Which small business is more profitable? Top 10
Small businesses have largely been considered the super highway of the economy due to their contribution and overall impact. The choice of small business to start is always a question of passion and the vision one has for the business and every entrepreneur always has to take several considerations to that effect. In settling on the small business to take up, it makes sense that the most profitable is the one taken up. Here is a list of the top 10 profitable small businesses to start.
Legal services
The legal services industry is quite a profitable field to be in especially with the legal angles requiring expert interpretation. Advising and representing businesses and individuals is a core service that is profitable and in-demand. From business law to family law, IP law, Immigration, Personal Injury and Employment law; legal services are needed and this is where small businesses like runrex.com have thrived. The average net profit for this business ranks in the 19% region which is a good margin.
Accounting services
The beauty with accounting services is that they cover the scope from individuals to large corporations. The demand is high for accounting services from financial planning to business outsourcing, tax matters and bookkeeping. Starting an accounting service business will bring in a net profit of at least 18%. It is a positive industry that contributes to business growth and guarantees exponentially development of the firms and agencies.
Digital marketing agency
As a talented marketer connecting with the companies that need the marketing service is what this business niche is hinged on. ppchire.com is a good example of a small business that is thriving in this field. Every entity utilizing the digital platform has to make use of promotional services that drive the growth of business. When you start a digital marketing agency, your role will be to create marketing and advertising materials including web copy, blogs and social media Ads among others.
Cleaning service
This is another lucrative business to engage in since you get to service both the residential and commercial spaces. In the current fast-paced environment, it is imperative that a cleaning service be available since the demand is quite high and few people are often willing to take up the tasks. The average rates for a cleaning service stand at $35 per hour which brings good margins at the end of the day.
Fitness Instruction service
Be it a blog or podcast, a fitness instruction service is a great business that is more profitable than you can imagine. The need to attain and maintain fitness is huge which means more people are willing to go the extra mile just to be fit. Starting a fitness instruction service therefore stands as a lucrative venture as it will allow you to cut some impressive margins and help people at the same time.
Storage and warehousing service
Storage space is quite on the premium which means individuals and businesses alike will rush to occupy any available storage areas. Storage and warehousing service offers a compelling business that can bring in revenue at a constant rate with the profit margins being significant.
Office administration and virtual assistant service
The upside to offering office administration and virtual assistant service is that it cuts across all industries. When handling daily administrative services like record keeping, planning and billing among other duties; you position your business in the right frame to make significant profits. Office administration is a lucrative business especially with the need for virtual assistants growing by the day which indicates the demand in place.
Video and photography service
bitgale.com is one of the most successful small businesses in this niche. Starting a video and photography service that is set to cover all activities from pre to post production will guarantee the advent of a profitable business. With a video and photography business in place, you can be sure that you will have the capacity to cover events and ensure every moment is documented in the best way possible. The key is to ensure the special occasion is captured in its glory and all editing, effects and graphics captured in the best way.
Food trucks business
Starting a food truck business guarantees convenient and practicability when it comes to ease of access of the eatery joints. Food trucks offer an alternative to sit-down restaurants and as it is a $1.8 billion-dollar industry, you can be sure that it will be a profitable venture.
Event and party organizing
Birthdays, weddings, holiday parties, corporate parties and regular weekend parties will never cease to happen even in the economic depressions which indicates the high demand in place. This is an industry that offers regular and profitable stream of revenue and starting an event and party organizing business is sure to be a path to a profitable venture.