Startups are booming now more than ever. Maybe you’ve also thought of trying your hand at being your own boss! If you want to start a highly profitable small business, then let us help!
15 ideas for a highly profitable small business
The main criteria that helped narrow this list down came to two things – you want to be your own boss, and you want to make more of a profit than working for someone else!
1. Accounting and Bookkeeping services
Keeping tabs on what expenses go out and where different streams of revenue flow in is part and parcel of owning a business. And for a lot of entrepreneurs, it might be the least enjoyable part of the job since they’d rather be working on the business itself.
As a bookkeeper, why not do both! People will pay for someone to help manage invoices and process payroll. You don’t have to be a licensed Certified Public Accountant, but it definitely helps if you are. It’s definitely in demand, as Forbes reports that freelancers who provide accounting services have profit margins of 19.8%
2. Auto Repair
If you know your way around a car, there will always be a job for you! Until we’re travelling on hovercrafts, cars will always be in use. And they also need repairing. All drivers know the pain of being without their cair and having to wait for their vehicle to come back to them, even when it’s a simple job.
You might not need to start off with a big garage, as smaller jobs require just the knowledge and simple tools. Battery replacements, fluid refills and oil changes can all be done in your client’s driveway, or even in the office carpark!
3. Food Trucks
Relatively unheard of 10 years ago, food truck operations are really making their mark on the food and beverage business! The mobile kitchen means you can bring gourmet food to every street corner. The overhead is low since you’ll just be maintaining and restocking up on supplies and gas.
Startup costs average US$30,000 (PHP1,624,215). And for many it was a choice they’ve never looked back on. Over 4,000 food trucks currently serve their famous recipes – and the industry is valued at a cool US$1.2 billion. The best thing of all, people will come to you when they’re hungry no matter where you’re parked! Try these food truck concept ideas!
4. Cleaning Services
There’s practically no overhead and you need the most basic supplies that are probably lying around the house anyway! The best thing about this small business is the opportunities to service residential and commercial properties. After all, things get dusty and dirty over time and will always need a clean! The average pay is US$18 – US$35 per hour for a service so simple yet necessary.
5. Car Wash Services
If you don’t mind cleaning and love using a jet spray (let’s be honest – who doesn’t??), a car wash service is often a highly profitable small business! Again, helping people clean their cars doesn’t mean you need a huge facility with the full works. You can clean cars in a driveway or an office carpark which means low overhead costs! And the hours are extremely flexible too.
6. IT Support
Today, most businesses rely on technology. Any disruption to a company’s IT infrastructure and systems will result in a loss of profit. So if you’re tech-savvy, a lot of people are in the market for good customer service. It might be simply fixing a computer or upgrading software and hardware. If you have more advanced skills like networking and software development, then you may be able to carve a niche for yourself. Freelance IT support is competitive, but still high in demand! And profits aren’t too shabby either!
7. Legal services
Even if your dream isn’t to make partner in your firm, a lot of people need sound legal advice. We know that comes at a price, but availability and competitive pricing mean you’ll earn hefty sums if you know your stuff. This might be a good option if you feel stagnant in your current job and have been looking for a change of pace or environment.
8. Personal Trainers
Speaking of advice, the fitness industry is a very popular option. The entry requirements are relatively easy, but if you have qualifications for nutrition and fitness, even better. A lot of people become personal trainers as it fits easily with their lifestyle of staying fit and showing others how to reach their fitness goals.
This is also very easy to start up since you don’t need to be based in a big and fancy gym. You just need to throw a few gym mats, resistance bands and maybe weights into the back of your car, and you’re set! One-on-one sessions or group classes means there are a lot of opportunities with businesses, communities or individuals.
9. Landscaping and Gardening
The scope of landscaping and gardening is huge. How much money you make here is up to you. If you want to be a one-man show, a lot of people will pay for maintenance on their gardens. Overhead costs are low and you just need to bring your tools with you, charging for the service. But a lot of businesses will pay a pretty penny for someone to keep their greenery looking fresh and pristine.
If you want to start a company, the main investment will be in suitable equipment for bigger areas. You’re looking at around US$10,000 (PHP541,405), but you can easily claw back the initial gains once your business gains momentum.
10. Educational and academic tutoring
If you’re specialised in a certain subject, you could easily make some side income here. The really great thing about tutoring is you can even do it over the internet. This means your potential customer base is international and only limited by your time restraints. The only thing is, you need to have a skill others want to learn! Tutors can charge up to US$20 per hour (PHP1,082).
11. Warehouse Storage
If you have more space than you know what to do with, renting that out can be a lucrative and highly profitable small business! It’s easy to advertise and the arrangement is flexible, since you can store nearly anything there (legally!). However, if you want to venture into this on a bigger scale, the rewards for your investment are huge in the long-term, since profits are 11.6%! After you buy a place, all the work is done since you don’t need to maintain or do anything!
This is another fantastic mobile option. All you need is a computer and internet access. Businesses are always on the lookout for someone to help them produce eye-catching copy to draw more customers in. However, it’s an extremely competitive industry, so the more specialised you are in your writing, you more likely you’ll land gigs.
13. Website Design
Since there are so many ways to integrate technology into a business, it’s important that companies have an online presence in some shape or form. A bespoke website can do wonders in delivering a clear message about who they are, what they do and how they can improve your life with their products. And you can make some easy money if you’re familiar with basic coding and website design.
14. Event planning
Great for people with an eye for detail and creative flair. If you believe how a place looks can make or break an event, event planning is perfect for you. You’ll need to have good organisational skills but you’ll find once you have a few events under your belt, the customers will keep rolling in. Who knows, you might end up doing this full time!
15. Real estate brokering
Profits in real estate brokering have always been high, maintaining an average profit margin of 17.4% for leasing and 14.8% in sales. Overhead is relatively low, since you’re an agent who meets with buyers and sellers. You’ll likely be mobile so you don’t necessarily need an office. And entry level requirements are low, as no formal degree or qualifications are needed.
Do you feel you could start up a highly profitable small business from our list? Know of any more ideas? Let us know in the comments.
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