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.
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!
With the rise of technology, many of these most profitable businesses fall under the realm of online business ideas—but not all of them. You’ll also find ideas that fall within the realm of childcare, others that correspond more to B2B services, and some that suit entrepreneurs who are looking to be on the move with their businesses.
The food truck movement is slated to keep growing and growing. As rent in major cities across the country increases, it’s becoming more difficult for up-and-coming specialty food artisans to finance a brick-and-mortar location in the bustling centers of town—where their customers are most likely to be.
Next on our list of the most profitable businesses: mobile car wash services. It seems safe to say that many people would pay a premium for a mobile car wash that came to them, instead of having to drive across town to access a car wash. T
his is especially true for people with upscale cars who prefer more personalised service. As a mobile car wash and auto detailing service, you wouldn’t only benefit from the unique value proposition of being mobile, but you’d also avoid the significant overhead and startup cost of having a physical location.
There’s no doubt that mobile electronic repair services are popular and could easily be one of the most profitable small businesses. With this service, you could be the solution for every broken iPhone screen, WiFi card, and laptop battery.
Plus, you’ll be even more successful if you’re willing to travel to your customer. Apple stores and other electronics retailers have come under fire recently for long customer wait times, which could work in favor of mobile providers.
On the other hand, if your interests lie closer to tech or entertainment, consider gearing your technology toward the youngest of consumers. Research shows that regardless of expert recommendations, demand for tablets, apps, and mobile entertainment for children is on the rise.