Timing and turning in grants on time is paramount for several reasons. Firstly, it ensures that organizations can meet funding deadlines, increasing their chances of securing vital financial support. Secondly, punctuality reflects professionalism, enhancing an organization’s reputation and credibility. Additionally, timely submissions allow for adequate review and revisions, improving the quality of grant proposals.
Ultimately, meeting deadlines demonstrates commitment and reliability, key traits when competing for limited grant opportunities in the highly competitive funding landscape. With that in mind, make sure you turn in your application for the grants that have a December deadline as soon as possible.
With less than a month left in 2023, there’s still time for small businesses to apply for grants to cover different expenses or kick off new projects for 2024. These grants do have a December deadline, so make sure you apply before the due date to give yourself a better chance at winning them.
Some large businesses use small business grant programs to give back to their communities. Such is the case for one tequila brand founded by a major celebrity. Read about this and many other small business grant opportunities available now.
Small Business News December 8, 2023
This week, the news roundup starts with the announcement of the SBA partnering to grow rural American small businesses. The IRS follows with somewhat of a piece of good news as it is delaying the implementation of the new $600 Form 1099-K reporting threshold for third-party settlement organizations for the calendar year 2023. Keep reading to get the latest small business.
Administrator Isabel Casillas Guzman of the U.S. Small Business Administration (SBA) announced a strengthened partnership with the U.S. Department of Agriculture (USDA). This collaborative effort aims to bolster job creation and economic growth in rural communities, marking a pivotal moment for America’s 33 million small businesses.
The Internal Revenue Service (IRS) has announced a significant delay in the implementation of the new $600 Form 1099-K reporting threshold for third-party settlement organizations for the calendar year 2023. This decision, detailed in IRS Notice 2023-74, comes after considerable input from taxpayers, tax professionals, and payment processors.
TikTok has introduced the Artist Account, which is designed to transform how musicians and small business owners in the music industry interact with their audience and promote their work. The Artist Account: A New Era of Music Discovery TikTok, already a powerhouse for music discovery, is enhancing this journey with the Artist Account.
Shopify merchants shattered previous records, raking in a colossal $9.3 billion during the Black Friday-Cyber Monday (BFCM) weekend. This figure marks a remarkable 24% surge from last year, illustrating a robust growth trajectory in the online retail sector.
As the holiday season rapidly approaches, FedEx has released its comprehensive 2023 Shipping Deadlines, ensuring that packages reach their destinations on or before December 24. This announcement is crucial for businesses and individuals planning to send packages domestically and internationally during the festive period.
As the holiday season approaches, understanding the 2023 Holiday Shipping Schedule for UPS is crucial for both businesses and individuals to ensure the timely delivery of packages. UPS has outlined a comprehensive schedule detailing the last days to ship for guaranteed delivery by December 23. Key Dates and Services in the UPS Holiday Shipping Schedule: Monday, Dec.
Amazon announced this year was its most successful Black Friday and Cyber Monday sales event. The 11-day shopping extravaganza, which started on November 17 and concluded on November 27, witnessed a surge in customer savings of nearly 70% compared to last year’s same period.
Adobe has released data showing an unprecedented surge in online spending this Cyber Monday, with consumers spending a record $12.4 billion. This figure marks a 9.6% year-over-year increase and is part of a broader trend of significant growth in e-commerce spending during the 2023 holiday season.
Are you curious about what the qualified business income deduction (QBI) is and whether or not you can take advantage of it? If so, this article will provide an in-depth overview of the QBI deduction and answer the fundamental question: “Can I claim it?”
Given its complicated nature, understanding how to maximize your tax deductions on business income with the QBI deduction should be a top priority for anyone who is self-employed.
Learn all about it here, from what qualifies as eligible business income to when you can use this deduction and more. Let’s dive in!
What is the Qualified Business Income Deduction?
The Qualified Business Income Deduction (QBI) is a recently established tax deduction allowing businesses to deduct as much as 20% of their earnings. This deduction applies to sole proprietorships, partnerships, S corporations, certain trusts, and estates.
The QBI was introduced under the Tax Cuts and Jobs Act of 2017, which sought to provide tax relief for businesses and individuals by reducing income taxes and introducing other incentives.
The QBI has helped to promote business investment and stimulate economic growth throughout the United States.
How Does it Work?
The Qualified Business Income Deduction (QBI) is a great benefit for small business owners, providing the opportunity to deduct up to 20% of their earnings.
This deduction can be used to reduce your taxable income and thus lower your overall tax liability. Here’s a breakdown of exactly how the QBI works:
Eligibility: The QBI applies to sole proprietorships, partnerships, S corporations, certain trusts, and estates.
Income Limits: The deduction is limited to businesses with taxable income under $170,050 for single filers or $340,100 for joint filers.
Types of Income: The QBI applies to business income from activities such as trade or business activities in which individuals are not materially participating.
Amounts Deducted: Businesses are able to deduct up to 20% of their earnings, with certain exceptions such as certain publicly traded partnerships.
Which Business Types Can Claim the QBI Deduction?
The QBI deduction is for any specified service trade or business (SSTB) with taxable income under the specified limits. Let’s take a look at the business types that can claim this deduction:
Sole Proprietorships
A sole proprietorship is a business owned and operated by one individual. This type of business does not require registration and can be established in most states with little to no paperwork.
Partnerships
Partnerships are businesses owned by two or more individuals. This type of business is generally easier to set up and manage than a corporation.
S Corporations
An S Corporation is a type of business entity that offers limited liability protection to its owners, as well as certain tax benefits.
Certain Trusts and Estates
A trust is an entity that controls and manages assets for the benefit of a third party. An estate is the legal entity created when an individual dies, which includes their assets and liabilities.
Business Entity
Can they claim QBI Deduction?
Notes
Sole Proprietorship
Yes
The deduction is claimed on the individual owner’s tax return.
Partnership
Yes
Each partner can claim their share of the QBI deduction on their individual tax returns.
S Corporation
Yes
The shareholders can claim their share of the QBI deduction on their individual tax returns.
Certain Trusts and Estates
Yes
QBI deductions can be taken on the trust or estate’s return if the income is retained, or on the beneficiary’s return if the income is distributed.
Tax Limits and Taxable Income
Your personal tax return determines whether you’re eligible for the QBI deduction, as well as how much of it you can claim.
The tax limits and taxable income limits vary based on filing status and other factors. Here are two tables on taxable income limits for 2022 and 2023:
Filing status
Overall Taxable Income Limitation
Available deduction
Single
Less than $170,050
20%
Single
$170,050 to 220,050
Partial deduction for SSTBs
Single
More than $220,050
No deduction for SSTBs
Married Filing Jointly
Less than $340,100
20% deduction
Married Filing Jointly
$340,100 to $440,100
Partial deduction for SSTBs
Married Filing Jointly
More than $440,100
No deduction for SSTBs
Filing status
Overall Taxable Income Limitation
Available deduction
Single
Less than $182,100
20%
Single
$182,100 to 232,100
Partial deduction for SSTBs
Single
More than $232,100
No deduction for SSTBs
Married Filing Jointly
Less than $364,200
20% deduction
Married Filing Jointly
$364,200 to $464,200
Partial deduction for SSTBs
Married Filing Jointly
More than $464,200
No deduction for SSTBs
What is Not Included in Qualified Business Income?
Qualified Business Income is a valuable deduction that may reduce the amount of taxes owed when filing.
However, there are certain items and types of income which may not qualify for this deduction. These include:
Income from passive activities – Passive activities refer to those where the taxpayer does not materially participate in the business such as rental income or investments.
Non-trade or non-business related income – This includes items such as interest or dividend income, capital gains, alimony received, certain gambling winnings, and other non-business related sources.
Reasonable compensation – Reasonable compensation from an S Corporation is excluded from QBI, but allocated expenses such as health insurance and retirement contributions can be deducted from QBI to offset tax liability.
Guaranteed payments for services rendered – If a partner provides services to a partnership or LLC, any guaranteed payments they receive are considered to be W-2 income and do not qualify for the QBI deduction.
Capital gains – Capital gains are profits made on the sale of investments such as stocks and bonds. These profits also do not qualify for the QBI deduction.
