Some businesses are inherently more profitable than others. This can be due to expenses and overhead being low or the business charging a lot for its services or products. Still, all businesses, no matter how profitable they are, can be a challenge getting started.
Most Profitable Small Businesses
If you yearn to run a profitable business (don’t we all), take a look at the following 20 most profitable small businesses.
Tax Preparation and Bookkeeping
Without needing fancy premises or expensive equipment, tax preparation and bookkeeping services come with low overheads. Furthermore, the standard rate for quality tax preparers and bookkeepers is a decent salary to live on.
That said, if you’re not good with numbers, preparing people’s tax and keeping their finances up-to-date, won’t be the business for you.
You don’t need expensive premises to run your own catering business and could even operate your service from home, keeping overhead to a minimum. People and businesses are willing to pay for quality caterers, making this business profitable for those who work hard and have the determination to succeed.
Websites have become the ‘windows of every successful business’, hence quality and creative website designers remain in high demand. Again, low expenses and high rates make web design a lucrative business to run, providing you have the creative and technical know-how that is!
Businesses are willing to invest in quality business consultants who can help them achieve the results they are looking for. They’re also willing to pay hefty amounts for the right advice, which, tied in with low overhead, makes business consulting a profitable business to embark on.
Of course, effective business consultants do require sound business acumen and knowledge, so this isn’t necessarily the right opportunity for everyone.
Other than the outlay of your vehicle to deliver the goods, self-employed couriers don’t have a large overhead. Getting lucrative contracts from the major courier firms can prove profitable. However, in a competitive market, being awarded lucrative contracts can be challenging.
Mobile Hairdresser Services
Granted, you can never charge a fortune to cut someone’s hair but that doesn’t take away from the fact that quality hairdressers will always be in demand. Furthermore, other than a quality pair of scissors and some hair dye, if you run a mobile hairdressing salon, your business expenses are surprisingly low, making mobile hairdressing a profitable business to run.
That said, mobile hairdressers are not difficult to find, so you’ll probably need to spend some money marketing your services.
All you need to start your own cleaning business is a vacuum, polish floor cleaner and, preferably, a car. With comparatively low overhead, little in the way of training required and a service which is always in demand, cleaning can be a rewarding business to get into.
So why isn’t everyone doing this? Well, if you’re looking for a more creative way to make a living, cleaning might not be for you.
You might be a math genius, a native Spanish speaker or a nifty guitar player. Whatever your talent, offering to tutor online can be a great way to earn an income with exceptionally low expenses.
The only downside to online tutoring… You need to have a skill others will want to learn!
Real Estate Brokering
The profits associated with real estate remain high and if you want to enter this industry one of the most cost-effective ways to do so is to set up a real estate brokering firm.
Real estate brokers act as an intermediary between sellers and buyers and all you need to get started is a brokerage license. That said, finding your own clients can be challenging, given the number of real estate brokers there are.
Got an eye for a great logo? If so, you might be on your way to starting a business where you can charge a tidy sum while not having to fork out on expensive overhead. Though be warned, logo design is a competitive industry, and you’ll have to come up with some unique and inspiring logos to remain at the top of your trade.
Got a spare garage or building that’s not being used? If so, you may want to think about offering warehouse storage services. Providing a place for businesses and individuals to store goods and items can provide a highly profitable and predominantly passive income. Though it must be said, the job isn’t exactly stimulating and therefore isn’t for everyone!
There will always be a demand for people who are willing to clean gutters, repair chimneys or pull out stubborn weeds. While the hourly rate for property maintenance might not be the highest, with low overhead and high demand, property maintenance can be a profitable business to enter — as long as you don’t mind getting your hands dirty!
Technology Repair Services
Got a good eye for technology and how it works? If so, setting up your own technology repair business could see you in high demand as the world becomes increasingly dependent on technology.
Repairing people’s much-loved gadgets can pay well and without much overhead, can prove to be a lucrative business. Naturally, those without a knack for technology will want to steer clear!
As we become more reliant on IT to run businesses and go about our daily lives, those who offer IT help and support are extremely sought-after. Quality IT support technicians can charge a decent rate for their skills and don’t require too much overhead or equipment to run their businesses. However, IT support is a competitive industry, so you’ll need to efficiently market your services to get noticed.
Businesses and organizations will always want a quality marketing team behind them to boost brand awareness and bring them results. Marketing agencies can charge a lot for their services and thanks to advancing remote technology and the internet, marketing efforts can be done remotely, keeping overhead low and profits high.
Still, it must be said, marketing agencies are highly competitive and in order to be a success, you’ll have to show you can deliver results.
Those who want to be fitter, slimmer and healthier, insure there will always be demand for personal trainers (PTs). Earning a qualification in personal training is not overly expensive and once you’re professionally qualified, you can offer your PT services. Overhead is inherently low in this industry, making personal training a profitable and sought-after business.
One of the biggest challenges PTs face is building up a network of clients in a competitive environment.
Providing quality food and drink will always be in high demand, though with expensive overhead, running a restaurant isn’t always as profitable as you might think. Serving food from a food truck, on the other hand, requires much lower overhead and can be an extremely profitable business venture. The downside is you have to work out of a van day in, day out, which isn’t everyone’s idea of a rewarding business.
Quality legal advice and support come at a price and therefore those with legal knowledge can earn a tidy sum for their expertise. That said, becoming qualified to provide legal advice takes time and money and the amount of training and education required to be able to offer legal services can put many people off.
A Man with a Van
Got a van and some spare time? Well you’ve got your business already mapped out! With virtually no expenses other than keeping your van roadworthy, helping people move and deliver items in your van can be an effective way to earn an income.
The downside? There’s a lot of competition, so make sure your delivery services stand out.
Gardening is healthy and fulfilling work requiring an element of creativity. People love their gardens and so decent gardeners will always be in demand. Although gardeners require several tools for their trade, overhead is comparatively low, making gardening a profitable business. Though again, to ensure you get the work, you may have to spend some money on advertising your services.
Whichever profitable business you decide to pursue, make sure that it’s a business idea that you believe can solve a specific problem.
Related reading: 51 Business Ideas for 2020
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