Home Business 16 Most Profitable Small Businesses Entrepreneurs Can Consider Launching

16 Most Profitable Small Businesses Entrepreneurs Can Consider Launching

SimiDecember 10, 2017

Most entrepreneurs think starting a successful business is all about a marketing campaign that is going to increase their sales. You can spend tons of money on a fancy communication campaign but still make loses. If the internal business processes are not in place, you may do a lot more harm than good. These internal processes include having the right people and pricing principles. All these need to work together by having a good strategic and external communication plan.

One of the most important aspects that tend to be forgotten is that every employee is an entrepreneur. If you understand, empower and unlock their potentials, they will add value to the business. When people are entrepreneurial in a company, it’s easier for them to flourish anywhere they go.

It’s a fact that well-engaged employees mean more engaged customers. This means good financial returns to the company. When a company is adding value through the employee’s initiatives, it means it has a competitive edge over its rivals. Entrepreneurs create new business, and this drives a sustainable economic growth. It’s. therefore, not surprising that entrepreneurship is recognized as a major sector of the economy.

The start-up businesses are a major driver to the development and grow key skills. Owner-operated businesses are much more efficient than mature businesses. They normally operate with lower overhead costs and gives them a competitive pricing edge. Transforming ideas into economic opportunities is the crux of entrepreneurship. Here are some of the most profitable small business. 

1. Accounting & Bookkeeping

Every business requires an accounting system that ensures that there is a good management of cash. If you are a qualified accountant, setting up an accounting firm can be a profitable business that should be considered. It’s simple to start and only requires the skills in accounting or bookkeeping. Accounting services are part of the back-office section. There are several companies that are now outsourcing their back-office services such as accounting. Most companies are trying to focus on their core businesses and put more resources on them. The non-essential tasks that include accounting are proving to bring extra unnecessary costs.

If you hold a CPA license, you can assist companies to manage their accounts including file taxes and generate balance sheets. As a bookkeeper, you can perform some work such as processing invoices and payroll and compiling expense reports.

Knowledge of accounting and financial systems will be a major break in bookkeeping. Most business owners are reluctant to spend their time on managing their books. For that reason, they may not be of much help when you demand the materials that you need in your work. You will have to work hard to get some materials such as the invoices, receipts and expense reports. The work requires significant effort and honesty. If you are a detailed-oriented person, this will be an advantage over competitors.

A reliable computer and the latest software will be needed when starting the business. The business needs to be registered as an agent. Accountants and bookkeepers’ pay differs depending on the companies you will be interacting with and their margins of revenue. You will need to make a scheduled charge for the tasks you will be performing.

2. Marketing Services

Marketing is a crucial area of every business and each one has its own a marketing plan. Implementing a marketing plan is as involving as it is expensive. The marketing department, possibly, is one area that takes a lot of the company’s expenditure. Based on these, most businesses prefer to outsource their marketing activities. This ensures that they significantly save their resources. Getting specialized services ensures that their brands are well communicated to their target audience.

If you have marketing experience, you can start a marketing business and offer your services to various businesses. This works well when you approach small businesses that have little experience in marketing their products/services. Start-up companies find it difficult to properly come-up with their marketing initiatives. As the business eventually grows, you can employ few other people and empower them to approach companies to get contracts. The higher the company grows, the more people you have working, the more sales revenue the company can make.

The work can involve writing and be implementing marketing plans, writing on their blog and management of search engine optimization. Other services include advertising campaigns and social media management. Social media is part of the marketing services and few businesses can do it appropriately. You must consider approaching some companies to manage their brand’s social media platforms.

Staying competitive in the marketing sector usually requires a lot of support. You will need to attend seminars, get appropriate marketing materials and go for retreats. All these need to be paid for but they will significantly help the business grow. To get serious revenue, you will need to commit yourself fully to your business and network with the right people. 

3. Service Drones

The drone market is one of the fastest growing industries. It is estimated that there will be more than 600,000 drones that will be on the market by 2018. There are various activities which are being used by the drones. These include delivering packages and taking videos.

