Some businesses are inherently more profitable than others. This can be due to expenses and overhead being low or the business charging a lot for its services or products. Still, all businesses, no matter how profitable they are, can be a challenge getting started.
Most Profitable Small Businesses
If you yearn to run a profitable business (don’t we all), take a look at the following 20 most profitable small businesses.
Tax Preparation and Bookkeeping
Without needing fancy premises or expensive equipment, tax preparation and bookkeeping services come with low overheads. Furthermore, the standard rate for quality tax preparers and bookkeepers is a decent salary to live on.
That said, if you’re not good with numbers, preparing people’s tax and keeping their finances up-to-date, won’t be the business for you.
You don’t need expensive premises to run your own catering business and could even operate your service from home, keeping overhead to a minimum. People and businesses are willing to pay for quality caterers, making this business profitable for those who work hard and have the determination to succeed.
Websites have become the ‘windows of every successful business’, hence quality and creative website designers remain in high demand. Again, low expenses and high rates make web design a lucrative business to run, providing you have the creative and technical know-how that is!
Businesses are willing to invest in quality business consultants who can help them achieve the results they are looking for. They’re also willing to pay hefty amounts for the right advice, which, tied in with low overhead, makes business consulting a profitable business to embark on.
Of course, effective business consultants do require sound business acumen and knowledge, so this isn’t necessarily the right opportunity for everyone.
Other than the outlay of your vehicle to deliver the goods, self-employed couriers don’t have a large overhead. Getting lucrative contracts from the major courier firms can prove profitable. However, in a competitive market, being awarded lucrative contracts can be challenging.
Mobile Hairdresser Services
Granted, you can never charge a fortune to cut someone’s hair but that doesn’t take away from the fact that quality hairdressers will always be in demand. Furthermore, other than a quality pair of scissors and some hair dye, if you run a mobile hairdressing salon, your business expenses are surprisingly low, making mobile hairdressing a profitable business to run.
That said, mobile hairdressers are not difficult to find, so you’ll probably need to spend some money marketing your services.
All you need to start your own cleaning business is a vacuum, polish floor cleaner and, preferably, a car. With comparatively low overhead, little in the way of training required and a service which is always in demand, cleaning can be a rewarding business to get into.
So why isn’t everyone doing this? Well, if you’re looking for a more creative way to make a living, cleaning might not be for you.
You might be a math genius, a native Spanish speaker or a nifty guitar player. Whatever your talent, offering to tutor online can be a great way to earn an income with exceptionally low expenses.
The only downside to online tutoring… You need to have a skill others will want to learn!
Real Estate Brokering
The profits associated with real estate remain high and if you want to enter this industry one of the most cost-effective ways to do so is to set up a real estate brokering firm.
Real estate brokers act as an intermediary between sellers and buyers and all you need to get started is a brokerage license. That said, finding your own clients can be challenging, given the number of real estate brokers there are.
Got an eye for a great logo? If so, you might be on your way to starting a business where you can charge a tidy sum while not having to fork out on expensive overhead. Though be warned, logo design is a competitive industry, and you’ll have to come up with some unique and inspiring logos to remain at the top of your trade.