The Most Profitable Small Business To Start – When people think about profit, they think about it differently. For example, there is a significant difference between the most profitable companies and the most profitable small businesses.
But when you want to know what the most profitable businesses are for small business owners, that’s often a category of its own. Most of us don’t have access to venture capitalists or the ability to run a business for ten years before it starts making money. So I limited the list to the most profitable small businesses.
The Most Profitable Small Business To Start
We will find out which small businesses are the most profitable, look at some of the most profitable businesses to start from home and give examples of successful business owners in this field.
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Hopefully these real success stories and small business ideas will get your creative juices flowing and help you earn a decent income.
The consulting firm focuses on helping other business owners solve these problems. You can choose a niche if you have a specific area in which you specialize, or you can be an all-in-one solution.
When I started my consulting business, I consulted on everything. One day I’ll be analyzing payment processors and the next I’ll be looking for a good influencer for the brand. I end up writing about business and technology because it makes it easier to deliver knowledge to thousands of people a month.
Business consultants can earn from a few hundred a day to billions a year. Consultants specializing in mergers and acquisitions can earn high commissions.
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If only ⅙ real estate agents succeed, those who succeed can start a profitable business. Santino Fillepelli told us:
I have been in the real estate industry as an agent, broker and investor and make over $2 million a year.
Find out how award-winning real estate agent Paul Balzotti built his real estate business in our exclusive interview.
Then check out another interview we did about real estate investing with legendary real estate agent Santino Filipelli, where he also shares how he built his agency:
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One of the most profitable businesses to start is a cleaning service. Whether you decide to start a janitorial service or a niche like carpet cleaning, you can make a lot of money in the cleaning industry.
My father loaned me $3,000 and I took a carpet cleaning technology course offered at a local cleaning company.
Today, he does it three times a month. Read our blog on how to start a carpet cleaning business to learn more about why this is one of the most profitable small business ideas.
You can also check out the interview we did with Chris Mondragon who makes over $125,000 a month with his cleaning business. He told us:
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Social media marketing is a huge industry. It’s a $153.7 billion industry, according to Statista. All you need is a computer, software and find a customer.
You can expect each client to pay around $2,000-$5,000 per month and you need 20-40 hours of work to service them properly.
This means that a person can earn up to $40,000 a month from home without investing in stocks. Here’s how Jason turned Socialistic into a $500,000-a-year social media marketing agency:
Another most profitable business involves creating online courses. E-learning is expected to grow at a compound annual growth rate (CAGR) of 14.6% and reach $374.3 billion by 2026.
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Developing an online course can cost as little as a few hundred dollars if you know how to do it yourself, or up to $20,000 an hour if you pay someone else to create it.
Not only is it relatively inexpensive to get started, but people are willing to pay for online courses if they add real value. In fact, some of the more popular courses can cost upwards of $5,000. However, most courses cost under $300.
One business owner I have found most impressive since I started writing is Jazmin Richards, owner of BlkSunflower. He started his small business in early 2020 with $100 and has grown it to over $200,000 in annual revenue.
Most candle manufacturers have a 40-60% margin on wholesale, and even more if it’s direct to consumer. This makes it a very profitable venture. Watch our interview with Jazmin:
The Most Profitable Businesses In 2022 (ranked)
Payroll services charge a monthly fee for their time, plus additional costs per employee. There are two paths to follow:
You can easily become an affiliate for some of them, help people sign up for services, set them up, and earn a commission for a monthly fee.
It can be a very profitable business, especially if you combine it with something like bookkeeping or tax preparation, because it’s extra money to make your work easier.
Delivery services can be among the most successful small businesses. While major players like Uber and DoorDash take the lion’s share of delivery revenue, the industry is expected to grow to $192 billion by 2025.
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If you are starting something similar, focus only on the local area and find better ways to market the business. You can achieve a net profit margin of around 17%. That is why delivery services are one of the most profitable business ideas.
If you enjoy creating websites, logos and marketing materials, graphic design may be a good fit as it is always in demand. You can start with just a computer and some design software. Find clients on Fiverr or Upwork and start a profitable business from home.
Many people start food trucks because they are more profitable than owning a restaurant. You save money:
It cost me about $41,200 to start. Today I make $417,000 a year and aim to keep my food costs under 35%.
Most Profitable Small Businesses To Start In 2023
Personal trainers also make a lot of money. They can earn anywhere from $50 to $250 an hour coaching people to reach their fitness goals. Although personal trainers are not required to have an education, a master’s degree tends to earn up to 140% more than a high school graduate.
Since people are paying for your expertise, the main costs are business licensing and marketing. If you’re into fitness, exercise might be for you.
The construction supplies industry has a gross margin of 22.73% and a net profit of 7.92%, but companies that do well can earn even more. Paul Akers started FastCap when he was a cabinet maker and needed something to cover screw holes quickly.
Recently, it has produced more than 600 products, has raised prices only three times in 21 years, and has not laid off a single person. Watch our interview with Paul to see how he did it.
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If you’re a foodie, this might be for you. Catering allows you to prepare delicious food and bring it to events such as weddings and corporate meetings. At events, you can either create a buffet or serve food in any size you choose. If you have a liquor license, you can also serve alcohol to dramatically increase your profit margin.
According to Sumber Cater, catering has an average pre-tax margin of 7-8%. Additionally, the market is expected to grow to $328.11 billion in 2025. This means that pre-tax profits could be between $85 billion and $97 billion.
Post-pregnancy services, sometimes called postpartum services, are a type of business that helps mothers recover after giving birth. If you are not familiar with them, they are part of the medical field and can help with:
According to the Health Care Cost Institute, women spend an average of $3,100 on their care in the first year after giving birth. If someone created an Uber-style post-pregnancy care service, it could be a multi-billion dollar success. For example, doctor’s visits and others can be done at home and make women’s lives easier, perhaps through the service of a doula app after childbirth.
Low Cost Business Ideas With High Profit Margins To Start In 2023
The current small business landscape is good for e-commerce. The startup cost is low (under $1000) and you can earn more than $120,000 per month. In our interview with Portland Gear owner Marcus Harvey, he told us:
Get a domain for $10, Shopify for $30 a month, do your social media marketing and buy 50 shirts for $9, then build from there.
Courier services can be very profitable if you have the right network of professionals to quickly deliver papers and other items to clients. Courier services can be used by motor vehicle or bicycle.
Courier services typically charge between $1.50 and $1.70 per mile, plus additional fees for the following reasons:
Most Profitable Small Business Ideas For 2022
Becoming a notary public is usually an easy addition for business owners. It usually costs less than $1,000 to get:
Most states allow you to charge a small fee for notary services and additional fees for travel time and other expenses incurred. Clients include real estate agents, law firms, accountants and financial institutions who need to sign contracts
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