Limitations of the QBI Deduction
The QBI deduction may offer considerable tax savings to businesses, but there are certain limitations that can restrict the amount of savings realized through this deduction. Below are a few of the major limitations:
Wage limitation
Higher earners, meaning those with incomes over $170,050 for single individuals or $340,100 for married filing jointly, may be subject to wage limitation restrictions which can reduce or eliminate QBI deduction eligibility.
20% cap
Generally speaking, the QBI deduction does not exceed 20% of qualified business income. While this is generally beneficial for businesses and self-employed individuals, it also means there’s a limit to the amount that can be deducted from taxable income.
Be sure to research how to file self-employment taxes as well as the best tax software for self-employed to make sure you’re paying your correct self-employment tax. Your state might not have one.
Aggregation requirements
The IRS requires certain trades or businesses to combine their incomes when taking advantage of the QBI deduction in an effort to prevent overstating deductions.
This includes multiple entities owned by one joint return filer as well as a partnership and S corporation owned by the same individual.
Employment rules
Employers offering employee benefits such as health insurance and retirement plans may have more complex rules around who qualifies for deductible wages as they relate to the QBI deduction.
Understanding these rules is vital in order to make sure eligible employees are given access to these benefits while staying compliant with IRS regulations.
Calculating the Qualified Business Income (QBI) deduction is not a particularly difficult process, but it’s important to make sure the calculation is done accurately in order to maximize savings. Here’s an overview of how it can be calculated:
Determine net income
The first step is to calculate the net income of the business by subtracting allowable deductions from gross income. This includes costs such as labor, cost of goods sold, and any other expenses related to running the business. Make sure to learn about the standard deduction 2022.
Subtract for depreciation, amortization, and depletion
Once net income has been determined, specific items such as depreciation and amortization need to be subtracted from this amount in order to arrive at a new figure referred to as “Qualified Business Income.”
Calculate taxable income without QBI deduction
To get total taxable income without taking advantage of the QBI deduction, subtract QBI from net income, then determine taxable income using normal methods.
Calculate taxable income with QBI deduction
To calculate taxable income with the QBI deduction applied, simply subtract 20% of qualified business income from total taxable income before adding on taxes owed on other forms of non-business related incomes such as capital gains or alimony received.
How to Claim the Qualified Business Income Deduction
Claiming the Qualified Business Income (QBI) deduction can significantly reduce your tax burden, but it requires careful attention to detail and adherence to IRS guidelines. Here’s a step-by-step guide to help you navigate the process:
Step 1. Start with Form 1040
Start with Form 1040, the backbone of your tax return. This form captures your overall income, including wages, dividends, and, of course, business income.
Filling out Form 1040 helps determine your base taxable income before taking the QBI deduction into consideration. It’s essential to accurately report all income streams here, as they collectively determine your eligibility for the QBI deduction.
Here’s a breakdown of its key points:
Purpose of Form 1040: Form 1040 is used to calculate your base taxable income. This is the starting point before applying any specific deductions, including the QBI.
Accuracy in Reporting All Income: The form requires you to report all income streams, not just business income. The comprehensive income reported on Form 1040 impacts your eligibility for the QBI deduction.
Inclusion of Various Income Types: Besides your business income, it’s crucial to include all other income types. This can include capital gains (profits from the sale of property or investments), alimony received (if applicable), and any other income sources. These additional income streams contribute to your overall taxable income, which is a factor in determining your eligibility and the amount you can claim for the QBI deduction.
Step 2. Fill out Schedules C & SE
Depending on the type of business you own, you may need to fill out additional forms such as Schedules C and SE which detail your income from self-employment and any related expenses. Schedule C
is used to report income from an unincorporated business, while Schedule SE
is used for self-employment earnings. Make sure nondeductible expenses such as home office expenses aren’t included on these forms.
Key Considerations
Non-Deductible Expenses: Be mindful of expenses that are not deductible on these forms. For instance, personal home office expenses must meet specific IRS criteria to be deductible. Make sure to differentiate between personal and business expenses clearly.
Accuracy is Crucial: Inaccuracies in reporting income or expenses on Schedules C and SE can lead to errors in your QBI deduction calculation. Ensure that all entries are accurate and backed by documentation.
Consulting a Professional: Given the complexities of tax laws and the potential for nuanced situations in your business finances, consulting with a tax professional can be very beneficial. They can provide guidance on what can and cannot be deducted and help ensure that your forms are filled out correctly.
By thoroughly and accurately completing Schedules C and SE, you lay the groundwork for calculating your QBI deduction correctly. This step is crucial in ensuring you take full advantage of the tax benefits available to you as a self-employed individual. Remember, the more precise your inputs on these forms, the more accurate your QBI deduction calculation will be.
Step 3. Calculate net income
Once all relevant forms have been filled out, total net income can be calculated by subtracting allowable deductions from gross income on Schedule C or SE. You’ll want to make sure you include all relevant deductions, such as labor costs and cost of goods sold.
Guide to ensure accuracy in calculating net income
Calculating your net income is a pivotal step in claiming the Qualified Business Income Deduction. Here’s a detailed guide to ensure accuracy in this process:
Understanding Gross Income
Definition: Gross income is the total amount your business earned before any deductions are applied. This includes all revenue streams such as sales, services, returns, allowances, and any other income.
Where to Find It: On Schedule C, your gross income is reported at the top of the form, reflecting the total income from your business operations.
Identifying Allowable Deductions
Types of Deductions: Allowable deductions encompass a range of business expenses. These can include labor costs (like wages paid to employees), cost of goods sold (COGS), office supplies, travel expenses, advertising costs, and other necessary business expenses.
Criteria for Deductions: To be deductible, expenses must be both ordinary (common and accepted in your field of business) and necessary (helpful and appropriate for your business). Ensure each expense meets these criteria.
Calculating Net Income
Subtracting Deductions from Gross Income: On Schedule C, subtract your total business expenses from your gross income. This calculation yields your net business income, which is the figure you’ll use for further QBI calculations.
Importance of Accuracy: It’s crucial to be thorough and precise in this calculation. Underreporting income or overstating deductions can lead to inaccuracies in your QBI deduction and potentially invite scrutiny from the IRS.
Special Considerations
Personal vs. Business Expenses: Be vigilant in separating personal expenses from business expenses. Only business-related expenses should be included in your calculations.
Documentation: Keep detailed records and receipts of all expenses. This documentation is essential not only for accurate calculation but also as proof in case of an IRS audit.
Professional Advice: Consulting a tax professional can be very helpful, especially if your business has complex expenses or you’re unsure about specific deductions.
Review and Double-Check
Revisit Calculations: After calculating your net income, review it to ensure all figures are accurate and all relevant expenses have been included.
Cross-Referencing: Compare your net income with your financial records and bank statements to ensure consistency.
Details qualified business income and will help calculate eligibility for the QBI deduction and how much can be deducted. To fill out the form, you’ll need to enter total net income from Step 3, as well as any special deductions such as depreciation, amortization, or depletion.
Step 5. File tax return
Finally, after all of the required forms are completed, you can file your tax return. Here is a breakdown of the key steps to take:
A. Finalizing Your Tax Forms
Complete All Necessary Forms: Ensure that all forms related to your business income, including Schedule C, Schedule SE, and Form 8995 for the QBI deduction, are thoroughly completed.
Review for Accuracy: Double-check all entries on these forms for accuracy. Ensure that income, deductions, and the QBI calculation are correctly reported.
B. Assembling Your Tax Return
Attach Form 8995: Form 8995, which details your QBI deduction, should be attached to your tax return. This form is vital as it communicates to the IRS that you are claiming the QBI deduction.
Organize Supporting Documentation: While not required to be submitted, it’s essential to have all relevant documentation organized and readily available. This includes records of income, expenses, and any calculations related to your QBI deduction.
C. Filing the Tax Return
Choose Your Filing Method: You can file your taxes electronically or by mail. Electronic filing is generally faster, more secure, and offers quicker confirmation that the IRS has received your return.
Use Trusted Tax Software or a Professional: If you choose to file electronically, you can use IRS-approved tax software. For added confidence, consider using a qualified tax professional who can ensure that your return is accurate and compliant with the latest tax laws and regulations.
D. Seeking Professional Advice
Consult a Tax Professional: Tax laws are complex and frequently change. Consulting a tax professional can provide you with tailored advice and peace of mind, ensuring that your tax return, including the QBI deduction, is prepared correctly.
Tax Planning for the Future: A tax professional can also assist in tax planning for future years, helping you make informed decisions to increase your QBI deduction in the following years.
