Most Profitable Small Business Ideas

Starting a business is challenging, yet it is very fulfilling. The United States, the land of opportunity, has millions of small businesses across the nation. In fact, the Small Business Administration (SBA) reports that small enterprises, mostly sole proprietors, account for 99.7 percent of the country’s total business. You, too, have a chance to become a successful entrepreneur. This post aims to provide the most profitable small business ideas that can be easily started and expanded.

Before we start, you need to understand what running a business entails. Take a few minutes and read this excellent article on how to start a business. It is crucial to understand the commitment even on a part-time basis. However, if you have it in you, you can turn an idea into a profitable business.

You should never underestimate the power of research when starting a business. It will build a strong foundation for your company. Before finalizing your idea, take some time to conduct detailed market research.

The first step is a reality check. Don’t embark into a journey where your ideas are beyond your capability and resources. After all, when running a business, turning ideas into profit will be a common recurring activity.

But the biggest question at hand is “What is a profitable business?” In a nutshell, a profitable business is a company that has a positive net income. Regardless of the type of business you are running, your goal should be to increase the profit margin.

The type of business you have will play a major role into your profits. It is because some industries are more profitable than others. For instance, copywriters working from the comfort of their home, with basically no overhead, will have a much higher profit than a retail store.

Graphic Design

Ideally, having a graphic design background is desirable. However, it is relatively easy to learn the foundations on your own. Several resources around the web teach how to use robust systems like Adobe Illustrator or other more accessible tools like Stencil and Visme.

If you already have a computer, the investment is low. Purchasing a graphic tablet and perhaps the classes’ cost to learn how to use a system would be the only costs you have. If you are starting as a graphic designer, I highly suggest educating as much as possible on the subject. Two great options are Graphic Design: The New Basics and Graphic Design School.

Do not underestimate the power of a strong portfolio. It is crucial to build an impressive portfolio and showcase it. You can monetize that skill very easily. One, and the best alternative, start a showcase website and upload some of your work. Offer customized and consulting services to prospects. Two, sell your creation files to sites like Freepik and Envato. Keep in mind that those sites have different requirements — minimum initial upload, payment threshold, etc. Three, work as a freelancer to sites like Upwork or Fiverr.

From designing logos, rebranding websites, or editing photos, for a graphic designer, the sky is the limit. And just like any other business, finding a specialty or niche can be very helpful in finding focus. Define what you enjoy the most, and go for it.

Web Design

While we are on the topic of design, a web designer can be valuable for many companies. Becoming a freelancer web designer is one of the most profitable small businesses. The ultimate goal is to master the art of building a breathtaking site. Much like the previous suggestion, this is a skill that can be learned. Scores of content on the subject are all of the internet, including paid courses.

Moreover, you can reach out to local businesses and offer your service. Luring clients to keep you on retention is great way to generate monthly income. If you choose this

When comes to something that requires a lot of steps, I prefer following a video. However, having a book as a back up is always a great idea, and oftentimes I have referred to a book more often than a video. With that in mind, books such as Responsive Web Design with HTML5 and CSS and Designing for Interaction are certainly worth your time.

Besides freelancing, you can also build templates and sell to websites like Envato and Template Monster. Mastering web and graphic design can be very profitable worked together.

Virtual Assistant

Essentially, a virtual assistant’s primary job is to help other business owners with their business. They can provide a wide range of services. Instead of reporting to an office everyday, a virtual assistant can work for several clients anywhere.

If you are a jack of all trades, you should consider virtual assistant as a side hustle. Due to the affordability of the technology, it is a business that is growing steadily since the 90s. Believe it or not, a virtual assistant can perform just about any task, except bringing you coffee.

You can find great gigs in sites like Flexjob, Indeed, Upwork, and Fiverr. Additionally, you can maintain more than one client at the time. Another perk is that you decide the services provided, and the industry of your choice. The only downfall is that you could be competing with people from all over the world, which might damper your hourly rate.

