brewed and the brewing process can be controlled by the individual.
A distillery is a facility that manufactures spirits from scratch, and the term craft distillery is used for those that generally produce a relatively small amount of product and often put a strong focus on the quality and craft of what is produced.
4. BBQ Restaurant
A barbecue restaurant is a solid choice for budding entrepreneurs. A love of barbecue is a great place to start, although it is not enough. This business can be tough, so a true love of cooking, and barbecuing in particular, is very important.
The preparation of meals is often very long, and the hours can be irregular. This is a food service business, and so involves the usual type of hard work associated with the industry. However, this business can be quite rewarding, especially for those who love cooking, and it has the potential to provide a good income.
The choice of location is also important. Because a new restaurant lacks an established clientele and thus has to earn a customer base, it should be located where members of the target market are likely to be.
5. Health and Wellness Services
The range of services and products in the health and wellness industry is quite broad and is offered by individuals with little capital.
Personal training is one of the most in-demand services in Arkansas, particularly since the state lacks a fitness culture, and starting a personal training company can be a very profitable prospect if you are certified and experienced.
Establishing a gym to offer an alternative to personal training is also a great business idea, and in more economically prosperous areas of Arkansas, a high-end fitness facility can be a virtual gold mine.
However, there are small markets in the state, so it is important to pick a location with a stable customer base.
Sports nutrition and weight loss nutrition services/products are also in great demand in Arkansas due to the large number of individuals attempting to lose weight and become healthier, and these types of products can be marketed locally or online.
6. Boutique Clothing Store
The boutique clothing store business is one of the most profitable businesses. One needs to invest quite a bit in this business, but it has a good return on profit. It is a high-risk business.
For a person who likes to play with new designs and has no problem with investing money, the boutique store is the best business for that person.
Also, a person who has good knowledge of presenting clothes and is aware of cultural changes, as well as having a high knowledge of local customs, can be a successful boutique owner.
The boutique store basically requires suppliers who bring the latest fashion to the market. This is a very significant factor in the boutique store business. A good relationship with suppliers can easily prove successful in a boutique store.
7. Eco-Friendly Products
A lot of businesses have gone green (and are making a ton of green) with the adoption of eco-oriented products for everyday use. From eco-friendly water bottles to fermenting bins, the trend towards environmentally sound products is only expected to rise as consumers become more environmental conscious.
Multiple American-based companies have succeeded in creating a wide range of eco-products, such as stylish and innovative drinking glasses, water bottles, travel mugs, cleaning supplies, and recycled paper.
Note that the green market is still a growing industry with lots of potential and many different product avenues, so it might be in the best interest of your start-up to do some market research to see what kind of eco product would be most successful in your local area.
8. Home Renovation Services
This business doesn’t necessarily require much money to start and can be very profitable in the long run. There has been a consistent growth in demand for renovators as people become more confident in investing in property.
This business also doesn’t require any specific skills or qualifications, although having knowledge about building and construction will give you a big advantage over the competition.
Quality of work is crucial in this business, as renovators often rely on word-of-mouth advertising to receive more jobs. Mid-late-career teachers looking to supplement their income are also great candidates for this business.
This business can be done in the vicinity of alternative employment, such as working weekends for cash, being able to negate the effect of being in a higher tax bracket.
9. Specialty Food Truck
If you are someone who loves to cook and is considering starting a small business, a specialty food trucking business can be a great way to turn your hobby and passion into a profitable venture. Food truck businesses can cater to various cuisines, like a specialized menu, such as desserts.
A specialty food truck business can be a very lucrative small business idea if you have a diversified menu planned for the day. It is possible for a food truck to earn a few hundred to a thousand dollar a day, depending on the location and the marketing resources that are put into the project.
Another benefit of having a food truck is that it is a mobile restaurant. If one location is not working out, you can pack up and try a new place. This gives a new small business owner lots of room to test if their idea is viable.
10. Pet Services
The availability of pet services in Arkansas is almost negligible, and in order to open up one of your own profitable small business ideas, you must get down to the basics and indulge in thorough research.
You can determine whether your pet service business will be profitable by evaluating the local competition and local demand for such businesses. You can also set up a pet hotel and grooming service.
While this business may be profitable, there is considerable occupational hazard in handling animals, and you need to consider that there is a possibility of pets getting hurt. If a pet is hurt while in your care, the owner can take legal action.
You can make money by operating a pet sitting referral service. You can cater to pet owners in need of pet sitters by linking them up with people who are willing to do the job. Dog obedience training is another profitable venture; however, you must be skilled in this area.
