Each day, people worldwide think about starting their own business and becoming their boss. Now more than ever, anyone can decide to be an entrepreneur and see a profit in any field, especially with the increased access to digital services and thinking ahead with strategic planning. No matter if your business is in a large city or on the main street of a small town, you have a hobby unless you are making a profit. Here are a few profitable small business ideas to help spark some inspiration.
Small Business To Consider
With many people starting a career as a new business owner, there is always room for more. Some companies can start as a home-based business, and others need a storefront. When it comes to profit, it will not happen overnight, but through consistent work overtime. Before diving directly into a business, we’ve created a list of the most profitable small businesses to help guide your next venture.
Tutoring Center
Education is a top priority for most parents. If your community is small with only a few schools to one with a hundred schools – there is always a need for tutoring. Providing the value of one-on-one support can never be replaced by an app or YouTube video. By focusing on children, you have a constant new client source as there is always a new class of children starting school each academic year.
A part-time business that is easy to establish; most tutoring happens after school in the afternoons or evenings, which is a consideration when thinking about your schedule. Start small and then strategically recruit additional tutors that can focus on math, science, writing, and then reading as you expand.
Marketing and PR Service
Companies have always needed marketing support for digital and traditional media for years. However, due to the increased popularity, there is now a need for social media engagement. It is necessary to have a strong brand within your local community and industry to attract new customers or clients to your business or service.
By starting a marketing and public relations business, you have the opportunity to help other small businesses reach their full potential, tell their story, and help grow their revenue.
This profitable business idea does not take much to start beyond having a computer. A degree is helpful and preferred by clients, but not required and you will need to know how to work with the media, created content calendars, and the basics of public relations before you start.
Website and Logo Design
Businesses are likely found now through a person’s phone with a simple Google search. Having a well-constructed webpage, along with an eye-catching logo, is necessary for all companies these days. Choosing to start a website and logo design firm would allow you to help fellow business owners focus on other strategies while making a profit.
Companies will need designs for all marketing materials from handouts, business cards, letters, newsletters – the list is endless. If your expertise is creating the coding for a website, look for a designer to partner with for future projects or vice versa.
Editorial Services
If you love to write or help others with their writing, this home-based business might be a perfect fit for you. Having an editorial service company means that you can offer services such as copyediting, proofreading, indexing, website content, and ghostwriting, among many others, to clients for a fee as a freelancer.
Partnering with a website or marketing firm is an excellent way to recruit new clients and grow your business. This profitable small business takes just your computer and ability to market yourself to new clients to get started.
Food Trucks
There is a resurgence in communities across the country for food truck fare. If you have always wanted to own a restaurant but did not want to pay the overhead costs of a restaurant, consider starting a food truck.
With it’s the ability to be mobile, you can meet your clientele by traveling to a popular neighborhood, downtown street corner, or popular park. Your business is not only selling a specific menu with quality of food but also the experience that people will love again and again. The initial cost for this idea includes the truck, equipment, theme, and menu.
Connect with your local restaurant association to get ideas on how your food truck can become a niche market within your community.
Accounting and Tax Preparation
This business type has considerable profit potential and does not necessarily need a storefront. However, it does require prior training and licensing before you start. This business opportunity is a great one to pursue if you’re ready to work on your own in your home or with another accountant in an office.
Not everyone who runs a business is a numbers person and will need support when processing taxes and other financial documents. The level of services can range from simple bookkeeping for other small businesses to more extensive accounting work, like income statements, balance sheets, 990s, and other required financial paperwork that needs monthly, quarterly, and annually filing.
Dental Offices
A dental office can range from one dentist with a few hygienists to a large staff, with several doctors working together with the same practice. To open a dental practice, you will need years of education, including receiving your Doctor of Medicine in Dentistry (DMD), which can take up eight years of school. Once you have earned that degree, you can decide how you want to start your practice.
While a dental office is considered a small business, the start-up costs trend higher than in other industries. Due to equipment costs, you may spend roughly $250,000 to begin a business on your own. Instead, you may want to join an older, established dentist practice with the agreement that you will buy that practice once the dentist is ready to retire. That way, you do not need to buy all new equipment, find office space, and secure clients all at the same time.
Pet Handling Service
Depending on your city size – having a pet service can be a booming business. Most owners consider their pets to be their children, and with 70 percent of people having a dog in their home, a pet service can be a thriving business.
Whether you choose a pet daycare or babysitting service or focus solely on dog walking, you can see an uptick in business for holidays and long weekends.
Home Repair Service
If you are a person that loves fixing things around your house or helping others, then a home repair service business might be the best fit for you. From installing new windows to fixing a leaky pipe, owning a home repair service business is a great small business with growth potential. This industry estimates that Americans invest an estimated $43 million on home maintenance within a calendar year.
A set of skills is needed, whether working on plumbing, electrical, carpentry, or even painting. Know the business requirements of your community as you may need a contractor’s license to conduct business. You will also need to be bonded, which is a critical step ensuring your clients that your company is financially covered if anything happens on the job site.