It has been proven that the drones can deliver packages in a fast way compared to any other mode of transport. When used in capturing videos, they can take best aerial shots. Due to this, the demand and interest have skyrocketed. The industry has been forecast to grow in 2020 to $127 billion. If you are looking for a good profitable business, it would be wise to consider getting the drones. These can be hired to deliver numerous services.

Camera drones have taken their place in the advertising sector. For instance, the car manufacturers mostly use them to take aerial shots of fast-moving cars. The business has a good side in that you will have a lot of time after hiring out the drones. In that time, you can spend it devising strategies to perfect your business.

Many people are infatuated with taking their photos. Starting a selfie drone business can reward you with good financial returns. Targeting the millennials who are mostly taken away with getting selfies can be a good starting point. This will enable them to capture photos at different angles rather than using a camera stick. Another group you can target are the Gen – Z. These are those born between 1994 – 2010, are coming of age, entering tertiary education or starting work. This is the generation of true digital natives and love to spend their money on digital gadgets.     

4. Smartwatches

There are some market segments that just love the latest watches. It is estimated that in 2018, the smartwatch industry will bring out about $19 billion. The smartwatch business is growing, and the items are in high demand. The smartwatches have changed the watches business landscape because the recent ones are doing more things than the ordinary watches. Some of their features include monitoring of the heart rate, GPS, and cameras.

The basic mapping support features are built-in are liked by most athletes. These help you if are an outdoor individual and find yourself lost, to get your directions. Features like track logs and saved areas will assist you to regain your bearing. Some of them have built-in altimeter that enables you to get the altitude range in which you are exercising. You can use it to get the pressure of the atmosphere surrounding the area.

Most people are now conscious of their lifestyles and have taken to exercises to keep healthy. The heart rate monitoring helps them in accomplishing this. The GPS assists those traveling to get their destinations correct. It’s mostly used by those involved in outdoor activities such as hiking. The cameras are well suited to the customers intending to take photos. The best target market for the smartwatches are the millennials and Gen – Z. This market is focused on getting the smartest and appealing technologies. They expect the brands to be “deep experts” to help them learn and develop. They love to have spaces for learning as they mature.

The smartwatches come with convenience suitable for most people especially sports people. It will also be ideal to market it to the sports people. For those seeking to stand out and look fashionable, it can perfectly fit that market segment. There are several options to market it considering all that it offers and will make a good return on your investment. 

5. Pet Handling Service

Gone are the days when pets could just be alone for a while without someone looking after them. There is now an increased awareness and more strict monitoring by interested stakeholders. The groups such as animal rights activists are taking a closer interest in the health and welfare of the pets. Due to this interest from the other groups, the pet owners require someone to assist with their pets.

This is where you can start a pet handling business to take care of the pets when their owners are away. Pets are regarded as part of the family and the owners need someone to look after their welfare. Some of the services you can offer include dog walking, training dogs, and poop scooping. Recently, there are many areas that require getting a certificate of the services. For that reason, most families request for a certificate before agreeing to the services.

The are several owners of pets that on some occasions want to go out and like to leave their pets. If your business offers a place to keep the pets, you can make massive amounts of money. Some pet owners go away for short or longer periods and you can charge them depending on the duration. You can even go to their homes to take care of the pets and the revenue is equally good.

Starting the business on a small scale is advisable until you get enough clients to expand. Since the work is involving, there will be a need to hire more staff to assist you. The business needs a small start-up capital that will involve creating a website and getting a mobile truck. You have to get the grooming materials and a few personnel to assist you.

6. Beard Oil

The men have taken to grooming to improve their looks. It is estimated that nearly 39% of American men have beards which require grooming. The grooming industry that is selling the beard oil is worth $6 billion. If you are interested to start a profitable small business, this is an area where you can succeed.

The industry is competitive with many players taking their share of the market but being a niche market, you can enter. There are some stores which have been successful in this sector. The toiletries industry for men is growing due to the changing lifestyle which has seen the younger generation taking a center stage.

