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Some people go into entrepreneurship with a clear vision: they know the industry they want to conquer and the path they want to take to get there. But for many new entrepreneurs, it can be difficult to figure out how to start a business—and to determine exactly what type of business is the best choice to invest in.
Most Profitable Business From Home
To help you get started on your journey, we’ve compiled a list of the most profitable companies that take into account factors such as industry growth and competitiveness, startup costs and barriers to entry, and profitability potential.
Small Business Ideas
With a solid business plan, hard work and determination, any strong business idea can become successful and profitable.
However, high-growth industries with lower start-up costs may have higher profitability potential. For example, with technology, you will probably be more successful starting a virtual assistant company than opening a grocery store.
While some of the most profitable businesses are online, others include in-person services, and some are great if you’re an entrepreneur on the go. Here is a list of the most profitable small businesses:
The food truck business has grown consistently 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 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 have geographic versatility, the potential for high ROI, and the flexibility to create a custom menu that’s all your own.
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Keep in mind that bigger, trendier cities like San Francisco, Boston, and Washington already have a fairly saturated food truck market (and stricter rules for getting started) — so this may be a more successful venture in a smaller capital city. .
Food trucks usually also have their own special regulations, licenses and safety standards. They also require food insurance, so you may want to check with your local health department to see what is required.
According to a 2020 study by Consumer Reports, the rising price and expanded features of new vehicles are causing car owners to keep their cars longer. And as drivers keep their cars longer, businesses like car washes that help people preserve the value of their car investments are also expected to grow.
According to the International Carwash Association, 66 percent of Americans wash their vehicles one to two times a month, 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 may be able to make your car wash business even more profitable by turning it into a mobile service. Customers may pay more for a car wash that comes to them, especially if they have a luxury car and want a more personalized service. And as a mobile car wash and car information service, you avoid the overhead and start-up costs of owning a physical location.
By 2021, the average age of cars and light trucks in the U.S. will rise 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, which suggests that there are significant opportunities in the service and repair business.
In addition, car owners are more likely to visit a small business for repairs; According to the Auto Care Association, more than 70% of the repair business is held by independent repairers, compared to dealers or manufacturer-authorized repairers.
If you are a skilled mechanic, you can consider a car repair shop as one of the most profitable business ideas. You can offer oil changes, fluid refills, battery changes, lamp repairs and much more. And if you want to save on fixed costs, maybe you can make it a mobile service and travel to your customers and do repairs in their driveway or office parking lot.
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Employment of fitness trainers and instructors is expected to grow 39 percent from 2020 to 2030, much faster than the average for all occupations, according to the U.S. Labor Statistics Agency. But turning exercise into a career doesn’t have to mean working at a big corporate gym – you don’t need the extra costs of owning your own location to train clients, either. Throw some weights, bands and yoga mats in the trunk of your car and take the fitness show on the road.
You can become a personal trainer by offering one-on-one sessions in your clients’ homes or by promoting group classes at a local park or community center. Making fitness accessible to your clients may be just the ticket to help you both reach your goals.
Although millennials are putting off parenthood longer than previous generations, many want to eventually have children. In fact, according to a 2018 analysis of government data by the Pew Research Center, more than half of millennial women have had a child.
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Now that both millennials and Gen Z are considering parenthood, the need for child-oriented businesses is growing, starting with post-pregnancy and newborn services. As a result, the 2018 Research and Markets Report expects the North American maternity care market to reach over $3 billion by 2023.
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Demand for doulas and lactation consultants is particularly high among newborns, and both business opportunities have relatively low overhead costs beyond training and certification.
While Americans are still having children, shrinking education budgets mean both traditional academic subjects and enrichment subjects like music, art and sports often take a significant hit.
A successful startup could be one that teaches children enrichment activities. According to a report from the U.S. Census Bureau in 2018, children today are just as engaged in leisure activities as they were 15 years ago. And some studies show that nearly half of American parents spend more than $1,000 a year on their children’s activities.
You can start a gymnastics center or a music school, become a children’s swimming instructor or a yoga teacher, or focus on some other child-oriented activity. If you have a skill that is easy to teach young students, you may already have a profitable business in the making.
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If your interests lie in development and design, consider targeting your technology at the youngest users. Research shows that there is a growing demand for tablets, apps and mobile entertainment aimed at children – especially if these products are educational.
According to the Learning First Alliance report on mobile devices and early childhood education produced by the research firm Grunwald Associates, more than 60% of parents surveyed believe that mobile devices and apps have advantages in teaching children literacy, 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 take your great idea to the next generation and make this potentially profitable business a reality.
Websites like Rent the Runway and Gwynnie Bee are based on the idea of the sharing economy – where we want and need to own fewer things, so instead we share resources.
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These companies offer borrowed or rented clothing and accessories at a fraction of their purchase prices, and since the same inventory generates multiple times the revenue, the profitability of these companies can be significant. According to Mercari’s 2021 research, the used 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 currently do not offer? 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 just as easily benefit from shared fashion on a local level. Collect favorite accessories or clothing options and host a loan party—where customers can rent or buy items from your closet—for high school seniors before the next prom.
If you’re in a college town, Greek lifestyles are another great opportunity to take advantage of the shared economy fad. And since you take shipping out of the equation, you have the potential to be even more profitable.
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Are you the perfect person in your neighborhood for any lawn, garden or home repair? Why not turn these tools into a profitable business by promoting your available gear beyond your immediate circle of friends?
You may even decide to invest in more specialized and expensive equipment that would benefit your loved ones. And if the customer doesn’t know how to use a certain tool, combine equipment rental with your mobile service to get even more money in the bank.
Home renovation costs have been rising since the beginning
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