What Small Businesses Are Most Profitable?
When you’re thinking about starting a new business, you will inevitably be thinking about how much money you will make. Some businesses are more profitable than others. This can due to market demand, expenses and overhead costs being low or charging a lot for their products or services.
It is important to keep in mind though, that no matter how profitable a business is, they can be challenging to get started.
If you’re looking to start a profitable small business, here are some viable options to consider.
1) Courier Services
Other than the vehicle expenses to deliver goods, self-employed couriers don’t have large overhead costs. Obtaining lucrative contracts from major courier firms can prove to profitable. In a competitive market, getting a lucrative contract might be challenging.
2) Mobile Hairdresser Services
A quality hairdresser is always in demand.
Hairdresser usually pays a high fee for their chair space in a salon. When you run your own mobile hairdressing services, you are just paying for your travel and supplies which can cut down your overhead expenses by a lot. This makes a mobile hairdresser a profitable business to run.
3) Cleaning Services
To start your own cleaning business all you need is a vacuum, floor polish cleaner, other cleaning supplies and a car. With those low overhead costs, little training required and a constant demand – starting your own cleaning business can be quite profitable.
4) Online Tutoring
Utilizing your skills and talents to make money is often a dream situation. Online tutoring allows you to share your expertise and make money with exceptionally low overhead costs.
If you’ve got skills that other people want to learn, start your business today and make some money.
5) Real Estate Brokering
The profits in the real estate industry remain high and it is definitely a lucrative business venture to enter. If you’re looking for a cost-effective way to do so, set up a real estate brokering firm.
Real Estate Brokers act as a middle person between sellers and buyers. All that is needed to get started would be a brokerage license. Due to the number of real estate brokers, however, finding your own clients might be challenging.
6) Tax Preparation and Bookkeeping
Freelance tax preparers and bookkeepers have lower overhead costs than their counterparts with offices and expensive equipment. The standard rate for tax preparation is quite high and you could make quite a good living from this kind of freelance work.
7) Catering Services
There is no need for a fancy kitchen to start your own catering business. You could start it right out of your home to keep overhead expenses to a minimum. People and businesses are willing to pay for the quality. Your catering business can be built on your hard work, determination to succeed and building a tasty reputation.
8) Website Design
Every business needs a website, so the demand for quality creative web designers is consistently high. The operations of your business are quite inexpensive compared to the high rate you can charge. A web design business could be a busy and lucrative venture to start.
9) Business Consulting
An experienced business manager or professional could start their own business as a consultant. Companies are always looking to invest in quality consultants to help them achieve their business objectives and they’re willing to pay a lot of money for the right advice. This high fee along with low overhead expenses makes business consulting a profitable business to embark on.
10) Graphic Design
With print and web advertising and social content more prevalent than ever, design is in demand. The overhead costs for graphic designs might include the expense of your computer and design programs but with rates considerably high, your investment on return could come back to you quite quickly.
11) Warehouse Storage
If you have a spare garage or building you’re not using, you have what you need to start your own Warehouse Storage Service. Providing a place for individuals and business to store their goods can prove quite profitable and is a predominantly passive source of income.
12) Property Maintenance
If you don’t mind working with your hands and getting them dirty, property maintenance might be the business for you. There is always a demand for people willing to clean gutters, repair chimneys or pull out stubborn weeds. While hourly rates might be low for this job, low overhead costs and high demand make property maintenance a profitable business to pursue.
13) Technology Repair Services
If you’ve got a good understanding of technology and how it works, setting up your own technology repair business could be very profitable for you. As the world becomes more dependent on technology, it is inevitable the demand will increase. Repairing people’s gadgets can pay well without too many overhead costs.
14) IT Support
As we become more dependent on IT to run businesses in our daily lives, those who offer IT help and support are extremely sought-after. Quality support technicians can charge a decent hourly rate for their skills and don’t require too much overhead or equipment to run their businesses.
15) Marketing Services
Companies will always want quality marketing teams to promote their business and boost their brand awareness to achieve business goals. Hiring freelancers to this work remotely can save a company overhead cost. Working on marketing initiatives remotely is easier than ever with advancing remote technology and the internet. A company will pay a lot for quality marketing services.
16) Personal Training
There will always be a demand for being fitter, slimmer and healthier and the ensures there will always be a demand for personal trainers. Qualifications are relatively inexpensive to obtain and once you’re qualified you can offer your personal training services. Overhead is relatively low in this industry, making personal training a profitable business.
17) Legal Services
Legal advice comes at a price, so those with legal knowledge and education can charge quite a lot of money for their expertise. However, the biggest overhead cost would be the extensive and expensive educational costs you might have to invest before embarking on this business venture.