20 of the Most Profitable Small Businesses

Summary

Small businesses are a vital part of the economy, accounting for more than half of all jobs in the U.S. And while there are many different types of small businesses, each with their own unique challenges and perks, they all have one thing in common: The potential for big profits. Meanwhile, some small 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. Any Profitable Business Can be a Challenge While starting your small business can be incredibly rewarding in so many ways, it takes a certain kind of person to successfully run a small business. It pretty much takes someone who is passionate about what they do and has the patience to deal with business challenges—someone who is willing to work hard and often for long hours. As mentioned earlier, some small businesses are going to be more lucrative than others. On the other hand, you may prefer to make less money and find a small business that gives you joy and a sense of fulfillment. Of course, if you are like the majority of small business owners, you do want to make a profit. Most Profitable Small Business Ideas If you yearn to run your own business and are ready to put in the work, take a look at the following 25 most profitable small business ideas. 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 taxes and keeping their finances up-to-date, won’t be the business for you. Catering Business You don’t need expensive, fancy kitchens and professional chefs to run your own catering business. Also, you 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. Website Design Websites have become the ‘windows of every successful business.’ As a result, quality and creative website designers remain in high demand. Again, low expenses and high rates make web design one of the most profitable businesses to run, providing you have the creative and technical know-how that is! Business Consulting A lot of people want more freedom and flexibility in their lives. If this is something that appeals to you, consider starting a consulting business. Business owners are almost always 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. Courier Services Other than having a vehicle with good insurance and workers to deliver the goods, self-employed couriers don’t have a large overhead. That fact makes them one of the more profitable business ideas on this list. Getting lucrative contracts from the major courier firms can prove profitable. However, in a competitive market, being awarded juicy contracts can be a challenge. 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. Cleaning Services All you need to start your own business tidying up residences and offices is a vacuum, polish floor cleaner and, preferably, a car. See Also: 20 YouTube Video Ideas to Put on Your Small Business's Channel Millions of small businesses are doing it, but there is still high demand for this niche. After all, busy lives and dirty places aren’t going away anytime soon that we can tell. With comparatively low overhead and little in the way of training required, cleaning can be a profitable small 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 that isn’t messy, cleaning might not be for you. Online Tutoring If you are good at math, a native Spanish speaker, a nifty guitar player, or something along those lines, you have a skill you can teach others. Whatever your talent, offering to tutor online can become a profitable small business for you. Also, you can earn a good income with exceptionally low expenses. Depending on how much time you want to spend on it, a tutoring small business can be your main source of income or a side hustle that supplements earnings from your current profession. One of the main downsides to online tutoring? You need to have a skill that 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. Logo Design 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. For being one of the most successful small businesses around, logo designing is a competitive industry. You’ll have to come up with some unique and inspiring logos to remain at the top of your trade. Warehouse Storage Got a spare garage or building that’s not being used? If so, warehousing is one of the easiest of profitable small businesses you can go into. 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! Property Maintenance Although it isn’t glamorous, property management is one of the more profitable small businesses. 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 make you rich, 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! IT Support 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.

Personal Trainer

Small businesses are a vital part of the economy, accounting for more than half of all jobs in the U.S. And while there are many different types of small businesses, each with their own unique challenges and perks, they all have one thing in common: The potential for big profits. Meanwhile, some small 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. Any Profitable Business Can be a Challenge While starting your small business can be incredibly rewarding in so many ways, it takes a certain kind of person to successfully run a small business. It pretty much takes someone who is passionate about what they do and has the patience to deal with business challenges—someone who is willing to work hard and often for long hours. As mentioned earlier, some small businesses are going to be more lucrative than others. On the other hand, you may prefer to make less money and find a small business that gives you joy and a sense of fulfillment. Of course, if you are like the majority of small business owners, you do want to make a profit. Most Profitable Small Business Ideas If you yearn to run your own business and are ready to put in the work, take a look at the following 25 most profitable small business ideas. 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 taxes and keeping their finances up-to-date, won’t be the business for you. Catering Business You don’t need expensive, fancy kitchens and professional chefs to run your own catering business. Also, you 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. Website Design Websites have become the ‘windows of every successful business.’ As a result, quality and creative website designers remain in high demand. Again, low expenses and high rates make web design one of the most profitable businesses to run, providing you have the creative and technical know-how that is! Business Consulting A lot of people want more freedom and flexibility in their lives. If this is something that appeals to you, consider starting a consulting business. Business owners are almost always 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. Courier Services Other than having a vehicle with good insurance and workers to deliver the goods, self-employed couriers don’t have a large overhead. That fact makes them one of the more profitable business ideas on this list. Getting lucrative contracts from the major courier firms can prove profitable. However, in a competitive market, being awarded juicy contracts can be a challenge. 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. Cleaning Services All you need to start your own business tidying up residences and offices is a vacuum, polish floor cleaner and, preferably, a car. See Also: 20 YouTube Video Ideas to Put on Your Small Business's Channel Millions of small businesses are doing it, but there is still high demand for this niche. After all, busy lives and dirty places aren’t going away anytime soon that we can tell. With comparatively low overhead and little in the way of training required, cleaning can be a profitable small 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 that isn’t messy, cleaning might not be for you. Online Tutoring If you are good at math, a native Spanish speaker, a nifty guitar player, or something along those lines, you have a skill you can teach others. Whatever your talent, offering to tutor online can become a profitable small business for you. Also, you can earn a good income with exceptionally low expenses. Depending on how much time you want to spend on it, a tutoring small business can be your main source of income or a side hustle that supplements earnings from your current profession. One of the main downsides to online tutoring? You need to have a skill that 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. Logo Design 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. For being one of the most successful small businesses around, logo designing is a competitive industry. You’ll have to come up with some unique and inspiring logos to remain at the top of your trade. Warehouse Storage Got a spare garage or building that’s not being used? If so, warehousing is one of the easiest of profitable small businesses you can go into. 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! Property Maintenance Although it isn’t glamorous, property management is one of the more profitable small businesses. 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 make you rich, 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! IT Support 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.

