What Are The Most Profitable Small Businesses To Start

By | February 19, 2023

What Are The Most Profitable Small Businesses To Start – When people think about profit, they think about it in different ways. For example, there is a significant difference between the most profitable businesses and the most profitable small businesses.

However, if you are wondering what is the most profitable business for small business owners to start, this is often a category of its own. Most of us don’t have access to venture capital or the ability to run a business for ten years before starting to make money. That’s why I limited the list to the most profitable small businesses.

What Are The Most Profitable Small Businesses To Start

What Are The Most Profitable Small Businesses To Start

We find out which small businesses are the most profitable, look at the most profitable home businesses, and give examples of successful business owners in these areas.

The Most Profitable Small Business Industries

We hope these real success stories and small business ideas will spark your creative juices and help you earn a lucrative income.

A consulting business focuses on helping other business owners solve their own problems. If you have a specific area that you are an expert in or you can be a single solution, you can choose a niche.

When I started my consulting business, I consulted on everything. One day I was analyzing payment processors and the next I was looking for the right influencer for the brand. I eventually gravitated to writing about business and technology because it makes it easy to educate thousands of people a month.

Business consultants can earn from a few hundred a day to billions a year. Advisors specializing in mergers and acquisitions can earn high commissions.

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Although only ⅙ of real estate agents are successful, they can start a profitable business. Santino Fillepelli told us:

I worked as a real estate agent, broker and investor making more than $ 2 million a year.

Find out how real estate agent Paul Balzotti built his real estate business in our exclusive interview.

What Are The Most Profitable Small Businesses To Start

Then check out another real estate investing interview with legendary real estate broker Santino Filippello, where he talks about how he built his agency:

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One of the most profitable businesses to start is a cleaning service. Whether you choose to start a maintenance service or a niche like carpet cleaning, you can make big money in the cleaning industry.

My father loaned me $3,000 and I took a carpet cleaning course at a local cleaning company.

Today, it produces three times more every month. Read our blog on how to start a carpet cleaning business to learn more about why it is one of the most profitable small business ideas.

You can also check out our interview with Chris Mondragon, who earns over $125,000 a month with his cleaning business. He told us:

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Social media marketing is a huge field. It’s a $153.7 billion industry, according to Statista. All you need is a computer, some software and find some customers.

You can expect each client to be around $ 2,000-$ 5,000 per month and require 20-40 man hours to properly service them.

This means that a person can earn up to $40,000 per month from home without investing in inventory. Learn how Jason turned Socialistica into a $500k/year social media marketing agency:

What Are The Most Profitable Small Businesses To Start

Another of the most profitable businesses involves creating online courses. E-learning is expected to grow at a compound annual growth rate (CAGR) of 14.6% and reach $374.3 billion by 2026.

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If you know how to do it yourself, developing an online course can cost a few hundred dollars, or up to $20,000 an hour, of course, if you’re paying someone else to create it.

Not only is it relatively cheap to get started, but people are willing to pay for online courses if they add real value. In fact, some of the most popular training courses can run as low as $5,000. However, most of them are less than $300 per course.

One of the most influential business owners since I started writing is Jazmin Richards, owner of BlkSunflower. He started his small business with $100 in early 2020 and has grown to over $200,000 in annual revenue.

Most candle manufacturers have a 40-60% margin if they sell wholesale, and even more if they are direct-to-consumer. This makes it a very profitable venture. Watch our interview with Jazmin:

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Payroll services charge a monthly fee for their time and overhead for each employee. There are two ways:

You can easily partner with some of them, help people sign up for their services, set them up, and earn a commission on their monthly payments.

This can be a very profitable business, especially if you combine it with things like accounting or tax preparation, because it is extra money to make your job easier.

What Are The Most Profitable Small Businesses To Start

Delivery services can be one of the most successful small businesses. The industry will grow to $192 billion by 2025, though big players like Uber and DoorDash will take the lion’s share of the delivery revenue.

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If you start something like this, just focus on the local area and find a better way to market the business. You can achieve a net profit margin of around 17%. That is why delivery services are one of the most profitable business ideas.

If you enjoy creating websites, logos, and marketing materials, graphic design might be a good fit because it’s always in demand. You can start with just your computer and some design software. Get clients on Fiverr or Upwork and start a profitable home business.

Many people start food trucks because they are more profitable than owning a restaurant. You save money by:

It cost me about $41,200 to get started. Today, I make $417,000 a year and aim to keep my food costs below 35%.

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Personal trainers also make good money. They can earn anywhere from $50 to $250 an hour coaching people to achieve their fitness goals. Although a personal trainer does not need to have a degree, their salary is up to 140% higher with a master’s degree than with a high school education.

Given that people are paying for your knowledge, the main costs are business licenses and marketing. If you are passionate about fitness, this workout is for you.

The building materials industry has a gross margin of 22.73% and a net margin of 7.92%, but companies that do well may be more profitable. Paul Akers started FastCap when he was a cabinet maker and needed something to cover screw holes quickly.

What Are The Most Profitable Small Businesses To Start

Recently, it has produced more than 600 products, raised prices only three times in 21 years, and has never fired a person. Watch our interview with Paul to find out how he does it.

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If you are a foodie, this could be for you. Starting a catering service allows you to prepare delicious food and bring it to events such as weddings and corporate meetings. At events, you organize a buffet or serve a meal of your choice. If you have a liquor license, you can serve alcohol to increase your profit margin significantly.

According to Cater Source, catering averages a 7-8% margin before tax. In addition, the market is expected to grow to $328.11 billion in 2025. This means there could be between $85 billion and $97 billion in pre-tax profits.

Post-pregnancy services, sometimes called postpartum services, are a type of business that helps mothers recover after giving birth. If you’re not familiar with them, they’re part of the medical field and can help with:

According to the Health Expenditure Institute, it is estimated that women spend an average of $3,100 on their care during the first year after giving birth. If someone created an Uber-style post-pregnancy care service, it could be a multi-billion dollar hit. For example, medical and other visits can come to your home and simplify women’s lives, perhaps with a postpartum doula through an app service.

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The current small business landscape is favorable for e-commerce. Startup costs are low (less than $1,000) and you can earn over $120,000 per month. In our interview with Marcus Harvey, owner of Portland Gear, he told us:

Get a domain for $10, Shopify for $30/month, do some social media marketing, and buy 50 shirts for $9 each, and build from there.

Courier services can be very profitable if you have the right professional network to find customers who need fast delivery of documents and other items. Courier services can be provided by car or bicycle.

What Are The Most Profitable Small Businesses To Start

Courier services typically charge $1.50-$1.70 per mile plus additional fees for the following reasons:

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Becoming a notary public is usually a simple add-on for a business owner. It often costs less than $1,000 to get one:

Most states allow you to charge a small notary fee and additional fees for driving time and other expenses. Clients will be real estate agents, law firms, accountants and financial institutions with whom contracts must be signed.

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