Have you always wondered which small business industries are the most profitable? Are you looking to start a business or become an entrepreneur and you aren’t sure which direction to choose? You are not alone! Small businesses often fail to choose the right sector and end up making the wrong investments.
While some people follow their passion and know what industry they are comfortable in. Others, especially the new entrepreneurs, often face difficulties in choosing the right business and the right startup idea.
Small business is a company that works with less than or equal to 500 employees or the ones that fall beneath the annual receipts threshold specified for the particular industry. In fact, most businesses are even smaller than that and initially start with a few dozens to 100 employees.
Numerous new companies open their doors every day and provide jobs, thus accelerating the local economies. However, not all businesses would run the same way or with the same idea. You need to find the right industry type for you that’s profitable for your business.
Here is a compact list of the most successful and profitable small business types.
1. Legal Services and Law Firms
The legal industry is almost indispensable in our lives, and we need their help at some point or the other – be it for marriage, property issues, business issues, theft, personal injuries, insurance matters, you name it! Starting a law firm will be a great idea if you have expertise or knowledge in the legal field. You can even hire professionals in this industry and provide them with jobs and new clients.
The diverse skills that law firms can explore and provide include –
- Business law
- Criminal law
- Family law
- Constitutional law
- Personal injury law
- Trusts and estates
- Employment law
- Intellectual property law
2. Accounting Services
Nearly every organization, individual or corporation needs accounting services to manage their finances on a day-to-day or monthly basis. And the best part is clients are willing to pay for professional accounting services, primarily because they need to stabilize their cashflows and track the profit and loss occurred.
Accounting services can be multi-fold, including bookkeeping, auditing, tax preparation, tax filing, financial planning, business outsourcing, and others. You will get plenty of chances to explore and learn, while gradually improving your services and growing your accounting firm. Also, besides the necessary initial investment, like accounting software, office space, electronics and minimal manpower, you have little to no overhead costs.
3. Copywriting or Content Writing Services
Content writing is in high demand in the world of digital marketing, and there will always be some or the other kind of requirement for content writers. Besides, copywriters specifically are popularly hired in advertising agencies or marketers, who look for talented writers for creating attractive and selling ad copies and promotional content.
Unlike the previous generation’s copywriters who used to write only for print media agencies, today’s copywriting services encompass a broader range of content types. These include blog posts, website content, social media ads, newsletters, brochures, infographics, eBooks, press releases, and even email messages. So, the opportunities are endless!
4. IT Support
Most businesses think they are tech-savvy, but in reality, they often rely on IT professionals and tech support teams to solve their machine breakdowns. Moreover, some companies often face cybersecurity attacks, data breach, and identity theft issues, which they would do anything to solve right away to ensure business continuity.
Even if some companies might have staff having good knowledge regarding tech issues, they often feel nervous in times of emergencies. This is why managers would want to use the readily-available tech support services, who have enough expertise in handling these IT issues and cyber threats.
5. Real Estate Brokering
The profits and growth associated with real-estate brokering and leasing have always been high and will most probably remain so for a couple of years to come. Entering this industry is one of the most cost-effective ones as it involves low setup costs, and besides, one doesn’t need to have any high qualification to start a real-estate leasing or brokering firm.
Real estate brokers and rental service providers act as an intermediary between buyers and sellers and to get started, all you need is a brokerage license. However, finding clients might be challenging at times.
6. Academic Courses and Language Courses
People always have the zeal to learn something new, irrespective of the learner’s age. Academic sources are highly demanded by students and learners from schools, colleges, and professional courses. Providing academic courses in various fields can help you grow your business faster as you will never fall short of interested learners across the world!
These days, to cater to a larger client base, academic and educational firms are offering online courses as well using the latest technologies. Online learning has gained tremendous popularity in recent years, especially this year when schools, colleges, and other educational institutions have shut their doors.
Besides, providing academic courses, you can also offer language courses, which is quite famous among consumers across the world. There are numerous people who love to learn a new language to expand their knowledge and skills. Additionally, learning new languages removes the communication bars among nations and cultures.
7. Web Design Services
This is yet another top requirement as far as digital marketing is concerned. Businesses continually look for experienced and quality web designers for developing or redesigning their websites or other eCommerce portals like mobile apps. Coders and developers earn millions by creating impressive and beautiful websites for their clients, helping them to boost their traffic and profit margins.
8. Cleaning Services
Cleaning is an essential part of any business irrespective of its size, especially during the COVID-19 era. Many people don’t have the time to clean their office premises themselves while others lack proper cleaning skills, mostly due to health hazards.
Many businesses require to hire professional cleaning services on a daily basis to keep their work environment clean and virus-free. Because they value their employees’ health and safety! Besides, offices, cleaners are also hired for cleaning residential and commercial properties, providing you with various opportunities to grow.
9. Warehouse and Storage
Retail stores and eCommerce businesses need storage facilities that would provide support across cities and even countries. Due to budget constraints, small businesses and start-ups often find it difficult to purchase their own inventories or warehouse spaces.
This is why they look for affordable warehouse and storage services to have ample spaces to store their products and possessions, which further open up multiple business opportunities. Also, in many cases, warehouse employees like forklift operators are usually unskilled, thus offering more cost-effective solutions to track and manage your inventory and warehouse.