The United States is home to a wide variety of successful businesses, from small mom-and-pop stores to large multinational corporations. Many entrepreneurs have found success and made fortunes by opening their trades in the U.S.
The most profitable small businesses may be different from what you expect. The ideas below cover a wide range, from home improvement to health care. While they come from different backgrounds, they all have one key element in common—high earning potential.
Best small business ideas are generated by people who want to be their boss and are professional organizers but have small business ideas with little to no overhead costs. Great small business ideas have personal training and know another small business owner who knows how to successfully target the market and implement your great business idea.
According to the U.S. Chamber of Commerce’s listing of popular businesses and the fastest growing industries, as reported by the Bureau of Labor Statistics, these are small business ideas to watch in the next decade with strong hopes for growth. Here are some of the most profitable businesses in the USA:
Business Consultancy
Consulting is a good option if you have extensive experience in your field. In terms of financial success, it ranks among the highest.
The most effective consultants know their fields inside and out, are highly organized, and have extensive professional networks. And they know how to expand their company while keeping their customers happy.
Being a consultant, however, is a business that calls for extensive networking and bargaining, just like any other form of freelancing.
Many professionals choose to start their consulting careers later, but that’s no longer a requirement. In the early stages of your professional life, it’s feasible to do so.
How do you get your first client if you want to start a business consultant career?
Consider providing your services for free to break into the market. Giving away free consulting time is a great way to learn the ropes in any industry. You’ll feel prepared to charge future clients as a result.
Information technology (I.T.) help, advice, and servicing
Every day, people around the globe become more tech-savvy. Because of this, businesses providing I.T. support tend to be very successful.
There’s a very high demand in every industry for people who know how to deliver tech support.
These professionals tend to charge high fees for their services. And if you can also offer tech consulting, you’ll get even more clients and may be able to capture more.
There is a critical point to keep in mind if you provide I.T. support. There is always a chance of something going wrong when working on a customer’s computer. It’s possible, for instance, that the system will crash or you will accidentally cause harm.
You risk the customer blaming you for these issues. To avoid paying the client or getting into a costly legal battle, it is important to have the appropriate insurance.
Look for a Technology errors and omissions policy that covers the risks you could face as a tech support provider.
Maid and Cleaning Services
Since the COVID-19 pandemic, the demand for cleaning services has skyrocketed.
According to ZipRecruiter, there was a seventy-five percent increase in postings for housekeepers in March 2020. And according to Allied Marketing Research, the compound annual growth rate from 2021 to 2030 will be 6.5%.
The right mindset is more important than anything else if you want to start a business. The only things that need to be added to your cleaning business are high-quality tools and supplies, a reliable vehicle, and an engaging online presence.
Keep in mind that there is a lot of competition in the cleaning industry.
Though, take your abilities seriously.
Refrain from competing by offering the lowest prices. Compete instead based on the quality of your output. Put forth your best effort in everything you do. Your reputation will grow, leading to new clients and more business.
Cleaning isn’t restricted to just homes and workplaces, either. Additionally, you can advertise your ability to wash cars and even boats (both are very lucrative).
Accounting and Tax Filing Services
Tax preparation has a market size of $11 billion. The 130,179 tax preparation businesses employ 301,578 people in the U.S.
This category also encompasses payroll services and bookkeeping.
Most people would rather pay someone than do it themselves or learn how to do it. Therefore, a tax accountant or small accounting firm will never go out of style.
Remember that to perform tax preparation services, you must comply with federal and state regulations. To prepare tax returns, you typically need a license and a Preparer tax identification number (PTIN).
Automobile Maintenance and Repair
Oil changes, broken headlights, flat tires, and other automotive emergencies can happen anytime.
Revenue from the general automotive repair industry is expected to increase by $7.62 billion between 2021 and 2024. The auto repair industry is one of the most lucrative today.
People are indeed less likely to purchase cars due to the popularity of ride-sharing services like Uber and Lyft.
However, this trend does not directly impact the auto repair industry, as older cars require more maintenance than newer ones.
The average annual salary for a car mechanic is between $30,000 and $50,000.
With the right tools and expertise, you could make that much running your own auto repair business.
Property
If you have an extensive network, this business is especially for you. The average net profit margin for leasing in real estate is 17.4 percent, and it is 14.8 percent for sales.
As a realtor, you get to work when you want, and you can also become a broker and start your own brokerage. Brokers in real estate facilitate transactions between sellers and purchasers.
Since this is a highly competitive industry, strategic preparation may be necessary for entry. However, the achievement is still achievable if you take the proper approach.
Don’t expect to earn a lot of money right away. As an alternative, center your efforts on closing deals. Once you’ve got that under your belt, it will be far easier to convince clients to work with you.
Advertising and Public Relations Support Services
Only some business owners understand the importance of telling their brand’s story.
Experts in marketing can now step in.
Professionals in marketing and public relations have the training and resources to effectively communicate a brand’s message to the intended consumers. With the rise of influencers and the fall of print media, it is a dynamic but lucrative industry.
Wette.de forecasts that U.S. spending on digital advertising will exceed $200 billion in 2022, and that figure will rise the following year. So, it’s clear that this is one of the most promising entry-level enterprises.
Opening your marketing and public relations firm could be a brilliant move if you have exceptional people skills and a sizable network.
Additionally, you should have above-average writing skills and the ability to gather data and present it in a logical, organized fashion.
Why not expand into video production if you’re already offering marketing services?
The layout of a Website
Even though this is marketing, it’s important enough to call out on its own because of how lucrative it can be.
This could be a fantastic option if you have a head for business and a knack for using new technologies.
Every business needs a website, no matter how large or small, and the need for skilled website designers is growing.
