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Some people venture into business with a clear vision: they know which sector they want to conquer and the path they will take to get there. However, for many new entrepreneurs, it can be difficult to know how to start a business – in addition to determining which type of business is the best option 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, 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 solid business idea can be successful and profitable.
Companies in high-growth sectors with lower start-up costs, however, may have greater revenue potential. With the advancement of technology, for example, you may be more successful starting a virtual assistant business than opening a grocery store.
While some of the most profitable businesses are online based, some involve personal services and some are great if you are a travel entrepreneur. Here is our list of the most profitable small businesses:
The food truck movement has experienced steady growth over the last five years – and is expected to continue – with the market projected to grow to $6.6 billion by 2028, according to a 2021 report by Grand View Research. 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 get geographic versatility, high-return potential, and the flexibility to create a personalized menu that’s all your own.
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Keep in mind that larger, more modern cities like San Francisco, Boston and Washington, D.C. already have a saturated food truck market (as well as stricter regulations) – so businesses can be more successful in smaller metropolises from heart.
Food trucks also have their own special set of ordinances, business licenses and safety compliance standards. They also require food business insurance, so contact your local health department to find out what is required.
Rising prices and expanded features on new vehicles are causing car owners to keep their cars, according to a 2020 study by Consumer Reports. And as drivers keep their cars, businesses like car washes, which help people maintain the value of their car investments, are expected to continue to grow as well.
According to the International Carwash Association, 66% of Americans wash their cars between once and twice a month, with an average of 13 times 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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You can make your car wash business more profitable by making this service mobile. The customer can pay more for a car wash that comes to him, especially if he has a luxury car and prefers a more personalized service. And as a mobile car wash and car detailing service, you avoid the overhead and upfront expenses of having a physical location.
By 2021, the average age of cars and light trucks in the US will increase 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, suggesting that there is significant opportunity in the maintenance and repair business.
Also, car owners are more likely to visit a small business for repairs; according to the Auto Care Association, more than 70% of repair business is obtained by independent repair shops compared to dealerships or manufacturer authorized repair shops.
If you are a qualified mechanic, then you can consider car repair service as one of the most profitable business ideas. You can offer oil changes, fluid refills, battery changes, headlight repairs and much more. And if you want to save on overhead costs, you can turn it into a mobile service and go to your customers, fixing their office driveway or parking lot.
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Employment of trainers and fitness instructors is expected to grow 39% from 2020 to 2030, much 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 big corporate gym—nor do you need the overhead of having your own place 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 advertising group classes at a local park or community center. Making yourself more available to your customers could be just the ticket to helping them reach their goals.
Although millennials are delaying parenthood longer than previous generations, many want to have children. In fact, according to an analysis of government data by the Pew Research Center, in 2018 more than half of female millennials had a child.
Today, millennials and Gen Z are thinking about parenthood, and demand for baby-focused businesses is growing, starting with post-pregnancy and newborn-related services. And as a result, a 2018 Research & Markets report expects the US maternity care market to reach $3 billion by 2023.
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Demand for doulas and lactation consultants, in particular, is increasing among new mothers, and both business options have relatively low overhead requirements, as well as education and certification.
As Americans continue to have children, reduced education budgets mean that traditional academics and enrichment subjects like music, art and athletics often take a significant hit.
A successful business to start would be one that teaches child development activities. According to a 2018 report in the US Census Bureau, kids are just as involved in extracurricular activities today as they were 15 years ago. And some surveys show that nearly half of American parents spend more than $1,000 a year on their children’s activities.
You could open a fitness center or music school, become a children’s swimming instructor or yoga teacher, or focus on other child-centered activities. If you have a skill that can easily be taught to young learners, you may already have a profitable business in the works.
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If your interests lie in development and engineering, consider focusing your technology on younger users. Research shows that demand for tablets, apps and mobile entertainment for children is growing – especially if the products are geared towards education.
According to the Learning First Alliance report on mobile devices and early childhood education conducted by research firm Grunwald Associates, more than 60% of parents surveyed believe that mobile devices and apps bring educational benefits to children. languages.
Do you have an idea for an educational app for kids or parents? If so, now is the time to take your brilliant idea to the next generation and turn that potentially profitable business into a reality.
Sites like Rent the Runway and Gwynnie Bee rely on the idea of the sharing economy – where we want and need to own less of something, so we share resources instead.
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These businesses offer borrowed or leased clothing and accessories for a fraction of their purchase prices, and because the same inventory can generate revenue multiple times, the profitability of these businesses can be significant. According to a 2021 study by 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 other rental services don’t currently have? 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 still quickly profit from the shared level at the local level. Gather a few favorite accessories or clothing choices and throw a loaner party — where customers can rent or buy items from their closet — for high school seniors before the next one, which is a formal dance.
If you’re in a college town, Greek formals are another great opportunity to cash in on the sharing economy trend. And since you take shipping costs out of the equation, it has the potential to be even more profitable.
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Are you the go-to person in your neighborhood for all your lawn, garden, and home improvement items? Why not turn these tools into a profitable business by advertising your available gear beyond your friend group?
You might even decide to invest in more specialized and more expensive equipment available around you. And if a customer doesn’t know how to use a particular device, combine equipment rental with your mobile service to earn more money in the bank.
Spending on home improvement has increased since the beginning of the
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