This business can also be done by having an online retail store. It’s a low cost that will require mainly a website. An e-commerce site will include a payment feature such as PayPal. People are now using the internet daily. The influx of the mobile phones things can be better for the business as more can find your products online. There is a higher chance of the online business being successful bearing in mind that there are more than 3 billion people using the internet daily.

Marketing the business is significant and you can do that by posting some beard pictures prior and after using the oil. There is no better place than the social media. It can help you grow steadily by posting the pictures. Customers need to visualize their looks after using the beard oil. This is a specialized area and requires your services to be high. This can be accomplished by excellent delivery of the grooming products to your clients.   

7. Website designer

There are many businesses and individuals that need websites due to the growing number of those using the mobile technology. For businesses to prosper, they require a website to showcase their products or services. It also acts as a communication channel with their customers. The consumers are highly dependent on mobile technology to get their needs. This makes it imperative for any business to have a website. That’s the reason starting a website designing business is a clever idea.

The growth of new entrepreneurs has propelled the website designing business to the new heights. To start the website designing business, you must get the appropriate training and education. The right tools and a good network of clients are also required. The job requires specific skills but will depend on what the customer’s needs. The specific functions of the website are what will determine the cost of doing the job.

Once the business starts growing, you might consider incorporating website development. This will ensure that an increase in your sales revenue. The website development is a bit more advanced compared to the website designing. You will need to have more personnel on your team as this is more involving. The other team members should have proper skills to do the website designing or development. The capital to start the business is reasonable because you will only need a computer, a mobile responsive website, and software.

The business needs to be properly marketed by mainly networking with the right people. You can attend business seminars where you will find various entrepreneurs to link up with. Some of these may need to have their websites improved or even get a new website. Once you are known, things will get easier and busier for the business. 

8. Resistance Bands

Resistance bands have become popular with many people who use the health clubs and gyms to improve their health. There is no doubt that a business in the fitness field will be profitable for you. The resistance bands are used when having a work out in the gym and/or if you are having a routine fitness exercise.

The business can be done online or get a physical store. With the increase in the number of people taking part in the various fitness activities, your business will be profitable. There are many people using the resistance bands and there are good prospects that many more will adopt them.

The online business has fewer overheads and will be suitable if your capital is small. The major benefit is that there are now many people who are doing their shopping through the internet. The product will be exposed to many people from different geographic areas. However, if you have a target market in a specific market, then start a physical store. The advantage of the store is that you will easily be located. This applies when the customers require seeing the product before making a buying decision.

It is ideal to start the business by serving a niche before expanding it. This will provide you with an opportunity to gain experience and decide the most profitable target market for the business. Once the business grows, you can offer various fitness products to give your customers a wider buying choice. Marketing is an important part that you must do. Make some marketing videos demonstrating on how to use the product. There will be a sizable number of customers going by the high demand that this product already has.   

9. Tutor Center

Tutoring centers have become popular with parents who are sending their children to these specialized centers. Where children are concerned, parents will spend a lot of money on them. Starting a tutoring center will be the most profitable business. This business works well if you have already been a teacher. Some people just require an experience that is attained by helping someone to get through their expert level testing. Having specialized skills will promote your business and you can right away start getting students.

Marketing the business is very important especially when it has just been launched. Make some marketing materials such as fliers and an advertisement in the local newspaper. If you are already a teacher, then you can talk to your students about the services you are offering. Once you get a few students, they will speak to each other and this will help you get more students.

The business is profitable considering that tutoring centers charge from $499 to $1999 for two months of tutoring each student. This depends on the test the students will be taking because some are more expensive than others. The programs run for 8 weeks and there is 1-3 hours per session.

You may have to hire some tutors as you get more students. This will enable you to limit the number of students to a specific size. The advantage is two-ways, a decent size of the classroom will make it easier to deliver your tutoring services. On the other hand, the students will be able to fully benefit from your services. More classes mean more income for the business. Having your own premises will reduce the overheads associated with renting the premises. This recurring expense can sometimes be overwhelming to your finances.

