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You might be wondering, what are the most successful small businesses, or what are the most profitable small businesses? Right?
You can get a huge list of successful small businesses anywhere, that’s not a big deal.
But It’s really hard to decide which most profitable business venture is suitable for you that you can run successfully. This is the same dilemma that investors have when it comes to deciding the best stocks to buy, hence the best companies to invest in.
Especially, when you have a huge list of successful small businesses and you can choose any of them, what shall you do in that case?
In that case, while choosing one of them, you should look into two matters.
- Do you have the skills to run that business successfully?
- Does that business really mean to you? Do you love that field?
Let’s discuss it quite briefly before digging into the most profitable small businesses list.
As a matter of fact, the ultimate aim of a business is to earn a profit. So it’s really good to look deeply into this matter because it worth it.
Actually, every business that is profitable for others could not be necessarily profitable for you.
Isn’t it so?
For example, we say that running a social media site like Facebook is one of the most profitable and successful businesses. People are online, we have investments, we can run campaigns and make another social media site successful through the use of social media ads.
This might come to every mind, but even Google shut down his Google + because they couldn’t compete with Facebook.
It means it’s not only about an idea. There is something else behind each successful business.
Look, 80% of the businesses fail in the first 4 to 5 years due to certain reasons. Steven D. Strauss in his book, “The Small Business Bible” has mentioned the top three reasons for their failure.
- Lack of knowledge
- Lack of support
- Lack of finances
Along with other topmost reasons, I strongly believe that the other main reason is, people, fail because they aren’t passionate about their businesses.
You can overcome the top three reasons to make your business successful, for example,
- Lack of knowledge (you can learn it)
- Lack of support ( you can get it)
- Lack of finances (you can borrow it)
But you can’t create interest in something that you don’t like it personally.
That’s why it’s better to testify to each business for your interest before you choose that.
Simply answer the following questions for each following business to testify your interests.
Do you really have a personal interest in that business?
A business should arouse interest. It will increase the chances of your success. While choosing a business, think again & again can you carry that business for the next 20 years? Will you keep it going if you have financial freedom?
Do you have skills in that field?
It’s one of the topmost factors that make a business successful. Are you an expert at running & managing that business?
If you don’t have any, then pick a few businesses from the following list and learn, at least, the most important skills required for that business.
Can you run that business without making money for a long period?
If you can’t run a business for a long period of time without making money from it, then definitely, it’s not for you.
I kept on working on this blog for the first 14 months without making money due to a lack of proper guidance about blogging. The only reason was that it was my passion to run a successful blog that will help people grow in their lives.
Now, let’s dig into the most profitable business ventures. After choosing the right business, we will also see how to start a small business quite briefly.
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Most profitable small businesses ideas
According to new trends in 2020, we have found the following businesses as the best small businesses to start that are high in demand.
1. Social Network Management
Do you know how much companies spend on social network management?
According to ContentFactory analysis, on average companies spend $4000-$7000 per month. That simply means that billions of dollars of spending on social network management.
That’s why it’s one of the most profitable small business ideas is to start social network management.
After, COVID-19, “With work from home policy” social networks management has a massive impact on all businesses in the current situation.
Medium and big businesses understand that managing business accounts on all social networks is very important for any successful business, and you need to get it right.
So, if you think you can do it, and it’s suitable for you then you should start it.
But if you don’t have an idea about it, then you should spend some time learning it. It requires basic marketing and social networks knowledge as well as users’ behavior on social media platforms.
You can be master of all these in a couple of businesses, and after starting your company in this field you will sooner become master of it.
2. Professional Accountant & Bookkeeping Business
According to the SCORE report, 40% of the businesses believe that bookkeeping and taxes are the worst part of a business.
It means they are always looking for experts to manage their taxes and bookkeeping matters.
Even small businesses spend $1000-$20,000 each year on accounting administrative costs, internal expenses, and legal fees.
A simple accountant can easily manage tax preparation and bookkeeping services. That’s why if you have love managing cash flows and taxes then it’s one of the most profitable business ideas.
If you don’t have this skill but you love it, then you can learn it using free or paid resources.
For example, you can register for QuickBooks and learn it from the tutorials. You will sooner master it.
Although, it’s better to spend some money learning it.
If you’re quite new to starting a business online then this home-based business one of the most lucrative businesses in our list.
3. Cleaning Services
As long as there are dust and dirt, there will always be a need for cleaning services. This business doesn’t require huge money to start it but it can yield a lot.
You can set your prices and provide quality work.
There are two reasons for which I’m recommending this business.
- Not many people want to deal with “dirty professions” mainly because of prestige.T
- he younger generations of high school graduates are not looking for a professional cleaning business.
So, you can provide cleaning services in homes, offices, and other places.
With professional, consistent quality, immediate service this could become a very profitable business with little initial investment costs.
4. Gift Baskets
From corporate parties to baby showers, holidays, vacations, and birthdays, gift baskets can suit everyone’s taste.
Gift baskets need a dose of creativity and design. If you are good at packing and designing, then this business idea is for you.
Fortunately, we have all the technology and the internet in our hands. There are no excuses.