E. After Filing
Keep Records: Retain copies of your tax return and all supporting documents for at least three years. These records are crucial in the event of an IRS audit.
Monitor for IRS Communication: After filing, watch for any communication from the IRS. If there are questions or additional information is required, respond promptly to avoid delays or complications.
F. Understanding Your Tax Liability
Review Your Return for Insights: Once your return is filed, review it to understand your tax liability and how the QBI deduction impacted your taxes.
Plan for Next Year: Use this information to plan for the next tax year, considering any changes in your business that might affect your QBI deduction.
QBI Deduction Example
Let’s look at a concrete example of how the qualified business income deduction (QBI) works in practice. Imagine a married filing jointly couple who earned $200,000 in taxable income from their business. Assuming all other criteria are met, they will be eligible for the QBI deduction and can deduct up to 20% of their earnings, or $40,000. This means the couple would only end up paying taxes on the remaining $160,000.
The Bottom Line
The qualified business income deduction is a complex tax break that has the potential to save you a lot of money, but it comes with a lot of rules and restrictions.
This article has provided an overview of the QBI deduction and some of the key considerations you need to take into account when determining if you’re eligible.
By doing your research and staying up to date on tax laws, you can make sure that you are taking full advantage of this valuable deduction. When in doubt, consult with a tax professional or follow the free tax advice the IRS provides on its website.
What does the QBI deduction reduce?
The qualified business income deduction (QBI) reduces taxable income and can help lower the overall amount you have to pay in taxes. By reducing your taxable income, the QBI deduction can effectively reduce your tax liability.
Can you claim qualified business income deductions on your rental property?
Yes, it is possible to claim the qualified business income deduction (QBI) on rental properties if they meet certain criteria.
To qualify for the QBI deduction, the property must be used in a trade or business and generate income. The rental activity must also be performed with some regularity and consistency, meaning that it is not just an occasional or incidental activity.
Finally, you must be actively involved in managing the rental property in order to be eligible for the deduction.
Is interest income included in the qualified business income tax deduction?
No, interest income is not eligible for the qualified business income deduction (QBI). The QBI deduction is intended to reduce the taxable income of businesses that meet certain criteria, such as being engaged in a trade or business with regularity and consistency and actively managed by the taxpayer.
Interest income, however, does not qualify as business income under this criteria and cannot be included in the QBI deduction.
Who Cannot take the QBI deduction?
Generally, anyone who meets the criteria outlined above can take the QBI. This includes individuals, trusts, and estates as well as pass-through businesses such as partnerships and LLCs.
However, there are certain taxpayers who are not eligible to receive the QBI deduction. These include specified service trades or businesses (SSTBs), qualified joint ventures, C corporations, certain single-member LLCs, and taxpayers excluded from claiming this deduction under the foreign or possession of income provisions.
Who qualifies for the 20% pass-through deduction?
In order to qualify for the 20% pass-through deduction, you must meet several criteria, including the following:
Business Structure: Only entities structured as a sole proprietorship, partnership, S corporation, or an LLC treated as a sole proprietorship or partnership for tax purposes qualify. C corporations do not qualify for the deduction.
Qualified Business Income: To qualify, the income must be from a U.S. trade or business. Qualified business income includes the net amount of income, gain, deduction, and loss from any qualified trade or business. Importantly, it doesn’t include investment-related income, wages, or reasonable compensation received by shareholders of S corporations or partners in a partnership.
Taxpayer’s Taxable Income: The taxpayer’s taxable income must not exceed certain thresholds, which for the tax year 2021, is $164,900 for single filers and $329,800 for joint filers. If taxable income is above these thresholds, the amount of the QBI deduction may be limited or phased out. These thresholds are adjusted annually for inflation.
Type of Business: For taxpayers with income above the threshold, the deduction may be limited or not available at all if the business is a specified service trade or business (SSTB). SSTBs include businesses in the fields of law, health, consulting, athletics, financial services, and any business where the principal asset is the reputation or skill of one or more of its employees or owners.
W-2 Wages and Capital Limitations: For taxpayers with taxable income above the threshold, the deduction is subject to a limit that’s the greater of 50% of W-2 wages paid by the business or 25% of W-2 wages plus 2.5% of the unadjusted basis immediately after acquisition of all qualified property (tangible property subject to depreciation used in the business).
As the above points illustrate, the 20% pass-through deduction is complex and depends on various factors. It’s recommended that individuals consult with a tax professional to ensure they fully understand these rules and how they apply to their specific circumstances.
Recent world events have been leading us towards a recession for a while now and economic predictions suggest it will arrive sooner rather than later. This is bad news for a lot of businesses, but not all business ideas are at risk of an economic downturn.
To be recession proof means that your business continues to thrive even while other industries are cutting costs or laying people off. It also means preparing for a recession.
19 Amazing Recession Proof Business Ideas
A recession proof business can be very profitable for people both during the good times and the bad. No matter what state the economy or the stock market is in, certain business ideas such as those listed below all stand a great chance of continuing to prosper amidst all the other financial doom and gloom.
There are even many famous or historically successful businesses that were started during recessions. Disney was founded at the beginning of the Great Depression in the late 1920s, while the Hewlett and Packard electronics company started work in the next recession that followed in the late 1930s.
The best recession proof businesses listed below have much less to fear from rising interest rates and a fluctuating GDP than most other businesses, with many having the potential to actually do even more business than usual.
1. Food and Beverage Business
The food and beverage industry is one of the most recession proof industries due to the fact that everyone still needs food and drinks to live. It is not a luxury that can be put aside during difficult times, so businesses in this sector can continue to do well even during a recession.
The food retail industry includes all foodstuffs sold at grocery and convenience stores, drug stores, mass merchandisers and foodservice facilities. Between 1992 and 2019, the total sales of these food retail services in the US topped $6.22 trillion, so there is clearly money to made in this industry.
Let’s look at some particular food business ideas and why they are able to thrive during a recession.
Candy Sales: Comfort foods might be considered a luxury by some, but their relatively inexpensive cost for the brief pleasure they provide for consumers keeps their popularity high even during hard times. One of the most famous treats in the entire candy industry, Mars Bars, was even invented during the Great Depression of the 1930s.
Grocery stores: The smaller grocery and convenience stores can often see an upturn in customer numbers during a recession as some people try to reduce their spending by shopping at smaller stores instead of the large superstores.
Food Delivery: There is a large number of people who simply don’t like cooking, but eating out regularly may not be financially sensible during a recession. This particular customer demographic can help food delivery services do well during an economic downturn.
A Vending Machine Business: This business model is all about providing the daily necessities of life including snacks and beverages. Another benefit of a vending machine is that it can be moved to a high traffic area should sales decrease in its original spot.
Fast Food: The fast food industry attracts a lot of stock investors not only because of its tendency to boom during good times, but also because of its historic sturdiness during economic downturns.
Dollar Stores: Many people will rethink their shopping habits during a recession, and that’s how business owners like those running a dollar store offering cheaper alternatives will thrive.
2. Healthcare Services
The healthcare industry continues to grow even during recessions due to a combination of rising demand and the constant advancement of science and medicine.
There will always be a need for certain healthcare services, with some in particular tending to increase in demand during harder times.
Here are three recession proof healthcare services to consider.
Working with Seniors: Aging populations always require care regardless of the economic situation. This is especially true today as the ‘baby boomer’ generation moves into old age. There are a lot of older people today who own property, are financially comfortable, and can easily afford the care they need during their golden years.
Contraceptives: This is another healthcare service that is always in demand, but especially so during a recession. This is because recessions often put a couple’s plans to start a family on hold. The many contraceptives services available will help them to plan their family according to the state of their finances.
Pharmaceuticals: Most demand for pharmaceutical healthcare is relatively inflexible. Such necessary treatments are not particularly price sensitive, nor can they often be put off until a more financially stable time.
3. Pet Care Business
With total sales of over $103 billion in 2020, the US pet industry is currently breaking records with its rising popularity. That number, published by the American Pet Products Association, was an increase of 6.7% on the 2019 figures.
Growth is currently predicted to continue at a rate of 5.8% through 2021, though the historical average yearly growth of 3% to 4% still makes the US pet industry an interesting business proposition, even during a recession.
The following pet care services will always be in demand.
Veterinary Services: The beloved pets of Americans still need care regardless of what the economy is doing, so veterinary services generally remain unaffected by recessions.
