What is The Most Profitable Small Business?
Published: April 6, 2022
In the age of the internet, small businesses have enjoyed new ways of selling their products and services. But, which small businesses are the most profitable?
We’ll fill you in below!
What Is the Most Profitable Small Business?
(Source: Handshake / Statista / Sumo)
The most profitable small business is an eCommerce business. Although this is a rather general answer, starting a small business that sells goods or services online is currently the best way to go.
In fact, even though the eCommerce market is already quite significant and continuously growing, the global compound annual growth rate of sales in this sector is expected to increase by 11.35% over the next three years.
Plus, the total cost of setting up an eCommerce shop online could be as little as $140, including hosting, domain name, inventory, and payment processing.
More Facts To Help You Start Your Small Business
Starting a successful business has a lot to do with finding the right niche and following a solid plan. Continue reading to learn some of the most profitable small business ideas.
Cleaning services will experience a CAGR of 6.5% between 2021 and 2030.
(Source: Camino Financial)
COVID-19 definitely lent a helping hand in creating a boom in this industry. In fact, the need for cleaning services increased by 75% at the beginning of the pandemic.
This business idea doesn’t cost much as all you need is good cleaning equipment, a vehicle to move from one house to another, a good website, and social media presence.
Tax preparation is worth $11 billion.
(Source: Camino Financial)
Many people would rather pay someone else to do their taxes rather than do it themselves, so that’s where small bookkeeping services come into play. Some of these services also offer payroll services on top of tax preparation and bookkeeping.
The auto repair industry expects to reach a revenue of $44 billion by 2024.
(Source: Nerd Wallet / Statista)
This small business idea might only seem like a good option if you’re an experienced mechanic. However, simple auto maintenance jobs like oil changes, battery replacement, and headlight repairs are easy to do and not very difficult to learn.
Additionally, you can offer them anywhere, so you can even set up a mobile auto repair shop that offers fluid refills and repairs flat tires.
Making and selling stickers is one of the most profitable businesses to start from home.
(Source: Sadie Smiley / Out and Beyond)
The blogger behind Shay Budgets claims that she’s made over $30,000 just from selling budget planner stickers part-time on her Etsy shop. Moreover, you don’t need to be an artist to manufacture stickers. You can simply use a tool like Canva to help you create them.
Plus, you can quickly get your online shop up and running by employing the services of one of the many fantastic website builders for small business owners.
Starting a small business at home can cost as little as $2,000 to $5,000.
(Source: Business News Daily)
According to the US Small Business Administration, home-based franchises can begin with as little as $2,000. However, it’s wise to estimate your costs before starting your company! Experts recommend that you have at least six months of fixed costs set aside at startup.
After reading the above article, we hope you found a few profitable business ideas that inspired you. As you can see, no idea is too small or unprofitable if you find the correct niche and put in the work!