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Some people venture into startups with a clear vision: They know which industry they want to conquer and the path they need to take to get there. However, for many new entrepreneurs, it can be difficult to figure out what kind of business to start — and even harder to determine which type of business is the best choice to invest in.
Easy And Profitable Business To Start
To help you start your journey, we’ve compiled a list of the most profitable businesses, taking into account factors such as industry growth and competitiveness, start-up costs and barriers to entry, and profit potential.
The 40 Most Profitable Businesses To Start In 2023
With a solid business plan, hard work and determination, any strong business idea can be successful and profitable.
Businesses in high-growth industries with low start-up costs are likely to be more profitable. For example, as technology improves, starting a virtual assistant business may be more successful than opening a grocery store.
While the most profitable businesses are online based, others involve personal services, some of which are perfect if you are starting a business. Here is a list of the most profitable small businesses:
According to a 2021 report by Grand View Research, the food truck movement has experienced continued growth over the past five years and is expected to be a $6.6 billion market by 2028. You can start a food truck business for less than a third of the cost of opening a physical store. Plus, you have geographic diversity, higher earning potential, and the flexibility to build your own unique roster.
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Keep in mind that larger, trendier cities like San Francisco, Boston, and Washington DC already have saturated food truck markets (and tighter operating regulations) – so this might be more successful in smaller downtowns adventure. .
Food trucks also have their own set of regulations, business licenses and safety compliance standards. They also require food business insurance, so check with your local health department to find out what is required.
According to a 2020 study by Consumer Reports, rising prices and expanded features in new vehicles are causing owners to keep their vehicles longer. Businesses such as car washes that help people preserve the value of their vehicle investments are expected to continue to grow as drivers keep their cars on the road longer.
According to the International Car Wash Association, 66 percent of Americans wash their cars somewhere once or twice a month, averaging 13 times a year. The car wash market is expected to grow from $14.7 billion in 2021 to $20.7 billion in 2028.
The 7 Most Profitable Small Businesses
You can make more money by turning your car wash business into a mobile service. Customers are likely to pay more for their own car wash, especially if they own a luxury vehicle and prefer a more personalized service. As a mobile car wash and auto detailing service, you avoid the overhead and moving costs of a physical location.
According to IHS Markit (now part of S&P Global), the average age of U.S. cars and light trucks will rise to 12.1 years by 2021, from 9.6 years in 2002. People are keeping their cars serviced longer than ever before, pointing to a major opportunity in the maintenance and repair industry.
Additionally, vehicle owners can visit small businesses for repairs. According to the Automobile Service Association, more than 70 percent of repair business is handled by independent repair facilities rather than dealer or manufacturer-authorized repair facilities.
If you are a mechanic, you might think that car repair services are one of the most profitable business ideas. We can provide oil changes, fluid refills, battery replacements, headlight repairs and more. If you want to save extra money, you can use it as a mobile service, going to a client’s driveway or office parking lot for repairs.
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According to the U.S. Bureau of Labor Statistics, employment of fitness trainers and trainers will grow 39 percent from 2020 to 2030, much faster than the average for all industries. But turning your love of fitness into a career doesn’t mean working at a large corporate gym—and you don’t have to own your own facility to train clients. Stash some dumbbells, bands, and a yoga mat in the trunk of your car and start your fitness routine.
You can become a personal trainer by holding one-on-one sessions in a client’s home or at an ad group session at a local park or community center. Making fitness more accessible to your clients might just be the ticket to help you reach your goals.
Although millennials are putting off parenthood for longer than previous generations, many ultimately want children. In fact, more than half of millennial women had given birth as of 2018, according to a Pew Research Center analysis of government data.
Now that Millennials and Gen Z are thinking about parenthood, there is a growing demand for baby-oriented businesses, starting with postpartum and newborn related services. As such, a 2018 Research & Markets report predicts that the maternity care market size in North America will exceed USD 3 billion by 2023.
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Maternity and breastfeeding consultants are in particularly high demand among new mothers, two options with relatively low rates of non-educational and non-certification requirements.
As Americans continue to have children, shrinking education budgets mean traditional academics and enrichment content such as music, arts and sports often take a major hit.
A successful business can be one that teaches children enrichment activities. According to a 2018 U.S. Census Bureau report, kids today are more involved in extracurricular activities than they were 15 years ago. And some studies show that nearly half of American parents spend more than $1,000 a year on their kids’ activities.
You could start a gymnastics center or music school, become a swimming instructor or yoga teacher for kids, or focus on some other kid-focused activity. If you have skills that you can easily pass on to younger students, you may already have a profitable business.
The 23 Most Profitable Businesses In 2022
If your interests lie in development and engineering, you may want to focus your technology on the youngest users. Research shows that children are increasingly demanding tablets, apps and mobile entertainment, especially if the products are educational.
More than 60 percent of parents surveyed believe mobile devices and apps can help teach their children reading, math, science and world languages, according to the Mobile Devices and Early Childhood Learning First Alliance, produced by research firm Grunwald Associates.
Are there any educational apps for kids or parents? If so, now is the time to spread your brilliant idea to the next generation and make this profitable business a reality.
Sites like Runway Runway and Gwynnie Bee are based on the idea of a sharing economy – we want and need fewer things, so we share resources.
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Offering borrowed or leased clothing and accessories at a fraction of the purchase price, these businesses are very profitable because the same inventory generates multiple returns. The used clothing market is expected to more than triple by 2030, according to a 2021 study by resale platform Mercari.
Have a sense of fashion and style that no other rental service currently offers? Maybe you’re ready to be the next big thing.
Even if you’re not running a multi-million dollar fashion startup, you can easily take advantage of shared fashion at the local level. Collect favorite accessories or clothing and host a borrowing party—customers can rent or buy items from the closet before their high school prom.
If you’re in college, the Greek lifestyle is another great opportunity to benefit from the sharing economy model. Since you’re factoring shipping costs into the equation, you can make more profit.
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Are you the go-to person for every lawn, garden and home improvement tool in your neighborhood? Why not use these tools directly outside of your circle of friends and turn your existing equipment into a profitable business?
You might even decide to invest in more specialized, more expensive equipment to the benefit of those around you. If a customer doesn’t know how to use a particular piece of equipment, combine equipment rental with your mobile service to get more cash in the bank.
Increased home improvement costs since inception
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