Grooming Services: Pet ownership has greatly increased thanks to the millennial generation who are buying more pet animals than previous generations. Market research company Mintel discovered 40% of Americans aged between 30 and 49 are highly interested in pet care such as grooming services.
Essential Pet Products: The same research revealed that over half of Americans in their 30s own a type of cat, with three-quarters of the same age group owning dogs. As pet ownership increases, essential pet care products will only rise in demand.
4. Renovation and Repair Industry including Plumber, Utility Services, and Auto Repair Services
The home renovation and repair industry includes a number of essential services that remain recession proof. With home improvement expenditure in the US well over $400 billion each year, it is a industry with lots of potential for success.
Here are some good business ideas that continue to be in demand even during recessions.
Plumbing: When there is a plumbing emergency at home or work, it is just not possible to wait for a more financially stable period to get it fixed.
Auto Repair Services: Many people are reliant on their cars and trucks to get from home to work and cannot afford to be without a vehicle, so auto mechanics will continue to be in demand during a recession.
Equipment Repair and Maintenance Services:Any business reliant on particular equipment will need access to a repair and maintenance service. For example, office workers are not usually equipped with the skills to repair a printer, so they will need to call in the right people if they have a problem.
Home Repair: Most people are also not skilled at home repairs so when an issue arises, experts with the skill and knowledge will be required regardless of the state of the economy.
Utilities: Home utilities such as water, gas and electricity are absolutely necessary at all times, so businesses who work in these areas can still thrive during hard times.
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5. Real Estate and Property Management
Recessions can actually be good for the real estate and property management sector, as it is often the best time to invest in property.
As real estate includes any property consisting of land and the buildings on it, ultimately it is an industry with an essential and very valuable product.
The MSCI’s statistics for 2019/20 showed the US real estate industry to be worth $9.6 trillion, so there is serious money to be made selling a home or business premises even during a recession.
Property Stagers: Professional property stagers help a seller make a quick sale and maximize their property price. This is why it is such a valuable job that will always be in demand.
Real Estate Agencies: The knowledge, network and experience required in the job of selling properties is not something ordinary folks have, so real estate agencies are in a good position to continue doing well during a recession.
A Rental Agent Business: Recessions can be a good time for the wealthy to invest in properties, but the not so wealthy still somewhere to live. Rental agents should always be able to find a sizable amount of tenants needing a home and businesses needing office space to cater to.
6. Baby Products Business
While many people make adjustments to their spending during a recession, spending on their children is not where they tend make the sacrifices. Historically, products for babies continue to sell well during economic downturns as families look to reduce spending in other areas.
Entrepreneurs moving into the baby products business could be very successful, as the industry is projected to massively increase in value over the next few years.
The baby care products market was estimated to be worth over $67 billion in 2020, with that set to rise to well over $88 billion by 2026.
7. Child Care
Similarly to the baby products business, the child care market has also grown in size and is set to continue. In 2019 the US child care industry was valued at $54.3 billion, and is projected to rise at a compound annual growth rate of 3.9% up to 2027.
As more and more mothers are empowered to continue their careers after child birth, the child care market will only increase in value.
8. Financial and Accounting Services
Accountancy and other financial information services will always be in demand during a recession. This is especially true nowadays as more and more complex laws and regulations are introduced each year.
It can be a very lucrative industry too, with the revenue of the US accounting industry forecast to have generated over $110 billion dollars during 2020 alone.
This sector endures because it is crucial for businesses to have their finances in order regardless of the state of the economy, so there are numerous financial and accounting services which continue to do well during hard times.
Tax Prep: The consequences of not declaring the right tax information is a serious matter, so businesses and wealthy individuals cannot afford to take risks with their tax prep.
Accounting Services: Astute business owners hire professional accounting services even during a recession as they can save the business money by ensuring everything is in order.
Financial Planning: Many wealthy individuals and organizations may seem content during a recession, but their fortunes can quickly diminish without proper financial planning using all available information.
Bookkeeping: Few business owners and entrepreneurs have sufficient bookkeeping skills and spare time to record their financial information correctly. It can be an exhaustingly time-consuming task for those lacking in bookkeeping experience, so hiring a specialist bookkeeper will continue to be a popular option.
9. Freelancing including Virtual Assistant, Writer and More
Freelancing has the potential to be one of the most recession-proof businesses in the world, even compared directly to many of the others on this list. Companies can save a lot of money by outsourcing certain tasks and activities to freelancers. This lets them pay for those tasks individually as and when they are needed rather than hiring a permanent employee.
Being a writer might conjure images of people writing editorials for the New York Times or the table of contents in a novel, but it is much more to do with creating content for all the business websites that need regular new content to stay relevant and improve their search engine ranking. Content creation, news articles, and other kinds of information content require a skilled writer.
Another popular option is that of a freelance virtual assistant who provides a variety of administrative services to different businesses and organizations from their own home.
10. Cleaning Companies
The state of the economy has absolutely no bearing on the many rules and regulations that commercial and public spaces are required to adhere to for hygiene and safety reasons.
For this reason alone, a cleaning service is recession proof and will continue to do good business during an economic downturn.
The list of organizations that require regular cleaning services include any and all medical and care facilities, stores and shopping centers, beauty salons and spas, restaurants and other hospitality venues, plus all recreational facilities and public spaces where people gather.
11. Tattoo Parlors
An interesting twist when compiling a list of recession proof businesses is the inclusion of the tattoo parlor.
It doesn’t seem to make sense on the face of it as tattoos must surely be considered a luxury item, but the fact remains that tattoo parlors continue to do well even during a recession.
It is probably because of the relative inexpensiveness of a tattoo compared to how long it lasts, plus getting ‘inked’ has been growing in popularity as each generation of people emerges.
12. Businesses Providing Retail Therapy
There are many items which are consumer staples such as toiletries whose sales remain steady during a recession. There are also several other types of retail which also does well even when the condition of the economy suggests people should be buying less.
Here are three more recession proof business ideas in the retail sector.
Luxury Retail: The consumers of this retail market are already wealthy and financially secure to begin with and will usually only be marginally affected by a recession. Businesses serving these customers can expect their sales to remain fairly consistent.
Discount Stores: At the other end of the financial spectrum are those people who are massively affected by recessions and need to make a lot of changes to their buying habits. A recession will typically see an influx of new customers to discount stores.
Pawn Shops: People who sell items to pawn shops often see them as an excellent short-term loan option, while buyers of pawn shop goods are attracted to the cheaper goods. Both of these types of customers ensures pawn shops do very well during recessions.
13. Courier Services
Courier services are a lot less vulnerable to economic slumps as there will always be a need to send packages locally, nationally and internationally.
A recession can even see courier services acquire new customers as businesses who usually deliver their own goods cut back on costs by outsourcing to one courier or another.
14. Beauty Business
The enduring success of the beauty industry as a recession proof business is actually far less to do with vanity than might be expected.
The ‘Lipstick Effect’ is a phenomenon where consumers continue to spend their money on small indulgences during recessions to compensate for the larger sacrifices they make. The name comes from the fact that it is especially applicable to the beauty industry.
Here are a couple of beauty businesses which continue to do well during a recession.
Nails: Manicures are inexpensive luxuries and their popularity doesn’t diminish during periods of financial difficulty.
Hair salons: Hairdressing has long been recognized as one of the very last expenditures people are willing to sacrifice to save money.
15. Technology Support
Computer and information technology jobs are expected to boom over the next few years.
The advancement of Big Data, cloud computing and security for the likes of credit cards means that technology support is a job with high recession resistance.
16. Funeral Services
The only certainties in life are… well, you know how it goes.
Recession or not, the need for a dignified last resting place after we reach the inevitable destination of all who journey through life will always be there.
Whether it is burial or cremation, the job of a funeral service will always be in demand regardless of the economy.
17. Staffing Agencies
There continues to be a lot to do for staffing agencies even when many companies are cutting costs and laying off staff.
Those cuts will be coming from industries heavily affected by a recession, but as you can see from this list, there are a lot of industries who thrive in such times and will continue to need more staff.
18. Education Businesses
Education and training courses are always in demand so a business providing such can continue to be successful during a recession.
A lot of people will be losing jobs and trying to retrain in another area which immediately boosts the amount of consumers available.
