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Some venture into entrepreneurship with a clear vision: they know what field they want to conquer and what path they want to take to get there. However, for many new entrepreneurs, it can be difficult to know how to start a business – let alone what type of business to invest in.
Top 5 Small Businesses To Start
To help you get started on your journey, we’ve compiled a list of the most profitable companies, taking into account factors such as industry growth and competitiveness, start-up costs and barriers to entry, and profit potential.
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With a solid business plan, hard work and determination, any strong business idea can be successful and profitable.
However, companies in fast-growing industries with lower start-up costs may have higher profit potential. For example, with the rise of technology, you will probably be more successful starting a virtual assistant company than opening a grocery store.
Some of the most profitable businesses are web-based, while others require in-person service, and some are perfect if you’re an entrepreneur on the go. Here is a list of the most profitable small businesses:
The food truck business has seen steady growth over the past five years — and is expected to continue — with the market expected to grow to $6.6 billion by 2028, according to a 2021 report by Grand View Research. You can start a food truck business for less than a third of the cost of opening a brick-and-mortar restaurant; Plus, you have geographic versatility, the potential for high ROI, and the flexibility to create a custom menu that’s all your own.
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Keep in mind that larger, trendier cities like San Francisco, Boston, and Washington D.C. already have a fairly saturated food truck market (and stricter regulations) — so this may be a more successful venture in the core city. less. .
Food trucks usually also have certain rules, licenses and safety standards. They also require food business insurance, so you may want to check with your local health department to find out what is required.
Rising prices and new vehicle features 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 grow.
According to the International Carwash Association, 66 percent of Americans wash their vehicles one to two times 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 switching to a mobile service. Customers may pay more for their car wash, especially if they own a luxury car and want a more personalized service. As a car wash and car detailing service, you avoid overhead costs and start with a physical location.
In 2021, the average age of cars and light trucks in the U.S. will rise to 12.1 years, up from 9.6 years in 2002, according to IHS Markit (now part of S&P Global). People are keeping cars longer than ever, which suggests that there are significant opportunities in maintenance and repair work.
In addition, car owners are more likely to visit small businesses for repairs; According to the Auto Care Association, more than 70% of the repair business is held by independent repairers, compared to dealers or manufacturer-authorized repairers.
If you are a skilled mechanic, you can consider a car repair service as one of the most profitable business ideas. You can offer oil changes, fluid refills, battery changes, headlight repairs and much more. And if you want to save on overhead costs, you can make it a mobile service and travel to your customers to make repairs on the highway or in the office parking lot.
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Employment of fitness trainers and instructors is expected to grow 39 percent from 2020 to 2030, faster than the average for all occupations, according to the U.S. Bureau of Labor Statistics. But turning exercise training into a career doesn’t mean working in a big corporate gym—or needing the overhead of your own location to train clients. Throw weights, bands and a yoga mat in the trunk of your car and take your fitness with you on the road.
You can become a personal trainer by offering one-on-one sessions in your clients’ homes or ad group classes at a local park or community center. Making fitness more accessible to your clients may be just the ticket to help you both reach your goals.
Although millennials are delaying parenthood longer than the previous generation, many ultimately do not want children. In fact, in 2018, more than half of millennial women have had children, according to a Pew Research Center analysis of government data.
Now, both millennials and Gen Z are thinking about parenthood and the need for child-oriented businesses to grow, starting with post-pregnancy and newborn-related services. As a result, the 2018 Research and Markets Report expects the North American maternity care market to reach over $3 billion by 2023.
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Demand for doulas and lactation consultants in particular has increased among new moms, and both business options have relatively low overhead costs beyond training and certification.
As Americans continue to have children, shrinking education budgets mean that traditional academic and enrichment subjects such as music, art and sports often take a significant hit.
A successful startup could be a business that teaches kids how to get rich. According to a 2018 US Census Bureau report, children today are just as involved in extracurricular activities as they were 15 years ago. And some studies show 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 a children’s yoga teacher, or focus on some other child-oriented activity. If you have a skill that is easy to teach young students, you may already have a profitable business in the making.
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If your interest is in development and design, you can target your technology to the youngest users. Research shows that the demand for tablets, applications and mobile entertainment aimed at children is growing – especially if the product is educational.
According to the Learning First Alliance report on mobile devices and early childhood education produced by the research company Grunwald Associates, more than 60% of parents who answered the survey believe that mobile devices and apps are useful for teaching children reading skills, math, science and world languages.
Do you have an idea for an educational app for children or parents? If so, now is the time to promote your good ideas to the next generation and make this potentially profitable business a reality.
Sites like Rent the Runway and Gwynnie Bee have ideas about the sharing economy – where we want and need less stuff, so we share resources.
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These companies offer clothing and accessories that are borrowed or rented at a fraction of the purchase price, and since the same inventory generates multiples of revenue, the return on this business can be significant. According to Mercari’s 2021 research, the aftermarket is expected to more than triple by 2030.
Do you have an eye for fashion and a sense of style that other rental services currently do not offer? Maybe you’re ready to be the next big thing.
Even if you’re not ready to launch a multi-million dollar fashion startup, you can easily benefit from shared fashion at a local level. Collect favorite accessories or clothing options and host a loan party for high school students—where customers can rent or buy items from your closet—before their next prom.
If you’re in a college town, formal Greek life is a great opportunity to take advantage of the shared economy space. And since you take shipping costs out of the equation, you have the potential to be more profitable.
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Are you the go-to person in your neighborhood for every lawn, garden, and home improvement tool? Why not turn these tools into a profitable business by promoting your available tools beyond your immediate circle of friends?
You may even decide to invest in a more specialized and expensive device that benefits the people around you. And if the customer doesn’t know how to use a special device, combine device rental with your mobile service and even more cash in the bank.
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