No matter how profitable it turns out to be, starting a business involves a lot of effort, energy, and expenses. Therefore, when starting a business, we try to take the most plausible chance. We try our luck in something that we have experience in. And, we also try to pick a business that is trending. However, nurturing a new business from scratch remains to be a challenge!
Despite the dominance of larger corporations, small businesses remain to be the engine of the economy. According to SBA (Small Business Administration) of the United States, around 550,000 new small business setups are established in the country every month. And according to my research online via my Spectrum internet plans, two out of every three newly created jobs are because of these small businesses. Half of the American either own a small business or are employed by one.
The prospects regarding small businesses seem to be bright. Here are a few suggestions for small businesses with better profitability potential. They are also in demand. So read on to explore the new possibilities.
Top 10 Lucrative Small Businesses:
- Tax Preparation, and Financial Planning
- Business Consulting.
- IT Support.
- Catering Services.
- Consultation Services.
- Warehouse Storage.
- Legal Services.
- Real Estate Brokering.
- Personal Training.
- Website Designing.
Let’s discuss these business possibilities.
Tax Preparation, and Financial Planning:
You don’t even need expensive equipment or fancy premises for this venture. Tax preparation, financial planning, and bookkeeping come with very low overheads. Also, the standard salary for quality bookkeepers and tax preparers is quite decent. Said that just make sure you are good with numbers. Otherwise, don’t go for it.
Big or small, businesses are always willing to invest in consultants who can help them achieve success and profits. So much so that they are willing to spend hefty amounts to get the right advice for their business. The number of thriving businesses in the country makes business consulting a lucrative venture to embark on. However, effective business consultants essentially need sound business knowledge and insight.
IT is a thriving and ever-flourishing industry. In addition to pure IT-related services, IT is an essential part of every business setup and company. This enlightens us about the potential and needs for IT help and support. If you have a degree in IT, you should know that IT support is the most sought-after role.
Efficient IT support technicians don’t need much equipment to run the business. All they need is the skillset and they will get a decent payment for that. IT support is quite competitive and you will need effective marketing to get noticed.
Catering services is another business venture with a lot of potential. You don’t need a brick-and-mortar office or expensive premises to run this business. You can run it from home via social media and a website. People are always willing to pay for quality catering.
Consultation services provide their specialized services to government and businesses in a variety of disciplines. Startup costs are minimal for this venture. And most of them can be run from home. Some instances are as follows:
- Management consulting.
- Human Resources consulting.
- Information Technology.
- Environmental compliance.
- Workplace safety.
- Corporate Strategy.
Have you got a spacious spare garage? Or, do you own a building that is not being used? You can use them for a great business idea. You can use this vacant space and offer warehouse and storage services. You can earn a good income without doing anything practically. You just have to lend the place to businesses and people to store items and goods. Not a very stimulating job but you get to earn a decent amount.
Every individual and business needs the services of lawyers. All you need is a bachelor degree in law, a license for practice, and a well-marketed legal services setup. Businesses need the following legal services traditionally:
- Employment law.
- Corporate/commercial law.
- Bankruptcy law.
- Technology and intellectual property law
For individuals, legal services include areas like:
- Family law.
- Personal injury litigation.
- Criminal law.
- Wills and trusts.
Real Estate Brokering:
Real estate industry is known to remain in profit due to the high demand. One of the most cost-effective ways to enter the said industry would be pursuing a real estate brokering setup.
The brokers in real estate act as intermediaries between buyers and sellers. You will essentially a brokerage license to start this practice. Since this is a competitive industry, finding your clients would be a challenge.
Getting in shape is a raging trend. Not only celebs, everyone wants to be slimmer, healthier, and fitter. Therefore, personal trainers would always be in demand. Getting the essential PT qualification is not very expensive. Once you are professionally qualified, you can offer your services. The business is quite profitable. But you need to build a network of clients in this competitive industry.
Websites are essential to every business, company, and service that is existing. Without an “official website”, the credibility is challenged. Therefore, website designers and developers are in high demand. This business needs low expenses and high returns. All you need is technical know-how and creativity.
Again, this is a competitive field. And the market in your area may be saturated. My friend who is a tech guy didn’t get a job when he applied at Spectrum customer care. They already had a long list of website designers at their service. In such cases it’s better to get some more certifications to add value to your profile.