Are you interested in starting a small business, but are unsure of what type of business would be the most profitable? While some business starters enter their journey of entrepreneurship knowing exactly which industry to go into, others don’t. Many people have goals of starting their own business, but find it difficult to decide on what kind of business and exactly how to start their own business. It’s hard to figure out a business idea you are confident in and one you are also willing to invest a significant amount of time and money in, in hopes that it will be a profitable business.
There are many different types of businesses you can conquer, however, it all falls down to What kind of business will provide me with a profitable income while growing quickly? Here is a list of profitable small businesses that do not require a lot of financing. Alternatively, you will need to be dedicated, persevering, and determined.
The Most Profitable Small Businesses
As technology continues to evolve, the number of online businesses will continue to increase. There are many profitable small businesses that can be run as online businesses, however, there are also small business ideas that require in-person production and performance. For example, there are online boutiques, bloggers, child caretakers who may travel to their clients, and barbershops that work in their own garages. There is a large list of ideas when it comes to deciding on a small business type. The decision you make will ultimately depend on your interests and preferences. Deciding on what you are interested in may be easy, but will it make a profit? Here are a few small business ideas that are considered to be the most profitable choices for 2022 in no particular order.
Car Wash Services
Car wash services can be a very profitable business. It is certain cars will be around for as long as our grandchildren are around, and possibly even our great-grandchildren and many generations after that. Additionally, you can expect the car scene to also be prevalent for many more years to come. There will always be a large number of individuals who are increasingly interested in cars. With that comes consistent care and maintenance. Starting a car wash business supplies customers with a service that is convenient to them— a car wash that is mobile. Instead of having to drive across town or wait in line, clients schedule an appointment and can have their car washed at their own home. Furthermore, many people prefer personalized car washes because of the accuracy and carefulness that comes along with them. Those who have upscale cars, will not take their car to a car wash. It runs the risk of scratches, dents, and breaks. As a mobile car wash service, you avoid the expense of a physical location and introducing strangers to your home.
Starting small is key to the car wash industry. Offer mobile car wash services to new clients. Once you build up a clientele, offer internal detailing. Later, you can make a large profit by externally detailing cars, which takes a lot of time, practice, and usually a few training classes. Regardless of what your business offers, there are online wholesalers that sell carwash and internal and external kits for you to provide clients with the best services possible.
Personal Wellness
Are you a certified counselor, therapist, personal trainer, yoga instructor, life coach, etc.? If you are and enjoy personal wellness, consider a self-starter job within the realm of health and wealth. Earn additional income by teaching others what you have learned and know online. Create online courses, training sessions, or meetings with clients who are seeking a knowledgeable expert. If online courses do not spark your interest, start with in-person sessions, or written PDF documents to best help your clients. Starting small will help you understand if it is something you thoroughly enjoy. If it is, it will show with the service you are providing clients and the profit you are making. With mental and personal well-being on the rise now more than ever, you will continue to expand your business and increase clients.
Assisting First-Time Mothers
Believe it or not, we have entered a generation full of women whose one and only dream is to become a mother. Though motherhood is an extraordinary role, first-time mothers are struggling. With circumstantial factors such as a worldwide pandemic, market crash, and health diagnoses, becoming a mother is risky. Though it has never been an easy task, first-time mothers are struggling now more than ever. Luckily, there are jobs that were created specifically for first-time mothers to assist them through their pregnancy journey as well as their post-pregnancy journey. These jobs have little to no requirements and you get to witness the full experience of motherhood at its beginning stages. These jobs are often referred to as lactation consultants and doulas.
Marketing Copywriter
There are many jobs that seek proficient writers. The trick to this is becoming an independent contractor for companies who are seeking writers. Use your writing and grammar talents to write for a multitude of companies that need a talented writer for their marketing efforts. Whether you are writing small phrases for a website, or large descriptions in a newspaper, you will be making a profit from the services you provided each company. This is a small business that may require you to write for several different companies, however, you will be making a profit from your own efforts.
Repairing Electronics
Reflect on how many hours of your day were spent on an electronic device, whether it was for work or entertainment. A majority of the population uses some sort of electronic device throughout a long period of their day. Because of this, once their electronic device breaks or malfunctions, they want to get it fixed as soon as possible. Breaks and malfunctions are bound to happen eventually, and there is no better way to fix them than by calling a repair service that can repair electronics in the comfort of your own home in a timely manner. Mobile electronic services are very profitable and often respond to clients who are having difficulties with their iPhone screen, Wi-Fi, or electronic batteries. As electronic retailers such as Apple, have become known for their long wait times, mobile electronic repair services can be a small business that is on the rise. Though it can become a pricey business because of the supplies you may need to purchase, if you remain consistent with seeking customers, it could make a profitable small business.
