Most Profitable Businesses in the World
Date : Sep 11, 2020
Author : DR A Zayed
Categories : Business Tips
Do you want to start a new business and wondering which industry to choose? Want to explore the most profitable businesses?
Starting a business is just the start of your journey. You have to ensure it grows, sustains, and flourishes.
A successful business idea develops when entrepreneurs acuminate for a profitable niche. An average entrepreneur cannot afford to spend thousands of dollars in a startup. That’s the reason. It’s essential to select a business with low capital but more profit.
Most Profitable Businesses
In case you find yourself confused, check out our list of the most profitable businesses to start with a profitable venture.
1. Food Trucks
Food trucks have become highly popular in recent times, and people expect it to grow in the future. With increasing rent in the major cities, it’s getting difficult for food makers to finance a land-based location at the centre of the city to draw in customers.
The solution? Food trucks! Get a food truck and park at local events, or anywhere you think it will draw a crowd.
- The marginal cost and increased versatility of this food truck imply you can easily incorporate your family recipe or the high-end restaurant into the prosperous business.
- However, setting up a food truck is not enough. It would help if you also considered where you should put it up.
- Make sure you check out is ordinances, safety compliance, business license, etc. So, get in touch with the local health department to find out what’s needed.
2. IT Support
These days, almost everybody thinks they are tech-savvy. However, in reality, everyone requires tech support sometime or the other. In fact, at times, users can make the mistake of making their devices like computers or phones, vulnerable to identity theft or hackers.
Sadly, when things go awry, free customer assistance offered by manufacturers doesn’t entirely solve the problem. So, that’s when people look for IT support services.
So, in case you are technology is your forte and you are a patient person, you can startup mobile IT support. But remember, you need time, patience, transportation, and a good idea. It is a marginal cost business idea that can draw in a significant profit.
3. Online Courses
With a surge in internet usage in recent times, almost everything has gone online. That has given a massive boost to online learning.
All forms of education are considered to be priceless. So, you can set up an online learning platform. There are so many things to teach, starting from the English language to photo editing; the possibilities are simply endless. Choose topics are per your area of expertise.
The overhead expenses are minimal. So, it can be one of the most profitable online businesses. You only have to pay for the minimum amount for hosting space, domain name, and a fee that the digital content platform will charge for featuring the course on their website.
But make sure that you don’t stray away from the arena you are familiar with.
4. Auto Repair
When a car breaks down in the middle of the road, and there isn’t any auto repair around, taking it to one can be a big challenge. Also, often you have to wait at the car repair shop, rent a vehicle for the day until your car gets repaired, or ask your friend to give you a ride. So, not only is it inconvenient but also quite expensive? That implies auto repair service is in high demand.
Fortunately, many repair and maintenance services need only a few simple tools. In case you are a skilled mechanic, use your skills to set up an auto repair service. With an increase in car usage, it has turned out to be one of the most profitable businesses.
You can go for fluid refills, oil changes, headlight repair, battery swaps, and more right in the office parking lot or the driveway of the customers.
5. Electronics Repairs
Admit it. Our life is incomplete without electronics. We spend a significant portion of the day staring at the screen. Moreover, new technological innovation every day means if something goes wrong, you will require help.
Hence, there are no two ways about the fact that moving electronic repair services can be one of the most profitable businesses.
- By setting up this business, you offer a solution to repairing Wi-Fi cards, laptop batteries, broken phone screens, etc.
- Furthermore, if you decide to travel to your customers, you can easily make your business more profitable.
- In most of the service centres, customers have to wait in a long queue to get their electronic devices repaired. But you can make this work in your favour.
Sure, making it mobile means more overhead cost, in the form of supplies, but if you keep the business mobile, you don’t have to bear the expense of a physical location.
6. Shared Attire and Accessories
Websites like Gwynnie Bee have invested in the idea of a shared economy. Since owning all the kinds of stuff and selling it through a website can cost a lot, you go for shared resources. It has created small business opportunities for these companies who rent or borrow accessories and clothes at a slice of their buying price.
Since the same pieces of accessories or clothes are generating revenue several times, the profit is excellent.
So, think, do you have an eye for fashion? Do you believe your styling ideas aren’t haven’t yet been offered by any other rental services? May be shared economy is the best thing that can happen to you if you are not, however, prepared to invest in a high-end fashion startup.
Collect some of your favourite clothes or accessories and then host a borrowing party for college or school students. As there is no shipping cost involved, you can make even more profit than a big startup company.
7. Accounting and Bookkeeping
Every business owner has to manage their account and bookkeeping. However, many business owners are not good at it or don’t like doing it.
- So, if you are a licensed CPA or good at bookkeeping and accounting, you can launch your own accounting business.
- Help out those small business owners keep their finances your order and make some money out of it.
- Tax preparation, bookkeeping, payroll services, accounting, etc. have a profit margin of 19.8%. So, it is one of the most profitable small businesses for entrepreneurs.
- After you set up this business, you can process payroll or invoices, compile the investment and expense reports, and much more.
- In case you are a licensed CPA, you can also help out your clients to generate balance sheets, file taxes, and various other accounting documents.
- Tell your client’s bottom line to help them run their business.
8. Car Wash Service
We are talking about mobile car wash services here. If you think about it, most car owners will be ready to spend a reasonable sum of money for a mobile car wash rather than just driving across town to find out a car wash service and then driving back home when they are done with the car wash. People with upscale cars tend to prefer mobile and personalized car service.
So, if you opt for a mobile car wash service, you will not only make a profit from the unique idea of being mobile but will also be able to avoid the expenses of renting a physical location.
9. PR and Marketing Services
Every brand has its own story to tell, but fortunately for you, not everyone knows how to tell it. Here’s where marketing specialists come in.
- Being a marketing professional, you can help out small-scale businesses tell their story in the right way to the right audience.
- In 2018, businesses spent $106 billion just in digital marketing. The amount increases every year. Naturally, it has become one of the most profitable small businesses.
- So, why no open up a public relations firm? You can help your clients reach out to their customers.
However, make sure you have the right skills to start this business. It would help if you had strong interpersonal skills, robust network, and writing skills. Make sure you are ready to work on press releases, company fact sheets, product descriptions, and blog posts for the clients.
10. Graphic Design
As brands look to grab the customer’s attention, polished and sleep images have become the centre of every business. Irrespective of whether a business can afford a marketing agency or not, they need some amount of graphic work.
So, if you know your way around Illustrator, InDesign, or Photoshop or have taken a few classes in designing, cash in on it, start working as a freelance graphic designer. The best part, you don’t need any overhead costs. Charge hourly rates that small business owns usually can’t do. Again, it is one of the most profitable online businesses.
To start a profitable business, you need a great idea. So, do your research. When you have the right idea, start looking for financing. If you are a first-time entrepreneur, go for options that are easy to get started, have a low initial cost, and can capitalize on the market trend or need.