Personal Trainer

If you’re willing to put in the hard work and have a real passion for helping others get fit, personal training could be your ticket to starting a profitable small business.

Personal trainers can earn around $50 per hour and, depending on where they choose to do their sessions (home or gym), may require little overhead. The only downside to becoming a personal trainer is that it requires you to be passionate about exercise and fitness!

Online Coffee Shop

The online coffee industry is booming and with a little start-up capital, you could set up your own online coffee shop that sells high-quality, freshly roasted beans. Also, shoppers consider the coffee they get from a small business to be better quality than what they get at a larger company.

While the initial investment does require some capital, once you are up and running, your expenses will remain low since you don’t have to pay for an expensive storefront or office space.

Plus, with so many people looking for an online coffee shop these days, it won’t be long before your business starts to boom.

Aquaponics Farming

As food sustainability becomes more of an issue, aquaponic farming has become all the rage. In a nutshell, in order to produce organic fruits and vegetables without using chemicals or pesticides, farmers use fish waste as fertilizer for plants, which then filter the water for the fish.

Aquaponic farming is still in its infancy, so there’s a lot of room for growth and those who enter this industry now could be at the forefront of this new trend.

With aquaponics farms requiring little space to operate, it’s a great option for those who want to start their own small business.

Freelance Writing

Thanks to the internet, freelance writing has become a viable career option for many people. If you’re a talented writer with a knack for SEO and know how to market yourself, freelancing can be an extremely profitable way to make money from home.

And the great thing about freelance writing is that you can work on a variety of projects simultaneously, giving you the freedom to make your own hours.

Marketing Services

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 startup costs 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.

Personal Training

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.

Startup costs and 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.

Tree Plantation

Non-profit small businesses don’t make you rich. In fact, they exist not to make money, but to benefit others.

Still, there is other wealth besides cold hard cash, and the right non-profit organization can give you a sense of satisfaction and fulfillment that can be priceless. If you’ve got a green thumb, tree plantation could be the side business for you.

Tree planting is an industry in extremely high demand, and it is probably one of the sanest non-profit small business ideas nowadays. It comes with low overhead costs, as you don’t have to purchase or maintain expensive equipment. Oh, and you pay the world with more oxygen to boot. Other small business non-profit ideas include animal shelters, food banks, and non-alcoholic clubs.

Food Truck

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 one of the most profitable small businesses you can get into. The downside is you have to work out of a van day in, day out slinging hash, which isn’t everyone’s idea of a rewarding business.

Legal Services

Quality legal advice and support come at a price and therefore those with legal knowledge can earn a tidy sum for their expertise, making it one of the most profitable small businesses on this list. That being 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.

Delivery Services

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

Another profitable business idea is gardening. In addition, people love their gardens and so decent gardeners will always be in demand. The skill of growing plants is healthy and fulfilling work, but it requires an element of creativity to launch and maintain a successful business.

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.

What Do I Need to Start My Own Business?

After what are the most profitable businesses? this is a question that plagues many would-be entrepreneurs. The answer, unfortunately, is not a simple one as it depends on the type of business you want to start.

Generally speaking, you’ll need some money to get started (though there are always exceptions). You’ll also need to have an idea of what it is you’re hoping to achieve. With the right amount of strategic training and passion, having a profitable small business is possible.

What are the Most Profitable Small Businesses?

So what are the most profitable small businesses? Actually, there is no one-size-fits-all answer to this question, as the most profitable small businesses vary depending on the industry.

However, a few profitable businesses on this list make the cut for bettering your bottom line significantly, including property management, personal training, food trucking and legal services.

So there you have it! These are just some of the most profitable small business ventures that can be started with little overhead and without having to break the bank. If any of these businesses appeal to you, don’t wait around! Get out there and start building your empire today.

Related reading: 51 Business Ideas for 2020

20 of the Most Profitable Small Businesses
Photo Credit: smallbiztrends.com

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