Children’s Enrichment Activities
Within the US, the number of children continues to increase. Unfortunately, so has education budget cuts. This has led to minimal, if at all, enrichment activities such as art, athletics, music, etc. With that being said, parents are turning to outside resources for their children’s extracurricular activities. This could make for a profitable small business. If you enjoy teaching young students and have a skill that may benefit the education system, consider how you can make it an enrichment activity for children.
Accounting and Bookkeeping
With every business comes accounting and bookkeeping. They are unavoidable tasks for every company there is. Oftentimes, they are the most tedious and time-consuming jobs. Additionally, many companies don’t have the space to hire an additional employee for this specific position. This is where starting your own accounting and bookkeeping job would be a profitable small business idea. Focus solely on accounting and bookkeeping and become the best, most efficient bookkeeper. It is likely you will be able to do this job at home, giving you more time to perform this job for other companies. If you have specific licenses such as a CPA license, you can help businesses with more tasks, and increase the pay you receive.
Auto Repair
While some individuals need an auto repair that requires a lot of time, money, and equipment, others require a few small tools and a little bit of time. Auto shops often take on large car repairs and sometimes even small repairs for a hefty price. When clients have run into an auto issue that requires a small repair they run into both inconvenience and costly service. If you are skilled in auto repairs, consider starting a mobile auto repair service. It can be an extremely profitable small business as you will likely receive a high number of calls each day. Make it a convenient service so you do receive a lot of calls, attending to customers at their homes or work parking lots. Auto repair services you may offer are fluid refills, oil changes, battery swaps, and headlight repairs.
Social Media Management
Social media has taken on another level of detail. This is because of how effective it can be for marketing a company. Millions of people use social media each day, which means companies have the opportunity to reach millions of people through social media platforms. However, in order to effectively market a company on social media, they have to have a strong presence and a responsive team. This takes a lot of time and many business owners do not have the time or expertise to do so. If you are knowledgeable about the different social media platforms, social media management would be a great way to start your own profitable small business. Turn your knowledge and skills into a business venture by offering support to companies and businesses in need of a social media manager. Social media consulting agencies are on the rise because of social media usage in society, making it a profitable business to consider.
Personal Trainers
As previously mentioned, health and wellness are industries that have recently spiked. If you have a passion for fitness and are knowledgeable about the industry, begin offering mobile services to clients. It is no surprise many people now avoid leaving their homes at all costs. You can become a personal trainer by purchasing workout bands, a few weights and yoga mats, and a kettlebell or two, and take your fitness services on the road. Offer one-on-one sessions to your clients and take them to their homes. Otherwise, start group classes at parks or public community centers. There are many clients who are seeking personal training and are willing to travel nearby.
Vacation Rentals
There are always going to be travelers and tourists in popular cities. If you don’t live in a popular city, research which one is closest to you and consider renting out sites for visitors to stay in during their vacation. Airbnb sites have made it easy for property owners to make a profit. Purchase a place in a popular tourist location and rent it out to visitors. You don’t necessarily have to live in the same city as the rental, however, it is convenient to live nearby the location in case of an emergency.
Graphic Design
Almost every business, small and large, will need a graphic designer at some point and time. Some will need a graphic designer more often than not. Regardless, businesses need a proficient graphic designer to grab consumers’ attention, convey messages, and set the tone for their brand. Some graphic designers are assigned small projects while others are assigned large projects, each with differentiating pay. If you are someone who is knowledgeable in Photoshop, InDesign, or Illustrator, are creative, and have taken design classes before, consider turning your skills into a small business. Depending on the project, you can charge hourly rates at a high price, grow while doing so, and create a small profitable graphic design business.
Food Trucks
Food trucks have been something that is seen more and more often. This may be because rent seems to increase with each year that passes, making it difficult for small food businesses to start their new venture in a high-traffic location. Food trucks are a great solution to this. You can start a small food truck business by parking in your preferred location, at farmers’ markets, local events, children’s sports events, etc. It is likely you will catch the attention of passers. In this regard, if you find a location that does not benefit your small business, you can try again somewhere else. If you decide to enter the food truck industry, ensure you meet the city and state requirements to do so.
IT Support
Many people believe they are good with technology until an issue arises. Similar to electronics, many people need their tech issues fixed right away and don’t necessarily have the time to wait for tech support. If you are proficient in tech, then the best profitable small business for you might be providing IT support to your neighborhood. You can work remotely unless there is an issue that requires you to go to the customers’ location. In cases where you need to travel, you can charge more for the services you provide clients.
Business or Marketing Courses
Many college graduates aren’t aware of the many different directions their degree can take them. Regardless of your major, it is assured you have learned specific material which can be taught or tutored to others who are interested in this material. For example, if you were a marketing major, you can teach a course that focuses on WordPress, client proposals, or even how to write a cover letter. Likewise, if you were a business major there are many different concepts you can dedicate one course to. The possibilities are endless when it comes to online courses, especially if you already have a college degree.