10. Dad Hats

For the truly ambitious entrepreneurs, this is a business that you can make huge profits. It is amazing how the dad hats have recently gained in popularity. There are more than 43 million baseball hats that are being sold each year. This industry is worth over $2 billion in revenue per year. One thing to note is that the baseball hats are part of the dad’s hats.

Sports has been there for a long time and it’s not going anywhere. The dad’s hats are associated with particular teams. This means that you will have to get a variety of hats that are specific to particular teams. What’s interesting about this business is that the people who follow these teams are repeat buys.

They will change their hats depending on the season. After some time, you can opt to bring in other accessories such as selling replica shirts for the teams, watches, and sunglasses. This will help you grow your store’s income. You might look at having an online business as this will reduce the overheads. But if you are targeting a particular market segment, then get a physical store.

The hats are already highly marketable and will mostly require a good customer service on your part. Efficient delivery of the products and proper pricing will get the business profitable in no time. Give out fliers or brochures to a team’s fans when there are games. This will alert them to your business. The social media can be used to market your products. The hats can be posted on the social media business’s page or get someone to wear it. 

11. Wedding Planner

If you are well organized and detail-oriented individual, this is a business for you. There are many weddings that take place and cost thousands of dollars. With the couples having little time to plan for their weddings, they need a company to do it for them. Professional wedding companies are in high demand but it’s also a highly competitive industry.

To start the business, it does not need a lot of capital. However, you need to market the business and might need to have a website. You may look at producing fliers, brochures and calling cards.

The digital marketing should not be ignored. The social media platforms are the best way to communicate with your prospective customers. Get someone who is well-versed with the social media to market your business. Networking is an important aspect of getting a large clientele base. Let your family and friends know about your services. These same people will broadcast the business to their friends and slowly it will get known.

It requires steady and trusted suppliers such as florists, caterers, photographers, videographers, and transporters. The job is involving and getting staff to help with some work will help you concentrate on other operations. Getting your car painted with the logo of your company will assist the business to be exposed to a larger market segment.

Like most of the companies offering services, the high standard of customer services is crucial to get more customers. Services are not tangible, and people will judge you depending on the quality of the service. Good customer service will ensure that the business is promoted through the word-of-mouth. This business is already in high demand with no sight of slowing down in a near future.  

12. Computer Repair Shop

If you have the skills to repair the computers, you can start a profitable small business. Most people have the computers and many users know next to nothing when it comes to computer problems. It’s understandable when you see individuals panicking once the computer stops working. There is just too much information that is stored in them that is used to accomplish different jobs. This is the reason the rewards are always high.

There are a few things you need to get to start the business. The business requires to be licensed and insurance is needed. Not forgetting the marketing costs, hardware, and software that will be necessary when working on your client’s computers. A repair bench and tools must be considered. Taking all these into consideration, the start-costs are low for the business.

Like any start-up businesses, a lot of work will go to marketing the business. When it has been known and you have built a good customer base, the marketing efforts can be reduced. However, if the competition is high in your area, don’t relax the marketing initiatives. This will ensure that the reputation of the business is maintained.

You can get some hot leads for your business by going to the entrepreneur’s workshops. Have some fliers and brochures ready to be issued to the people. Most entrepreneurs operate on small-scale and may require the services of the low-cost repairing shops. Advertising in the local newspaper will get you to the individuals who have some problems with their computers. Advertising through the social media should be on top of your marketing list. It is cheaper and will enable you to communicate with the targeted audience.

13. Business Planning Service

Every business needs a business plan as it gives the direction of the business. The business plan helps companies trace the way the money is being used. This is important to help you pay the appropriate taxes. The business financing institutions will not sponsor a business that lacks a business plan. This is the reason many start-up businesses require the companies that offer business planning services.

There are many people who are going into business and the biggest hurdle they face is to write a business plan. If you know how to write the business plans, this could be a profitable business that you could start. This is a crucial part of any business to start their operations and entrepreneurs are demanding this service.