By providing education and training courses, either on site or at home, these kinds of businesses can actually thrive off a recession while simultaneously helping the country get back on its economic feet.
19. Digital Marketing
No matter what the economy is doing, digital marketing such as SEO, SEM, social media campaigns and email marketing will always be one of the most cost-effective ways reach new customers.
A recession will only magnify the low investment needed to generate more leads and conversions via a sound SEO strategy.
Digital marketing also provides a wealth of other benefits besides bringing in more customers. It is very flexible which allows a business to adapt to changing circumstances.
An Overview of the Best Recession Proof Businesses
Business
Reasons for Recession-Proof
Food and Beverage Business
Essential need for food and drinks
Healthcare Services
Rising demand and constant advancement of science and medicine
Pet Care Business
Increasing popularity and rising pet ownership
Renovation and Repair Industry including Plumber, Utility Services, and Auto Repair Services
Essential services for home and vehicle maintenance
Real Estate and Property Management
Recession is a good time to invest in property
Baby Products Business
Spending on children remains steady during recessions
Child Care
Increasing demand as more mothers continue careers
Financial and Accounting Services
Crucial for businesses regardless of economic state
Freelancing including Virtual Assistant, Writer and More
Cost-effective outsourcing during economic downturns
Cleaning Companies
Hygiene and safety regulations remain constant
Tattoo Parlors
Relative inexpensiveness and growing popularity
Businesses Providing Retail Therapy
Luxury retail, discount stores, and pawn shops
Courier Services
Always a need for package delivery
Beauty Business
Lipstick Effect” and small indulgences during recessions
Technology Support
Job growth in computer and information technology
Funeral Services
Demand for dignified last resting place
Staffing Agencies
Industries that thrive during recessions need more staff
Education Businesses
Increased demand for education and training courses
Digital Marketing
Cost-effective and flexible marketing strategies
Is a recession a good time to start a business?
A recession can indeed be an excellent time to start a business as the costs can be much lower than starting one during a boom period.
Established suppliers, manufacturers and vendors that you may need to work with to start your business will be more likely to negotiate on their rates during a recession.
If you can get a business idea like those listed above up and running during an economic downturn, then you will have a great chance of achieving even more success once the economy recovers. Getting started during a recession will also set your business up well for the long haul.
Also importantly, during a recession, there’s often less competition, allowing your business to stand out more easily. This period can also be a time of innovation, as challenging times often spur creativity and unique solutions, which can be the lifeblood of new businesses.
What are the most recession proof businesses for Americans?
Healthcare will always be a recession proof industry as we simply cannot do without it. There are several different paths you can take, from providing care for seniors to supplying pharmaceuticals. If you can get a healthcare business up and running, then you will always have customers.
A cleaning business will also always have customers as there are so many laws and regulations that require organizations and public spaces to be kept clean for health and safety reasons. This goes for all kinds of business premises and areas open to the public so that this business idea can be very lucrative even during a recession.
With so many businesses operating online, the importance of digital marketing is only going to increase. Starting this kind of business opens up many opportunities that will still be there during a recession.
Additionally, the flexibility and adaptability of digital marketing make it resilient to economic downturns, as businesses seek cost-effective ways to reach and engage customers in challenging times. This adaptability allows digital marketing businesses to pivot strategies quickly, meeting the evolving needs of clients even when the economic landscape shifts dramatically.
What products sell well during a recession?
During a recession, consumer spending habits tend to shift towards essential items and affordable luxuries. Here’s a breakdown of the types of products that typically see sustained or increased demand:
Staple Items:
Food and Beverages: Essential food items and basic beverages continue to be in demand as they are daily necessities.
Toiletries: Products like soap, toothpaste, and toilet paper are indispensable, maintaining steady sales even during economic downturns.
Utilities:
Gas, Electricity, and Water: These are fundamental utilities that households and businesses cannot function without, making them recession-resistant.
Telecommunication Services: With the increasing reliance on digital communication, services like internet and mobile connectivity also fall into this essential category.
Affordable Luxuries:
Premium Cosmetics: Consumers often still seek small indulgences during tough economic times. Affordable luxury items like premium cosmetics can experience a surge as people look for ways to treat themselves on a smaller budget.
Entertainment Subscriptions: Services like streaming platforms may see increased usage as people spend more time at home and look for cost-effective entertainment.
Economical Alternatives:
Discounted or Value Products: Products that offer value for money, including generic or store brands, often see an uptick as consumers become more price-conscious.
DIY and Home Cooking Supplies: With more people looking to save money by doing things themselves, products related to home repair, gardening, and cooking can become more popular.
In essence, during recessions, products and services that cater to basic needs, offer value for money, or provide affordable indulgence tend to maintain stability or even grow in demand. This shift in consumer behavior reflects the focus on essential living and the search for economic ways to maintain lifestyle quality.
How do you create a recession proof business?
Here are five steps you can take to make your company recession proof for job security.
Choose the right business:
Needs vs. Wants: Begin by focusing on businesses that cater to people’s fundamental needs rather than their wants. Essential services or products, such as food, healthcare, or utilities, are often less impacted during economic downturns.
Recession-resistant sectors: Certain industries tend to be more resilient during economic slumps. Examples include repair services (people tend to fix things instead of buying new), discount stores, and education (many seek additional skills or certifications during unemployment).
Be adaptable:
Stay informed: Keep an eye on market trends, changes in consumer behavior, and any shifts in the economic landscape.
Versatility in offerings: Diversify your products or services. Don’t rely on a single income stream. This spreads risk and allows you to cater to varying customer needs.
Lean operations: Adopt a lean business model. Minimize waste in your processes, be it in production, services, or management, to allow for more flexibility and rapid adjustments.
Negotiate with vendors:
Build strong relationships: Before negotiation becomes necessary, build trustworthy relationships with your suppliers. Being a loyal and reliable partner can pay off during hard times.
Seek bulk deals or long-term contracts: By committing to longer-term relationships or larger purchases, you might be able to secure more favorable terms or discounts.
Explore alternative suppliers: Don’t be reliant on a single vendor. Having alternatives can provide negotiation leverage and ensure continuity if one vendor faces difficulties.
Cash flow management:
Budget wisely: Regularly review and adjust your budgets. Prioritize essential expenditures and cut back on non-essential costs.
Emergency funds: Create a reserve of funds that can cover operational costs for several months. This cushion can be invaluable when revenues dip.
Monitor receivables: Ensure timely collection of payments. Consider offering discounts for early payments or imposing penalties for late ones.
Listen to your customers:
Engage regularly: Use surveys, feedback forms, or direct communication to understand their evolving needs and concerns.
Adapt offerings: If customers are seeking more cost-effective solutions, consider introducing budget-friendly options or payment plans.
Strengthen loyalty: Offer loyalty programs or incentives to retain your customer base. Happy, loyal customers can provide stable revenue even in unstable times.
Which type of business is not recession proof?
There are some business ideas which are very prone to performing badly during a recession. These at risk business ideas include:
Mid-market brands
Mid-market brands often occupy a challenging position in the market landscape.
While they might offer a better quality or unique selling proposition compared to budget options, they still face fierce competition from these cheaper alternatives. This is particularly evident during economic downturns when consumers become highly price-sensitive.
Many such brands operate with significant debt, owing to expansion strategies or capital-intensive operations, which makes them vulnerable during economic slumps.
Moreover, their market positioning often restricts them from rapidly diversifying into other segments or niches, limiting their adaptability during tough times.
Bespoke startups
Startups that cater to niche markets or offer specialized services/products can experience soaring success during economic booms. Their unique propositions often attract a dedicated customer base, and they might enjoy limited competition.
However, the flip side is their vulnerability during economic recessions. If their core product or service isn’t essential or inherently recession-resistant, these startups can face severe challenges. Their niche focus might hinder quick pivoting, and they may lack the financial reserves of more established businesses to weather prolonged downturns.
Mid-range restaurants
The food industry is diverse, with different segments reacting differently to economic cycles. Fast food joints, delivery services, and budget snack brands often see a surge in demand during recessions.
People look for cost-effective, convenient options, and these businesses cater perfectly to that demand. In contrast, mid-range restaurants, which strike a balance between quality and affordability, can face challenges. Their primary customer base, often consisting of middle-income earners, might cut back on dining out to save money, instead choosing to prepare meals at home.
This shift in consumer behavior can lead to decreased footfalls and revenues, posing a significant threat to the survival of these restaurants, especially those without a strong takeout or delivery infrastructure.