Have the gift baskets archived and take the photos. Prepare a brochure that will list the prices of the baskets and their contents. You can sell gift baskets online in local shops, offices, and also by mail orders.
There is a lot of buying and selling when you work within visual, schools, sports teams, and companies.
Even companies keep a handsome budget for Gift Baskets for different occasions.
If you believe that this business is suitable for you then you must work on market analysis.
5. Home Care Services
Home care is a fast-growing business, costs are high when it comes to personal nurses and facilities.
Most of the home care agencies charge $200 to $350 per day.
A 70-year-old man wants to stay in his own house without having a problem. He needs special care from cleaning to cooking. As a home care service, your responsibility is to help people with their daily routine.
Find all the legal papers you will need to run this business. Advertise your services in local centers, rehabilitation centres, and hospitals.
To grow this business, you need people with skills and instinct to be determined to help each customer.
6. Computer & Mobile Repairs
Technology is part of our daily lives, and mobile is now an extension of our palm. The need for repairs to all these devices around us has never been higher.
If you have the knowledge of technology and how it works, you can grow this business with a little investment.
At another level, you can get licenses as an official service provider on specific devices.
This industry has $18 billion in revenue in the United States, and this business is not going to disappear very soon. So it’s better to invest in it if you believe that you can provide quality work.
7. Translation Services
Translation service is another most profitable small business idea that has great potential to grow more in the future.
In this business, you can assist in translating documents and blogs into a language that you can speak fluently.
Usually in the USA translation agencies charge $0.08 to $0.28 per source word.
In any country that attracts entrepreneurs, investors from abroad, translation service is a growing business.
And the great news is that people still use Google to search for translators. You can be one of them.
You simply need a website and hire an SEO to rank your site. (You can ask me to provide you with a fully professional website and an SEO with quite affordable rates.)
8. Graphic Designing
In this era of digital and media literacy, graphic design is one of the best startup businesses around the globe.
The tasks of a graphic designer include designing brochures, posters, product catalogs, and advertisements.
Graphic designers can also consult and collaborate with printers and publishers to find the best choice of covers and prints.
You can also work with advertising companies, publishing companies, small magazines, and independent entrepreneurs.
As a graphic designer, you should learn to understand the market and intention of your customers.
According to Entrepreneur, stating a graphic designing business will cost $2000 to $10,000.
9. Website Designing
Website designing falls into the previous category, but it’s worth highlighting.
The website is the image of every business out there. It is the virtual front of the store and is a must for any business.
The need is great, and websites are always in need of upgrades, online content creation, and network promotion.
Although web design tools have been simplified, many small businesses do not want to get involved in this part. Either because they are afraid or because they do not want to spend time on things they do not know very well.
That’s why it’s a great opportunity to get into this business.
E-commerce is a sector that has grown tremendously in the last decades, and all indications are that online sales are expected to skyrocket in the coming years.
More and more people are trusting e-commerce because of the freedom it gives us to have access to products around the world.
A perfect idea to get active is dropshipping.
With this new business idea, one can manage a website and trade products without maintaining any stock.
An easy way to get you started is Shopify.com, which allows you to create an online store. There are also many online guides available. And you can learn how the whole idea of dropshipping works.
11. Become A Personal Chef
It gives you no greater pleasure than satisfying an empty stomach with a good meal, while at the same time being paid for it.
Personal chefs can “mark” their business with just anyone who likes to eat well and can pay for it.
With cooking skills, personal chefs also need to know important parts of the diet, while at the same time, they need to have organizational skills.
To become a Successful personal chef must keep in mind the rules of hygiene.
Pro Tip: Be prepared to work in different kitchens. Some customers may have proper cutting tools and pans and kitchen utensils, while others may not. You can also invest in a travel set with everything you need to get into the kitchen.
12. Property Management & Online Rental
The ability to listen and understand the needs of your customers can help you grow in an online rental and property management business.
With straightforward steps, you can have a significant income if you manage and promote it properly. Also, those who can handle more than one property and promote it on social networks have an excellent opportunity to expand their business in this niche.
This field is one of the most profitable businesses in the world with the lowest investments.
There is some property management software like Appfolio, that you will require to start it.
13. Mobile Spa
A mobile spa offers face, massage, hair, makeup, body care, manicures, and pedicures. Bring the experience of a spa close to your customers through a mobile day spa.
Mobile spa services can be offered at homes, offices or hotels.
Masseurs, manicurists, and hairdressers can successfully have a mobile spa as a business. There is no need for security and rent for this business. You can start this business with low capital.
Your primary customers are those who work from home and do not have time to go to a spa or older ones who cannot leave the house.
The average rates for this service range from $50-$90.
14. Article Writing
We live in the age of blogs and countless journalistic portals. News and the media are flooding the internet and social media.
All the attention is focused there, so the content fights to stand out.
The need to create compelling content for posts, blogs, and other sites is more demanding than ever.
Websites are also looking for quality writers, so take this as an opportunity to promote your work.
If you spend time and become a copywriter then, according to WebFX, in the USA people charge from $25 to $25000 per page for copywriting.
