Small businesses are the backbone of industry, with almost every giant company once coming from humble beginnings in some way or form. The term small business defines any company that employs less than five-hundred employees, which thus covers many businesses under its umbrella. While a few do indeed carry a workforce that high in number, most small businesses have less than one-hundred employees, and not all small businesses have the same potential for success. Certain industries have reached the point where saturation is high, and the big players dominate. This being said, we’ve put together a look at the fifteen most profitable small businesses that could be considered by anyone looking to make their mark and start a company of their own.
Turn your skills into money by tutoring others. Some things like languages will require a certification for you to be able to certify others, but there are creative disciplines like learning to play an instrument, video creation guides, holistic skills, and others that don’t require a formal qualification just your know-how and ability to teach it to another. The age of information is upon us, with personal development being a priority for all. There has never been a better time to teach. If you are qualified in a particular skill or discipline, your formal education will become a valuable asset that scales your earnings.
Bookkeeping Services / Accounting
Bookkeeping services will forever be in demand. Every company needs tax preparation and proper accounting in order to operate. Qualified individuals can make a reliable income from doing the bookkeeping for just a few small businesses at home, while those driven for greater scale have very low overheads and minimal equipment costs. The average profit for an accounting services provider comes in pretty high at 18.3%, but you’re spending next to nothing, capitalizing on your skill.
Everything that is and ever was is written in some form. Copywriting forms the basis for everything from your business plan to the order that delivered the paper that it’s written on. From movies to music, marketing to education, copywriting is an integral part of society with many facets for earning. If you’ve got a way with words in any given language, then turn that affinity into an income by specializing in one of the many forms of content provision. You’ve got everything from product descriptions to eBooks, video scripts, and articles available.
Logo / Video / Graphic Design
Audiovisual resources and media creation go hand in hand with the marketing of each and every business. If you are a talented design, this may be the perfect opportunity for you to grow. There are ever-prevalent opportunities for basic but essential services like logo design, typesetting, and video creation. The more digital each industry grows, the more in-demand services like this are. From gigging and freelancing to setting up a brick and mortar design shop, this is a creative industry that’s forever in demand.
Business Consultation Services
Industries have changed forever, and with this comes an adaptation to the way that we do business, as well as many opportunities for new business. New and existing companies need insight, guidance, and general business consultation now more than ever. Not everyone will have the right experience and knowledge for this job, but if you do have a focus for steering businesses or business departments in the right direction, then consider capitalizing your acumen.
Regardless of your focus as a legal professional, your skills are most definitely in demand. From criminal law to business law, family litigation, trusts and estates, intellectual property, employment, liability, and personal injury litigation, trusts and estates, and even constitutional law, it’s all invaluable to society and business in general. Although the entry barrier for this career is indeed high, the average net profit margin for legal services and law firms falls between 35 and 45%.
Couriers have always had an abundance of business, but the demand is higher than it has ever been. Conventional brick and mortar businesses who once had no interest in delivery have now been forced to offer it as, often, their only option to continue turning over income. Once businesses reopen, conventional trade will resume, but the impact on normal traffic will be evident. Both independent and established couriers need delivery staff and deliveries dispensed at a rapid rate, and for this, there need to be ample providers. It’s a great opportunity.
The COVID-19 pandemic has brought with it a wave of change in hygiene. Businesses, surfaces, objects, interactions, and own very own bodies are cleaner than ever thanks to the precautionary measures put in place. As businesses ramp up their cleaning protocols, cleaning businesses will be seeing a rise in demand like never before. Staff hold no responsibility to clean other than the moral accountability, which is often not enough. Staff are also occupied with their primary functions, which are more taxing now than before. Other than the factor of personal accountability, fixed cleaning standards must be adhered to, which requires a professional cleaner.
Child Orientated Businesses
The world has seen a major baby boom over the last few years, which guarantees child-orientated businesses a bright future if they step forward and innovate. The exact nature of the business doesn’t matter as much as the focus. If you’re providing goods, services, entertainment, or training and education for children, then you can earn a good income by combining your love for the future of mankind with your company strategy. Innovation will guarantee success, as with all industries, but if you devote your resources towards providing children what they need in this changed world, half the battle is won.
Real estate profits are consistently high. Brokers act as the middleman between sellers and buyers. Just about anyone with the right drive and mindset can get themselves a brokerage license and get started. The biggest challenge is finding your own clients, but once that you’re established, consistent work brings high profits. Competition is very tough within this sector, so it all comes down to an intelligent approach and hard work. You can either go it on your own or look for a job with a local agency with established contacts – either way, there is money to be made.
Doctors are always in high demand. Again, the entry requirements for this field are high, but once you’re qualified, there will always be employment. Both private practices and conventional employment at state or private institutes are possible, and the room for career advancement is huge. You’ll need an undergraduate education, four years spent at medical school, a completed residency period of at last three years, and a range of licensing exams passed, but the career is solid and extremely lucrative. Medical practices typically turn over high profits, with patients turning away from large clinics and hospitals and opting for smaller offices offering more private treatment instead.
