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Some people go into startups with a clear vision: They know what industry they want to conquer and the path they need to take to get there. However, for many new entrepreneurs, it can be difficult to figure out how to start a business and determine which type of business is the best choice to invest in.
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To help you start your journey, we’ve 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, 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, businesses in high-growth industries with low start-up costs may have greater profit potential. For example, with the rise of technology, starting a virtual assistant business is more successful than opening a grocery store.
While some of the most profitable businesses are based on online businesses, others involve in-person services, and some are great if you’re a busy entrepreneur. Here is our list of the most profitable small businesses:
The food truck movement has experienced steady growth over the past five years — the market is expected to grow to $6.6 billion by 2028 — and is expected to continue, according to a 2021 report from 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 diversity, high income return potential, and the flexibility to create your own custom menu.
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Keep in mind that big trendy cities like San Francisco, Boston, and Washington, D.C. already have fairly saturated food truck markets (and strict regulations) – so in smaller cities in the heartland, this might be a more successful business . .
Food trucks also have their own special regulations, operating licenses and safety compliance standards. They also require food business insurance, so you may want to contact your local health department to find out what is required.
A 2020 study by Consumer Reports shows that rising new vehicle prices and expanded features are forcing owners to extend the life of their vehicles. Businesses such as car washes are expected to help people preserve the value of their car investments as drivers keep their cars on the road longer.
According to the International Car Wash Association, 66 percent of Americans wash their car once or twice a month, which is an average of 13 washes a year. The car wash market is expected to grow from $14.7 billion in 2021 to $20.7 billion in 2028.
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By turning your car wash business into a mobile service, you can increase the profit of your car wash business. Customers are likely to pay more for a door-to-door car wash, especially if they own a luxury car and prefer a more personal service. As a mobile car wash and auto detailing service, you avoid the overhead and start-up costs of owning a physical location.
According to IHS Markit, now part of S&P Global, the average age of cars and light trucks in the U.S. will rise to 12.1 years by 2021, from 9.6 years in 2002. People are keeping their cars serviced longer than ever before, pointing to a major opportunity in the maintenance and repair industry.
Plus, car owners are more likely to go to small businesses for repairs; according to the Auto Care Association, more than 70 percent of repair business is taken up by independent repairers compared to dealerships or manufacturer-authorized repairers.
If you are mechanically savvy, car repair services can be considered one of the most profitable business ideas. You can offer oil changes, fluid refills, battery replacements, headlight repairs, and more. If you want to save on overhead, you can offer it as a mobile service, giving your customers a ride to make repairs in their driveway or in the office parking lot.
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Employment of fitness instructors and trainers 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 your love of fitness into a career doesn’t have to mean working for a major corporate gym—nor do you need your own place to train clients. Keep some dumbbells, elastic bands, and a yoga mat in the trunk of your car, and hit the road with a workout show.
You can become a personal trainer by offering one-on-one lessons in a client’s home or ad-group lessons at a local park or community center. Offering fitness supplements to your clients might just be the ticket to help you reach your goals.
Although millennials are putting off parenthood for longer than previous generations, many ultimately want children. In fact, more than half of millennial women had given birth as of 2018, according to a Pew Research Center analysis of government data.
Now that Millennials and Gen Z are thinking about parenthood, the demand for child-oriented businesses is growing, starting with pregnancy and newborn related services. As a result, a 2018 Research and Markets report projected the maternity care market in North America to reach over $3 billion by 2023.
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New mothers, in particular, have seen an increase in demand for doulas and lactation consultants, and both career options have relatively low overhead requirements beyond education and certification.
As Americans continue to have children, shrinking education budgets mean traditional academics and enriching subjects such as music, art and sports often take a major hit.
A successful venture can be teaching enrichment activities to children. According to a 2018 U.S. Census Bureau report, kids today are as involved in extracurricular activities as they were 15 years ago. Some studies show that nearly half of American parents spend more than $1,000 a year on their children’s activities.
You could start a gymnastics center or music school, become a swimming instructor or yoga teacher for kids, or focus on some other kid-focused activity. If you have skills that you can easily pass on to younger students, you may already have a profitable business.
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If your interests lie in development and engineering, you might want to consider bringing your technology to the youngest users. Research shows that children’s demand for tablets, apps and mobile entertainment is growing — especially if the products are focused on education.
According to the Learning First Alliance report on mobile devices and early childhood education by research firm Grunwald Associates, more than 60 percent of parents surveyed believe mobile devices and apps are good for their children’s reading, math, science and world language skills.
Do you have an idea for an educational app for kids or parents? If so, now is the time to pass your brilliant idea on to the next generation and make this potentially profitable business a reality.
Sites like Rent the Runway and Gwynnie Bee are based on the idea of the sharing economy – we want and need to own fewer things, so we share resources.
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These companies offer clothing and accessories that are loaned or rented for a fraction of the purchase price, and since the same piece of inventory generates revenue multiple times, these businesses can be very profitable. The used clothing market is expected to more than triple by 2030, according to a 2021 study by resale platform Mercari.
Do you have an eye for fashion and a sense of style that no other rental service currently offers? 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 profit from shared fashion at the local level. Collect some favorite accessories or clothing choices and throw a loaner party for high schoolers before your next prom—customers can rent or buy items from your room.
If you’re in a college town, Greek Life Dresses is another great opportunity to benefit from sharing economy fashion. And because you’re taking shipping costs out of the equation, you’re likely to make more profit.
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Are you the go-to person for every lawn, garden and home maintenance tool in your neighborhood? Why not turn these tools into a profitable business by promoting the tools available to you outside of your immediate peer group?
You may also decide to invest in more specialized, higher-cost equipment that will be useful to those around you. If a customer doesn’t know how to use a particular piece of equipment, arrange equipment rental through your mobile service to get more cash in the bank.
Home Improvement Expenses Added From the Beginning