Like everything, most businesses are bound to generate better capital than the others. The reason might be that the startup cost of the business might be low and the competitor might be costing its clients a lot so it makes it easy for the newcomer to take over the niche by providing same or better services at lesser rate but still like everything, starting up a new business regardless of how profitable it might be can be a bit challenging in the beginning and we are to warn you and help you about these problems that you might face.
Most Profitable Small Businesses
I take it you wish to start up a profitable business and that is why you have come here to get a better understanding of the process and you are at the right place. Here at business paragon, we have the top 20 most profitable small businesses that anyone can profit off of by putting in some hard work.
Providing Tax Preparation and Bookkeeping Services
You can start the business of preparing taxes documents and also a business of bookkeeping quite easily because this business won’t require you to buy any expensive equipment or a personal office. You can start it from home as long as you have a solid grip over what you are providing. The fixed costs or overheads for this business are quite low. If your clients pay you the standard rate for your services, then the salary is quite decent for an individual to live on.
Reading the previous paragraph might have been really exciting but let me warn you that if you’re not good with numbers or hated math back in the day, this tax preparation and bookkeeping business isn’t the one you should pursue.
Food Serving/ Catering Services
Pretty much like the aforementioned, you don’t need any fancy office to own and run this business. You can start providing catering services right from the premises of your own home, just make sure to keep the overheads less until you expand the after making a hefty profit off of it by running it by home. High-quality catering services providers get the price they ask for, but your reviews and feedback must be filled with praises of your hard work and professionalism as you provide these services to your clients
Designing Professional Websites
In this digital age, it is imminent for every entrepreneur to have their own professional website, either as a portfolio or a website for their business. There is a high demand for website creation services and thus if you are a creative high-quality website maker you are in luck because it’s a great business to bring some serious money flow to your bank.
If you lack the investment but you have the skills to run a business, you can become a business consultant because people are willing to spend on expert business consultants who can help elevate their business to the level they want it to be. Businesses are willing to invest in quality business consultants who can help them achieve the results they are looking for. A high tier business consultant gets paid a huge sum just for the right advice as well so work hard and raise your reputation in this business by working hard. If you don’t have any prior knowledge about business requirements and business handling this business might not be for you.
Apart from designing a good outlook for your delivery truck or any vehicle that you might invest in, you don’t need much else to start this business. Small Courier Businesses don’t have huge overhead costs as well. It’s quite challenging to land a contract with huge courier firms but if you can it will be highly beneficial to you in the long term.
Don’t get into this business unless you are ready to face the real world on the daily and get your job done carefully and responsibly.
Remote / Mobile Hairdresser Services
It’s true that by cutting someone’s hair you can’t make a huge sum of money but still, the fact remains that the high-quality professional hairdressers remain high in demand. Being a mobile hairdresser, all you need to spend is on some quality pair of scissors and some combs and brushes, other than that if your services are extensive, you can make a lot as compared to your investment. Since you don’t need any personal fancy premises for mobile businesses, there is a very limited monetary expense and mostly this business takes your time and social media activity.
Because there is not much investment hassle in this business and you solely make money off of your talent and skill, these attributes make this business very profitable.
Providing Cleaning Services
To start this business, you need to buy this stuff and you are good to go:
- Floor cleaner polish
You can, later on, expand your equipment and services once you start making a profit. This business has very low upfront fixed costs. You don’t need much training to be a cleaner and since the service is high in demand you can get into this business reap the fruits off of it. High-quality cleaning service provider makes a decent salary to live on.
The question might arise that why is not everyone starting this business? Answer to that is cleaning business is not the most creative and elegant business to make money off of, so if it isn’t up to your taste you might want to try out other business ideas.
Online Tutor Services
If you are gifted in some area of skills, for example, you know mathematics like the back of your hand, or you can speak several languages fluently or are a prodigy when it comes to musical instruments etc. You can provide such knowledge to others as a personal tutor. This service can be provided by little expense and you can make a hefty profit from this business.
Just make sure, you’re capable of skills that people might be interested in or those that are in high requirement.
Being a Real Estate Broker
The real estate business is a massive niche and the sum of profits remain quite high in it but not anyone can make money off of this business by just setting up premises. You need to open up a proper real estate brokering firm which will show promise to the clients. Securing a deal with the first client might be the hardest task but when you have finished one successfully the more deals are bound to follow suit for sure.
As a real estate broker, you basically act as the middle party in which both the buyer and the seller trust on and the deal continues goes through you so make sure you build up your reputation at the beginning of the business while keeping minimum commissions.
