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Some people go into business with a clear vision: They know what industry they want to conquer and what path they will take to get there. However, for many new entrepreneurs, it can be difficult to figure out how to start a business – and, deciding which type of business is best to invest in.
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To help you start your journey, we’ve compiled a list of the most profitable businesses, taking into account factors such as industry growth and competition, start-up costs and barriers to entry, and profit potential.
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With a solid business plan, hard work and determination, any solid business idea can be successful and profitable.
Businesses in high-growth industries with low start-up costs, however, may have greater profit potential. With the advancement of technology, for example, you will have more success starting a virtual assistant business than opening a grocery store.
While some businesses are very profitable based on the Internet, others involve personal services, and others are more suitable if you are an entrepreneur on the go. Here is our list of the most profitable small businesses:
The food truck movement has been growing steadily for the past five years – and is expected to continue – as the market is expected to grow to $6.6 billion by 2028, according to a 2021 report by Grand View Research. You can start a food truck business for less than a third of what it costs to open a brick and mortar restaurant; plus, you have the versatility of the location, the ability to get high profits and the ease of creating a custom menu that is yours.
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Keep in mind that big, big cities like San Francisco, Boston and Washington, D.C., already have a well-stocked food truck market (and strict regulations to boot) – so this can be a successful business in a small heartland. .
Food trucks also tend to have their own special set of regulations, business licenses and safety compliance standards. They also require food business insurance, so you’ll want to check with your local health department to find out what will be required.
Rising prices and increased features for new cars are causing car owners to keep their cars longer, according to a 2020 study by Consumer Reports. And as drivers keep their cars longer, businesses like car washes that help people maintain the value of their car investment are also expected to continue to rise.
According to the International Carwash Association, 66% of Americans wash their cars somewhere between one and two times a month, an average of 13 times a year. The car wash market is expected to increase from $14.7 billion in 2021 to $20.7 billion in 2028.
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You can make a car wash business more profitable by making it a mobile service. Customers can pay more for a car wash that comes to them, especially if they have a luxury car and prefer personal service. And like a mobile car wash and auto detailing service, you can avoid the overhead and startup costs of owning a physical location.
In 2021, the average age of cars and light trucks in the U.S. rose to 12.1 years, up from 9.6 years in 2002, according to IHS Markit (now part of S&P Global). People are keeping their cars longer than ever before, which suggests that there is a significant opportunity in the repair and maintenance business.
Additionally, car owners are more likely to visit a small business for repairs; according to the Auto Care Association, more than 70% of the repair business is taken by independent repair shops compared to dealerships or manufacturer-approved repair shops.
If you are skilled as a mechanic, you might consider a car repair service as one of the most profitable business ideas. You can offer oil changes, fluid refills, battery swaps, headlight repairs and more. And if you’re looking to save on overhead costs, you can make it a mobile service and go to your customers, fixing their driveway or office parking lot.
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Employment of fitness trainers and instructors is expected to grow 39% from 2020 to 2030, faster than the average for all occupations, according to the U.S. Bureau of Labor Statistics. But turning your passion for fitness into a career doesn’t mean working for a big corporate gym — and you don’t need the overhead of owning your own space to train clients. Throw a few weights, bands and yoga mats on top of your car, and take your fitness show on the road.
You can become a personal trainer by offering one-on-one sessions in your clients’ homes or group fitness classes at a local park or community center. Making fitness more accessible to your clients may be just the ticket to helping you both achieve your goals.
Although millennials are putting off parenthood longer than previous generations, many eventually want to have children. In fact, according to an analysis of government data by the Pew Research Center, as of 2018, more than half of millennial women have had a child.
Now, both millennials and Generation Z are considering parenthood, and the demand for baby-focused businesses is growing, starting with post-pregnancy and newborn services. And as a result, the 2018 Research and Markets report expects the North American maternity care market to reach over $3 billion by 2023.
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The demand for doulas and lactation consultants, in particular, has increased among new mothers, and both business options have relatively low requirements for education and certification.
As Americans continue to have children, shrinking education budgets mean that both traditional academics and enrichment subjects such as music, art and athletics tend to take a bigger hit.
A successful business that you can start may be teaching children self-enrichment activities. According to the U.S. report According to the 2018 Census Bureau, children are as involved in extracurricular activities today as they were 15 years ago. And some research shows that nearly half of American parents spend more than $1,000 a year on activities for their children.
You could start a fitness center or music school, become a swimming instructor or yoga teacher for children, or focus on another career that focuses on children. If you have a skill that can be easily taught to young students, you may already have a profitable business in the making.
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If your interests lie in development and engineering, you might consider equipping your technology with the smallest of users. Research shows that demand for tablets, apps and mobile entertainment for children is increasing — especially if those products are educationally oriented.
According to a Learning First Alliance report on mobile devices and early childhood education produced by the research firm Grunwald Associates, more than 60% of parents surveyed believe that mobile devices and apps have benefits for teaching children skills in reading, math, science and world languages.
Do you have an idea for an educational app for kids or parents? If so, now is the time to move forward on your bright next generation vision and make this potentially profitable business a reality.
Sites like Rent the Runway and Gwynnie Bee focus on the idea of the sharing economy – where we want and need to have less, so instead, we share resources.
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These companies offer loaned or leased clothing and accessories at a fraction of purchase prices, and because the same piece of inventory generates revenue multiple times, the profits for these businesses can be huge. According to a 2021 study by resale platform Mercari, the second-hand clothing market is expected to more than triple by 2030.
Do you have an eye for fashion and a sense of style that other rental services are not currently offering? Maybe you’re ready to be the next big thing.
Even if you don’t intend to launch a multi-million dollar fashion startup, you can easily benefit from shared fashion at a local level. Gather some favorite accessories or clothing and host a borrowing party — where customers can rent or buy items from your closet — for high school students before the next formal dance.
If you’re in a college town, Greek life forms are another great opportunity to benefit from shared economy fashion. And because you take shipping costs out of the equation, you have the potential to make more profit.
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Are you your local go-to person for all lawn, garden and home improvement tools? Why not turn those tools into a profitable business by promoting your available tools outside of your immediate circle of friends?
You may also decide to invest in special and high-cost items that can be useful to those around you. And if a customer can’t use a particular device, bundle equipment rental with your mobile service to get more money in the bank.
Home improvement spending has increased since its inception
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