Home Business 16 Most Profitable Small Businesses Entrepreneurs Can Consider Launching

16 Most Profitable Small Businesses Entrepreneurs Can Consider Launching

SimiDecember 10, 2017

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.