The Most Profitable Home Based Businesses – When people think about profit, they think about it in different ways. For example, there is a considerable difference between the most profitable businesses and the most profitable small businesses.
But if you ask what is the most profitable business for small business owners to start, it is often a separate category. Most of us don’t have access to venture capital or the ability to run a business for ten years before it starts making money. So I narrowed the list to the most profitable small businesses.
The Most Profitable Home Based Businesses
We will identify the most profitable small businesses, look at some of the most profitable home businesses, and provide examples of successful business owners in these areas.
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Hopefully, these real success stories and small business ideas will stir your creative juices and help you soar to a lucrative income.
A consulting business focuses on helping other business owners solve their problems. You can choose a niche if you have a specific area where you are an expert, or you can be an all-in-one solution.
When I first started my consulting business, I consulted on everything. One day I would be analyzing payment processors, and the next, I would be looking for good influencers for a brand. I eventually gravitated to writing about business and technology because it made it easier to know about thousands of people every month.
Business consultants can make anywhere from hundreds a day to billions a year. Consultants specializing in mergers and acquisitions can earn high commissions.
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While only ⅙ of real estate agents become successful, those who do can start a lucrative business. Santino Fillepelli told us:
I have been in the real estate industry as an agent, broker, and investor, and I make over $2 million a year.
Find out how real estate agent Paul Balzotti was able to build his real estate business in our exclusive interview.
Then check out another real estate investing interview we did with legendary real estate broker Santino Filipell, where he also shares how he built his agency:
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One of the most profitable businesses to start is a cleaning service. Whether you choose to start a maintenance service or a more specialized niche like carpet cleaning, you can make big money in the cleaning industry.
My father loaned me $3,000, and I took a carpet cleaning technology course offered by a local janitorial supply company.
Today he does that three times a month. Read our blog on how to start a carpet cleaning business to learn more about why it is one of the most profitable small business ideas.
You can also check out an interview we did with Chris Mondragon, who makes over $125K/month with his cleaning business. He told us:
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Social media marketing is a huge industry. According to Statista, it is a $153.7 billion industry. All you need is a computer, some software, and find some customers.
You can expect each client to be around $ 2,000-5,000 per month and require 20-40 man hours to provide them with good service.
This means one person can make up to $40K per month from home without investing in inventory. Find out how Jason turned Socialites into a $500K per year social media marketing agency:
Another of the most profitable businesses involves creating online courses. E-learning will grow at a rate of 14.6% Compound Annual Growth Rate (CAGR) and reach $374.3 billion by 2026.
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Developing an online course can cost as little as a few hundred dollars if you know how to do it yourself, or it can be up to $20,000 per hour, of course, if you are paying others to create it.
Not only is it relatively inexpensive to get started, but people are willing to pay for online courses if they add real value. In fact, some of the most recognized learning courses can reach up to $5,000. Most of them are under $300 for a course, however.
One business owner that I have found most impressive since I started writing for her is Jazmin Richards, owner of BlkSunflower. He started his small business in early 2020 with $100 and has grown it to over $200K in annual revenue.
Most candle makers have a 40-60% margin if they sell wholesale and even more if they are direct to consumers. This makes it a very profitable venture. Watch our interview with Jazmin:
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Payroll services charge a monthly fee for their time plus an additional fee for each employee. There are two ways to go:
You can become an affiliate with some of them fairly easily, help people sign up for their services, set them up, and earn a commission on their monthly fees.
This can be a very profitable business, especially if you combine it with something like accounting or tax preparation because it is extra money to make your job easier.
Delivery services can be some of the most successful small businesses. While major players like Uber and DoorDash take the lion’s share of delivery service revenue, the industry is expected to grow to $192 billion by 2025.
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If you start something similar, focus on the local area only, and find a better way to market the business. You can reach a profit margin of 17%. That is why delivery services are one of the most profitable business ideas.
If you enjoy creating websites, logos, and marketing materials, graphic design might be a good fit because it’s always in demand. You can start with just your computer and some design software. Get clients on Fiverr or Upwork and start a profitable home business.
Many people start food trucks because they are more profitable than owning a restaurant. You save money on:
To begin with, it cost me about $41, 200. Today, I’m making $417K/year and aim to keep my food costs under 35%.
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Personal trainers make a great living too. They can earn between $50 and $250 per hour while training people to reach their fitness goals. While a personal trainer does not have to have an education, income tends to be up to 140% more with a master’s degree as opposed to a high school education.
Given that people are paying for your knowledge, the main costs are business licenses and marketing. If you are passionate about fitness, maybe training is right for you.
The construction equipment industry has a gross margin of 22.73% and a net margin of 7.92%, but companies that do it well can do more. Paul Akers started FastCap when he was a cabinet maker and needed something to quickly cover the screw holes.
More recently, it manufactures more than 600 products, it has only raised prices three times in 21 years, and it has never laid off a person. Check out our interview with Paul to see how he does it.
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If you are a foodie, this one might be for you. Running a catering service allows you to prepare delicious food and bring it to events such as weddings and corporate meetings. At events, you will either set up a buffet or serve the food in whatever capacity you choose. You can also serve alcohol to increase the profit margin dramatically as long as you have a liquor license.
According to Cater Source, catering averages 7-8% margins before tax. In addition, the market is expected to grow to $328.11 billion in 2025. This means there could be between $85 and $97 billion in pre-tax profits to go around.
Post-pregnancy services, sometimes called postpartum services, are a type of business that helps mothers recover after giving birth. If you’re not familiar with them, it’s part of the medical field and can help with things like:
According to the Health Care Cost Institute, it is estimated that women spend an average of $3,100 on their care during the first year after giving birth. If someone created an Uber-style post-pregnancy care service, it could be a billion-dollar success. For example, medical and other visits can happen directly at home and simplify the lives of women, perhaps a doula after childbirth through an app service.
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The current small business landscape is favorable for eCommerce. The startup costs are low (less than $1,000), and you can make more than $120K per month. In our interview with Marcus Harvey, owner of Portland Gear, he told us:
Get a domain for $10, a Shopify for $30 a month, do your marketing on social networks, and buy like 50 shirts for $9 each, then build from there.
Courier services can be very profitable if you have the right professional network to find customers who need documents and other items delivered quickly. Courier services can be operated by car or bicycle.
A courier service will typically charge a fee based on $1.50-$1.70 per mile plus additional fees for reasons such as:
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Becoming a notary is usually a simple addition for a business owner. It often costs less than $1,000 to get:
Most states allow you to charge a small fee for the notary’s services and additional fees for driving time and other expenses incurred. Clients will be real estate agents, legal firms, accountants, and financial institutions that need signed contracts