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Some people have a clear vision: They know what industry they want to conquer and what path they will take to get there. However, for many new entrepreneurs, it can be difficult to understand how to start a business – let alone what business is worth investing in.
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To help you get started on your journey, we’ve compiled a list of profitable businesses, taking into account factors such as industry growth and competitiveness, startup costs and barriers to entry, as well as revenue potential.
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With a solid business plan, hard work and determination, any strong idea can be successful and profitable.
However, businesses in emerging industries with low start-up costs may have higher profit potential. For example, with the advancement of technology, starting a virtual assistant business will be more successful than opening a store.
While some of the most profitable businesses are Internet-based, others involve personal services, and some are very convenient if you’re an entrepreneur on the go. Here is a list of the most profitable small businesses:
According to a 2021 report by Grand View Research, food truck traffic has experienced steady growth over the past five years and is expected to continue—the market will grow to $6.6 billion by 2028. You can start a food truck business for less than a third of the cost of opening a brick-and-mortar restaurant; plus, it has geographic versatility, high profitability, and the flexibility to create custom menus.
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Keep in mind that larger, more modern cities like San Francisco, Boston, and Washington, D.C. have markets for food trucks (as well as stricter regulations), so this may be a more successful business in a smaller metropolis. .
Food trucks have specific regulations, operating licenses, and safety compliance standards. They also require food business insurance, so check with your local health department to find out what you need.
According to a 2020 study by Consumer Reports, rising prices and new car features are driving car owners to keep their cars longer. As drivers keep their cars longer, businesses such as car washes that help people maintain the value of their investments are expected to grow.
According to the International Car Wash Association, 66% of Americans wash their cars once or twice a month, an average of 13 times a year. The car wash market is expected to grow from $14.7 billion in 2021 to $20.7 billion by 2028.
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You can make your car wash business more profitable by turning it into a mobile service. Customers may pay more for a car wash that comes to them, especially if they have a luxury car and want a more personalized service. As a mobile car wash and auto detailing service, you avoid the overhead and startup costs of a physical location.
According to IHS Markit (now part of S&P Global), the average age of cars and trucks in the US will reach 12.1 years in 2021, up from 9.6 years in 2002. People are keeping their cars longer than ever before, citing significant savings in maintenance and repairs.
In addition, car owners turn to small businesses for repairs; According to the Auto Care Association, more than 70% of repairs are performed by independent repair facilities, compared to repair facilities authorized by dealers or manufacturers.
If you are skilled as a mechanic, you can consider auto repair service as one of the most profitable ideas. You can offer oil changes, fluid refills, battery replacements, maintenance, and more. If you want to save additional costs, you can make it a mobile service and travel to your customers to repair it in the driveway or office parking lot.
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According to the US Bureau of Labor Statistics, employment of fitness trainers and instructors will grow 39% between 2020 and 2030, which is faster than the average for all occupations. But turning your love of fitness into a career doesn’t mean working at a big gym, or having your own place to train clients. Throw some weights, bands, and yoga mats on the trunk of your car and watch a fitness show on the go.
You can become a personal trainer by teaching one-on-one classes in your clients’ homes or promoting group classes at a local park or community center. Making fitness accessible to your clients can be the ticket to achieving your goals for both of you.
Although millennials are delaying parenthood more than previous generations, many eventually want to have children. In fact, more than half of millennial women had children by 2018, according to a Pew Research Center analysis of government data.
Millennials and Gen Z are now considering parenthood, and there is a growing need for baby-focused businesses from prenatal and newborn services. Finally, the 2018 Research and Markets Report expects the North American maternity care market to surpass $3 billion by 2023.
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Demand for doulas and lactation consultants is growing, especially among new moms, and both career options have very low education and certification requirements.
As Americans continue to have children, shrinking education budgets mean that traditional academics and enrichment classes such as music, art and sports are often lost.
A successful business teaching children enrichment activities can be started. According to a 2018 report from the US Census Bureau, children today participate in the same extracurricular activities as they did 15 years ago. Some studies show that nearly half of American parents spend more than $1,000 a year on their children’s activities.
You can open a gymnastics center or music school, become a swimming instructor or children’s yoga teacher, or focus on another activity that focuses on children. If you have a skill that can be easily taught to young students, you already have a profitable business.
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If your focus is development and engineering, you can focus your technology on the youngest users. Research shows that there is a growing demand for tablets, apps and mobile entertainment for children, especially if these products are educationally oriented.
According to the Learning First Alliance report on mobile devices and early childhood education by research firm Grunwald Associates, more than 60% of parents surveyed believe mobile devices and apps are important for learning reading, math, science and world languages. Children.
Is there a curriculum for kids or parents? If so, now is the time to take your bright idea to the next generation and make this lucrative business a reality.
Sites like Runway Runway and Gwynnie Bee are based on the idea of the sharing economy – we want less goods and share resources where we need them.
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These companies offer borrowed or leased clothing and accessories at a fraction of the purchase price, and since a portion of the inventory is highly profitable, these businesses can be very profitable. According to 2021 research by resale platform Mercari, the second-hand clothing market is expected to triple by 2030.
Do you have an eye for fashion and a style that other rental services don’t currently offer? Maybe it’s ready to be the next big thing.
Even if you’re not ready to start a million-dollar fashion startup, you can easily make a profit from local fashion together. Gather a few formal accessories or dress options, and before the next formal dance, host a senior high school loan party where customers can rent or purchase items from your closet.
If you’re on a college campus, Greek life events are another great opportunity to take advantage of shared economy fashion. Since you’re taking shipping costs out of the equation, you have the potential to make more money.
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The man for every lawn, garden, and home improvement tool in your neighborhood? Why not turn these tools into a profitable business by promoting your existing devices outside of your close circle of friends?
You may even decide to invest in specialized and expensive equipment that will benefit those around you. If a customer doesn’t know how to use a particular device, bundle device rentals with your mobile service to get more cash in the bank.
Home improvement costs skyrocketed
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