In essence, while every business type has its strengths, vulnerabilities become glaringly evident during economic downturns. Businesses must recognize these vulnerabilities and strategize proactively to minimize risks and ensure sustainability.
Efficiently managing and boosting your YouTube channel greatly depends on using the right applications. These apps can streamline the process of learning how to use video marketing by making tasks smoother, improving content quality, and engaging your audience effectively. In this article, we’ll explore the top ten apps for YouTube that are a perfect fit for creators.
The Official YouTube App
When it comes to YouTube business ideas, the official YouTube app serves as a cornerstone. It offers essential features like video uploading, analytics, and interaction with viewers.
This app becomes your control center, helping you stay updated on comments, track video performance, and maintain your channel’s momentum. For businesses, it may even help you discover educational content or learn how to find influencers on YouTube using the app’s easy search and browse functions. Familiarizing yourself with its functionalities is the first step toward effective channel management.
Beyond the YouTube App: Why Additional Apps Matter
While the YouTube app covers the basics, a slew of additional apps can elevate your channel management game. These video and live streaming apps specialize in analytics, keyword research, and video editing. They provide insights into audience behavior, help you discover trending topics, and allow you to craft polished videos.
By expanding your toolkit, you empower yourself to enhance content and engagement, leading to substantial channel growth.
Categories of Apps for YouTube Creators
As a YouTube creator, you’ll find a wealth of apps to enhance your content and audience engagement. Let’s explore different app categories for creators…
YouTube Video Editing Apps
Crafting captivating videos is key, and a video editing app offers tools to finesse your content, add effects, and ensure professional quality. These apps empower creators to enhance visuals, improve pacing, and create engaging narratives.
Thumbnail Creation Apps
First impressions matter. Thumbnail creation apps enable you to design eye-catching thumbnails that entice viewers to click and watch your videos. With customizable templates and graphics, you can create thumbnails that reflect your video’s essence and spark curiosity.
Analytics and SEO Apps
Understanding your video’s performance and optimizing its visibility is crucial. Analytics apps provide insights, while YouTube SEO apps guide you in using keywords effectively. These apps help creators track audience engagement, identify content trends, and refine their strategies for better reach.
Video Templates
For creators seeking efficient video production, templates offer pre-designed layouts that maintain a polished look, saving time without compromising quality. These templates provide a consistent visual style, making it easy to churn out content while adhering to your channel’s branding.
Screen Recorder Apps
Creating tutorials or gameplay content? Screen recorder apps enable you to capture your screen’s action, making it easy to explain and demonstrate concepts. These apps are invaluable for creators who want to share step-by-step guides, software demonstrations, or immersive gameplay experiences.
Royalty-Free Music Apps
Adding music enhances videos, but copyright issues can arise. Royalty-free music apps grant access to a library of tracks that elevate your content while sidestepping legal concerns. These apps offer a wide range of music genres, ensuring you find the perfect soundtrack without worrying about copyright strikes.
Selecting the Best Apps to Complement Your YouTube Experience: Our Methodology
For those utilizing YouTube as a platform, the right apps can make a significant difference in content quality, audience engagement, and overall channel management. To evaluate the top apps for YouTube, we employed an objective methodology. The factors we considered are outlined below and rated by their importance on a scale of one to ten, where ten is most important and one is least important. Here are the key factors we considered when building our list:
Video Editing Capabilities (Importance Scale: 10/10)
Advanced editing features like cutting, merging, and overlaying.
Effects, filters, and transitions to enhance video quality.
Ease of Use (Importance Scale: 9/10)
User-friendly interface suitable for beginners.
Quick learning curve.
Cost-Effectiveness (Importance Scale: 8/10)
Reasonable pricing for the features offered.
Free or trial versions with essential functionalities.
Integration with YouTube (Importance Scale: 9/10)
Seamless uploading and syncing with YouTube.
Features for managing YouTube analytics and comments.
Audio Tools (Importance Scale: 7/10)
Quality audio editing features.
Access to royalty-free music and sound effects.
Thumbnail and Graphics Creation (Importance Scale: 8/10)
Tools to create eye-catching thumbnails and graphics.
Customization options to align with branding.
Analytics and SEO Tools (Importance Scale: 8/10)
Insights into video performance and audience demographics.
SEO tools for optimizing video titles, descriptions, and tags.
Collaboration Features (Importance Scale: 6/10)
Facilities for team collaboration and project sharing.
Mobile Compatibility (Importance Scale: 7/10)
Mobile app availability for on-the-go editing and management.
Support and Resources (Importance Scale: 6/10)
Access to customer support.
Availability of tutorials and learning materials.
Based on these criteria, we’ve scoured the app landscape tailored for YouTube. Our findings include tools for creators seeking to enhance video production, channels looking for growth analytics, and viewers wanting an enhanced viewing experience. Whether you aim to produce viral content or simply enjoy content seamlessly, our recommendations aim to bolster your YouTube journey.
The 10 Best Apps for YouTube Creators
Elevate your YouTube game with these top 10 apps. From analytics to editing, these tools are essential for boosting your channel’s impact and engagement.
1. VidIQ
VidIQ offers in-depth analytics, keyword research, and competitor insights, aiding creators in optimizing video content for higher discoverability and audience engagement.
2. TubeBuddy
TubeBuddy provides tools for video SEO, bulk processing, and audience management, helping creators enhance video performance, streamline tasks, and build their subscriber base.
3. Canva
Canva simplifies graphic design with customizable templates, empowering creators to craft eye-catching thumbnails, channel art, and visuals that attract and resonate with viewers.
4. Filmic Pro
Filmic Pro elevates mobile video production with advanced controls, enabling creators to capture high-quality footage with professional-level settings on their smartphones.
5. Flixpress
Flixpress offers ready-made video templates for intros, animations, and outros, enabling creators to produce engaging, branded content without extensive editing skills. These templates make it easy to use, with a quick learning curve for beginners.
6. Adobe Premiere Rush
Adobe Premiere Rush offers comprehensive desktop and mobile free video editing, giving creators the power to refine their content with advanced transitions, effects, and audio adjustments.
7. Social Blade
Social Blade supplies creators with vital YouTube analytics, helping them track growth, predict trends, and fine-tune strategies for maximum channel impact.
8. Soundstripe
Soundstripe provides a library of royalty-free music, enhancing videos with high-quality audio while avoiding copyright issues that can arise from using copyrighted music.
9. Thumbnail Blaster
Thumbnail Blaster enables creators to design click-worthy thumbnails using AI, increasing video click-through rates and boosting overall viewership.
10. Movavi
Movavi offers user-friendly video editing software with a range of features, allowing creators to edit and enhance videos easily, even if they’re new to video editing.
App Name
Primary Features / Offerings
Best For
VidIQ
– In-depth analytics – Keyword research – Competitor insights
Improving video discoverability and understanding audience engagement.
TubeBuddy
– Video SEO tools – Bulk processing – Audience management
Optimizing video performance and growing a subscriber base.
Canva
– Graphic design templates – Customizable designs
Creating visually appealing thumbnails, channel art, and other graphics.
Filmic Pro
– Advanced mobile video controls – Professional-level settings
Mobile video creators looking to produce high-quality content.
Flixpress
– Ready-made video templates – Intros, animations, outros
Those who want branded video content without needing advanced editing skills.
Analyzing channel performance, anticipating growth, and refining content strategies.
Soundstripe
– Royalty-free music library
Creators needing high-quality music without copyright issues.
Thumbnail Blaster
– AI-powered thumbnail designs
Maximizing click-through rates with enticing video thumbnails.
Movavi
– User-friendly video editing – Wide feature range
Novices and intermediates looking to produce polished videos without a steep learning curve.
Maximizing Your YouTube Channel with the Right Apps
As a YouTube creator, harnessing the potential of specialized apps can significantly amplify your channel’s impact. These apps offer tools for seamless video editing, attention-grabbing thumbnails, enhanced analytics insights, and effective SEO strategies.
Moreover, utilizing video templates, screen recorders, and royalty-free music apps can elevate your content quality and viewer interaction, propelling your channel to new heights of success. Here are some tips to help you select the right apps to bring your YouTube content to the next level:
Determine Your Needs:
Pinpoint gaps in your current workflow. Do you struggle with thumbnail design, analytics interpretation, or video editing?