A website design service business is low-overhead because it can be operated from home. However, if you need more technical training, one of the courses here should be a good fit.
How much money can be made in this field?
You can expect to make around $75 per hour after training if you have the necessary skills. The average cost of designing a company website is $5,000 to $10,000. And there’s lots of money to be made.
Branding and Visual Design
Another highly lucrative marketing-related business concept to consider. This could be a good fit if you have a strong visual imagination.
Even though there is a high demand for logo and graphic designers, the field is also extremely competitive. There must be something that distinguishes you from the competition. Building your portfolio is a priority for any aspiring logo designer.
Every potential client will want to see samples of your previous work. As a result, having a large and impressive portfolio can be a powerful promotional tool.
If you’ve built a solid reputation, you should see an increase in sales. It is critical to quote new jobs at this time accurately.
If you quote too high, you may lose customers. But if you mention a low number, you may leave cash on the table.
Manager or Advisor in Social Media Marketing
There are 4.5 billion internet users worldwide as of October 2018, per the Digital 2021 Global Statshot Report.
It’s common knowledge among business owners that social media can increase interest in their offerings, but only some understand how to put that knowledge to use.
Anyone who can attract thousands of viewers and turn them into paying customers is in high demand by business owners.
It is, of course, essential to compile a portfolio as evidence of your abilities.
Publish material that exemplifies your mastery of social media advertising. Doing so may reassure potential customers that they have found the right company to assist them.
Copy Writing
The demand for high-quality online content has been growing steadily over the past two decades as people spend more and more time online. Due to this, copywriting has become one of the most lucrative professions.
Successful copywriting requires both a flair for language and an active imagination.
Many companies rely on the advertising and marketing materials produced by skilled copywriters.
Furthermore, a large, costly retail establishment is not necessary. Most freelance copywriters can keep their costs down by working from home.
If you are a creative writer with a strong command of the English language, this is the career path for you.
Competence in search engine optimization is also useful. You should check out Google Digital Garage’s SEO training options.
Services of a Digital Assistant
An increasingly popular and lucrative industry is that of virtual assistance services.
Many small businesses benefit from these services because they allow them to get more done without hiring additional staff members (or spending as much on salaries). Examples of such tasks that may be contracted out are:
- making plans
- calling potential clients
- Organizing Health Information
- investigating merchandise
- collecting data for market analysis
Establishing a company providing virtual assistant services is simple. A good Wi-Fi connection, a computer, and the right mindset are all you need to get started.
Tutoring Facility
High academic achievement is a driving motivation for students. Even so, most parents actively promote their children’s academic success.
Therefore, most parents don’t mind shelling out cash to ensure their children do well in school. Launching a tutoring center, one of the most lucrative businesses, makes perfect sense.
This kind of concept will appeal to you if you are or were a teacher. Marketable expertise (in math, languages, chemistry, etc.) will also aid in advertising your business and attracting students. Translation service also comes in this field.
Place your tutoring center close to a large school so you can easily distribute flyers, post posters, and run online ads to attract students and their families.
A typical cost for an eight-week, one-to-three-hour tutoring session for a student is between $500 and $1800.
The ability to launch this company from the comfort of your own home is a major selling point. In this way, you can reduce costs without sacrificing quality.
Caterers
Unlike other businesses, a catering business can be started with little capital. If you have a suitable kitchen, the necessary equipment, and a recipe book worth sharing, you can run your business out of your home.
It’s a great way to break into the food industry’s most lucrative sector if you’re well-prepared, have a reliable helper or two, and access reliable transportation.
Customers will gladly pay a premium if you provide exceptional catering and service.
Among the top 16 hobbies are gardening and landscaping.
Gardens can be very profitable businesses in states with warmer climates. Go the extra mile and specialize in landscaping; homeowners, hotels, and major corporations who value outdoor aesthetics will gladly hire you.
Besides a place to put things, you won’t need any commercial space. For this reason, a landscaping company can be launched with an initial outlay of up to $15,000.
It’s even possible to focus on a narrow subset of the market. The market of people who have decided to sell their homes is an example of a good subset. They may ask that you improve the landscaping to entice potential buyers.
It is also a good idea to talk to home builders.
The Drivers and Delivery Services
If you have access to a car and a considerable amount of spare time, consider the following options.
Starting a successful delivery service as a sole proprietor doesn’t require a large initial investment. You can even approach eating establishments and nearby businesses looking to expand their customer base by providing delivery services.
But first, find out how much interest there is in your area. Of course, you should keep your car in top shape and updated with the latest safety features.
You could also become a taxi driver, or chauffeur, or drive for a private company. Selecting one of these options may necessitate a specific vehicle, which may be prohibitive.
Sure, you could rent a car, but if you already own one suitable for the job, why bother?
Food Truck Business
Having a food truck business sounds like a great way to get started.
Assuming your state permits them, you can operate mobile restaurants throughout the day and in different areas. The best part is that you can continuously test new products and move on if they don’t work out.
You don’t need any special experience or license to do this. You must buy a suitable vehicle, comply with health and safety regulations, master the art of food preparation, and decide on a menu.
After that, you’ll need a few marketing strategies to get the word out about your successful business and make sure people come back.
Starting costs will vary depending on the type of vehicle you choose and the menu but can range from as little as $10,000 to over $50,000.
It’s important to ensure you have adequate capital to cover unexpected expenses. Taking out an insurance policy against theft or vandalism of your equipment and food supplies might also be a good idea.
Conclusion
These are only a few of the most profitable businesses you can start with limited capital in the U.S. The key is to figure out your specific skillset, business plan, and resources and then use them to create value in the marketplace to run the most successful small businesses. That way, you can generate income without making too much of an upfront investment as a small business owner.
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