How To Start A Small Profitable Business – Many people turn to entrepreneurship to gain more freedom and better financial stability. Every year, millions of small businesses spring up across the United States. According to the JP Morgan Institute, more than 99% of the 28.7 million businesses in the United States are small businesses. In other words, small businesses are the backbone of the US economy and their numbers continue to grow, with 60% of them having revenues over $100,000.
However, not all small business ideas are profitable and easy to implement. While some types of businesses require substantial capital and a long investment period before they generate returns, others require a small amount of money with a quick return (although the return on investment may not be the same).
How To Start A Small Profitable Business
In this guide, we’ll list the ten most profitable small businesses you can start in 2022. Each of these types of businesses has the potential to grow quickly and doesn’t require a lot of startup capital.
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The food truck movement continues to grow every year. In 2011, there were approximately 8,677 food truck companies in the United States. Today, there are over 24,000 food trucks operating in the United States. According to Zippia, the food truck industry is growing an average of 12.1% each year, and the industry is expected to continue this trend.
With the rising cost of rent in big cities, many restaurateurs are finding it increasingly difficult to finance space in busy areas of the city where their customers tend to be. So a food truck allows those who want to start a specialty catering service to avoid paying the rent for a space like regular restaurants do.
However, some costs cannot be avoided. You have to think about getting the necessary permits, equipment, kitchen utensils and other additional costs. It is estimated that it will cost you over $28,000 to obtain a license and any other permits required to set up a food truck, as well as ongoing compliance.
The average cost of starting a food truck business and obtaining all the necessary licenses is between $50,000 and $60,000. While that’s still a lot of money, it’s an investment under $100,000 that can bring in between $250,000 and $500,000. This makes it easy to see that a food truck is one of the most profitable businesses you can start.
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The growth of e-commerce has never been as high as it has been in recent years. By 2022, more than two billion people will purchase goods or services online, and in the same year, online retail sales will exceed $5.5 billion worldwide.
With this development, the U.S. An additional 1 billion square feet of warehouse space is expected to be needed by 2025. Having warehouse space that can be rented out to e-commerce owners or suppliers can be an exciting business opportunity. The construction of a warehouse depends on the type of building you want, the price per square meter and the size.
The basic cost of building a steel warehouse is between $7.50 and $40.00 per square foot. However, you should expect to pay anywhere from $24,000 to over $800,000 to build a warehouse. Once built, you can rent out your warehouse and benefit from the rental income when the business is opened.
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Another profitable small business you can start in 2022 is starting an online store. Today, buying goods and services online has become a habit for many people around the world. In 2020, the total number of digital consumers in the United States was 256 million.
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This number was expected to reach 291.2 million online consumers by 2025. Online sales are increasing every year in record numbers. However, the question many people ask is how much money you can make with an online store.
A rough estimate, in three months, the average e-commerce site in the United States generates more than $150,000 in monthly revenue, while a company after one year generates approximately $330,000 in monthly revenue.
To start an online retail store, there are certain costs that you need to prepare for, such as the cost of your e-commerce website, manufacturing, software tools, inventory and supplies, licenses and permits, and other additional costs.
You can start an e-commerce business with as little as $100, the cost of a basic domain name and website theme. As an e-commerce business owner, expect costs to rise to $40,000 in the first year. But if you run the business well, you will have an interesting return on investment due to the margin.
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According to estimates, an online store created after three months can generate about $63,000 in monthly revenue. This income can go up to $127,000 monthly income.
The most important cost you need to consider is the cost of your inventory. Make sure you find a supplier that offers a good product at a fair price.
The COVID-19 crisis has forced many businesses and individuals to work online. Additionally, with the growing number of online businesses, digital marketing services are increasingly in demand. Therefore, to meet the demand of these companies, you can start a digital marketing agency that specializes in providing certain services.
Anyone with a basic marketing background can start a successful advertising agency. Just specialize in the service you want to provide and hire the right people to support you. Additionally, you could start as a sole proprietor and hire employees as your business begins to grow.
Most Profitable Businesses To Start In 2023
There has been a lot of growth in the housing market over the past two years. Despite the health crisis, 2021 was marked by a historically low foreclosure rate and the highest home sales in 15 years.
As more people buy homes, the demand for home improvement services increases. For American homeowners, improving the design of the home is the most important factor to consider when planning a remodeling project.
The US home improvement industry. is more important than it has been in more than a decade and includes interior design, hardware sales, carpentry, plumbing, landscaping, appliances, decorating and other home improvements.
Most of these sectors require training and access to resources or materials. So if you have some home improvement skills, home improvement services are a profitable small business to start in 2022.
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Another profitable small business on our list starting in 2022 is a delivery service. Due to the COVID-19 pandemic, many people prefer to stay at home and have the products sent directly to them.
This situation has created an unprecedented increase in demand for basic services. You can offer local courier services to deliver food, medicine, groceries, liquor and other important errands.
You can start this type of business on your own by offering your services to your friends and family and try to reach a wider network of people along the way.
Mobile data is also one of the most profitable small businesses you can start. It involves cleaning, revitalizing and finishing the car to go beyond what a traditional car wash offers.
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Mobile data can be used inside and outside the car. Many people will pay extra to have a car wash service delivered to them instead of driving across town to get to a car wash.
This is especially true for people with luxury cars who want good and personal service. Mobile car wash and cleaning services provide convenience benefits to the car owner and avoid costly and significant start-up costs for the business owner. The most expensive aspects of starting a mobile data company are the special licenses and equipment required.
Opening a small grocery store can be a lucrative business, especially if you choose a good location for your business. For grocery stores, it is often recommended to find a downtown area with less competition. And if you’re just starting out and don’t have a lot of money, you might consider opening a small grocery store.
Among the expenses you will incur when opening your small grocery store, you will need a cash register with a credit card processor, a POS system, refrigerators and freezers for perishable items, shelves and display cases for merchandise, baskets for use by customers, employees, necessary licenses and permits, and rental space for your company.
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Estimated start-up costs: Small grocery store owners can expect to spend between $70,000 and $100,000. Of course, you should be prepared for some extra costs along the way.
Physical and mental health are taken very seriously by many Americans. If you are a fitness enthusiast and think you can change people’s lives with more training, this is the business for you. You don’t have to work in a big gym for a company and you don’t have to have a big training center for your clients.
The health crisis has even made it possible to offer remote training and exercise classes. What makes personal training so different?
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