Just as with doctors, dentists are forever in demand with ample opportunities for both employment and opening your own practice. Dentistry isn’t an easy career to get into, requiring both a bachelor’s degree and a dentistry doctorate. Qualified dental hygienists need two years of dental school, and the equipment itself to start a practice comes in quite high. However, once you’re qualified, established, and earning money, the remuneration from expensive procedures quickly makes up the costs, turning in a steady high average income.
Storage facilities such as warehouse space are essential and are extremely sought after in densely populated cities like Los Angeles or New York. Without ample room to store stock or possessions, companies and individuals are forced to turn to rented areas. Many businesses bootstrap without splashing out on large premises, and this is where warehouse space comes in so handy. Setting up your own storage facility can be a lucrative business opportunity, but it will take a significant capital investment to either buy the property or secure a lease and modify the premises to suit your business model. Additionally, money will be needed to buy or rent equipment such as forklifts, but the labor that you’ll be hiring to maintain your store is primarily unskilled workers and thus comes at a low cost.
General Maintenance Services
Every business and its premises will have general maintenance responsibilities that many of us just aren’t qualified or experienced to carry out. No matter whether you’re a factory or an individual working from home, you’ll eventually always need to call in some help when DIY fails you. There will always be work for qualified electricians, plumbers, and general handymen who know their way around tools and a worksite. Don’t forsake your technical, logical ability – simply innovate and put yourself out there as a specialist in your field, and you’ll be surprised by just how much work is waiting. Large scale general maintenance services are also a potential opportunity, with driven individuals scaling to provide maintenance services to building complexes, centers, and housing developments.
Gardening & Landscaping Maintenance
In a world where everyone is focused on doing business and staying on the edge of industry, there are few that devote time to their garden, yet the green space surrounding you is essential. Whether you’re considering starting small and tending to the businesses and homes in your area only, or scaling up thanks to a background in landscaping, permaculture, or horticulture and transforming the face of the biggest brands you can find, gardening is always an option for the right person. If you’ve got green thumbs, consider this profession. Those with an agricultural focus have many tertiary degrees there to ready them, while entrepreneurs will love the cheap cost of unskilled labor and relatively low equipment cost that it takes to start tidying gardens and properties while turning a profit.
One thing’s for sure – technology is forever expanding. Our lives are never going back, and if the pandemic has made anything clear, it’s that all businesses need to start utilizing technology more. With the boom of electronics comes a constant need for those who can fix them. If you’re technically minded, then consider studying electronics or electronic engineering. Job opportunities are growing, and not everyone has the affinity to grasp circuits and circuit design, so if this is the direction that you’re leaning, keep in mind that your job prospect is a solid option for the future.
Just as vital as technology repair technicians and agencies are IT, support staff. From technical support on a hardware troubleshooting level to software support for operating systems, networks, databases, point of sale, and the administrative backend of every company, IT support is invaluable. We’re more dependent on technology now than ever, and with these ever-evolving tools comes the need for people who know how they work, and how to fix any problems arising. There are tons of qualifications ranging from certificates to diplomas and degrees – find one that matches your skillset and affinity, and you’re moving in a direction that has a very bright future indeed. Focused IT support earns even more. Get qualified as an engineer or developer, and you’re in one of the highest-earning brackets around.
Marketing Service Providers & SEO
Marketing is perhaps one of the most valuable components of any business. Without proper marketing, your reach suffers, and then you’re simply not pulling in the business that you should. Competition within today’s markets is on the rise, which makes skilled marketing all so much more valuable. Both brick and mortar marketing companies and online agencies are both crucial to developing a strong brand and reaching success in any industry. With more and more people turning to online sources, search engine optimization and online marketing are becoming cornerstones of good business. There’ll never be a drop in demand in this industry, making marketing an extremely viable and potentially lucrative career for driven salespeople with the willingness to develop their digital skills.
The food truck industry is valued at roughly $1.2 billion. It’s a low-cost alternative to conventional dining that’s exploded in popularity. Starting a food truck is far cheaper than establishing a restaurant, but it still takes a significant investment of around $30,000 on the low side. With a food truck, your business moves as is necessary, but once you find a location, you reap in the same rewards as a conventional restaurant would. Sales slowing down? Location not as busy anymore? Move. Both qualified and those not formally trained in cooking have the option of starting a food truck, with success depending on your final product and ability to market your business.
Unique Small Business Success
The most successful small businesses of the future won’t be on this list or any other. Innovation is the only way to guarantee success in uncharted waters, and we’re only beginning to see the effect of COVID-19 on global markets. Stay aware of your opportunities and never stop pushing. Combine fresh approaches with existing models for unprecedented success, while always striving for new. MyOpportunity is there to help you connect with the individuals and businesses that matter. Never underestimate the value of a well-nurtured business community of like-minded contacts when you’re brainstorming, bootstrapping, or running your existing company.