Impress your clients with their skills to work on your own time, from home, and start small. Not only will you get the chance to do something different each day, but you can also enjoy a gratifying career.
Gardening and Landscaping
Everyone loves to have a lush, green, well-manicured lawn, but not everyone has the time or wants to maintain it themselves. Establishing a lawn care business is a profitable business.
This type of work doesn’t necessarily require a degree and requires different care levels from tidying up, mowing the lawn, removing leaves, and preparing their outside plants for the winter. There are many opportunities for upselling with this type of work, such as planning annuals or perennials in the spring, preparing their vegetable gardens, and tree care.
Home Inspector
Americans are buying homes every day, and with each real estate purchase comes a home inspection. Having the proper experience and licensing will help validate your findings and establish your company as a reliable source for ensuring that buyers purchase a sound property.
Grow your business and connect with real estate agents that will provide numerous leads year-long to help stabilize your business. This type of business will require you to be aware of all safety measures and industry changes regarding a painting, chemical precautions, and any new building material that comes to the market.
Personal Trainer
People are always looking to improve themselves, and a personal trainer is a perfect fit for doing so in private. If you love to exercise and nutrition is a passion, this type of business might be an excellent fit for you. To grow your business, you’ll need the right marketing material to get the word out that you’re taking new clients. At first, you may want to charge a cheaper market rate to grow your client base before increasing your hourly rate with new clients.
Vacation Rental
Whether you have made your home in the mountains or by the beach, there is money in having a vacation rental business. By creating a property management business, you may find your time business during the rental season. For the coastal areas, your busy season trends toward the summer while the mountains see an increase of visitors during the fall and winter. By contracting with different property owners, you can earn a profit by keeping the places well-maintained. During the rental season, you will serve as the point of contact and keep an eye on the home year-round.
You can also decide to turn your own home into a vacation rental business by letting out a room, basement, or an apartment over your garage by partnering with websites like Airbnb or VRBO. This venture can become a part-time job overnight and provide income to a place you are already paying for a mortgage.
Keep in mind when setting the price that you recoup the cost of advertising your space, cleaning services – including the extra cleaning required with COVID-19 – and any other taxes or fees as are necessary for using the websites. Using these services, you control your schedule by determining the rental schedule and can rent your space to others when it suits you.
Hair Stylist
To be a part of this industry, you will need a degree from a cosmology school and some experience before starting on your own. This industry can achieve high profits if managed correctly. Having the right booking tools, the ability to take payments, and keeping up with current trends can help grow your business. To gain exposure, you can rent a booth at a salon before going out on your own. Remember to book your clients for their next appointment before they leave, and you will have a following that will keep you busy for months to come.
Party Services
From weddings to birthday parties, offering services to help organize, plan, and execute events is a growing industry. On average, in America, parents spend $500 per child per birthday party. For weddings, the average cost is over $33,000, and those numbers are growing as more people are interested in investing in experiences rather than things. By arranging unforgettable entertainment, fantastic food, and an overall magical experience, you’ll see not only happy customers but more referrals to help grow your business.
When Starting A Business
As you decide which business to choose from, reflect on your passions, finances, and personal goals before setting off your next venture. Some questions to consider:
- Do you want to work inside the home or in an office?
- Do you want to work alone, with people or with animals?
- How much education do you need before starting your career?
- Are there requirements, licenses, or other legal paperwork required before you begin?
Joining the local chamber and civic groups can help boost the profile of your company. With the right marketing plan and positive word-of-mouth, you will see an increase in clients wanting your services.
Finding Funding For Your Mom and Pop Business
With any business, you need money to make money. Setting your company to be lucrative, you will need to start with some capital. Not everyone can invest thousands of dollars of their own money in beginning their next venture. You can decide to take your business plan to a local bank for a business loan or choose a profitable industry but has low warriors to enter. That way, the first few years of your company see a profit and become healthy.
Starting Small Is Okay
For your business to be profitable, you have to have high margins to thrive. When looking at starting your company, remember that starting small can be a good thing. Focusing on keeping the share of the profits high for each transaction (aim for above 15 percent) will allow you to earn a living that can support you and your business for a moderate year.
Be intentional in how you scale your business for the future. When you see a profitable business in your town, remember you are seeing the middle – not the beginning of their business and how that owner got things off the ground. Plan accordingly, monitor your bottom line, and find ways to capitalize on a niche within the industry to grow your customer base.
Thinking Ahead
If you can work hard, determination to follow through with your dreams, and the ability to take a risk – starting a profitable business might be the right fit for your next future career. Once you’ve decided what type of business to pursue, future planning is key to finding success. Think about finding a business mentor or coach to help you think of all the small details that come with starting your own business.
You determine what success is and if your business achieves it. Not all industries earn an equitable profit, and having a small business is not something you dabble in; but instead, it’s a lifestyle. The commitment that can bring you financial success and fulfillment for the future – all you need to do is start.