Choose apps that align with your specific needs and goals for your channel.
Check Reviews and Ratings:
Research user reviews on app stores or relevant forums to get insights into the app’s performance and user experience.
Look for apps with high ratings and positive feedback, but also take note of common complaints or issues.
Consider the Learning Curve:
Is the app user-friendly, or does it require a steep learning curve?
Opt for intuitive tools if you’re not keen on spending extensive time learning new software.
Cost vs. Value:
While some apps offer free versions, they might have limitations. Assess whether it’s worth investing in a premium version based on the features you need.
Compare the price of the app with its offered functionalities and the potential value it can add to your channel.
Integration Capabilities:
Some apps can seamlessly integrate with other tools you may be using, creating a smoother workflow.
Check if the app can connect with YouTube directly or if it’s compatible with other software you regularly use.
Regular Updates & Support:
Choose apps that are regularly updated to keep up with changing YouTube algorithms and user preferences.
Ensure there’s reliable customer support to help address any issues or queries.
Security & Privacy:
Research how the app handles your data. Prioritize apps that respect user privacy and have secure data protection measures in place.
Be wary of apps that request unnecessary permissions.
Trial Periods:
Opt for apps that offer trial periods or demo versions. This allows you to test the app’s functionalities before committing to a purchase.
Use the trial period to gauge the app’s efficiency and relevance to your needs.
Seek Recommendations:
Connect with fellow YouTubers or join online communities to ask for software recommendations.
Peer experiences can provide valuable insights into the app’s real-world performance.
Scalability:
Consider if the app can cater to your needs as your channel grows. Can it handle more data, videos, or advanced requirements in the future?
Compatibility:
Ensure the app is compatible with your operating system, whether you’re on Windows, macOS, Android, iOS, or other platforms.
Check hardware requirements to ensure smooth performance.
Incorporating the right apps into your YouTube workflow can significantly streamline processes and elevate the quality of your content. However, it’s essential to take the time to research and select the best tools that align with your channel’s unique needs and long-term goals.
FAQs: Apps for YouTube
What’s the Role of the YouTube Studio App for YouTube Creators?
The YouTube Studio app is a powerhouse for creators, offering video management, analytics, and engagement features. It’s your command center for monitoring comments, tracking video performance, and connecting with your audience directly from your mobile device.
What Are Some of the Best Video Editing Apps for Mobile?
VidIQ and TubeBuddy are excellent for analytics, while Canva excels in creating graphics. These apps streamline tasks and enhance your video content. Filmic Pro provides advanced video recording, Flixpress offers customizable templates, and Adobe Premiere Rush gives comprehensive editing capabilities.
Can I Edit Videos Efficiently Using Only YouTube Studio?
While YouTube Studio enables basic video edits, dedicated video editing software like Adobe Premiere Rush or Movavi offers more advanced features. These tools provide better control over transitions, and effects, and help create better-quality YouTube videos.
How Can Video Editing Tools Improve the Quality of My YouTube Videos?
Video editing tools empower you to trim, add effects, and refine your footage. This results in professional-looking videos with smoother transitions, enhanced visuals, and polished content that captures and retains viewers’ attention.
What Is the Best Video Editing Software for Creating Professional YouTube Videos?
Apps like Adobe Premiere Rush, Filmic Pro, and Canva offer professional-grade editing features. They let you refine every detail of your videos, from color correction to advanced effects, ensuring your content stands out and reflects your unique style as a creator. These apps can benefit nearly everyone who uses video marketing, from those looking to advertise your business on YouTube to creators trying to getting YouTube subscribers to monetize their content.
The keys to your pickup truck may be your key to making more money.
High gas prices are causing consumers to swap for smaller vehicles. More and more, the average person doesn’t have a vehicle that can move items of substantial size and weight.
Independent contractors can make money with a truck. We’ll give you 16 services you can provide, and 6 of the best Apps on how to make money with your vehicle so you can get started with this side hustle.
Here’s the conclusion – if you have your own pickup truck, you can make money hauling stuff.
16 Ways to Make Money with a Truck, or with a Pickup Truck and Trailer
Not all pickup trucks are good work trucks and equally suited to certain tasks. For example, they come in sizes by vehicle weight, engine size, and bed length.
Size Matters
For example, a half-ton truck may have a small, six-cylinder engine of about 3.0 size. Or a half-ton pickup truck may have an eight-cylinder engine of 5.0 size or larger. Engine size dictates how much a vehicle can tow (trailer weight plus load).
Compared to a half-ton pickup truck, a one-ton pickup truck has a more beefed-up chassis. A one-ton would be able to handle a load of gravel or mulch; a half-ton may be challenged by too heavy a load. There are box trucks, which are enclosed with tall cargo areas.
Trailers By Type
Trailers are specific to the task. There are landscape-style trailers with low sides in various lengths. There are enclosed trailers (also called cargo trailers) which are completely enclosed. And there are dump trailers, open to the elements.
Your requirements are that you are a truck owner with a valid driver’s license and vehicle insurance. If you’re going to use a truck and trailer, you’ll need a tow hitch, wiring to provide lights to the trailer, and electric brakes (to haul anything that weighs more than 3,000 pounds.
As an independent contractor, you can set your own hours. How much extra cash you earn depends on how much time you can devote to this as a small business – a few hours or 24-hour service. Check with your insurance company before you begin to make money with your truck.
1. Delivery Services for Food
Don’t think small on this one. If you’re thinking of food services delivering individual meals, you’ll have plenty of competition from Uber and similar App users, which regularly deliver food. The food delivery services you want to do are less about meals, and more about food supplies.
Restaurants need to deliver meals, true. But they also need to receive supplies, and not just food staples. They need take-out cartons, bulk supplies such as sugar and flour, cleaning materials and office supplies.
If a local restaurant is getting supplies delivered by tractor trailer, they are paying high fees on freight charges. Reach out to local restaurants with an informational flyer describing the delivery service you can provide with your truck, or with your truck and trailer.
For this type of work, your truck should be equipment with a cap that is watertight against the elements. If you plan to deliver supplies that need refrigeration, your best bet is a refrigerated box truck or van.
2. Delivery Service for Landscaping Business and Construction Supplies
To cover a yard area with mulch, gravel or paving stones, the average homeowner would have to make numerous trips with a small vehicle. They would also have to buy individual bags of mulch or gravel, which is much more expensive to buy that way.
The cheapest way to buy mulch or gravel is “by the scoop.” A scoop is typically a bucket load of a small tractor or skid steer. A scoop can be loaded into a truck with an open bed, or onto an open trailer. A dump trailer – although more expensive than a regular trailer – makes this type of delivery much easier. If you’re using your truck bed, check your owner’s manual to see how much weight your truck can haul that way.
With an open truck bed or trailer, you’ll need a tarp to cover the load. If you’re using an open bed truck, first lay down a tarp that covers the floor and extends up the sides. After you shovel some of the material out of the truck bed, you may be able to get the rest out by pulling out the bottom tarp.
In other words, make money while saving up for that dump trailer. In addition to providing this type of service for homeowners, you may be able to partner with large and small businesses that offer landscaping services to make deliveries to the jobsite.
With a large enough trailer, you can also deliver yard features such as sheds, gazebos, stock tanks and molder plastic pond liners, as needed by homeowners and/or landscaping companies.
3. Deliveries for Local Businesses
The last thing a busy owners of construction companies want to do is pick up construction material. Truck owners can really capitalize on this need.
Keep in mind, though, that a minimum length involved in most lumber orders is 8 feet, such as for 2 x 4s and plywood. Some construction materials, such as drywall or bags of cement, must be kept dry – during pickup and delivery and at the job site.
That’s why using an enclosed trailer for construction materials is a great option. It’s not a truck, so you can drop it off loaded at the job site. The contractor can work out of your trailer as needed.
You can pick up a used 12-foot enclosed trailer for about $1500, but for construction site deliveries you may want to go to a 16-foot model with dual axles. There are many ways to get flat tires at construction sites. The dual axles give you two tires on each side. With a single axle, a flat tire is a disaster.
Also, add load stabilizers to your trailer – similar to what’s used on towable campers. When the trailer is not hooked to a vehicle, and someone walks into the back, the person’s weight can pop up the front of the trailer.