The most basic way to start the business is to offer dog walking, and it does involve some labor work. But this service is definitely in demand with busy pet owners and can easily turn out lucrative. If you are a pet lover, you will definitely want to indulge in small business ideas such as these.
11. Tourism Services
A job in the field of tourism services is ideal for those who have lived in a popular tourist destination like Arkansas. You can provide a tour guide and travel assistant to the tourists.
For those who live in areas rich with historical or cultural significance, offering local tours could prove to be a solid business. Tour guides can also work with travel companies, taking small groups on guided tours of the best spots within a certain region or country.
Travel agencies are certainly a booming business in today’s economy, offering package deals, an extensive range of tours to various locales, and all the help and information needed to make a trip successful.
Another form of tourism service is virtual vacation planning. Companies can make a videotape of a group or family giving an oral history of a trip they have taken together. They supply the customer with the choice of a number of different formats, as well as online vacation budgets and destination planning.
12. E-commerce Business
E-commerce or electronic commerce, is buying and selling different products or services over the World Wide Web. It is conducted not only on the web but also through emails and other methods.
E-commerce helps facilitate the financing and payment aspects of business transactions by exchanging data, and it is a subpart of e-business, which is a much broader term dealing with using the internet to do business.
This is a great idea for a small business in Arkansas. It will also reduce the cost of setting up and maintaining a physical store. You can customize your site, showcase your products as much as you want, and also display them internationally.
13. Education and tutoring services
When you are thinking about the topic “small business ideas in Arkansas,” opening a tutorial or education center can be a remarkable choice.
Establishing a learning center with the intention of assisting children of different ages to understand different subjects or prepare for specific tests can be vastly satisfying for you.
This business uses many retired teachers as well as working students to help coach, and it can be very cost-effective as it can often be run within your own home. With some successful marketing, this type of business can easily generate word-of-mouth referrals and expand quickly.
Special educational services have become the most profitable small business in education. It involves offering personalized instructional services to students with learning disabilities and playing an advocacy role on behalf of such students.
In this type of business, you must have a very specialized skill set. However, in many cases, you can work out of your own home.
If you are able to form affiliations with local schools, this is an added benefit, as many parents of children with learning disabilities are very receptive to in-school services, including after-school programs.
14. Event Planning
When starting an event planning project, each event you are planning will create its own story, and it is your job to convey this in the most effective way. You need to know what the event is going to represent, be it a product, a cause, a brand, or a charity.
You also need to know who the key figures are and what will make the event significant to the people who are involved. To figure this out, you are going to need to draw information from the key figures, but especially from the client, so you can learn what the event is going to mean to them and what they are trying to achieve from it.
From this, you can then develop a theme to make your event stand out and put it on the path to success. Creating a memorable and fitting experience means you should not cut corners and spend the extra time and money to do things right, so the event sends the message it was intended to send.
15. Senior Care Services
Most senior care services help Arkansas seniors remain in their homes by assisting them with their activities of daily living (ADLs) and instrumental activities of daily living (IADLs). There are many different options available for seniors in this state, and home care is one of the top choices for services.
Home care is care delivered in the home and designed to help seniors with ADLs or IADLs. This type of care can be performed by a variety of people, depending on a senior’s individual needs.
Many seniors select home care as a long-term option, whether it’s through an agency or privately. In Arkansas, private duty home care is a viable alternative to other types of long-term care and is especially helpful for people who need care and supervision but cannot afford to pay for a spouse to be at home.
Private duty agencies are state licensed but do not participate in Medicare, and most services are paid for out of pocket. These agencies offer services ranging from companion care to full nursing care in a home setting. Care can be administered by CNAs, HHAs, or LPNs.
Steps to Starting a Profitable Small Business in Arkansas
Starting a profitable small business in Arkansas involves several key steps:
- Research the market and identify opportunities.
- Develop a solid business plan.
- Choose a legal structure and register your business.
- Secure financing for your business.
- Select a suitable location.
- Establish your brand identity.
- Create a marketing strategy.
- Develop your product or service offering.
- Provide excellent customer service.
- Continuously improve and adapt your business strategies.
Conclusion: Profitable Small Business Ideas to Start in Arkansas
There are many potentially profitable small businesses ideas in Arkansas. The above list is typical of the eclectic mix of businesses that are open to canny entrepreneurs in Arkansas.
As successful as some of these businesses can be, it still remains vital to do thorough research before embarking on a new business venture.
This is not to deter potential entrepreneurs but rather to ensure that they understand that there is far more to the most successful business than the mere concepts that make them attractive.
There are many resources for understanding and learning good business practices, and it is usual to take a qualification in business or business management before entering into a new field of business.