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Some people go into business with a clear vision: they know what industry they want to conquer and what path they will take to get there. However, for many new entrepreneurs, it can be difficult to figure out how to start a business – and, deciding which type of business is best to invest in.
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To help you get started on your journey, we’ve compiled a list of the most profitable businesses by considering factors such as industry growth and competition, startup costs and barriers to entry, and profit potential.
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With a solid business plan, hard work and determination, any solid business idea can be successful and profitable.
Businesses in high-growth industries with low start-up costs, however, may have high profit potential. With the advancement of technology, for example, you may have more success starting a virtual assistant business than opening a grocery store.
While some businesses are very profitable based on the Internet, others involve personal service, and others are more suitable if you are an entrepreneur on the go. Here is our list of the most profitable small businesses:
According to a 2021 report by Grand View Research, the food truck movement has experienced consistent growth over the past five years – and will continue to do so – as the market is expected to reach $6.6 billion by 2028. You can start 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 ease of creating a custom menu of your own.
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Keep in mind that big, trendy cities like San Francisco, Boston, and Washington, DC already have a well-stocked food truck market (and strict regulations to boot) – so this can be a very successful business in a small heartland. .
Food trucks have their own special regulations, business licenses, and safety compliance standards. They also require food business insurance, so you’ll want to check with your local health department to find out what’s required.
According to a 2020 study by Consumer Reports, rising new car prices and rising costs are forcing 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 expected to continue to grow.
According to the International Carwash Association, 66% of Americans wash their cars once or twice a month, which is an average of 13 times a month. The car wash market is expected to grow from $14.7 billion in 2021 to $20.7 billion in 2028.
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You can make your car wash business more profitable by making it a mobile service. Customers can pay more for a car wash that comes to them, especially if they have a luxury car and prefer personal service. And as a mobile car wash and auto detailing service, you avoid the overhead and startup costs of owning 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 before, which suggests that there is a significant opportunity in the repair and maintenance business.
Additionally, car owners are more likely to go to a small business for repairs; According to the Auto Care Association, more than 70% of the repair business is taken by independent repair shops compared to dealerships or manufacturer-authorized repair shops.
If you are skilled as a mechanic, you can consider auto repair service as one of the most profitable business ideas. You can offer oil changes, fluid refills, battery swaps, headlight repairs and more. And if you want to save on overhead costs, you can make it a mobile service and go to your customers, set up in their driveways or office parking lots.
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According to the US Bureau of Labor Statistics, employment of trainers and fitness instructors is expected to grow by 39% from 2020 to 2030, faster than the average for all occupations. But turning your passion for fitness into a career doesn’t mean working at a big corporate gym — or needing more space on your property to train clients. Throw some 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 through group fitness classes at a local park or community center. Making fitness accessible to your customers can be just the ticket to help you achieve your goals.
Although millennials are putting off parenting longer than previous generations, many want to eventually have children. In fact, as of 2018, more than half of millennial women have had children, according to a Pew Research Center analysis of government data.
Now, both Millennials and Generation Z are considering parenthood, and the demand for baby-focused businesses is growing, starting with post-pregnancy and baby-related services. And as a result, the 2018 Research and Markets report expects that the maternity care market in North America will exceed $3 billion by 2023.
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The demand for doulas and lactation consultants, in particular, is high among new mothers, and both business options have relatively low requirements other than education and certification.
Even as Americans continue to have children, shrinking education budgets mean that traditional academics and enrichment subjects such as music, art and athletics tend to be more influential.
A successful business can be started that teaches children enrichment activities. According to the 2018 US Census Bureau, children today are as involved in extracurricular activities as they were 15 years ago. And one survey shows that nearly half of American parents spend more than $1,000 a year on activities for their children.
You could start a fitness center or music school, become a swimming instructor or yoga teacher for children, or focus on another career that focuses on children. If you have a skill that can be easily taught to young students, you may already have a profitable business built.
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If your interests lie in development and engineering, you might consider equipping your technology with the smallest of users. Research shows that demand for tablets, apps and mobile entertainment for kids is growing – especially if those products are educational.
According to the Learning First Alliance report on mobile devices and early childhood education produced by the research firm Grunwald Associates, more than 60% of parents surveyed believe that mobile devices and apps are beneficial in teaching children reading skills, math, science and world languages.
Do you have an idea for an educational app for kids or parents? If so, now is the time to step forward with your next-generation smart idea and make this potentially profitable business a reality.
Sites like Rent the Runway and Gwynnie Bee are the sharing economy – where we want and need to have less, so instead, we share resources.
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These companies offer loaned or rented clothing and accessories at a fraction of the purchase price, and since the same piece of inventory generates revenue multiple times, the profits for these businesses can be huge. According to a 2021 study by resale platform Mercury, the second-hand clothing market is expected to more than triple by 2030.
Do you have an eye for fashion and a sense of style that other rental services are not currently offering? 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 the local level. Pick out favorite accessories or outfits and host a loan party — where customers can rent or buy items from your closet — for high school students before the next formal dance.
If you live in a college town, the formality of Greek life is another great opportunity to benefit from shared economy fashion. And since you take shipping costs out of the equation, you’re likely to make more profit.
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Can you visit all the lawn, garden and home improvement tools in your area? Why not turn those tools into a profitable business by promoting your available tools outside of your immediate circle of friends?
You may even decide to invest in very special and high-priced items that will be useful to those around you. And if a customer can’t use a particular device, combine equipment rental with your mobile service to get more money in the bank.
Home improvement costs have increased since the beginning