Business plans can be used by the entrepreneurs to get funding for their business. The funds can be sourced from the financial institutions. The most significant benefit of the business plans is that it provides you with a financial discipline. You can start by providing the business plan services then incorporate more services as the business grows. The other services you can do include marketing analysis, competitor research, and funding plans.

It will be an excellent idea to network with people who work for the financial institutions that offer business loans. These individuals are always in contact with clients who seek business loans. Some of their loan applications lack business plans or require a well-written business plan. Getting some fliers and brochures will help you promote your business. More especially, if these are distributed to the right people who want to start their own small businesses. Get a social media platform for the business to be promoted.

14. Corporate Event Planning

Many large businesses do some functions which require freelance event planners. The work is involving, and most companies don’t have their own personnel to organize the events. This business suits those who enjoy minute details of coordinating. Although it can be very involving, it pays well. Apart from the companies lacking the right personnel to plan their events, it is also costly. Most companies are managing their financial resources to enable them to increase their bottom lines. Event planning is time consuming and involving.

The services provided in event planning include designing, logistics, and coordination of various activities. You can identify the appropriate places for hosting the corporate events or get your own place. If the demand is high for the events, then getting your own place will bring a good income. That opportunity should be seized because you will reduce some of the overhead costs that come when renting a space. This means you can be providing the planning services and the venue. This will maximize the profitability of your business.

There will be some individuals who will also like to use the venue and you can partner with them. This is especially true when there are other event planners that might require your venue. Apart from offering the venue, get yourself part of their business activities by offering your services.

The business requires to be appropriately marketed and one way of doing it is by networking. You will need to know some of the people and let them know about your services. The social media is another way of marketing it. Get someone who is digital savvy to manage the social media platforms.

15. Catering

When it comes to the food business, you cannot go wrong to start it as it is profitable. This business suits those who love cooking. Offering the catering services for private and corporate events is a good opportunity. There are many events that seek the catering services.

A certification will be required that shows that the place meets the health department requirements. Before launching the business, you will have to get a kitchen where you can prepare the food. There will be a need to get some part-time employees to help with the cooking and serving during the events. To maximize your earnings, consider baking custom cakes and pies. The catering business is less expensive when compared to running a restaurant. It’s even better when it comes to the baking part because the requirements needed by the authorities are not restrictive.

The business will need to be intensely marketed after launching. The best way is to present your services to as many companies as possible. Connecting with some colleagues and letting them know about your business can help to promote it. For instance, you can promote your business to the wedding functions, parties and business seminars.

The most important thing to note is the food business will get repeat customers depending on the quality of services. This includes providing delicious foods and healthy foods. People are very conscious of their diet and it’s important to cook those that meet the dietary standards. As the business grows, getting a professional chef is a must. This will help the business offer high-quality meals and in return get more customers.   

16. Personal Trainer

If you are passionate about the gym, then this business could take you to new heights. There are many people who have become sensitive to their lifestyle and need personal trainers to achieve their goals. The increased awareness of the significance of the physical fitness has increased the demand for personal training services. Starting a personal trainer business is simple but has high rewards.

The personal training services can be provided in your home or at the client’s home. These involve training sessions which can be tailored to suit each individual or can be group sessions. The group sessions can be done in the parks. But if you have sourced a good financing for the business, you can open your own gym or a place. This is where personal training can be done. Financing the business will not need much funds if you want to start small.

There are other places where they will need certification for offering this service. The basic equipment that will be needed includes mats, mirrors, and good lighting. The personal trainers are required to get an insurance. Marketing the services can be done in the other gym places through networking with fellow gym members. You can make fliers and calling cards to promote the business.

There are some companies the need personal trainers for their staff. It will be an excellent idea to approach some of the corporates that are available within your area. It is an open secret that high-profile individuals use the services of the personal trainers as well. You can get your fliers and brochures to be distributed to some individuals that you know live in your area.