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Some people go into entrepreneurship with a clear vision: they know what industry they want to conquer and the path they will take to get there. However, for many new entrepreneurs, it may be difficult to find out how to start a business – plus, determine exactly what type of business is the best option to invest in.
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To help you launch your journey, we have compiled a list of the most profitable businesses, taking into account factors such as industry growth and competition, start-up costs and barriers to entry, as well as profit potential.
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With a solid business plan, hard work and determination, any strong business idea can be successful and profitable.
Businesses in high-growth industries with low start-up costs, however, may have greater profitability. For example, with the growth of technology, you may be more successful starting a virtual assistant business than opening a grocery store.
Although some of the most profitable businesses are based online, others involve personal service, and some are best suited if you are a traveling entrepreneur. Here is our list of the most profitable small businesses:
The food truck movement has experienced consistent growth over the past five years — and is expected to continue — with the market expected to grow to $6.6 billion by 2028, according to a 2021 Grand View Research report. You can start a food truck business for less than a third of the cost of opening a brick-and-mortar restaurant; In addition, you have geographic flexibility, the potential for high income returns and the flexibility to create a customized menu that is your own.
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Keep in mind that larger, trendier cities like San Francisco, Boston and Washington, D.C., already have a saturated food truck market (as well as stricter regulations to begin with) – so this may be a more successful business in a smaller hearted city. .
Food trucks also tend to have their own special protocols, business licenses and safety compliance standards. They also require food business insurance, so you’ll want to contact your local health department to find out what is required.
The rising prices and increased features of new vehicles are causing car owners to keep their cars longer, according to a 2020 study by Consumer Reports. And as drivers keep their cars longer, businesses like car washes that help people preserve the value of their automobile investments are expected to continue to grow as well.
According to the International Car Wash Association, 66% of Americans wash their vehicles at Somewhere between one and two times a month, an average of 13 times a year. The car wash market is expected to increase from 14.7 billion dollars in 2021 to 20.7 billion dollars in 2028.
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You may make your car wash business more profitable by switching to a mobile service. Customers may pay more for a car wash that comes to them, especially if they have a luxury car and prefer a more personalized service. And with a mobile car wash and auto detailing service, you’ll avoid the cost of having a physical location.
By 2021, the average age of cars and light trucks in the United States will increase to 12.1 years, up from 9.6 years in 2002, according to IHS Markit (now part of S&P Global). People keep their cars longer than ever, suggesting that there are significant opportunities in the maintenance and repair business.
In addition, car owners often visit small businesses for repairs; According to the Auto Care Association, more than 70% of repair business is handled by independent repair facilities compared to dealers or manufacturer-authorized repair facilities.
If you are skilled as a mechanic, you may consider auto repair service as one of the most profitable business ideas. You can offer oil changes, water refills, battery changes, headlight repairs, etc. And if you’re looking to save overhead, you might make it a mobile service and travel with your customers, doing repairs in your driveway or office parking lot.
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Employment of fitness trainers and instructors is expected to grow 39% from 2020 to 2030, faster than the average for all occupations, according to the US Bureau of Labor Statistics. But turning your love of fitness into a career doesn’t mean working for a large corporate gym—or that you need the overhead of having your own place to train clients. Throw some weights, a bar and a yoga mat on the back of your car, and show off your workout on the road.
You can become a personal trainer by offering one-on-one sessions in your clients’ homes or ad group classes at a local park or community center. Making fitness more available to your clients may just help you both reach your goals.
Although millennials are putting off parenthood longer than previous generations, many eventually want to have baby In fact, according to an analysis of government data by the Pew Research Center, in 2018, more than half of millennial women had children.
Now, both millennials and Generation Z are considering parenthood, and the demand for baby-focused businesses is growing, starting with post-pregnancy and newborn services. And so, the 2018 Research and Markets report expects the North American maternity care market to reach more than $3 billion by 2023.
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The demand for doulas and lactation consultants, in particular, has increased among new mothers, and both business options have relatively lower overhead requirements than education and certification.
As Americans continue to have children, the budget for education decreases means that both traditional subjects and extracurriculars such as music, art and athletics are often greatly favored.
A successful business to start could be one that teaches enrichment activities to children. According to a 2018 US Census Bureau report, children are involved in Extracurricular activities today are the same as they were 15 years ago. And some research indicates that almost half of American parents spend more than $1,000 a year for their children’s activities.
You can open a gymnastics center or music school, become a swimming instructor or children’s yoga instructor, or focus on other activities that are child-centered. If you have skills that can be easily taught to young students, you may have a profitable business to produce.
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If your interests are in development and engineering, you might consider bringing your technology to the smallest of users. Research shows that the demand for tablets, apps and mobile entertainment for children is increasing – especially if those products are focused on education.
According to a Learning First Alliance report on mobile devices and early childhood education produced by research firm Grunwald Associates, more than 60% of parents surveyed believe that mobile devices and apps are beneficial for teaching children skills in reading, math, science and world languages.
Do you have an idea for an educational app for children or parents? If so, now is the time to step forward with your bright ideas for the next generation and make this potentially profitable business a reality.
Places like Rent the Runway and Gwynnie Bee have banked on the idea of the sharing economy – where we want and need to own less, so we share resources.
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These companies offer to lend or rent clothing and accessories at a fraction of their purchase price, and because the same piece of inventory generates revenue multiple times, the profitability of these businesses can be significant. According to a 2021 study by resale platform Mercari, 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 is not provided by other rental services today? Maybe you’re ready to be the next big thing.
Even if you’re not ready to launch a multi-million dollar fashion line, you can easily make a profit by sharing fashion locally. Gather favorite accessories or clothes and host a rental party — where customers can rent or buy items from your closet — for high school students before their next formal dance.
If you live in a college town, the Greek lifestyle is another great opportunity to profit from the shared economy fashion. And because you’re taking shipping costs 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 all lawn, garden and home improvement tools? Why not turn those tools into a profitable business by advertising your existing tools beyond your immediate friend group?
You may decide to invest in a special and higher priced device that will benefit the people around you. And if customers don’t know how to use a particular tool, combine equipment rental with your mobile service for more cash in the bank.
Spending on home improvement has increased since the beginning of the