Online Courses

If you have expertise in any subject, you can sell your knowledge. As more people are showing interest in online courses, the possibilities are unlimited. Having an audience already built to promote the courses would be ideal. However, platforms like Udemy allows you to sell your courses to its users. Though not many instructors disclose how much they make, the ones that do, show a profit of over $13,000/mo. Pretty impressive, right?

If you don’t think you have expertise that other people would benefit from, you can always teach English or another language. Moreover, you don’t even need to be a master of anything, you can teach English. There are plenty of platforms, including YouTube that allow uploading videos. You could also work out special arrangements with other companies, and create content in conjunction with them.

This type of business is very profitable. Once your base of students is established, the expenses are minimum.

IT Support

With our dependency in technology in the last few years, and the amount of small businesses, IT support is in demand. After the pandemic, thousands of workers were pushed to do work from home, even more so increasing the demand for this service.

The start-up cost is low, provided you already have a decent computer to start doing the work. Once you have a few clients, your overhead will be minimum. The benefit of this service is that you can do it remotely by offering support over the phone or remote connection.

If you are considering starting this type of business and have little experience in the area, I highly suggest reading the A+ Guide to IT Technical Support. It is an excellent book for aspiring IT support freelancers.

Accounting and Tax Preparation

Every year accounting makes the list of the most profitable small businesses to start. While to practice accounting you must be a CPA, other categories such as payroll and bookkeeping do not require any licenses. And the truth is that most people rather pay someone to do their books rather than doing it on their own. Small accounting and tax preparation will always be in style.

Much like most of the businesses mentioned above, this is a low investment venture that can turn out to be very high profitable. The start-up cost involves a computer, access to high speed internet, and a cloud base bookkeeping application (Quicken, Freshbooks, etc).

For more details on the subject, you can read How to Open Your Own In Home Bookkeeping Service. It provides you with details on how to find clients and operate within a niche.

Handyman

You will be surprised how many people don’t know or are not willing to change a light bulb. If you have a few hand tool, and a vehicle, you are pretty well set. The best way to start is to connect with realtors and property manager as they often need a handyman to take care of things. At one point in time, my company provided services to a large realtor, the volume was so big that I had two people handling the account.

While handyman services might not be the highest hourly rate, the low overhead and high demand make it a very profitable small business. Moreover, connecting with the right people and providing services with high demand, you will find that you can charge well. For instance, my company charges a premium for fixing poorly performed jobs by our competitors.

Cleaning Services

Cleaning service is another profitable small business idea. It requires a very low start-up investment and low overhead. All you need is a few chemicals, a vacuum cleaner, a mop, and a vehicle to get around. Unless you are specializing in an area, you need little to no training. The demand is very high for homes and offices alike.

While licensing and certification are not required for most of the jobs you will encounter, acquiring them will open doors for high ticket jobs, such as cleaning hospitals, industrial machinery, and even be able to snag a federal contract.

Another great benefit is that the hours tend to be in the evenings, which allows you to keep your day job, and taking care of your clients as a side hustle. Moreover, you can always push the customer to sign a contract, which will pay you on a monthly basis.

Home Inspector

A home inspector is different than a handyman. When someone buys a house places it under contract, a due diligence period is allowed. Traditionally, during the due diligence time, the potential buyer hires a home inspector checks the house from top to bottom. After the inspection is done, a list of deficiencies is provided to the buyer.

While licensing is not required in every states, liability insurance and certification through reputable home inspection training is a wise decision.

Copywriting

If you enjoy sitting for hours in front of the computer typing words away, copywriting might be the job for you. It requires no formal education, and the industry is easy to adopt, even if you have no experience. Most copywriters work from home on a freelance basis and have very little overhead. Thus, a very high profitable business.

The demand for good writers is very high, and finding clients is easy. You can also use sites like Upwork, Fiverr, etc. And much like any other small business idea previously mentioned, you will do much better if your find a niche that you enjoy and stick with it.

Conclusion

Whatever you chose to do, the secret to success is to treat it like a business — even when freelancing. Pay attention to the amount of time you are spending on each task. Keep close notes of your clients, if they are particular about an issue, or tasks that you have to do in a certain way.

The most profitable small businesses are the ones who require little start-up investment, low overhead, and you can turn a profit very quick.