That simply means copywriting services is one of the top small businesses to start in this modern era.
How to offer freelance writing services?
You might be a quality writer who can produce high-quality content but you don’t know where to sell your services. That’s why I thought to mention some platforms where you sell your services as a freelance writer.
- You can sell your services on Fiverr
- You can create a profile and be a freelance writer on Upwork
- You can Google your local websites to offer your services. Some websites work within the country. For example, if you’re in the United States or Australia then you may have some different options to sell your services.
- You can build your profile on well-reputed websites and attract buyers from there. (In that case, you must write about writing quality content so that people will realize your expertise.)
- If you start your blog and offer your freelance writing services on your blog. (Although, it’s good for long run business because you won’t get results immediately.)
15. Technology Repairing Services
Technology is a part of our lives, and of course, it will become an even more important part of our daily lives. Technology gadgets are increasing with each passing day but not the repairers.
Furthermore, repairers are usually people who often lack professional and immediate services.
This gives you the space to start your business in this corner. With some professional training, you can become a specialized repairman for technology devices.
According to the home guide, the average cost of computer repair is $65 per hour.
16. Pet Services
About 100 million households have a pet. They spend a lot of money on them.
If you love animals, creating a business will give you a chance to make money doing what you love.
Pet owners take care of their pets as their family members. They do not want to leave them alone without anybody taking care of them.
If your business can offer them to keep their pets with great care, you can earn money by doing what you love.
Furthermore, you can give services to train and groom their pets. And that too, with a minimal amount of money.
17. Music For Children
Music is pleasurable, and everybody loves it. And I believe you also love it.
In this modern society, many parents want their children to learn music. They want to see the children have a good time and enjoy the music daily.
If you have a good voice and enough knowledge of musical instruments, you can offer your services.
You can also build a website or make a youtube channel to earn money by teaching music.
Pro Tip: Sometimes, you need to plan free lessons, so you can get paid later. Make your presentation more interactive. Give children participation and roles as well.
18. Start Your Website/Blog:
This is something that no one else might tell you. But did you know HuffPost makes, on average, $40 million per month?
There are many other websites and blogs that generate over a million dollars a month.
You can be one of them.
Whatever skills you have, whatever business you choose, you can make your website to attract online visitors to get your services. And I really mean it.
And if you don’t have any skills, then you can start a blog.
Write informational content, get visitors to your blog, and start earning money with Google AdSense, Affiliate, or sponsored posts opportunities as we do.
I have found that the pillars of a blog/website are,
- Keyword research (spend as much time as possible)
- Content (give your best)
But in that case, you aren’t a writer, as I’m or you aren’t an SEO as I’m then you can hire a quality writer and an SEO. Even I have a team that lowers my burden.
You should wait for 3 to 6 months. It’s time for investments and after that, it will be a lifetime business.
19. Create A YouTube Channel
Whatever you can do on the screen you can make money from it.
The top YouTubers make $20 million a month from their channels. So you can.
To start a youtube channel, you will need to learn video editing a bit, that you can learn on Youtube for free, make awesome videos and upload them.
Although, you will also require to learn Youtube SEO a bit for quick results.
Youtube SEO free courses are available on Youtube.
The great news is that you can create and run a Youtube channel on a Smartphone.
How to start your business:
Starting a business isn’t hard, especially an online business, if you have a computer (that you can buy here from the best computers for small business owners) & an internet connection, then you can start your business.
Still, it’s important to understand how you will begin and run your business that will bring you a lot of profits.
The first and most important thing for all businesses is a business plan. If you don’t have a business plan at all, not even in your mind, you shouldn’t start it.
The other things mostly depend on the business nature. If your business is online then you can manage everything at your home, you will just require a room for it.
But if you choose a local business then you will require an office, and maybe, licenses to run that.
You can register your business as an LLC, sole proprietor, partnership, or cooperation, depending on how on the nature of the business or how big or small your business is.
After that, you will require qualified professionals to build trust and start working on it.
Although, you should always keep an eye on your competitors, what they are doing, and at what price range?
You should try to offer the same quality at a bit lower price range to attract clients.
The bottom line:
In this modern age, there are more business opportunities than ever. But still many people fail to start a profitable small business.
Why is this so? Because they don’t have the right attitude and mindset.
The right attitude in business is to believe in hard-work.
Genius is one percent inspiration and ninety-nine perspiration.
– Thomas Edison
Business is all about giving solutions to people’s problems. Solve people’s problems and get paid for it. Add value to their lives and get paid for it.
That is how all the businesses work.
With these most profitable small businesses, we hope you have an insight into different small business opportunities around you.
Frequently Asked Questions (FAQs):
What business makes the most profit?
According to Sageworks, Accounting is a business that makes the most profit. It has an 18.4% profit as a percentage of revenue.
What’s the easiest business to start with no money?
The easiest business to start online is to sell your services. If you don’t have a skill then invest some time to learn a skill and start selling it. Nothing else is easier than that.
How can I earn fast money?
There is no magic to earn fast money. If you have some guts to start a business and run it then choose a business from above mentioned top small businesses and start making money.