Are considering opening your own business? Your first step should be knowing which industries are really profitable to make an informed decision.
By “profitable” we don’t mean you are going to make tons of money: we mean that profits are very high compared with the initial investment needed.
This might be because of low overhead and expenses or just because the business is charging a considerably high price for its products or services; price customers are willing to pay.
Small businesses are believed to be the backbone of the American economy as they employ millions of workers in nearly every industry. New companies come into existence every day, create jobs, drive economies, and sustain the whole nation. But at the same time, it’s no secret that starting a business can be a challenging task.
That’s why lists like the one in 30 Most Profitable Business can be useful. This list can serve you as a guide to choosing one of the industries that are making big bucks nowadays, and it is a great source of inspiration too.
For example, did you know that the tax preparation services industry is among the more profitable businesses out there? It encompasses preparing tax returns for both individuals and businesses. Meet Leticia Mitchel , the owner of JD&C, a tax preparation services practice in Boyle Heights, Los Angeles. She started her business in 2003 by renting out an old flower shop.
During 5 years she used the money from the flower business to meet her financial obligations and eventually convert the flower shop into a tax preparation practice. It took Leticia’s business 15 years to become among the leading tax practices in the region, having over 2,000 clients. Though the business was doing well, Leticia realized she was lacking the personnel to attend the increasing demand for tax services. She decided to apply for a loan and use the funds to hire and train new employees.
This was a turning point for her business; it expanded and also diversified its services offering real estate and immigration services.
Cleaning services is another example of the most profitable business. Arlete Turturro is the founder and owner of Night Owl Cleaning Services , which has been operating for almost 30 years.
Her passion in the cleaning industry started while cleaning offices and homes during the weekends. If you, like Arlete, decide to follow this route, you don’t need much. This type of business requires quality cleaning equipment as well as products.
Also, you need an attractive website to advertise your services and a proper vehicle. Arlete’s hard work and determination got her business featured in The Westchester Business Journal, specifically as the recipient of Westchester Business Council’s Woman of the Year Award in 2004.
Tutoring is another area that has proved to be profitable, and GooRoo is a good example of a successful tutoring business.
Scott Lee founded this online platform where you find tutors for different subjects like Math, English, writing, reading, SAT prep, and college admission essays. The company makes money by charging you a very affordable fee per session.
These are only three examples of successful real business among the vast group of most profitable business nowadays. For a complete list of these businesses (and to find the right choice for you!) simply refer to 30 Most Profitable Business .