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Some venture into entrepreneurship with a clear vision: they know what field they want to conquer and how they will get there. However, for many new entrepreneurs, it can be difficult to figure out how to start a business – and to determine exactly what type of business is the best choice to invest in.
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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 profitability potential.
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With a solid business plan, hard work and determination, any strong business idea can become successful and profitable.
However, fast-growing industries with lower start-up costs may have more potential for profitability. For example, with the rise of technology, you will probably be more successful starting a virtual assistant company than opening a grocery store.
While some of the most profitable businesses are online, others include in-person services, and some are great if you’re an entrepreneur on the go. Here is a list of the most profitable small businesses:
The food truck business has experienced steady growth over the past five years—and is expected to continue—with the market projected to grow to $6.6 billion by 2028, according to a 2021 report by Grand View Research. 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 revenue potential, and the flexibility to create a custom menu that’s all your own.
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Keep in mind that larger, trendy cities like San Francisco, Boston, and Washington already have a pretty saturated food truck market (and stricter regulations to begin with) – so this is a more successful venture in a smaller core downtown.
Food trucks usually also have their own special regulations, licenses and safety standards. They also require food insurance, so you may want to check with your local health department to find out what is required.
According to a 2020 study by Consumer Reports, the rising price and expanded features of new vehicles are causing car owners to keep their cars longer. And as drivers keep their cars longer, businesses like car washes that help people preserve the value of their car investment are also expected to continue 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 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 converting it into a mobile service. Customers may pay more for a car wash that comes to them, especially if they have a luxury car and want a more personalized service. And as a mobile car wash and car design service, you would avoid the overhead and start-up costs of 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 their cars longer than ever, which suggests that there are significant opportunities in the service and repair business.
Additionally, car owners are more likely to visit a small business for repairs; According to the Auto Care Association, more than 70% of the repair business is held by independent repair facilities, compared to dealer or manufacturer authorized repair facilities.
If you are a qualified mechanic, you can consider 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 do repairs in their driveway or office parking lot.
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Employment of fitness trainers and instructors is projected to grow 39 percent from 2020 to 2030, much faster than the average for all occupations, according to the U.S. Bureau of Labor Statistics. But turning exercise into a career doesn’t have to mean working at a big corporate gym – you don’t need the extra costs of owning your own location to train clients, either. Throw weights, bands and yoga mats 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 advertising groups 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 putting off parenthood longer than previous generations, many want to have children eventually. In fact, as of 2018, more than half of millennial women have had a child, according to a Pew Research Center analysis of government data.
Now that both Millennials and Gen Z are considering parenthood, the need for child-oriented businesses is growing, starting with post-pregnancy and newborn 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 newborns, and both business options have relatively low education and qualification requirements.
While Americans are still having children, shrinking education budgets mean both traditional academics and enrichment skills like music, art and sports often take a significant hit.
A successful startup could be one that teaches children enrichment activities. 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 works.
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If your interest lies in development and design, you might consider targeting your technology at the youngest users. Research shows that there is a growing demand for tablets, apps and mobile entertainment aimed at children – especially if these products are educationally focused.
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 children to learn reading skills, math, science and the world. Language (languages.
Do you have an idea for an educational app for children or parents? If so, now is the time to pass on your great idea to the next generation and make this potentially profitable business a reality.
Sites like Rent the Runway and Gwynnie Bee have championed the idea of the sharing economy – where we want and need to own less stuff, so instead we share resources.
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These companies offer borrowed or rented clothing and accessories at a fraction of their purchase prices, and since the same inventory generates multiples of income, the profitability of these companies can be significant. According to Mercari’s 2021 research, the used clothing market is predicted 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 just as easily benefit from shared fashion on a local level. Collect favorite accessories or clothes and host a high school student loan party—where customers rent or buy items from your closet—before the next prom.
If you’re in a college town, Greek lifestyles are another great opportunity to take advantage of the shared economy fad. And since you take shipping out of the equation, you have the potential to be even more profitable.
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Are you the go-to person in your neighborhood for lawn, garden and home repair tools? Why not turn these tools into a profitable business by promoting your available equipment through your immediate friendship group?
You may even decide to invest in more specialized and expensive equipment that would benefit your loved ones. And if a customer doesn’t know how to use a particular tool, combine equipment rental with your cell phone service for even more cash in the bank.
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