The 6 Most Profitable Small Businesses
It is well known that most successful small businesses start with a great business idea backed by a solid business plan, but some companies and industries have higher profit potential than others. If you are an entrepreneur or investor looking for a new small business opportunity, focusing on the most profitable small businesses listed in this article is one of the best ways to ensure success, as they combine high profit margins with strong demand.
1- Accounting, tax preparation, bookkeeping and financial planning
Accounting, bookkeeping, tax preparation, and financial planning are activities that are required by almost all businesses and individuals, making them a very thriving field. The overheads for starting this project vary according to the area and work equipment, and there is the possibility of working from home at the lowest cost. The average profit margin for this project is 18.4%
2- Real estate rental
Leasing agents can operate from almost anywhere, so overheads are mostly limited to advertising, vehicle maintenance, telephone, etc. Some states require a rental agent license, and others require a real estate agent license to start this business. The average profit margin is 17.9%.
3- Property managers and valuers
Services related to real estate rentals such as property management and appraisals are high on the list of profitable small businesses. This project requires minimal capital investment as it is a home business. The property manager must hold a real estate licence. And you will have to participate in some training courses in addition to obtaining some experience in the field. The average profit margin is 14.9%.
4- Offices of real estate agents and brokers
Some of the overheads for starting this venture include getting an office, car, telephone, internet, licensing fees as well as appropriate professional attire. Licensing requirements vary from country to country, and the average profit margin is 14.3%
5- Administrative, scientific and technical consultancy services
Management, scientific and technical consulting firms provide specialized services in a variety of disciplines to companies and governments, including:
- Management consulting
- Human resources consulting
- Safety in the workplace
- Information Technology
The companies range in size from individual consulting firms to large corporations providing services in a variety of areas. Startup costs are minimal so you can just work from your home. The average profit margin for this project is 12.1%
Warehousing facilities are always in demand by both residential and commercial clients. Many businesses do not have enough space to store equipment and inventory, and homeowners often have more property than they have at home. Buying or building a warehouse or storage space requires a significant capital investment. But you do not need any training or evidence to start this project. The average profit margin for this warehousing project is 11.6%