Logo Design / Graphic Designing
Do you have a talent for producing a good looking logo for websites, brands and something of the like? If that is so, then you have a massive opportunity that you can take advantage of by providing logo designing services, whether online or through a physical fancy premise. Though, online it would cost you a lot less as compared to opening a proper office for providing these services. You can open an office later on but in the beginning, keep your investments low and try to elevate your profits up.
You are warned regarding the competitiveness of this industry because this has over the years expanded into a huge business and many talented and prodigal graphic designers have started selling their services. So, if you want someone to hire you, then be ready to show off something unique and creative to your clients so that they can be impressed by your skills and choose to hire you again and recommend you to their fellow men.
Renting a Warehouse Storage
This is not a business for those who don’t own at least a business or some legal government approved space where you can store items. If you happen, to have a free garage, basement or a building where stuff can be stored safely, then you might want to start considering the option of offering people warehouse storage services because there are lots of business vendors looking for a place where they can store their products. The perks of this business are that either you can charge your clients a fixed amount, or as per the area that the items are taking of your storage or get paid by the hour. Just make sure to provide safe and reasonable deals to clients so they choose to be your regular customers in the future.
Storage services providing business is highly profitable and it opens up the opportunity for securing a constant cash flow to your bank. You can also set up this business and once it is up and running, you can hire a few people to manage it and focus on other businesses.
People tend to do their daily chores themselves such as cleaning dishes, making food, washing clothes but when it comes to really tedious and gruesome tasks, they shy to do it themselves. Some would do it themselves for saving money but the number of people who’d hire people for these tasks remains quite high. These tasks include cleaning gutters, repairing chimneys and getting rid of the stubborn weeds in the garden. If you are someone who doesn’t mind getting dirty (in good terms) to make money than this business is just what you need to pursue because with low overhead costs and a very little investment on the equipment you can start this business and make a good profit.
Technology Repairing Services
If you have skills to repair technologies you are in a good position to start a business today because we all know the use of technology in our daily life. So if you start this business it will give you a lot much profit and the people who love technologies will give you reasonable money for repairing their gadgets. If you do not know much about technologies then you won’t have to involve in this because for this you must have deep knowledge about technologies.
IT Support Service
In this digital age, everyone has become IT-reliant. Individuals using it in their daily life errands from the business owner using it to run their businesses. Due to this, the demand for people who can provide IT support and services remains high because not everyone can figure out or solve IT related problems that are bound to arise.
You can provide your services at a decent rate which will make for a good living for you. This business doesn’t require much upfront fixed costs and neither do you spend on much equipment. Most of the investment in this business is your own technical skills and expertise.
Branding or Marketing Services
Most of the organizations and businesses are solely running on a marketing basis so rest assured that such parties will always be looking for marketing service providers. Just make sure that you have enough talent in this genre that you can boost up their brand’s name and bring them better results than what they aspire for. If you can form up a marketing firm you can charge a hefty sum of money to these companies and most are ready to pay the sum you ask for and even more. You can also provide these services online, but you need to build up a name and high reputation for your company so the companies can trust you with these important tasks. If you are going to provide these services remotely from the surroundings of your home make sure to charge low overheads and this, in turn, will make you high profits.
Those who hate to look fat or just wish to not be unhealthy, want to be in good shape and healthier will always increase the demand for personal trainers. Even though you need to be qualified enough before you can offer PT services, it really doesn’t cost as much as compared to how much you can profit off of it later on.
The fixed costs of starting up this business are quite low, that’s why many individuals pursue this as a long term career. This business is not only profitable but also good for your health since it is a very stimulating task to personally train someone on the daily.
Personal trainers can charge quite a lot of money to the clients, just make sure that you are reputable as a friendly and hardworking PT in the fitness industry.
This business is very massive because the general public doesn’t know the tidbits of the legal processes and bindings that are required before they can settle a deal or conflict officially. Due to this, the demand for legal service providers remains high because their legal advice is sought after by the many and you can charge a good sum for it too. Since you don’t have to invest anything except being a legal lawyer you can make a good profit from this and live a lifestyle above average.
Shady lawyers tend to make a quick reputation about themselves so make sure to not be one of those and provide these services genuinely and honestly.
Some of the aforementioned businesses are not very stimulating and can be not as interesting for some of you, who like to do hard work and crave creativity in their work. Gardening happens to be the sort of hobby which is a passion of many individuals and it can be converted into a small profitable business right from the premises of your own homes backyard.
Rich people love seeing their gardens and orchards, so they are ready to pay a decent amount of cash for taking care of them, so the demand for good quality gardeners remain high. You need to invest in some equipment for this business which is not very costly as well. You might have to drop some cash on marketing your services though because that is how most gardeners can grab a job.