Consulting
It is obvious more and more people are attempting to start a small business. If you’ve had experience in the business world for some time, many people are interested in seeking tips and tricks to start their own business. Alternatively, if you have increased knowledge about a specific topic, you can share your experience and get paid to do so. Turn your knowledge into a consulting small business. Research events and conferences to share useful information. Whatever your skill set is, you can use it to start a consulting business and make an income while sharing knowledge and working times that best fit your schedule.
Virtual Assistant
Another profitable small business idea is working as a virtual assistant. Many entrepreneurs and small businesses have come to the realization that they may not need an assistant, but an assistant is very helpful not only for them but for their business as well. Though many business owners are aware of how beneficial it may be to hire an assistant, they don’t want to pay for a full-time employee. This is where virtual assistants are hired. As a virtual assistant, you can choose your employer, create your own schedule, manage emails and schedule meetings, book travel trips, and complete simple tasks. The requirements for this profitable job are to purchase your own laptop and Wi-Fi.
Academic courses
As we continue to grow with technology, online business owners are making a profit by offering courses through educational platforms, or their own websites. If you have a degree or are proficient in grade-level subjects such as science, reading, math, and history, you can teach students who are seeking online instruction. There are many ways you can utilize your educational skills. You can create review courses, home-based projects, and even college courses. This is a great way to make a profit while teaching others about a topic you enjoy.
Mobile Apps and Entertainment for Children
If teaching grade-level students doesn’t spark your interest, but you are interested in the power of knowledge for students, consider entertainment resources for children. We have witnessed a shift in technology with children, where children are using electronic devices more than ever. Are you creative when it comes to thinking of games? What about educational games? Now is the best time to turn your big ideas into reality, and make a large profit off of your educational invention.
Cleaning Services
Are you someone who feels incomplete if something is dirty, or out of place? While a majority of the world works 40-60 hours per week, they neglect the cleanliness of their homes. There are always going to be clients with cleaning needs, especially in higher-income areas. Research which high-income neighborhoods are closest to you, and charge a considerable amount for the cleaning services you provide your clients with. If the services you provided clients with are exceptional, chances are your clients will continue to contact you for cleaning services. Cleaning products are cheap, and you will be making a profit each day that you clean.
Language Courses
As the world becomes more diverse, many people are interested in learning another language. If you speak more than one language, consider teaching online courses to individuals who are interested in speaking the language you speak. There are always going to be clients when it comes to language courses, as speaking more than one language is a benefit in many ways. For this reason, the rate you charge can be high, providing you with a profitable small business.
Courses in Other Hobbies
While there are many courses designed for teaching languages and academic subjects, there are also courses you can teach on pretty much any topic. If you have a unique hobby, passion, or interest, consider teaching that to others. For example, if you know calligraphy, have mastered cooking, or have become an expert at a certain video game, you can most definitely turn these into courses. You would be surprised at how much people are willing to pay for courses like such.
How to Start a Profitable Business
After reviewing many different types of small businesses, you can expect each one has different requirements, skills, time commitments, and startup costs. However, regardless of the profitable small business, you are considering, there are a few tips every business will need before starting their venture. In the beginning stages of your small business journey, follow these tips.
Step 1: Do Your Research
Making a profitable small business starts with an idea you are excited about and confident in. once you have an idea, it is crucial to do an extensive amount of research instead of just jumping into it. The research will give you a clear plan to follow, an idea of how much money to save and budget, and the end goal of your business. Consider how you will market your business, who your competitors are, your financial situation, and review business forecasting methods. This is the most important step of starting your profitable small business to ensure it succeeds.
Step 2: Organize and Go for It
Staying organized while opening and running a business is key. Begin by creating a thorough plan. Document the plan to refer to when you feel lost. Planning out a well-formulated plan will give you direction and make it official. Once you make a plan, register your business name, apply for an EIN, and complete all state requirements for opening a business.
Step 3: Find the Right Financing
In order to grow your small business, you may need to take out a loan, however, for start-ups, this may be difficult. If this occurs, we recommend opening a business credit card to help you grow and qualify for loans. Applying for a business credit card is quicker, and can help you increase your credit score (when used correctly,) kick off your business, and earn rewards.
Step 4: Payment Methods
When running a small business, you have to consider a method of payment for clients and customers. The payment method will contribute to the overall experience of customers, which can also determine if they would like to do business with you. Many customers nowadays do not carry cash and prefer a quick and easy method of payment. Research which method of payment would be convenient and quick for customers.
Choosing Your Small Business
The most profitable small businesses for first-time business owners are those that have low starting costs, are easier to get started, and are a market need. There are many different ideas to choose from. At the end of the day, choosing an idea for your small business comes down to your own experiences, preferences, and interests. The only way to get your business to where you want it to be is simply by starting, remaining consistent, and you will watch your profits increase and your small business grow.