Here are a few ideas about local companies that pickup truck owners can target with other hauling services to deliver packages and other items, or offer shipping services:
Pharmacies
Florists
Auto Parts and Tire Distributors
Furniture stores
Community yard sales (pass out your business cards)
4.Deliveries Made by Towing
This is not the same as becoming a towing company, with a specialized truck to haul disabled or damaged vehicles. This is using your truck to tow other
You can make good money using your pickup truck as a towing service to haul items such as boats and rv’s. Make sure you check your tow weight capacity.
Towable RVs need to be inspected annually. That’s a big chunk of time out of the owner’s day. You can take the RV to the dealership or inspection garage, and pick it up when it’s finished. You can also move RVs from one dealer location to another, as part of your towing services.
Take your business information to area rv dealers.
5.Junk Removal Business and Moving Services
Junk removal services are needed by home owners and also by a special local business – the real estate company. Residential and commercial properties are much more likely to sell when junk – old couches, metal desks, etc. – has been removed.
To make money with your truck this way – by affiliation with a real estate company – you’ll need to be bonded. That may cost about $1,000 a year. That protect the real estate company against any damages you cause to the property that’s for sale. Typically, there is one agent who handles cleanouts of foreclosure properties, and you’ll have to bid against other junk removal companies.
You can take appliances and other metal items to a scrap metal dealer, and earn extra cash.
Many people who are moving do as much as they can using their personal vehicles. But there’s always a need for a moving service for the large items such as mattresses and furniture. If you have an enclosed trailer, you can offer to drop it off at the residence, where the customer can fill it as time allows.
6.Snow Plowing Services
It is tough to compete against snow plow companies with huge fleets, but you can provide snow plow services as a subcontractor for those companies.
A large truck with a plow may not fit into all the places that need to be cleaned of snow. Some snow plows are 8 feet wide. You can find a niche within those companies with smaller medium duty trucks and a six-foot plow.
Snow plowing is hard on a truck’s front end, due to the weight of the plow and the wear and tear on brakes and wheel bearings. You’ll also need special wiring to operate the plow controls, up, down and angle.
For a small truck you may take a look at what’s called a “homeowner” plow, which is made of tough molder plastic. They are much lighter and can attach to a truck via a receiver hitch (which is mounted on the front of the truck). Hook up is simple. But most homeowner plows do not have electronic controls. You may have to manually change the plow angle as needed.
Factor in the cost of gas money. Check with your insurance provider to see if you need to upgrade your coverage.
7. Mobile Billboard Advertising
Offer your pick-up truck as a moving billboard for local businesses. You can partner with advertising agencies or directly with businesses to display their banners or wraps on your truck. This method can generate income based on the size of the ad and the areas you cover. It’s a passive way to earn money while you drive around for other tasks.
8. Event Logistics and Support
Your truck can be used for transporting equipment and supplies for events like weddings, concerts, or local fairs. This includes setting up tents, chairs, stages, and other event necessities. You may need to work weekends or evenings, but these events often pay well for reliable and timely service.
9. Rental to Film and Production Companies
Production companies often need vehicles for shoots, especially for rural or outdoor scenes. Offer your pick-up truck for rent to film, television, and photography production companies. This can be particularly lucrative if you’re located near areas where filming is common.
10. Agricultural Support Services
If you’re in a rural area, offer your services to local farms. This can include transporting produce to markets, delivering farming supplies, or even helping with the movement of small livestock. Building a good relationship with the local farming community can provide consistent work, especially during harvest seasons.
11. Yard Waste and Recycling Services
Offer to haul yard waste or recyclables for homeowners who don’t have the means to do it themselves. This service can be particularly in demand during spring cleanups or after major storms. You can charge per job or set up a regular service for loyal customers.
12. Mobile Car Wash and Detailing Service
Transform your truck into a mobile car wash and detailing service. You can travel to your client’s location to provide services, which is convenient for them and profitable for you. Invest in portable washing and detailing equipment, and offer various packages based on the services provided.
13. Seasonal Decoration Services
Provide services for putting up and taking down holiday decorations. This includes lights, lawn ornaments, and other seasonal displays. Homeowners and businesses alike might be interested in this service, especially those who lack the time or ability to do it themselves.
14. Pet Transport Services
Offer a pet transport service, especially for larger animals that might not fit in a standard car. This can include trips to the vet, grooming appointments, or even longer journeys. Ensure you have the necessary equipment to transport pets safely and comfortably.
15. Local Tour Services
If you live in an area with tourist attractions, consider offering guided tours. Equip your truck with comfortable seating and provide informative, personalized tours around local landmarks, scenic routes, or historical sites. This can be especially popular in natural or rural tourist areas.
16. Courier and Expedited Shipping Services
Offer courier and expedited shipping services for urgent deliveries. This can include important documents, time-sensitive packages, or last-minute deliveries that larger courier companies might not be able to accommodate quickly.
Apps for How to Make Money with a Pickup Truck
Here’s where it gets very cool. Once you download one of the six Apps we suggest, you’ll be connected with a peer to peer network. People who need delivery or shipping service are connected with truck drivers. You can set your own prices.
Here are all the details you’ll need to know about the best Apps to choose:
Platform
Overview
Requirements & Features
Considerations
Amazon Flex
An app-based platform that allows you to deliver packages for Amazon.
– Truck bed must be covered to protect items.
– Busy side hustle opportunity.
Must ensure items remain dry during delivery.
GoShare
App platform focused on helping people move large items, like furniture and appliances.
– Ideal for “odd jobs” or one-time needs.
– GigSmart is a similar platform to consider.
Often, these are not recurrent tasks but rather one-time needs.
Door Dash, Postmates, etc.
Delivery platforms connecting consumers ordering from stores/warehouses to delivery drivers.
– Pickup and delivery of various items for customers.
Reliability and speed are essential to maintain customer satisfaction.
Uber and Lyft
Primarily known for transporting people but also used for food deliveries.
– Requires a four-door vehicle.
– Popular and widely recognized platforms.
While primarily for passenger transport, having a truck can be beneficial for larger groups or items. Ensure vehicle meets all platform standards.
LoadUP
Focuses on junk removal, connecting you with people needing old items removed.
– Junk removal tasks.
– Opportunities to remove sellable or usable items
– Exclusive coverage within your zip code when you sign up.
While primarily for junk, there might be opportunities to salvage or repurpose items.
Turbo
A platform where you can rent out your truck to those in need.
– Rent your vehicle to users
– Passive income as you earn without actively working.
Requires special insurance. It’s crucial to vet users and possibly do background checks to mitigate risks of damage or misuse of your vehicle.
Costs Associated with a Pickup Truck Business
Initial and Recurring Vehicle Costs
Truck Purchase: The initial cost of buying the truck, which can vary depending on whether it’s new, used, or leased.
Depreciation: Over time, the value of your truck will decrease, especially with heavy use.
Maintenance: Regular upkeep is crucial for the longevity and safety of your vehicle. This includes:
Oil Changes: Necessary for the smooth operation of the vehicle.
Tires: Depending on usage, tires may need to be replaced periodically.
Inspection: Regular inspections ensure the vehicle adheres to safety and emission standards.
Repairs: From minor fixes to major overhauls, unexpected repairs can emerge at any time.
Equipment Costs
Gloves: Essential for safe handling of goods and protection against cuts or abrasions.
Wheeled Dollies: Useful for moving heavy items without physical strain.
Steel-Toed Boots: Provides foot protection, especially when handling heavy objects.
Straps and Ropes: For securing items during transport.
Blankets/Pads: To protect delicate items from scratches or dents.
Insurance Costs
Vehicle Insurance: A must-have for any vehicle, covering potential damages to your truck in case of accidents.
Liability Insurance: Protects against claims resulting from injuries and damages to other people or property.
Cargo Insurance: Covers damages to the goods you’re transporting.
Specialized Business Insurance: Depending on the nature of your services, you might need more specific insurance coverage. It’s always a good idea to:
Consult with an Insurance Agent: Speak to your insurance carrier about the specifics of your business to ensure you have the right coverage.
How Much Money Can You Make with a Pickup Truck?
Making money with a truck is an open-ended proposition. You’ll make your own schedule, delivering food supplies, mulch, couches and/or refrigeratiors – your choice. How much extra money you make depends on your time availability, and whether it’s a full-time job or a side hustle.
For routine delivery jobs, you can expect to earn from $15 to $20 per hour for small items such as packages. For the bigger stuff, you can expect to earn about $40 an hour.
