What Retail Business Is The Most Profitable – When people think about profit, they think in different ways. For example, there is a significant difference between the most profitable businesses and the most profitable small businesses.
But when you think about what is the most profitable business for small business owners, that’s always a separate topic. Most of us don’t have access to venture capitalists or the ability to run a business for ten years before making money. So I’m limiting the list to the most profitable small businesses.
What Retail Business Is The Most Profitable
We identify the most profitable small businesses, review the most profitable home businesses, and provide examples of successful business owners in the industry.
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Hopefully, these real-life success stories and small business ideas will get your creative juices flowing and help you make an income.
A consulting business focuses on helping other business owners solve their problems. If you have a particular area of expertise or can provide a one-to-one solution, you can choose a niche.
When I first started my consulting career, I was consulting on everything. One day I’m analyzing payment processors, the next, I’m looking for good influencers for a brand. I ended up being drawn to writing about business and technology because it makes it easy to reach thousands of people every month.
Business consultants can earn hundreds to billions of dollars per day. Consultants specializing in mergers and acquisitions can earn huge amounts of money.
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While only real estate agents are successful, those who do can build profitable businesses. Santino Fillepelli tells us:
I am in the real estate industry as both an agent, broker and investor and make over $2 million a year.
Find out how he built his real estate business in our exclusive interview with award-winning real estate agent Paul Balzotti.
Then check out our other real estate investing interview with legendary real estate broker Santino Filipe, who also shares how he built his agency:
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One of the most profitable businesses to start is a cleaning service. Whether you choose to start a housekeeping service or choose a more specialized niche like carpet cleaning, you can make great money in the cleaning industry.
My dad loaned me $3,000 and I took a course in carpet cleaning techniques offered by a local cleaning company.
Today he is working three times a month. Read our blog on how to start a carpet cleaning business to learn more about why it’s one of the most profitable small business ideas.
You can also check out our interview with Chris Mondragon, who makes over $125K a month with his cleaning business. He tells us:
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Social media marketing is a broad field. According to Statista, it’s a $153.7 billion industry. All you need is a computer, some software, and some clients.
You can expect each customer to be around $2,000-$5,000 per month and require 20-40 man-hours to properly serve them.
This means that a single person can earn $40K per month from their home without investing in inventory. Learn how Jason turned Social Media into a $500K/year social media marketing agency:
One of the most profitable businesses involves creating online courses. E-learning is expected to grow at a compound annual growth rate (CAGR) of 14.6% to reach $374.3 billion by 2026.
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Developing an online course can cost around a few hundred dollars if you know how to do it yourself, or it can cost up to $20,000 an hour if you pay someone to create it.
Not only is it relatively cheap to get started, but people are willing to pay for an online course if it adds real value. In fact, some accredited learning courses can cost up to $5,000. Most are under $300 for a lesson.
One business owner I’ve been most impressed by since I started writing is Jazmin Richards, owner of BlkSunflower. He started his small business with $100 in early 2020 and has grown to over $200K in annual revenue.
Most candle manufacturers have a 40-60% profit margin if they sell wholesale, and more if they go direct to consumers. This makes it a highly profitable venture. Check out our interview with Jasmine:
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Payroll services charge a monthly fee for their time. There are two ways to go:
You can affiliate with some of them quite easily, help people sign up for their services, set them up, and earn on behalf of their monthly fees.
This can be a highly profitable business, especially if you combine it with things like accounting or tax preparation because it makes your job easier.
Delivery services can be some of the most successful small businesses. The industry is expected to reach $192 billion by 2025, with major players like Uber and DoorDash accounting for the lion’s share of delivery service revenue.
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If you start something like this, just focus on the local area, and find a better way to do business. You can achieve a net profit margin of 17%. That’s why delivery services are one of the most profitable business ideas.
If you enjoy creating websites, logos, and marketing materials, graphic design might be a good fit because it’s often in demand. You can get started with just your computer and some design software. Find clients on Fiverr or Upwork and start a profitable home business.
Many people start food trucks because they get more profit from owning a restaurant. You’ll save money by:
To begin with, it cost me $41, about $200. Today, I’m making $417K a year and aim to keep my food costs under 35%.
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Personal trainers also make a great living. They can earn anywhere from $50 to $250 an hour as they train to reach their fitness goals. Even with no education, a personal trainer can earn up to 140% more with a master’s degree than with a high school education.
Given that people are paying for your knowledge, the main costs are commercial licensing and marketing. If you’re passionate about fitness, maybe training is for you.
The construction supplies industry has a gross margin of 22.73% and a net margin of 7.92%, but companies that do well can earn more. Paul Akers started FastCap when he was a cabinet maker and needed something to cover screw holes quickly.
Recently, it produces more than 600 products, has raised prices only three times in 21 years, and has never laid off a person. Check out our interview with Paul to find out how he does it.
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If you’re a foodie, this might be for you. By running a catering service, you can prepare delicious food for events such as weddings, corporate meetings, and more. At events, you can create a buffet or provide food at any function. As long as you have a liquor license, you can serve alcohol to greatly increase your profit margin.
According to Cater Source, the average catering tax rate is 7-8%. Additionally, the market is expected to reach $328.11 billion by 2025. That means pre-tax profits could be between $85 billion and $97 billion.
Postnatal care, sometimes called postpartum care, is a type of business that helps mothers recover after giving birth. If you’re not familiar with them, they’re part of the medical field and can help with:
According to the Health Care Expenditure Institute, women spend an average of $3,100 in the first year after giving birth. If someone created an Uber-style postnatal care service, it could be a multi-billion dollar success. For example, medical and other visits can happen directly at home, simplifying women’s lives, and perhaps a postpartum doula through an app service.
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The current small business landscape is favorable for e-commerce. Start-up costs are low (less than $1,000), and you can earn over $120K per month. In our interview with Marcus Harvey, owner of Portland Gear, he told us:
Get a $10 domain name, $30 a month store, do your social media marketing, buy like 50 shirts at $9 each, and build from there.
If you have the right professional network, a courier service can be highly profitable for delivering documents and other items quickly to clients. Courier services can be operated by motor vehicle or bicycle.
Courier service typically costs $1.50 to $1.70 per mile plus additional charges.
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Becoming a notary public is usually a simple addition for a business owner. It’s often less than $1,000 to get:
Most states charge a small fee for notary public services, with additional fees for driving time and other expenses. Clients include real estate agents, legal entities, accountants and financial institutions who sign contracts
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