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Some people step into startups with a clear vision: they know the industry they want to conquer and the path they need to take to get there. However, for many new entrepreneurs, it can be difficult to know how to start a business — let alone, determine what type of business is the best option to invest in.
Most Profitable Business With Low Startup Costs
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, and earning potential.
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With a solid business plan, hard work and determination, any strong business idea can be successful and profitable.
However, businesses in high-growth industries with low start-up costs have a higher potential for profit. For example, with the rise of technology, starting a virtual assistant business can be more successful than opening a grocery store.
While some of the most profitable businesses are based online, others involve personal service, and some are perfect if you’re a busy entrepreneur. Here is our list of the most profitable small businesses:
According to a 2021 report by Grandview Research, food truck traffic has grown steadily over the past five years and is expected to continue to grow, with the market expected to reach $6.6 billion by 2028. . You can start a food truck business for less than a third of the cost of opening a brick-and-mortar restaurant; Plus, you have geographic diversity, greater revenue potential, and the flexibility to create customized menus.
Barriers To Entry: Understanding What Limits Competition
Keep in mind that big, trendy cities like San Francisco, Boston, and Washington, D.C. already have a fairly saturated food truck market (and strict regulations to boot) — so it’s a smaller city. A bigger heart can be a more successful business.
Food trucks also have special regulations, operating licenses and safety compliance standards. They also require food business insurance, so you’ll need to check with your local health department to find out what’s required.
A 2020 study by Consumer Reports shows that rising new vehicle prices and expanded features are driving owners to extend the life of their vehicles. Businesses like car washes that help people preserve the value of their car investment are also expected to keep drivers driving their cars longer.
According to the International Car Wash Association, 66 percent of Americans wash their car once or twice a month, averaging 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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By converting your car wash business to a mobile service, you can increase the profitability of your car wash business. Customers are likely to pay more for an in-home car wash, especially if they own a luxury vehicle and prefer a more personalized service. As a mobile car wash and auto detailing service, you avoid the overhead and startup costs of owning a physical location.
According to IHS Markit (now part of S&P Global), the average age of U.S. cars and light trucks will increase from 9.6 years in 2002 to 12.1 years in 2021. People are keeping their cars in service longer than ever before, which points to a significant opportunity in the maintenance and repair business.
Also, car owners are more likely to go to a small business for repairs; According to the Auto Care Association, more than 70 percent of repair business goes to independent repairers compared to dealerships or manufacturer-authorized repairers.
If you are a skilled mechanic, you probably see auto repair services as one of the most profitable business ideas. You can offer oil changes, fluid refills, battery replacements, headlight repairs and more. If you want to save on overhead, you can take it as a mobile service and go to your client for repairs in their driveway or office parking lot.
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According to the U.S. Bureau of Labor Statistics, employment of fitness trainers and trainers is expected to grow 39 percent from 2020 to 2030, much higher than the average for all occupations. But turning your love of fitness into a career doesn’t mean working for a big corporate gym—nor do you need to own your own gym to train clients. Throw some dumbbells, elastic bands and a yoga mat in the trunk of your car, and hit the road for a fitness show.
You can become a personal trainer by offering one-on-one lessons in a client’s home or promoting group lessons at a local park or community center. Making fitness more accessible to your clients could be just the ticket to help you reach your goals.
Although millennials are putting off childbearing longer than previous generations, many want children eventually. In fact, more than half of millennial women had given birth by 2018, according to a Pew Research Center analysis of government data.
Now that Millennials and Gen Z are thinking about parenthood, there is a growing demand for baby-oriented businesses, starting with postpartum and newborn services. As a result, a 2018 Research and Markets report estimates that the maternity care market in North America will exceed $3 billion by 2023.
Startup Business Ideas That’ll Save You Money
In particular, doulas and lactation consultants are in high demand among new mothers, and both of these business options have relatively low overhead requirements other than education and certification.
While Americans continue to have children, cuts in education budgets mean traditional academics and subjects like music, art and sports are heavily impacted.
A successful plan is to teach children enrichment activities. According to a 2018 US Census Bureau report, kids today are just as involved in extracurricular activities as they were 15 years ago. Some studies show that nearly half of American parents spend more than $1,000 a year on their children’s activities.
You could start a gymnastics center or music school, become a children’s swimming instructor or yoga teacher, or focus on another activity focused on children. If you have skills that you can easily pass on to younger students, you may already be planning a profitable business.
Low Cost Business Ideas, How To Start A Small Business
If you’re interested in development and engineering, you might want to consider targeting your technology to the youngest users. Research shows that kids’ demand for tablets, apps and mobile entertainment is growing — especially if the products are educationally focused.
According to research firm Grunwald Associates’ Learning First Alliance report on mobile devices and early childhood education, more than 60 percent of parents surveyed believe that mobile devices and apps are helping their children’s reading, math, science and global learning. Good for language skills.
Do you have an educational app idea for kids or parents? If so, now is the time to take your brilliant idea to the next generation and make this potentially profitable business a reality.
Sites like Rent the Runway and Gwynnie Bee are betting on the idea of the sharing economy — that we want and need to own fewer things, so we share resources.
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These companies offer borrowed or rented clothing and accessories at a fraction of the purchase price, and since the same inventory can generate revenue multiple times, these businesses can be very profitable. According to a 2021 study by resale platform Mercari, the used clothing market is expected to more than triple by 2030.
Do you have a sense of fashion and style that no other rental service currently offers? 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 easily benefit from collaborative fashion at the local level. Gather some favorite accessories or pick out dresses and throw a high schooler’s party before your next prom—customers can rent or buy items from your closet.
If you’re in a college town, Greek Life Dresses is another great opportunity to share thrift fashion. And since you’re taking shipping costs out of the equation, you have the potential to make even more profit.
State Of Small Business
Are you the go-to person for every lawn, garden and home care tool near you? Why not turn these tools into a profitable business by promoting the tools available to you outside of your immediate friend group?
You may even decide to invest in more specialized, high-cost devices that will be useful to those around you. If a customer doesn’t know how to use a particular tool, you can combine equipment rental with your mobile service to get more cash in the bank.
Home improvement spending has increased since the beginning of the year.
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