What The Most Profitable Business To Start – When people think about profit, they think in different ways. For example, there is a significant difference between the most profitable business and the most profitable small business.
However, if you’re wondering what the most profitable businesses are for small business owners, this is often a separate category. Most of us don’t have access to venture capital or the ability to run a business for 10 years before we start making money. So I’m limiting the list to the most profitable small businesses.
What The Most Profitable Business To Start
We’ll find out which small businesses are the most profitable, take a look at some of the most profitable businesses you can start from home, and provide examples of successful business owners in this field.
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We hope these real life success stories and small business ideas will help you spark your creativity and earn a lucrative income.
Consulting firms focus on helping other business owners solve their problems. If there is a specific area you are an expert in, you can choose a niche or be an all-in-one solution.
When I started my consulting business, I advised everything. One day I was analyzing payment processors and the next I was looking for someone who would make a good impact on the brand. Eventually, I started writing about business and technology because I could easily impart my knowledge to thousands of people a month.
Business consultants can earn anywhere from hundreds of dollars a day to billions of dollars a year. M&A consultants can earn hefty fees.
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Only ⅙ of real estate agents are successful, but those who do can start a profitable business. Santino Philepelli said:
I have worked in the real estate industry as an agent, broker, and investor, earning over $2 million per year.
Discover how award-winning real estate broker Paul Balzotti built his real estate business in an exclusive interview.
Then check out another interview with legendary real estate agent Santino Filipel about real estate investing.
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One of the most profitable businesses to start with is a cleaning service. Whether you start a cleaning service or choose a more specialized niche like carpet cleaning, you can make the big bucks in the cleaning industry.
My dad borrowed $3,000 and I took a course in carpet cleaning techniques offered by a local cleaning company.
Today he earns three times as much a month. Read our blog on how to start a carpet cleaning business and learn more about why this is one of the most profitable small business ideas.
You can also check out our interview with Chris Mondragon, who earns over $125,000 a month from his cleaning business. He told us:
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Social media marketing is a vast industry. It’s a $153.7 billion industry according to Statista. All you need is find your computer, some software and a client.
Each client can earn approximately $2,000-5,000 per month and require 20-40 man-hours to provide adequate service.
This means that one person can earn up to $40,000 per month on a home without investing in inventory. Find out how Jason turned Socialistics into a $500,000/yr social marketing agency.
Another of the most lucrative businesses is creating online courses. E-learning is expected to grow at a compound annual growth rate (CAGR) of 14.6%, reaching $374.3 billion by 2026.
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Developing an online course can cost hundreds of 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 are they relatively cheap to get started with, people are willing to pay for online courses if they add real value. In fact, some of the most recognized training courses can cost up to $5,000. However, most are less than $300 per course.
One of the business owners I’ve been most impressed with since I started writing is Jazmin Richards, owner of BlkSunflower. She started her small business with $100 in early 2020 and has grown to over $200,000 in annual revenue.
Most candle manufacturers have margins of 40-60% when selling in bulk, and even higher when targeting direct consumers. This results in a highly profitable venture. Watch the interview with Jazmin:
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Payroll services charge a monthly fee for time plus an additional fee per employee. There are two paths:
Some of them make it very easy to become an affiliate and allow people to sign up for your service, set it up, and earn a commission on your monthly fee.
It can be a very profitable business, especially when combined with accounting or tax preparation. Because the extra money makes your job easier.
A delivery service may be one of the most successful small businesses. Major players such as Uber and DoorDash account for the majority of delivery service revenue, but the industry is expected to grow to $192 billion by 2025.
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If you’re starting something similar, focus on your area and find better ways to promote your business. A net profit margin of about 17% can be achieved. That is why home delivery service is one of the most profitable business ideas.
If you love creating websites, logos, and marketing materials, graphic design can be a good option as it is always in high demand. You can start with a computer and design software. Find clients on Fiverr or Upwork and start a profitable business from home.
Many people set up a food truck because it is more profitable than owning a restaurant. Save to:
It cost about $41,200 to start. Currently, I make $417,000 per year and try to keep my food expenses under 35%.
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Personal trainers also make a lot of money. They can earn between $50 and $250 an hour by training people to reach their fitness goals. Personal trainers do not require a college degree, but earnings for a master’s degree are typically up to 140% higher than for a high school degree.
Given that people pay for your expertise, the main costs are business licensing and marketing. If you’re passionate about fitness, training just might be for you.
The building materials industry has a gross margin of 22.73% and a net margin of 7.92%, but companies that do it well can earn much more. When Paul Akers was a carpenter and needed something to quickly cover screw holes, he started FastCap.
In recent years, it has produced more than 600 products, raised prices just three times in 21 years, and has not laid off a single person. Check out our interview with Paul to see how he does it.
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If you’re a foodie, this might be for you. Catering allows you to prepare delicious food and take it to events such as weddings and company meetings. Prepare a buffet at a party or serve food in selected portions. You can also increase your profit margin dramatically by serving alcohol as long as you have a liquor license.
According to Cater Source, catering has an average pre-tax margin of 7-8%. In addition, the market size is expected to grow to $ 328.11 billion by 2025. That means pre-tax profit could be anywhere from $85 billion to $97 billion.
Postpartum services, also called maternity services, are a type of business that helps mothers recover after giving birth. If you don’t know, it’s part of the medical field and can help you with things like:
According to the Health Care Cost Institute, it is estimated that women spend an average of $3,100 on medical expenses in the first year after giving birth. If someone created an Uber-style maternity service, it could be a multi-billion dollar achievement. For example, medical and other appointments can be made directly at home, and app services can simplify women’s lives, such as postpartum doulas.
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The current small business environment favors e-commerce. Start-up costs are low (less than $1,000) and you can earn over $120,000 per month. In an interview with Portland Gear owner Marcus Harvey, he said:
Buy a domain for $10, Shopify for $30 a month, social media marketing, buy about 50 t-shirts for $9 each, and build from there.
Courier services can be very profitable if you have the right professional network to quickly deliver documents and other items to customers who need them. Courier service can be done by car or bicycle.
Courier services generally charge between $1.50 and $1.70 per mile plus the following additional charges:
What Small Businesses Are Most Profitable Today?
Becoming a notary public is usually a simple privilege for business owners. It often costs less than $1,000 to get:
Most states allow a small fee for notary services and additional fees for driving time and other incurred costs. Our clients are real estate agents, law firms, accountants, and financial institutions that require signed contracts.
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