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Some people go into entrepreneurship with a clear vision: they know the industry they want to conquer and the path they will take to get there. However, for many new entrepreneurs, it can be difficult to figure out how to start a business – as well as to determine which business is the best option to invest in.
Profitable Businesses To Start From Home
To help you start your journey, we have compiled a list of the most profitable businesses, taking into account factors such as industry growth and competitiveness, start-up costs and barriers to entry, as well as profit potential.
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With a solid business plan, hard work and determination, any strong business idea can be successful and profitable.
Businesses in high-growth industries with low startup costs, however, may have greater profit potential. With the rise of technology, for example, you will have more success starting a virtual assistant business than opening a grocery store.
Although some of the most profitable businesses are based online, others involve in-person services and some are perfect if you are an entrepreneur on the go. Here is our list of the most profitable small businesses:
According to a 2021 report by Grand View Research, the food truck movement continues to grow steadily—and is expected to continue—with the market projected to grow to $6.6 billion by 2028. You can open a food truck business for less than a third of what it costs to open a brick-and-mortar restaurant; Plus, you have geographic versatility, high income return potential, and the flexibility to create custom menus that are all your own.
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Note that San Francisco, Boston and Washington, D.C. Bigger, trendy cities like that already have a fairly saturated food truck market (as well as strict regulations to begin with) – so it’s a more successful business in a smaller heartland metropolis.
Food trucks have their own ordinances, business licenses and safety compliance standards. They also require grocery store insurance, so you can check with your local health department to find out what is required.
Rising prices and expanded features of new vehicles are causing car owners to keep their cars longer, according to a 2020 study by Consumer Reports. And as drivers keep their cars longer, businesses like car washes that help people preserve the value of their car investments are also expected to continue to grow.
According to the International Carwash Association, 66% of Americans wash their vehicles 1 to 2 times a month, an average of 13 times a year. The car wash market is projected 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 even more profitable by turning it into a mobile service. Customers may pay more for the car wash they come to, especially if they own a luxury car and prefer a more personalized service. And as a mobile car wash and car detailing service, you avoid the overhead and startup costs of having a physical location.
In 2021, the average age of cars and light trucks in the United States will increase to 12.1 years, up from 9.6 years in 2002, according to IHS Markit (now part of S&P Global). People are keeping their cars longer than ever, which suggests that there are significant opportunities in the maintenance and repair business.
In addition, car owners are more likely to visit a small business for repair; According to the Auto Care Association, more than 70% of the repair business is taken by independent repair facilities, compared to dealer or manufacturer authorized repair facilities.
If you are skilled as a mechanic, you can consider auto repair service as one of the most profitable business ideas. You can offer oil changes, fluid refills, battery replacements, headlight repairs and more. And if you want to save on overhead costs, you can make it a mobile service and travel to your customers with repairs in their driveway or office parking lot.
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According to the US Bureau of Labor Statistics, employment of fitness instructors and trainers is projected to grow by 39% from 2020 to 2030, which will grow much faster than the average for all occupations. But turning your love of fitness into a career doesn’t have to mean working for a big corporate gym—or having your own place to train clients. Throw some weights, bands and a yoga mat in the trunk of your car and take your fitness show on the road.
You can become a personal trainer by offering one-on-one sessions in your clients’ homes or by promoting group classes at a local park or community center. Making fitness more accessible to your clients could be just the ticket to help you both reach your goals.
Although millennials are putting off parenthood longer than previous generations, many eventually want to have children. In fact, as of 2018, more than half of millennial women have given birth, according to a Pew Research Center analysis of government data.
Now, both Millennials and Generation Z are considering parenthood, and the need for child-focused businesses is growing, starting with post-pregnancy and newborn-related services. And as a result, the 2018 Research and Markets Report expects the maternity care market in North America to reach $3 billion by 2023.
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Demand for doulas and lactation consultants is on the rise, especially among new mothers, and both career options have lower requirements such as education and certification.
As Americans have children, tighter budgets for education mean that both traditional academics and enriching subjects like music, art and athletics often take a hit.
A successful business to start could be one that teaches enrichment activities to children. According to a 2018 US Census Bureau report, children today are just as engaged in extracurricular activities as they were 15 years ago. And some research suggests that nearly half of American parents spend more than $1,000 a year on their children’s activities.
You can start a gymnastics center or a music school, become a swimming instructor or children’s yoga teacher, or focus on another child-oriented activity. If you have a skill that can be easily taught to young students, you may already have a profitable business.
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If your interests lie in development and engineering, you may want to consider building your technology for the youngest users. Research shows that the demand for tablets, apps and mobile entertainment for children is growing – especially if these products are focused on education.
According to the Learning First Alliance report on mobile devices and early education by research firm Grunwald Associates, more than 60% of parents surveyed believe that mobile devices and apps have benefits for children’s learning skills in reading, math, science and world languages.
Have an educational app idea for kids or parents? If so, now is the time to pass on your bright idea to the next generation and make this potentially profitable business a reality.
Sites like Rent the Runway and Gweny Bee build on the idea of the sharing economy – where we need and want less stuff, so we share resources instead.
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These companies offer borrowed or rented clothing and accessories at a fraction of their purchase price, and since the same piece of inventory can be earned more often, the profitability of these ventures can be significant. According to a 2021 study by the resale platform Mercury, the second-hand clothing market is expected to triple by 2030.
Do you have a sense of fashion and style that is not currently offered by other rental services? Maybe you’re ready to be the next big thing.
Even if you’re not ready to launch a multimillion-dollar fashion startup, you can easily take advantage of the local fashion community. For high school students before the next formal dance – gather some favorite accessories or clothing choices and host a loan party – where customers can rent or buy items from your wardrobe.
If you’re in a college town, Greek life formals are another great opportunity to capitalize on shared economy fashion. And because you take shipping costs out of the equation, you have the potential to be even more profitable.
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Are you the go-to person for all lawn, garden and home repair tools in your neighborhood? Why not turn these tools into a profitable business by promoting your available tools through your immediate friendship group?
You may decide to invest in more specialized and higher priced devices that will be useful to those around you. And if a customer doesn’t know how to use a certain device, combine device rental with your cell phone service for even more money in the bank.
Home improvement costs have been increasing since the beginning
